MONDAY 8 JUNE 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Most trusted Toil and trouble House proud

In praise of Joe Biden, the much- An injured Chinese worker’s long Lucy Kellaway on reasons not
mocked VP — EDWARD LUCE, PAGE 11 struggle for justice — BIG READ, PAGE 9 to hate estate agents — PAGE 14

Jain joins list of high-profile bank Briefing

i Erdogan suffers Turkish election blow

casualties with Deutsche departure

3 Co-chief steps down amid investor unrest 3 Fellow head Fitschen to leave next year
JAMES SHOTTER — FRANKFURT
MARTIN ARNOLD — LONDON
Anshu Jain, one of the most prominent
European investment bankers of the
past decade, is to step down as Deutsche
Bank’s co-chief executive, the latest in a
string of high-profile exits from global
banks.
His departure at the end of June
comes just weeks after investor unrest
erupted over the direction of the bank
he headed with Jürgen Fitschen. Mr
Fitschen would also leave after the
bank’s annual meeting next year,
Deutsche Bank said.
John Cryan, the former chief financial
officer of UBS, will replace Mr Jain. Mr
Fitschen will not be replaced,
meaning that from next year, Mr Cryan,
a 54-year-old Briton, will be in sole
charge.
Following Brady Dougan at Credit
Suisse and Peter Sands at Standard
Chartered, Mr Jain and Mr Fitschen are
the latest heads to roll at top banks,
which since the financial crisis have
been hit by tougher regulation, sluggish
markets and conduct problems.
The news comes just over a month
after Deutsche unveiled a strategy
designed to bolster shareholder returns,
which were just 2.7 per cent in 2014 and
have been hit by a slew of fines, includ-
ing a $2.5bn penalty for Deutsche’s
involvement in the Libor scandal.
Some investors were disappointed by
a lack of detail in the new plan aimed at
cutting costs, trimming Deutsche’s
investment bank, and spinning off part
of its retail business, without promising
bolder restructuring. Although Deut-
sche promised to provide more preci-
sion by the end of July, its share price fell
on the day of the announcement and has
since slipped further.
Investor discontent came to the boil at
the bank’s annual meeting two weeks
ago, when 39 per cent of the capital
represented voted against Deutsche’s
management board, and several inves-
tors called for Mr Jain and Mr Fitschen
The Islamist-rooted AK party of Turkish
President Recep Tayyip Erdogan was
last night set to lose its parliamentary
majority after 13 years in power,
ending Mr Erdogan’s campaign for a
constitution-changing majority to
boost his own powers. The pro-Kurdish People’s
Democratic party was set to take more than 12 per
cent of the vote, breaking the threshold needed to
enter parliament.— PAGE 8
Trailing the pack
i Immigration rules add to nursing deficit
Ordinary shares FTSE Eurofirst The healthcare industry is suffering a nursing
(€) Banks index shortage of 24,000 staff this year, with 7,000 fewer
nurses coming to the UK in 2014-15 compared with
2003-04, in part because of tougher immigration
34 620 rules.— PAGE 4
i Bank litigation still on the rise post-crisis
Research has found the cost of litigation aimed at
16 global banks since 2010 has broken the £200bn
barrier, despite many executives acting as if these
are irregular charges from “legacy” issues.— PAGE 17
i Athens rebuked over bailout snub
28 560 European Commission president Jean-Claude
Juncker has rebuked Greek president Alexis Tsipras
for his dismissal of a new bailout offer from its
creditors.— PAGE 6; WOLFGANG MÜNCHAU, PAGE 11
i Fears raised for raw materials volatility
Confectionery company Mars has formed an
unlikely alliance with oil traders to oppose
European regulations that they argue would
22 500 increase volatility and reduce liquidity in raw
materials markets.— PAGE 17
Jan 2015 Jun
i Women begin to challenge divorce terms
Photo: Reuters FT graphic. Source: Bloomberg
A growing number of women are seeking to appeal
against their divorce settlements on the grounds
‘[Jain] needed to resign. Ingo Speich, a portfolio man- the post-crisis world, mishandled decision to step down early “demon- that their former spouses allegedly failed to disclose
ager at Union Investment, one of Deut- capital and costs and presided over a strates impressively their attitude of all relevant financial information.— PAGE 4
to get ahead sche’s top 20 shareholders, said: “The period when the bank incurred multiple putting the bank’s interests ahead of
of the supervisory board is reacting to the dis- regulatory reprimands. their own”. Datawatch
situation astrous vote at the AGM. The decision People familiar with Mr Jain’s think- He added that Mr Cryan’s experience
for John Cryan is not surprising.” ing said that he decided to stand down in and “professional and personal values”
. . . before the Analysts said that the departure of the past couple of weeks after accepting left him well placed to lead Deutsche Development aid Development aid
idea of him Mr Jain, who has been at Deutsche for he could not commit to staying at the forward. Official development assistance as a from the advanced
economies was
being under 20 years and will continue to advise bank for another five years to see “He knows the bank well, and we are % of gross national income, 2014
(selected countries) stable in 2014, at
the bank as a consultant until through the new strategy. convinced that he is the right person at
pressure January, was a watershed moment for The protest vote at the annual meet- the right time,” Mr Achleitner said.
0 0.2 0.4 0.6 0.8 1.0 $135bn, slightly
higher than the
started to Deutsche’s dominant investment bank- ing played a big part in his decision to Since Mr Cryan stepped down as the
Sweden
Luxembourg 2013 total, but
take hold’ ing division, in the expansion and inter- reassess his position. head of Singapore’s Temasek in Europe Norway
Denmark lower when
nationalisation of which he played a key “He needed to get ahead of the situa- last year, he had been widely rumoured UK adjusted for
role. tion and take the initiative before the to be looking for a top banking position. Germany inflation. Only five
“Anshu was a talisman for the invest- idea of him being under pressure started The veteran banker has sat on France OECD countries
ment bank, and they’ve lost their to take hold,” said one person close to Deutsche’s board since 2013. He is chair- Canada reached the UN’s
Japan
talisman,” said Chris Wheeler, an Mr Jain. man of its audit committee and a US aid target of
analyst at Atlantic Equities. Paul Achleitner, Deutsche’s chair- member of its risk committee. Italy 0.7 per cent of
Source: OECD national income
But other analysts say that Mr Jain man, thanked Mr Jain and Mr Fitschen John Gapper page 11
failed to adapt the investment bank to for their work at the bank, and said their Hard road ahead page 18

Cameron to demand ministers quit

Rugby World Cup set to
aid game’s territorial gains
The upcoming Rugby World Cup is
expected to generate a record £650m
in revenues and could be of greater
economic benefit to England than the
London Olympic Games. The revenue
is set to help fund the sport’s rapid
expansion in the US, Germany and
Brazil, markets that are key to bringing
in the enlarged television revenues
and sponsorships that have brought so
much money into football.
Report i PAGE 2
government if they campaign for Brexit
GEORGE PARKER — POLITICAL EDITOR
David Cameron is to tell cabinet
ministers they must quit the govern-
ment if they want to campaign for
Britain to leave the EU, as he prepares
to face down hardline Conservative
eurosceptics.
The prime minister expects to secure a
new deal for Britain in a reformed EU
and to fight for the UK to remain a
member, throwing the full weight of the
government behind the campaign.
More than 50 Tory MPs yesterday
formed a new group, Conservatives for
Britain, warning Mr Cameron that they
would fight for a Brexit unless he can
“end the supremacy of EU law over
more matters of British life”.
Mr Cameron admits he cannot win
over Tory “irreconcilables” but will play
tough with them, telling any ministers
who want to campaign for a Brexit they
must quit their government jobs. The
prime minister told colleagues at the G7
summit in Bavaria that all ministers
would have to toe the official line.
Philip Hammond, foreign secretary,
dismissed demands by some in the new
group for Westminster to have a unilat-
eral veto over any EU law. “That’s not
achievable, that’s not negotiable
because that would effectively be the
end of the European Union,” he told the
BBC. He said a group of national parlia-
ments working together should be able
to show a “red card”.
But Tory MP Steve Baker, head of
Conservatives for Britain, said it was a
“modest demand that parliament
should have sovereignty over its own
territory”. He said if that was not
granted, Britain would “have to leave”.
Mr Cameron will have his first clash
with the group later this month when
MPs debate amendments to the EU Ref-
erendum bill, which paves the way for a
British in-out vote by the end of 2017.
Tory eurosceptics could rebel against
Mr Cameron for the first time since his
May 7 election victory over a provision
that would allow the use of public
money in the run-up to the vote to make
the case for British membership.
The MPs want to see the normal
28-day “purdah” period of official
neutrality before a sensitive vote. But
Mr Hammond said the government had
no intention of remaining “neutral”.
The Treasury is expected to publish a
series of “analysis” papers looking at the
economics of Britain’s EU membership,
which eurosceptics believe could see the
official civil service being deployed in
favour of the “in” campaign.
Analysis page 2

Subscribe In print and online World Markets

www.ft.com/subscribenow
STOCK MARKETS CURRENCIES INTEREST RATES
Tel: 0800 298 4708
Jun 5 May 29 %Week Jun 5 May 29 Jun 5 May 29 price yield chg
S&P 500 2092.83 2107.39 -0.69 $ per € 1.111 1.096 € per $ 0.900 0.912 US Gov 10 yr 97.81 2.37 0.07
Nasdaq Composite 5068.46 5070.03 -0.03 $ per £ 1.524 1.526 £ per $ 0.656 0.655 UK Gov 10 yr 98.31 2.19 0.05
© THE FINANCIAL TIMES LTD 2015 Dow Jones Ind 17849.46 18010.68 -0.90 £ per € 0.729 0.719 € per £ 1.372 1.392 Ger Gov 10 yr 96.83 0.85 0.01
No: 38,874 ★ FTSEurofirst 300 1543.56 1586.30 -2.69 ¥ per $ 125.645 124.095 ¥ per € 139.585 136.051 Jpn Gov 10 yr 99.45 0.46 -0.01
Euro Stoxx 50 3510.01 3570.78 -1.70 ¥ per £ 191.520 189.363 £ index 90.691 92.176 US Gov 30 yr 98.50 3.08 0.04
Printed in London, Liverpool, Glasgow, Dublin,
FTSE 100 6804.60 6984.43 -2.57 € index 87.288 84.669 $ index 102.555 103.657 Ger Gov 2 yr 100.48 -0.22 0.00
Frankfurt, Brussels, Milan, Madrid, New York,
Chicago, San Francisco, Washington DC, Tokyo, FTSE All-Share 3711.10 3797.12 -2.27 SFr per € 1.052 1.034 SFr per £ 1.443 1.440 price prev chg
Hong Kong, Singapore, Seoul, Dubai CAC 40 4920.74 5007.89 -1.74 COMMODITIES Fed Funds Eff 0.12 0.11 0.01
Xetra Dax 11197.15 11413.82 -1.90 Jun 5 May 29 %Week US 3m Bills 0.02 0.01 0.01
Nikkei 20460.90 20551.46 -0.44 Oil WTI $ 58.94 60.31 -2.27 Euro Libor 3m -0.01 -0.01 0.00
2 4
Hang Seng 27260.16 27454.31 -0.71 Oil Brent $ 63.19 65.45 -3.45 UK 3m 0.57 0.57 0.00
FTSE All World $ 283.33 286.75 -1.19 Gold $ 1164.60 1191.40 -2.25 Prices are latest for edition Data provided by Morningstar

9 770307 176517
2 ★
Eurosceptics
Cameron clamps down on pro-Brexit MPs
Conservatives for Britain
group seeks to restore
Westminster ‘sovereignty’
GEORGE PARKER — POLITICAL EDITOR
It was the day David Cameron’s govern-
ment got tough with the “irreconcila-
bles” — those Conservative MPs the
prime minister expects to campaign for
a British exit from the EU “come what
may”.
Yesterday more than 50 Tory MPs,
including former ministers Owen Pater-
son and John Redwood, signed up to a
eurosceptic pressure group, in effect an
embryonic Conservative Brexit cam-
paign. The group, Conservatives for Brit-
ain, hopes to be able to recruit up to 100
Tory MPs to push Mr Cameron to redraw
Britain’s EU relationship, restoring “sov-
ereignty” toWestminster.
But on the BBC’s Andrew Marr pro-
gramme, foreign secretary Philip Ham-
mond made it clear that such a change
Rugby gives Olympics a run for its money
Tournament head claims
economic benefits could
surpass London 2012
MALCOLM MOORE
The Rugby World Cup, which kicks off
at Twickenham in a little more than
three months’ time, could be of greater
economic benefit to England than the
London Olympic Games.
“The World Cup will generate £1bn of
direct economic impact, £2.5bn indi-
rect. It is substantial,” said Brett Gosper,
the chief executive of World Rugby,
which organises and holds the rights to
the tournament. “It is probably greater
than the Olympics if you take out the
capital expenditure of an Olympics.”
The competition is expected to earn a
record £650m in revenues, helping to
fund the sport’s rapid expansion in the
US, Germany and Brazil. “This will be a
record World Cup in every criteria. We
have hit 2m tickets this week and com-
mercial revenues are higher than they
have ever been before,” said Mr Gosper.
According to a government report
released a year after the 2012 Olympics,
the economic impact of the Games in
terms of the boost to trade and invest-
ment was £9.9bn, though some econo-
mists were sceptical that the effect could
be measured with any certainty. The
Olympics cost £8.9bn to stage.
Mr Gosper, 55, said his vision was “to
grow the game globally”. Markets such
as the US — where rugby is now the fast-
est-growing team sport with 1.4m play-
ers, a quarter of them women — are key
to bringing in the enlarged television
revenues and sponsorships that have
brought so much money into football.
Rugby has become an Olympic sport
and will be played in Brazil next year. In
countries such as Russia and China, this
has helped to bring government money
into the game. “Since we were named
into the Olympics in Copenhagen in
2009 we have doubled our participation
— people who play any form of rugby
two to three times a year — to 7.2m,” said
A private bank unlike
any other.
30 global locations • www.efginternational.com
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014)
FINANCIAL TIMES
Number One Southwark Bridge, London SE1 9HL
Published by: The Financial Times Limited,
Number One Southwark Bridge,
London SE1 9 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
©Copyright The Financial Times Limited 2015. All
rights reserved. Reproduction of the contents of this
FINANCIAL TIMES Monday 8 June 2015
NATIONAL
PwC analysis
Companies
bow to calls
was not even on the table for negotiation
in Brussels. “If you are talking about the
British officials acknowledge that
restoring vetoes today would hamper
back Mr Cameron in a referendum if he
secures “a fundamental change” in Brit-
use of significant amounts of public
money could give an unfair advantage
for more tax
House of Commons having a unilateral
red card veto, that is not achievable, that
Mr Cameron’s drive to break open the
single market in areas such as digital
ain’s relationship, it seems unlikely the
primeministerwillsatisfyallhisMPs.
to one side of the argument”.
Mr Hammond defended the arrange-
transparency
is not negotiable,” he said. “That would and professional services. “How do you Mr Hammond said: “There was ments, saying the government did not
effectively be the end of the European think France would use its national always going to be a group of our col- expect to be neutral and ministers
Union.” veto?” said one government official. leagues who want to come out of the EU would expect to speak out in favour of VANESSA HOULDER
Mr Hammond drew the dividing line But as Mr Hammond admitted, it will come what may. That’s not where the Britain staying in a reformed EU.
Demands for greater transparency
that will eventually split the Conserva- government is or where the majority of The Treasury is expected to publish a
from business about their tax affairs
tive party into two camps when Britain the British people are.” series of economic “analysis papers” on
votes on whether to stay in the EU,
‘There was always going to The provisional Brexit campaign is Britain’s relationship to the EU, replicat-
have prompted more than half of all
FTSE 100 companies to disclose
possibly as soon as May 2016. be a group of colleagues already concerned that Mr Cameron ing a contentious exercise it conducted
information about their approach to
Mr Hammond, who is himself on the will use the government machine to during the Scottish independence refer-
eurosceptic wing of the party, accepts
who want to come out of pump out pro-EU “propaganda” in the endum.
taxation, compared with fewer than a
third two years ago.
that gaining a Westminster veto over all the EU come what may’ approach to the referendum. Allies of George Osborne, the chancel-
EU law is not remotely acceptable to The EU Referendum bill, which has its lor, say he wants to see “an informed The rise in disclosures is a sign of the
other European leaders. A more modest not happen. And that lies at the heart of second reading in the House of Com- debate”. Campaigners in the Scottish increased pressure on companies to give
alternative could see a group of national the disagreement between Mr Cameron mons tomorrow, would scrap the 28- referendum said the papers were biased more information to investors and the
parliaments being able to show a “red and those in his party who cannot stand day purdah period, which applied dur- against the creation of an independent public after the angry reaction to
card” to a proposed new EU law. any sharing of sovereignty. ing the Scottish and Alternative Vote Scotland. aggressive tax planning.
Eurosceptics tend to forget that Mar- Steve Baker, chairman of the new referendums, stopping the government Although Mr Baker said he would PwC, the professional services firm,
garet Thatcher supported scrapping group, said Mr Hammond’s comments making official announcements relating “love it if there were no rebellions what- said: “We see this move towards
national vetoes in EU lawmaking in the were “most astonishing”, adding: “It is a to Europe immediately before the vote. ever”, Tory MPs predict a rebellion on increased tax transparency as part of a
1980s: she recognised they allowed modest demand that parliament should The independent Electoral Commis- the issue — the first of the new parlia- trend which we expect to continue in
countries to maintain trade barriers and have sovereignty over its own territory.” sion says it is “disappointed and con- ment — when the Commons votes on 2015.” The findings are based on PwC’s
were a bar to creating the single market. Although Mr Baker’s group says it will cerned” and that “there is a risk that the the “purdah” issue later in the month. analysis of annual reports, corporate
websites and other social responsibility
reports for financial years ending
between January and December 2014.
The number of companies providing
World Cup. Marketing information about their general
approach to taxation rose from 32 in
2012 to 49 in 2013, and has now reached
56. The information provided included
comments on matters such as the
openness of their relationships with tax
authorities, their willingness to under-
take aggressive tax planning and
whether they had achieved a “low-risk”
tax status from HM Revenue & Cus-
toms.
However, only a relatively small
number — one-quarter — of FTSE 100
companies provided any breakdown of
their taxes around the world, up by just
three over the past year. The limited
number of “country-by-country” dis-
closures — information on where com-
panies paid tax — stems from a reluc-
tance from some groups to put such
information in the public domain, while
others have not yet collected it.
Regardless of whether they make vol-
untary disclosures, multinationals will
be forced by law to compile data for tax
authorities showing where they earn
their profits and pay their taxes, under
the global crackdown on tax avoidance
known as the “base erosion and profit
shifting” (BEPS) initiative.
The details of how these new rules —
expected to provide governments with a
crucial weapon in the crackdown on
avoidance — will be implemented are to
be released today by the Paris-based
Organisation for Economic Co-opera-
tion and Development.
PwC said the small increase in the
number of companies making public
country-by-country disclosures was not
Mr Gosper. He added that while televi- Rugby World situation, we are not incorrect.” At surprising, as many FTSE 100 compa-
Football Rugby executives can only dream sion viewing figures for rugby’s World Cup 2015 is
expected to earn
present almost two-thirds of World nies were collecting the data required by
Top tier’s of emulating the success of their Cup were smaller than football’s, spon-
a record £650m
Rugby’s revenues come from TV rights the BEPS initiative for the first time for
sors were attracted by the sport’s image. and that could grow as the sport 2014 year-ends. “This would have
£6.24bn in bigger, brasher cousins in football.
A new report commissioned by “We work very hard on us being the in revenues, becomes more popular in the US. allowed companies to assess their posi-
a different the Premier League found that sport of character, on the courage of the helping to fund “They like physical sports,” said Mr tion internally while considering
league England’s top tier generated physical game, on how rugby builds the sport’s Gosper. “You don’t have to turn up with whether, and how, to make these
economic benefits worth £6.24bn in character. So, if you are a sponsor you expansion helmets and pads. And it also offers disclosures public in future years.”
Stefan Wermuth/Reuters
the 2013-14 season. might get more eyeballs at a football players of various shapes and sizes posi- The CBI employers’ group, has
Ernst & Young found the league world cup but we think we hugely com- tions where they can specialise, and opposed making tax data public, saying
and its 20 clubs support 100,000 pensate with the associative values that every player touches the ball and gets it “risks reducing public understanding
jobs across the UK, including in brands like to rub up against.” involved.” of the tax debate by swamping people in
hospitality and gambling. Rugby also attracted a higher spend- World Rugby’s ambitions in Asia, with highly complex data with no context”.
The annual tax take, generated ing fan base, Mr Gosper added, but he the 2019 World Cup to be staged in But many tax experts expect companies
both directly and indirectly, denied the tickets were overpriced. Japan, have been boosted by the record with a “good” story to tell to publish tax
reached £2.4bn in the same period. “We don’t think the tickets are expen- revenues from this year’s tournament. information voluntarily.
The report is an attempt by the sive by comparison with other major “It is definitely boldly in a place we PwC said that of the 25 companies
league to improve its image amid global sporting events,” he said. “The have never gone before, in a region we that reported country-by-country infor-
accusations it is milking fans with demand is huge. There were 600,000 have never gone to before, in a tier-two mation, eight were in the extractive
TV deals and ticket prices. requests for the England versus Aus- group we have never gone to before,” industries and four were banks, which
Mark Odell tralia pool game and not far off that for said Mr Gosper. “But England allows us are already subject to mandatory
the final. So from a demand/supply to make a bolder decision.” reporting regimes.
Rented housing
Buy-to-let couple begin sale of 1,000-strong property empire
EMMA DUNKLEY Mr Wilson claimed he did “not have a market price. Basically you’re lucky: I’m The sale comes after an unsuccessful
great deal outstanding on the mort- selling you houses with tenants that attempt by the Wilsons, former maths
Fergus and Judith Wilson, Britain’s big-
gages” and that the properties he had have never defaulted and not asking for teachers, to sell out during the financial
gest buy-to-let landlords, have started
sold were those with no mortgage a premium. The last thing you want to crisis in 2008.
selling properties in an attempt to
attached. do is to kick a tenant who has done Plummeting house prices forced
offload their entire empire by the end
“The way we do it is nice and simple — nothing wrong.” them to stay in the market in order to
of next year.
we are first of all selling those that are Mr Wilson said in the past that he meet mortgage bills. The couple owed
After months of delays, the couple going to generate the most amount of needed to repay about £40m-£45m to about £350,000 a month in mortgage
newspaper in any manner is not permitted without recently sold about 100 homes of their money after we have paid back the about 14 lenders, and that after tax and payments at this point, Mr Wilson said.
the publisher’s prior consent.
‘Financial Times’ and ‘FT’ are registered trade marks 1,000-strong property portfolio in Kent mortgage,” he said. disposal fees he hoped to emerge with One of their main lenders was Mortgage
of The Financial Times Limited. for £25m to Chinese and Indian inves- “We didn’t sell at a discount — all at £100m in profit. Express, which was nationalised when
The Financial Times adheres to a self-regulation tors, Mr Wilson said. parent company Bradford & Bingley
regime under the FT Editorial Code of Practice:
www.ft.com/editorialcode
The Wilsons had planned on selling faced insolvency.
their whole property portfolio, compris- Increasing house prices over the past
Reprints ing two- and three-bedroom houses couple of years have helped the Wilsons
Are available of any FT article with your company mainly in Ashford and Maidstone, for to sell, although prices have stabilised in
logo or contact details inserted if required (minimum
order 100 copies). £250m after receiving expressions of the past 12 months. The average
One-off copyright licences for reproduction of FT interest more than eight months ago. detached house price in Kent was
articles are also available. However, after months of negotiating £347,000 in June 2014, compared with
For both services phone 020 7873 4816, or
alternatively, email syndication@ft.com
with a number of potential buyers, the £364,000 in March this year, according
couple are now reducing their empire in to the latest Land Registry data.
FT Cityline tranches. Mr Wilson, 67, said: “The The Wilsons have attracted contro-
For real time share prices call 0905 817 1690 or go to
http://www.ft.com/servicetools/ftmobile/cityline. Calls
decision-making process was mine. versy after involvement in high-profile
cost 75p/min. Agents were reluctant to talk. spats with tenants.
“We have got another 20 per cent to Last year, Mr Wilson sent eviction
Newspapers support recycling sell between June and mid-September. notices to about 200 tenants on housing
The recycled paper content of UK newspapers in
2013 was 83.5% We plan to have sold about 40 per cent benefit, claiming they could not afford
by the end of December. So we will sell to pay and that the move was aimed
nearly half our portfolio this year and at preventing them from spiralling
half next.” Fergus and Judith Wilson have sold 100 homes so far for £25m Nick Cunard/Retna into debt.
Monday 8 June 2015
Thatcherite to
take detailed
look at industry
Business secretary will question role
of cash-strapped state in economy
GEORGE PARKER — POLITICAL EDITOR
Britain’s industrial policy is facing a fun-
damental review as Sajid Javid — under
the watchful eye of his political heroine
Margaret Thatcher — asks afresh what
role a cash-strapped state should play in
the modern economy.
Although the Conservatives’ mani-
festo commited the government to back-
ing areas such as life sciences, the motor
industry, robotics and nanotechnlogy,
Mr Javid hasyettodetailhisapproach.
Industrial policy fell out of favour
during the Thatcher era and the former
prime minister’s portrait in the new
business secretary’s office is a reminder
of Mr Javid’s free-market instincts.
One industrialist said: “We were told
by the department that we should not
use the expression ‘industrial policy’ any
more and that Sajid sees it as a Liberal
Democrat phrase.” And there are few
clues as to what the business secretary is
thinking. “There has been a resounding
silence,” saidtheindustrialist.
Mr Javid’s aides say he is still forming
a view. “There is no ban on the phrase
‘industrial policy’,” said one ally.
The idea of state intervention became
associated in the 1970s with “picking
winners” — providing state support for
industrial champions. Cast aside under
Thatcher as wasteful and intervention-
ist, it remained out of fashion under
Tony Blair’s New Labour.
In recent years, however, “modern”
industrial policy has enjoyed a renais-
sance. Lord Mandelson, the former
Labour business secretary, and Vince
Cable, his Lib Dem successor, saw it as a
means of supporting future sectors.
Mr Javid is said by colleagues to be
reassessing its value today. To date, his
focus has been a classically Thatcherite
approach: his enterprise bill commits to
getting the government “off the back” of
business by cutting red tape “by at least
£10bn”.
One leading business fig-
ure who has discussed
industrial policy with Mr
Javid said: “He wants to talk
about regulation and letting
business prosper under its
own steam. Industrial strat-
egy was front and centre
under Cable and Mandelson,
Sajid Javid: will
think hard
before cutting
budgets that
lift innovation
Economy
CBI cuts growth forecast and
warns of ‘uncertainty’ over EU
FERDINANDO GIUGLIANO
— ECONOMICS CORRESPONDENT
The Confederation of British Industry
has cut its growth forecasts for the UK
as it warns that uncertainty over Brit-
ain’s membership of the EU risks
undermining the recovery.
The group expects the economy to grow
by 2.4 per cent this year and 2.5 per cent
in 2016, compared to February esti-
mates of 2.7 per cent and 2.6 per cent.
The downgrade comes after a disap-
pointing first quarter, with national
income rising by 0.3 per cent, less than
the eurozone, according to the Office for
National Statistics. Last week, the Brit-
ish Chambers of Commerce also cut its
forecasts for 2015 from 2.7 per cent to
2.3 per cent.
The CBI struck a defiant note, how-
ever, saying the ONS estimates for the
first quarter seemed exceedingly
gloomy. Internal surveys show its mem-
bers to be more upbeat about the econ-
omy than official figures suggest.
“Businesses on the ground are seeing
a pretty solid recovery,” said John Crid-
land, CBI director-general. “We expect
to see solid, steady and sustainable
growth carrying through into next year.”
The CBI believes there are several
threats to the recovery, including the
increasing risk of Greece leaving the
eurozone and the uncertainty caused by
a referendum over EU membership,
which the government intends to hold
by 2017. The referendum, which
became a certainty after the Conserva-
tives secured an absolute majority in
★ FINANCIAL TIMES 3
NATIONAL
Long arm of
industry:
thousands
of grants,
partnerships
and
competitions
are funded to
benefit
technologies of
the future
Darren Staples/Reuters
key industries’ long-term interests are grants, partnerships and competitions preserve the UK’s otherwise crumbling
but it is not going to be at the arrowhead Comment not hobbled by policy elsewhere. are funded to benefit technologies of the leadership in this industry. And the
of Sajid’s strategy.” But there is still much that the future. Normally, the private sector is in “industries that count” referred to by Mr
Under Mr Cable the business depart- Department for Business, Innovation and the driving seat, including through the Cameron will also want a say in the
ment funded multi-year schemes cost- Skills can do on its own, which is where provision of matched funds — which is shape of higher education and scientific
ing several billion pounds — jointly Small sums mean Javid industrial policy comes in. David why scrapping such expenditure can research to help build an environment
funded with industry — to develop cut-
ting-edge technologies in the aerospace
unlikely to find easy savings Cameron promised “a sleeves-rolled-up,
active industrial strategy to make sure
come at a heavy cost.
Another example is the Advanced
conducive to their needs.
None of the sums spent on industrial
and motor sectors. There were also “cat- you are the winner in the industries that Manufacturing Supply Chain Initiative, policy add up to much — often, less than
apult centres” to help transform ideas Governments affect the economy in count and in the industries of the future”. which invites larger companies to bid for the cost of a penny off beer duty — and
into commercial ventures and a range of countless ways, often through actions This is a better description than money aimed at bolstering supply-chain most come attached with private sector
schemes to boost innovation and skills. and decisions far removed from the managed by most business ministers, skills. The Regional Growth Fund is a funds. If Sajid Javid wants to make some
But one figure close to Mr Javid’s team business department. Planning, tax who tend to define their industrial policy dwindling source of money to stimulate easy savings, he is unlikely to find many
said: “Sajid is taking a fundamental look policy and even the defence budget can by what it is not — claiming neither to be private sector growth outside London. in industrial policy.
at everything, including asking why the each affect some critical industry. “picking winners” nor backing a wide- A bespoke idea called the Aerospace The writer, Giles Wilkes, is a Financial
department is giving money to compa- A strong business department will eyed, laisser faire approach. Technology Institute is investing in Times leader writer and was an adviser
nies that already have a lot of money.” interfere across Whitehall to ensure that Through Innovate UK, thousands of specific long-term ideas intended to to former business secretary Vince Cable
As he does so, the business secretary’s
scepticism about the role of the govern-
ment in the private sector is accompa-
nied by pressure to deliver further cuts
from his budget of about £13bn.
Paul Johnson, of the Institute for Fis-
cal Studies, said unprotected depart-
ments such as business would have to
find further cuts of about 15 per cent in
the three years after this financial year.
Last week Mr Javid served up £450m
of in-year cuts with the Treasury, high-
lighting further and higher education as
the main areas that would be affected.
Future cuts will be tough, however.
One option would be to shift the bur-
den of certain schemes funded by Mr
Javid’s department on to users. This is
expected to involve asking business to
co-fund some training schemes but the
process is also likely to focus on whether
some schemes to support innovation
should be part-funded by companies.
But Chancellor George Osborne says
he is a “champion” of a “modern indus-
trial policy”. His protection of spending
on science and the “northern power-
house” project reflects his newfound
enthusiasm for government activism.
Given that Mr Javid has been charged
with raising productivity he will think
hard before cutting budgets aimed at
boosting innovation. Business is anx-
ious to hear what he concludes. For now
he is refusing to comment.
A spokesman said: “The business sec-
retary remains absolutely committed
to working closely with industry
and businesses to understand
their needs and what more the
government can do to retain the
UK’s competitive position
within the global economy.
“Regular dialogue through
stakeholders is a vital part of
that.”
Additional reporting by
Elizabeth Rigby
Editorial Comment page 10
May’s general election, has not yet
affected investment decisions by com-
panies, the CBI said, but entrepreneurs
were worried the ensuing uncertainty
could be a threat to the recovery.
“Businesses now have a certainty that
the referendum is happening, but not
the outcome,” Mr Cridland said.
The CBI dismissed fears the recovery
was based on unsustainable grounds,
even though it said manufacturing and
exports were struggling under the
weight of a strong pound.
Rain Newton-Smith, CBI director of
economics, said internal demand was
likely to remain buoyant. She pointed to
the resurgence in investment, which is
expected to climb by 4.5 per cent this
year, as well as the growth of disposable
income among households, which will
continue to boost consumption.
“With both investment and
consumption growing, there are two
engines driving the recovery, which is
more balanced,” she said.
Mr Cridland urged the government to
press ahead with its programme of fiscal
consolidation but said George Osborne,
the chancellor, would have to be “more
imaginative” about finding new forms
of savings now that the easiest cuts had
been made. “We do not want the
government to ease off austerity, but to
continue it in an intelligent way,” Mr
Cridland added.
He also called for the government to
protect some areas of spending, includ-
ing the science budget and long-term
investment, but said further cuts to the
welfare budget were unavoidable.
4 ★ FINANCIAL TIMES Monday 8 June 2015

NATIONAL

Staff shortages Divorce cases

Healthcare suffers nursing jobs headache Former wives

Immigration rules and
cuts in student places
push up vacancy rates
GILL PLIMMER
Britain’s healthcare industry is suffering
a nursing shortage of 24,000 staff this
year, driven by a decline in student
places, tougher immigration rules and
spending cuts.
Despite a strong rise in EU immigra-
tion, 7,000 fewer nurses came to the UK
in 2014-15 compared with 2003-04,
according to Christie & Co, a consul-
tancy. Spanish nurses were the most
likely to come here in 2015, followed by
nurses from Portugal and Italy.
The decline in overseas nurses was
owing in part to tougher immigration
rules that mean they require an
arranged sponsorship from a UK
employer . In addition, they have to
leave the country after a maximum of
six years.
Pete Calveley, chief executive of Bar-
chester Healthcare, the third-biggest
operator of care homes in the UK and a
contributor to the report, said: “We
want to recruit from India, South Africa
and the Philippines as these nurses are
very high calibre generally. But we can-
not. We hope that with the completion
of the election, the political climate will
be a better one to discuss immigration
policy regarding nurses. It is critical.”
But Michael Hodges, director at
Christie & Co, called the shortage a
“homegrown problem”, adding: “We are
suffering poor workplace planning as a
result of austerity measures.”
Collecting. Investment
Since 2013, qualification as a regis-
tered nurse has required a three-year
university degree but the number of
publicly funded student places fell from
22,000 in 2008-09 to 17,000 in 2012-13.
As a result 3,000 fewer graduates regis-
tered with the Nursing and Midwifery
‘We want to recruit from
India, South Africa
and the Philippines
. . . but we cannot’
Councilin2014-15comparedto 2013-14.
Care homes, most of which are run by
the private sector, are finding it hardest
to recruit staff, according to the survey,
which found vacancy rates were 9 per
cent compared with 7 per cent in the
National Health Service this year. Over
the past two years, the largest nursing
home groups reported an average
increase of 55 per cent in use of agency
workers to fill the gaps, Christie & Co
found. The sharp rise has had a
knock-on effect on costs. Agency staff
cost 100 per cent more on a per hour
basis than regular staff, the report said.
The NHS has been relying more on
agency staff, with average expenditure
on agency nursing estimated to have
risen by 231 per cent over the past three
years, Royal College of Nursing figures
cited in the report show.
Simon Stevens, NHS England chief
executive, has vowed to take action over
agencies “ripping off the NHS” amid
reports that hospital trusts are said to be
paying up to £2,200 a shift for agency
staff. But Mr Hodges said nursing agen-
cies were “plugging a hole and without
them the problems would be worse”.
Staffing and low pay are a key issue in
the industry. HM Revenue & Customs is
investigating 100 allegations of under-
payment in the sector and has promised
to name and shame the offending
employers. “We have started proactive
investigations into six of the largest
providers in the care sector,” HMRC
said. “When complete we will have
checked the pay of about 20 per cent of
the care sector workforce.”
But the industry argues that cuts in
the fees paid by local authorities have
eroded margins and that providers are
unable to pay more. “They need to be
able to pay people a proper wage, but
the fees need to reflect the true cost of
care and that is hard to recognise in the
austerity climate,” said Mr Hodges.
claim assets
hidden at time
of settlement
JANE CROFT
Two legal cases due to be heard by the
UK’s highest court today highlight the
growing trend of women seeking to
appeal against their divorce settle-
ments on the grounds that their former
spouses allegedly failed to disclose all
relevant financial information at the
time.
The Supreme Court is hearing two cases,
eagerly watched by family lawyers,
including that of Alison Sharland, who
was awarded a £10.35m settlement in
2012 against Charles Sharland, a Chesh-
ire IT entrepreneur.
She wants to reopen the hearing into
the settlement on the grounds that Mr
Sharland failed to disclose talks on a
possible flotation of his company to the
court in 2012 when the judge was con-

Bacon auction paints healthy picture for art
Buyers entering market from
Russia and China are fuelling
demand for British artists
JAMES PICKFORD
He was an artist once left trailing in the
saleroom stakes by glitzy American
painters such as Andy Warhol, Roy
Lichtenstein and Jackson Pollock. But as
wealthy collectors’ appetite for Francis
Bacon’s work has sharpened, so the
prices for his work have soared past his
postwar rivals.
Now a canvas from Bacon’s most
famous series of paintings, showing the
distorted image of a seated pope, is to go
on sale with an estimated value of £25m
to £35m.
The first of six “pope” paintings that
Bacon made in 1961 for a show at the
Tate, the work was bought in the same
decade by the photographer and art
collector Gunter Sachs, former husband
of Brigitte Bardot, who held it for 40
years before selling in 2005. The Vatican
holds another example from the same
series in its museum in Rome.
Bacon was fixated by a 1650 painting
‘Figurative art for a long
time was unfashionable
. . . These are powerful
images to live with’
of “Innocent X” by Diego Velázquez and
used it as the inspiration for a series of
canvases he worked and reworked in
the 1950s and 1960s. His studio was
covered with images of the Velázquez oil
painting — alongside photographs of
Goebbels and Himmler — although he
famously decided not to see the original
work when on a visit to Rome.
Oliver Barker, deputy chairman of
Sotheby’s Europe, which is auctioning
the painting in London on July 1, said
Bacon deliberately painted most of his
works “at arm’s length” from his subject
matter, working from photographs of
his sitters or reproductions of other
paintings in books or on posters.
“This enabled him not to get ‘crowded
out’ by real life but allowed him to tem-
per his painting with his own interpreta-
tions,” Mr Barker said.
Bacon is one of very few European
postwar artists — others being Lucian
Francis Bacon’s Freud and Gerhard Richter — whose
1961 work works regularly sell for £20m and
‘Study for a above. He hit the headlines in 2013
Pope I’ is valued when his “Three Studies of Lucian
at £25m-£35m Freud”, a triptych of his close friend,
when it goes on became the most expensive
sale at Sotheby’s artwork sold at auction, fetching
in July — Charlie Bibby $142.4m at Christie’s in New York (a
record beaten last month by Pablo
Picasso’s “Women of Algiers”).
When it last went under the hammer
in 2005, “Study for a Pope I” (1961)
fetched £10m — at the time a record
for the artist. But a sale even at the
lower end of the latest estimate range
would equate to a rise in value of 150 per
cent.
Postwar British artists more generally
have come into vogue, with work by
Freud, Frank Auerbach and Leon
Kossoff — artists in the “school of
London” who shunned the trend for the
avant-garde in pursuit of figurative
work — fetching higher prices.
“All of these British artists are gaining
increasing international interest and
the values of their works are rising,” Mr
Barker said.
Sotheby’s contemporary sale has
works totalling an estimated £204m, 35
per cent of which is accounted for by
British artists. In the equivalent sale in
2010, they made up 12 per cent of total
value.
Mr Barker said part of the explanation
for Bacon’s popularity was that collec-
tors have become more willing to have
difficult subject matter hanging on their
walls. “Figurative art for a long time was
unfashionable, and particularly art that
was psychologically very challenging.
These are powerful images to live with,”
he said.
The market has simultaneously
undergone a dramatic phase of
globalisation. Ten years ago, bidders for
works by Bacon came from about three
countries on average, Sotheby’s said.
Today they come from 18, with strong
interest from Russia and China.
A gay, former Catholic atheist who
had a difficult relationship with his
father and authority figures in general,
Bacon returned time and again to
religious themes in his work.
He once said: “I think that most
people who have religious beliefs, who
have the fear of God, are much more
interesting than people who just live a
kind of hedonistic and drafting life . . . I
can’t help admiring but despising
them . . . ”
The highest price paid for a single
Bacon picture was £42.2m for “Portrait
of George Dyer Talking”, sold last year in
London by Christie’s.
sidering how much she could be
awarded.
The other case involves Varsha Gohil,
who was awarded a Peugeot car and
£270,000 lump sum after her divorce
from solicitor Bhadresh Gohil, who had
claimed he had modest means.
Mr Gohil was later sentenced to 10
years in jail after admitting charges
including money laundering valued at
more than $20m. He was linked to
James Ibori, the former Nigerian state
governor who was jailed in 2012.
Mrs Gohil argued that there had been
material not disclosed at the time of her
divorce settlement in 2004. In 2006 she
had the consent order for their settle-
ment overturned on the grounds that
Mr Gohil had not given the family court
accurate information on his finances.
Her case, however, was held up pending
the police investigation into Mr Gohil.
The Court of Appeal later declined to
reopen her case but Lord Justice McFar-
lane expressed sympathy for Mrs Gohil,
saying that “as his convictions demon-
strate, certainly from 2005, Mr Gohil
was an out-and-out rogue involved in
financial criminality on an eye-watering
scale”.
However, Lord Justice McFarlane said
it was not possible eight years later for
the court to find there had been non-
disclosure at the time. She has now been
allowed to appeal to the Supreme Court.
The family courts are grappling with
more and more cases where spouses fail
to disclose all their assets to reduce the
payout in a divorce. The lower the assets
disclosed to the court, the lower the div-
orce settlement that may be awarded.
In 2013, Michelle Young was awarded
a £20m lump sum after divorcing her
husband, Scot Young, a fixer for the
super-rich who fell to his death from his
Marylebone flat last year. He had
claimed he was penniless; she alleged he
was worth millions.
Mr Justice Moor noted that Mr Young
was said to be hiding very large assets
and found he had “misled the court as to
his finances to a very significant extent”
and failed to disclose assets.
In another ruling last year, Mr Justice
Mostyn found that a British jeweller,
Dharmesh Dwarkada Bhura, who had
moved to Georgia in the US, was “a dis-
honest litigant” who “spirited away a
large amount of valuable jewellery with
the intention of defeating the wife’s
claim for a financial remedy”.
Philip Way, partner at national law
firm Mills & Reeve, said: “The courts
have been sympathetic towards the
women in these instances and con-
demned the men’s behaviour. However,
up to now the women have not been suc-
cessfulinoverturningtheirsettlements.”

LSE research Hospital savings

Homes study counters prices consensus NHS urged to address cost differences
KATE ALLEN
Building new housing does not push
down the price of nearby properties,
according to research that runs coun-
ter to the widely held belief that the
best way to make housing more afford-
able is to increase supply.
A pilot study by the London School of
Economics looked at eight develop-
ments of nearly 300 homes each, built
in the Midlands and the south of Eng-
land by the housebuilder Barratt in the
past five years.
The sites were in suburbs or villages.
Most faced substantial opposition from
residents before they were constructed.
All of the schemes were large in pro-
portion to the number of homes in the
local area. Yet in none of the cases did
house prices fall once construction was
completed, although in some cases
prices went down slightly during con-
struction, the LSE researchers found.
In some cases prices rose around the
area aftertheschemewasbuilt.
“Developments of the size and scale
studied, even in areas where originally
objections were significant, can lead to
more rapid rises in local house prices,”
the report said.
The findings reflect those of Kate
Barker, a former Bank of England mon-
etary policy committee member, who
produced an influential report on house
prices in 2004. Ms Barker found that
housing supply was “not particularly
responsive to changes in house prices”.
Economists and housing industry ana-
lysts argue Britain needs to build more
homes to moderate future house price
rises. Most agree 200,000 to 300,000
new homes should be built a year, but in
2013-14 Britain builtonly141,000.
The research was commissioned by
Barratt and the National House Building
Council but researcher Christine White-
head said they had not interfered with
the findings, whichwereindependent.
Philip Barnes, Barratt’s group land
and planning director, said local
residents’ opposition to new houses was
often based on fears that it would drive
down prices. The research “fits with our
general experience that opposition to
new homes often rapidly recedes as a
development is built”, he said.
“This is a small sample but the devel-
opments are typical of much of the hous-
ing being built in many towns and does
suggest that this additional housing can
be absorbed without an adverse impact
onanindividuallocalhousingmarket.”
Neil Smith, head of research and inno-
vation at the NHBC, said local opposi-
tion was “one of the main obstacles” to
getting more homes built.
“It is understandable that homeown-
ers will be anxious to protect their
investment in their homes, and con-
cerns about the negative effects of new
developments have compounded the
issue,” he said. “While there are clearly a
number of factors affecting property
values in specific areas, this research
challenges the assumption that new-
build developments will adversely
affect local house prices.”
SARAH NEVILLE — PUBLIC POLICY EDITOR
The health service must eliminate huge
variations in costs and performance
between hospitals if it is to remain
financially sustainable, a report will
say this week.
By September, each hospital will be
given an individual target for how
much it will be expected to save by
implementing recommendations from
a government-commissioned inquiry
into NHS productivity.
From next April the Care Quality
Commission, the hospitals inspectorate,
will judge each institution not only on
the quality of clinical care but on its “use
of resources”, according to Jeremy
Hunt, health secretary.
The backdrop to the recommenda-
tions is £22bn of efficiency savings that
Simon Stevens, chief executive of NHS
England, has promised to find by 2020
in return for additional funding of £8bn
a year above inflation.
In April an analysis by the Health
Foundation for the Financial Times
found efficiency over the five years of
the coalition government had grown at
less than half the rate required to
achieve this level of savings, putting
enormous pressure on health leaders to
find new ways of working.
Lord Carter of Coles, who was asked
by the health secretary to look at
efficiency in health service hospitals,
has examined in detail how 22 leading
institutions work. He said he had been
“surprised by the variation in perform-
ance in getting the very best care for
patients and delivering value for money
within the NHS”.
The sheer size of the health service
meant that by doing several small things
better, “huge savings” were possible, the
health department said. These included
better management of staff, rotas and
shifts, which would save £400m a year.
In at least one hospital he examined,
Lord Carter is thought to have found far
more nurses rostered from Monday to
Wednesday than in the latter part of the
week, although patient demands did not
vary.
Nor did all hospitals use e-rostering
technology that would allow staff to be
deployed more efficiently. Hospitals
could also save hundreds of thousands
of pounds a year by improving manage-
ment of annual leave or sick days, Lord
Carter will say.
In a speech to the NHS Confederation
last week, Mr Hunt highlighted big vari-
ations in costs for basic supplies such as
lavatory rolls and latex gloves. Lord
Carter is expected to conclude that cut-
ting the number of product lines the
NHS uses from more than 500,000 to
fewer than 10,000 and driving harder
bargains with suppliers could save up to
£1bn by 2020.
The cost of standard clinical proce-
dures can also vary enormously
between hospitals. Research commis-
sioned by the FT last year found taxpay-
ers were paying up to five times more
for operations in some NHS hospitals
compared with others.
Monday 8 June 2015 ★ FINANCIAL TIMES 5
6 ★
Greece crisis
Juncker rebukes Tsipras over bailout snub
Commission president
says premier misled MPs
on nature of negotiations
PETER SPIEGEL — KRÜN, GERMANY
Jean-Claude Juncker, European Com-
mission president, strongly rebuked
Alexis Tsipras for his strident dismissal
of a new bailout offer from Greece’s
creditors and suggested the prime min-
ister had misled his MPs about the
nature of the closed-door negotiations.
In his first remarks since Mr Tsipras
used an address to the Greek parliament
on Friday to reject economic reform
measures presented by Mr Juncker on
Economic battle eclipses military campaign
With few jobs and a blockade,
the Donbass region is struggling
to become a viable entity
ROMAN OLEARCHYK — DONETSK
Anxiety mounts as Iryna approaches
the checkpoint outside Donetsk where
Kalashnikov-toting separatists inspect
cars. Returning from teaching econom-
ics in part of a Donetsk university that
has relocated to a town outside the zone
controlled by Russia-backed rebels, she
is coming home for the weekend.
At the height of fighting between
rebels and Ukrainian forces last year,
soldiers at the checkpoint often
detained drivers to interrogate them in
case they were Ukrainian “saboteurs”.
Iryna steels herself. “I fear nothing
any more after surviving last year’s
shelling,” she says.
Instead, the rebel soldier smiles, ask-
ing only if her luggage contains tobacco,
alcohol or anything subject to customs
duties. “Of course not,” says Iryna,
switching from her usual Russian to
Ukrainian to test whether the soldier is
local or from Russia.
The change in the checkpoint’s priori-
ties from grabbing alleged spies to seek-
ing anything that can be taxed symbol-
ises a broader shift.
While the worst fighting since a Feb-
ruary ceasefire broke out in the region
around the checkpoint this week, in
recent months rebel leaders have
focused less on military advances than
on economic survival. Rebel-controlled
Donbass, the region including Donetsk
and Lugansk, is struggling to establish
itself as a viable entity.
Kiev withdrew budgetary funding for
salaries and pensions last autumn —
though pensioners can collect benefits if
they make the often arduous journey to
Ukraine-held territory.
Russia, meanwhile, has shown no
desire to fund the region, insisting Kiev
is morally obliged to do so even though
it now exerts virtually no political con-
trol. That leaves residents, and their
self-proclaimed leaders, in a grey zone.
Denis Pushilin, vice-chairman of the
parliament of the “Donetsk People’s
Republic”, admits the rebels wanted
Russia to annex the region last year, as it
did Crimea.
“This was probably the optimal sce-
nario. But the situation became much
more complicated,” he adds, saying
Subscribe to FT Weekend today
Read beyond the expected
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
behalf of Greece’s creditors as “absurd”,
the commission president confirmed he
had turned down a request by the Greek
leader to renew negotiations over the
weekend and warned Athens that time
was running out.
“I don’t have a personal problem with
Alexis Tsipras; quite to the contrary,”
Mr Juncker said at the start of a two-day
summit of the Group of Seven industrial
powers in Krün, Germany. “He was my
friend, he is my friend. But frankly, in
order to maintain it, he has to observe
some minimal rules.”
The president made clear he was ran-
kled by the way Mr Tsipras had belittled
his efforts in Friday’s speech. “He was
presenting the offer of the three institu-
Ukraine. Donetsk rebels
Pro-Russia separatists at a checkpoint on the outskirts of Donetsk. Rebel leaders now focus less on military advances than on economic survival — Bulent Kilic/AFP
Donbass became tangled in an east-west
geopolitical stand-off.
“We are under an economic and
energy blockade,” he says. “We’re forced
to gather taxes from the local popula-
tion and factories to pay pensions.”
But the local economy is disintegrat-
ing. Before separatists seized govern-
ment buildings 14 months ago, Donetsk
was the 1m-strong capital of Ukraine’s
eastern industrial heartland. Coal
mines, steel mills and factories stretch-
ing northeast to the city of Lugansk, also
50 km
RUSSIA
UKRAINE
LUGANSK
DONETSK
Lugansk
Donetsk
Rebel-held territory
Sea of Azov Source: Ministry
of Defence Ukraine
FINANCIAL TIMES
INTERNATIONAL
tions as a ‘leave it or take it’ proposal —
that was not the case,” Mr Juncker said.
If the two sides are unable to reach
agreement by the end of the week, euro-
zone leaders would likely move to
extend the bailout programme again
beyond its current June 30 expiry date,
according to a French official.
Such a scenario would entail grave
risks, however.
Greece is believed not to have enough
money to pay a €1.5bn International
Monetary Fund bill at the end of the
month, and an extension without agree-
ment on a new set of economic reforms
would not include the €7.2bn in bailout
funding Greece urgently needs.
In addition, it would need to be
now in rebel hands, supported a popula-
tion of 6m in the two broader regions.
Many industrial sites have been shat-
tered by the fighting, while the UN esti-
mates 1.3m Ukrainians, mostly from the
Donbass region, have been displaced.
Many others, like Iryna, work or largely
live outside the rebel regions.
Rebel leaders are trying to lure resi-
dents and businesses back. But with few
jobs around, they have little to offer
beyond self-declared independence
from the “fascists” they still allege have
taken over the Kiev government.
In Donetsk, ever more beggars roam
largely empty streets. When dusk falls,
and nightly outbound shelling begins on
the outskirts, it becomes a ghost town.
Banks’ cash machines have been shut
since last year. Transactions are solely
in cash — increasingly Russian roubles.
Roubles form the handouts to pen-
sioners queuing at nationalised banks
now run by the separatists. Their source
is unclear, but there is less each day to
purchase with them.
In a downtown Donetsk superstore,
thousands of square metres lie empty. A
small cubicle within the store sells basic
Crime
Thieves leave German solar parks in shade as panels stolen
CHRIS BRYANT — FRANKFURT
It took two weeks before Matthias
Kynast discovered that thieves had hit
the solar park he manages near the
west German town of Arnsberg, when
hikers reported that a fence had been
cut down.
The criminals had made off with about
250 panels — each one metre by two and
weighing about 30kg. Although only a
fraction of the 10,500 installed at the
rural site, the bill was still about
€50,000, including installation costs.
“Of course it was a group. You can’t
just tuck a panel under your arm. They
did it very quickly,” says Mr Kynast of
the theft back in October. “Unfortu-
nately there are some people who
choose to help themselves at the
expense of others.”
As countries move from fossil fuel
power generation to cut carbon dioxide
emissions, solar power is gaining mar-
ket share around the world. Germany,
thanks to a decade of generous subsi-
dies, has more installed solar power
capacity than any other country.
But large coal- and gas-fired plants
still have at least one big advantage over
approved by the increasingly restive
Bundestag.
Mr Junker also said he had been
promised a new counterproposal from
Mr Tsipras since the pair met in Brussels
on Wednesday and did not want to
renew talks until he had received the
plan. Eurozone officials have suggested
talks involving Mr Juncker and Mr
Tsipras, which could also include
Angela Merkel, German chancellor, and
François Hollande, French president,
may resume on Wednesday, when all
four are due in Brussels for a summit
with Latin American leaders.
But Mr Juncker said he was cautious
about such a timetable if Athens did not
present a new way forward.
staples — largely costly Russian imports.
Prices for Ukrainian goods are higher
than elsewhere in the country, some say
because of “customs” payments, others
blame bribes required at Ukrainian
checkpoints on the city outskirts.
“Prices are much more expensive due
to the economic blockade. A big, sarcas-
tic thanks to Kiev,” says Lyubov
Nikolaevna, a pensioner at the check-
out. As distant gunfire echoes, she
brushes aside questions on whether
Donbass should reunite with Ukraine,
become independent or join Russia. “I
just want peace.”
Like the banks, groceries are being
gradually nationalised under the “First
Republican” brand. Other businesses
still operating face a dilemma: violate
Ukrainian law by paying taxes to the
separatists, or close.
There are hints, too, of racketeering.
At an outdoor market, a youth driving a
luxury BMW panics when journalists
inadvertently photograph him collect-
ing cash from retailers. “You’re tax
inspectors?” he asks aggressively. Later
drives rebel fighters to one of several
upmarket restaurants still open in a
solar panels — they cannot be uprooted
and carted away. As German solar sup-
ply has increased, so has the theft of
panels, cables and inverters.
“Solar theft continues to increase,
despite the measures taken to prevent
it,” says Frank Fiedler, chief executive of
SecondSol, an online trading platform
for solar products that has documented
scores of such cases on a website.
“Thieves are able to escape with thou-
sands of euros worth of equipment.”
Although panels sometimes disap-
pear from residential rooftops, large
solar parks are the main target. These
tend to be situated outside built-up
areas where organised gangs can pull up
in lorries, work unobserved overnight
and then make their escape.
Losses sometimes reach as much as
€500,000, Germany’s federal criminal
police office says. It warns that solar
panels are “often insufficiently [pro-
tected] or not secured at all”.
The introduction of solar power sub-
sidies in eastern Europe has also made it
easy to resell the equipment there, in
some cases attracting thieves from
across the border.
More than 3,000 solar panels were
“I would be surprised if I didn’t have
any further discussions with Mr Tsipras,
but I would like to have the Greek pro-
posal,” he said. “I would like to have
time to study it in detail.”
Mr Juncker’s refusal to renew talks
returns negotiations to the position of
stalemate that he and the leaders of
Greece’s two other bailout monitors —
the International Monetary Fund and
the European Central Bank — thought
they had broken just a week ago.
Although the Greece crisis was not
formally on the G7 agenda, a White
House spokesman said the stand-off
was discussed yesterday during a ses-
sion on the global economy.
Wolfgang Münchau page 11
well-kept district where separatist lead-
ers have offices, and are alleged to live.
The need to make the rebel-held zone
more economically viable may have
been partly behind this week’s upsurge
in fighting. By pushing westward from
Donetsk, combined Russian and rebel
forces put themselves in a better posi-
tion to seize Avdiyivka, the huge coking
plant that supplies 40 per cent of coke to
Ukraine’s steel industry. Locals specu-
late that controlling Avdiyivka could
enable the separatists to squeeze more
cash flow out of the steel business,
through taxes or shadow payments.
Iryna, the economy professor, says:
“There isn’t a single word to describe
what’s happening here . . . It’s certainly
not economically sustainable.”
Pointing to the separatists’ cancella-
tion of a 20 per cent value added tax,
which elsewhere in Ukraine produces
the largest share of state revenues, as a
populist move even as the rebels
squeeze businesses, she says their policy
makes little sense. “Without this they
can’t have a genuine budget,” she adds.
“It’s a virtual mafia state with a crum-
bling, criminal economy.”
stolen in the eastern state of Branden-
burg last year and victims incurred
some €710,000 in theft-related losses.
Equipment worth more than €500,000
has been stolen in the first four months
of 2015 alone, state police say.
As more countries follow Germany’s
lead in solar power, this type of crime is
popping up elsewhere, including in Brit-
ain and the US. UK-based Green Build
Energy had only just installed £30,000
of solar equipment on a building in Bur-
ton, near Birmingham, in 2013 when
thieves struck. “We left the scaffolding
€710,000 £50,000
Level of losses in Value of solar
east German state panels stolen
of Brandenburg from farmers in
last year the UK last year
Monday 8 June 2015
Berlin
Merkel comes
under rising
pressure to
break Athens
intransigence
STEFAN WAGSTYL
— GARMISCH-PARTENKIRCHEN
German chancellor Angela Merkel is
under growing domestic pressure to
maintain a tough line in the Greek
crisis, as frustration mounts at the
failure to reach a bailout deal.
Leaders of the ruling conservative and
social democrat coalition — including
SDP politicians who have been more
sympathetic to Greece than their
conservative allies — are becoming
increasingly blunt in blaming the Greek
government for the crisis.
Any bailout deal Ms Merkel presents
to parliament could now face an
unprecedented level of opposition with-
out dramatic last-minute concessions
from Athens.
“Europe had exhausted its possibili-
ties” in offering compromises to Athens,
SDP leader Sigmar Gabriel said this
weekend, adding his voice to those
accusing the Syriza government of
intransigence. Alexis Tsipras, the Greek
prime minister, “is not ready to
approach the things that he himself
must resolve,” Mr Gabriel said in a
newspaper interview.
Martin Schulz, the German SDP
European Parliament president, told
another German newspaper: “The
wrongheadedness of the Greek govern-
ment is irritating.”
He said the EU had come “very, very
far” in accommodating Greek demands
and Athens should “now move in the
direction of the compromise” presented
by the bailout monitors.
The tougher line from the left of the
coalition comes after MPs in the chan-
cellor’s own CDU/CSU bloc made clear
they may oppose any new aid for Greece
without comprehensive reforms.
German MPs’ views are important, as
parliament must approve any deal that
involves lending Athens more money.
Peter Ramsauer, CSU chairman of the
economic affairs committee, summed
up the frustration when he said in a
weekend interview: “Germany cannot
afford another dirty compromise.”
“After the undignified Mediterranean
haggling over Greece’s reform prom-
ises” the Bundestag had to vote both on
changes in the current aid package and
on any future new programme, he said.
Ms Merkel won a February parlia-
mentary vote on extending the current
aid programme for Greece to allow time
for negotiations. But 29 of the 32 votes
cast against the proposal came from the
CDU/CSU. Since then, 135 of the
conservatives’ 311 MPs in the 630-seat
assembly have aired reservations.
With the opposition Green and far-
left Linke parties still backing more aid
for Greece, Ms Merkel would almost cer-
tainly win a vote on assisting Athens.
But a failure to keep her own troops in
order would embarrass the chancellor.
Detlef Seif, a CDU member of the EU
affairs committee, told the FT he would
vote against any new aid programme.
Mr Seif said that even the proposals now
put forward by the bailout monitors
were “unsustainable” because Athens
could not reasonably repay its debt.
A CDU MP said if Ms Merkel
presented parliament with a coherent
rescue programme she would win over
most CDU/CSU critics. But he admitted
the job was getting harder by the day.
up overnight,” recalls Imran Khan,
managing director. “When [employees]
turned up in the morning, they noticed
some [panels] smashed on the floor and
most of them had been taken . . . It was
a bit of a disaster.”
He added: “[Solar panel theft] seems
like a big thing at the moment, which is
horrendous for people who . . . are try-
ing to do something good. Unfortu-
nately there are people who capitalise
on that goodness.”
NFU Mutual, an insurer, estimates
that solar panel theft cost UK farmers
more than £50,000 last year, with
claims rising sharply in the first quarter
of 2015.
“Experience has shown that thieves
will target anything they think can be
sold on for a quick profit — from sheep
to tractors and now solar panels,” says
Tim Price, NFU’s rural affairs specialist.
Back at the Arnsberg plant, Mr
Kynast is beefing up security by imple-
ment a GPS tagging system.
“A fence has a psychological effect,
but it won’t keep [thieves] out,” he says.
But with GPS installed, “if the panels
move, there’s an alarm. We’ll see where
it is and can alert the police.”
Monday 8 June 2015
US struggles
for strategy to
contain China’s
island building
Washington wins allies over maritime
dispute but stumbles to gain consensus
CHARLES CLOVER — BEIJING
GEOFF DYER — WASHINGTON
China’s efforts to dredge new land on
remote coral atolls in the South China
Sea have left the US struggling to come
up with a response.
For Washington, Chinese land-build-
ing has helped make allies of former
adversaries now fearful of military
domination by an assertive China. The
latest example was the trip to Vietnam
last week by Ashton Carter, US defence
secretary, who pledged US patrol craft to
the Vietnamese navy.
But there is a limit to how far coun-
tries in the region are willing to present a
united front to China, which has
reclaimed 2,000 acres of land in the past
18 months, far outstripping all other
claimants combined, according to Mr
Carter. The Obama administration is
also unsure about how strongly it should
push back against what US officials see
as a long-term Chinese plan to control
the region’s waters.
China claims 90 per cent of the waters
of the South China Sea, a position con-
tested by neighbours including Viet-
nam, Malaysia and the Philippines. But
the Obama administration is increas-
ingly finding itself in the uncomfortable
position of taking the lead in efforts to
confront Beijing, while stumbling in
diplomatic efforts to establish consen-
sus in Southeast Asia on what to do.
“The frustration for the US is that the
Southeast Asian countries, with the pos-
sible exception of the Philippines, do not
want to make a choice between China,
their main trading partner, and the US,
main provider of security in the region,”
says Euan Graham of the Lowy Institute
for International Policy in Sydney.
The second problem is that each of
these countries has occupied its own
islands, and some are doing their own
land reclamation. At the Shangri-La
security summit last month, Mr Carter
called on all parties to stop land recla-
mation. Last year a similar appeal by the
US went unheeded by all but the Philip-
pines, and subsequently collapsed.
Diplomatic efforts include a common
“code of conduct” among the members
Outgunned
Navies no match for
Beijing dominance
In contrast to Japan in the East
China Sea, the Southeast Asian
nations have much weaker navies
incapable of taking on Beijing.
The Philippines has taken the
most confrontational line, but its
most modern naval ship is a
refurbished US coastguard cutter
that dates from the 1960s. It has an
election next year that analysts say
may have implications for its pro-
US stance vis-à-vis China.
Vietnam is comparatively
hesitant about openly siding with
the US. “Politically, Vietnam is split
between those who want to make
an accommodation with China and
those who want to actively
balance,” says Euan Graham of the
Lowy Institute in Sydney. The five-
yearly Vietnam Communist party
conference next year may act as a
bellwether for which faction is
holding sway.
Vietnam has bought six Russian-
built attack submarines and taken
delivery of four. A Vietnamese
fishing vessel sank after a collision
with a Chinese boat last year in a
confrontation over an oil rig Beijing
placed in waters claimed by Hanoi.
Charles Clover and Michael Peel
CHINA
MYA N MAR Hanoi
THA IL AN D
LAOS
CAMBODIA
VIETNAM
Fiery Cross
Reef
Extent of China’s
maritime claims
M ALAYSI A
★ FINANCIAL TIMES 7
INTERNATIONAL
of the Association of Southeast Asian
Nations — four of which have claims in
the South China Sea — which would put
a commitment not to reclaim land in
legally-binding language and place addi-
tional diplomatic pressure on China.
Asean is split between those countries
Abenomics Times are hard for any Japanese with a
sweet tooth as the country bemoans
the latest side-effect of Abenomics: a
cocoa. The price rises reflect the yen’s
slide, from Y120 to Y125 against the
dollar since mid-May.
confidence, hampering the recovery
of domestic demand.
Hiromichi Shirakawa, chief
that do not have claims, which are more
China-friendly, and those that do.
Yen’s slide has surge in the price of chocolate.
Over the past two weeks, all three of
A weaker currency should help
exporters, while higher inflation is one
economist at Credit Suisse in Tokyo,
said: “I think the average Japanese
Meanwhile, China is seeking to deal sep-
arately with each claimant.
“In crude terms some might say they
a bitter taste Japan’s largest confectioners — Meiji,
Morinaga and Lotte — have announced
increases of between 10 and 12 per cent
of Mr Abe’s main goals.
Economists worry, however, that
rising prices for imported food will
will feel they are getting somewhat
poorer.”
Robin Harding and Leo Lewis in
are doing divide and rule,” says Ong in the price of any sweet that uses drain consumers of cash and Tokyo
Keng Yong, former Asean secretary-
general and now deputy chairman of the Yoshikazu Tsuno/AFP/Getty
S Rajaratnam School of International
Studies in Singapore.
Meanwhile, as China builds up its
islands, others such as Vietnam and the
Philippines continue their own island-
building efforts. The Philippines,
Malaysia and Brunei each claim some of
the Spratlys, while China, Taiwan and
Vietnam claim the whole chain. Viet-
nam, for example, occupies many more
islands than China does.
However, China’s dredging efforts,
Ashton Carter
says China has
reclaimed 2,000
acres of land in the
past 18 months
which appear to be aimed at creating
military facilities including a 3km run-
way capable of handling fighter jets,
dwarfs the others. US analysts fear the
next step is for China to claim airspace
over the South China Sea by declaring
an air defence identification zone once
the runway is finished.
Faced with such a prospect and inde-
cision among its friends, US officials
admit they need to do more to challenge
Chinese muscle-flexing but there is no
consensus yet within the Obama admin-
istration about how to respond.
Washington recently raised the tem-
perature in the South China Sea by invit-
ing a CNN crew on board a surveillance
flight over islands claimed by China,
and broadcasting radio challenges by
Chinese military on the ground.
The administration is also consider-
ing conducting “freedom of navigation”
exercises where it would send warships
into the waters around the reclaimed
Chinese land features. The objective
would be not to contest the specific ter-
ritorial claims, about which the US says
it remains neutral. Instead, the US
would be showing that it does not recog-
nise the sandbanks as islands with their
own territorial waters. Under interna-
tional law, nations control 12 nautical
miles around islands and coasts.
However, the concern within the
administration is that an overly aggres-
sive US response could escalate ten-
sions, alienate allies and partners in the
region or even lead to an altercation
with Chinese naval vessels. Bonnie Gla-
ser, of the Center for Strategic and Inter-
national Studies in Washington, says
while freedom of navigation patrols do
not hinge on “buy in” from regional
powers, broader diplomatic efforts do.
“It’s important for the US to have sup-
port for its actions in the South China
Sea, if not from all Asean members then
from a key core group,” she says. “In the
absence of adequate consultations, dip-
lomatic initiatives fail.”
But such co-operation remains a dis-
tant goal, says Mr Graham. “Southeast
Asia for the US is something of a fickle
audience because no one wants to get
too far out in front — everyone has a dif-
ferent idea of the sweet spot they’d like
to occupy between the US and China.”
Additional reporting by Michael Peel
Robert Zoellick page 11
Senkaku/
TAIWA N
Diaoyu
Islands
Paracel
Islands
Scarborough Manila
South Shoal
China
Sea PHILIPPINES
Mischief
Reef
MALAYS IA
BRUNEI
500 km
INDONESIA
8 ★
Turkey election
Pro-Kurdish surge deals blow to Erdogan
Constitutional reform bid
appears lost as AKP loses
parliamentary majority
DANIEL DOMBEY — ISTANBUL
PIOTR ZALEWSKI — DIYARBAKIR
Turkey’s Islamist-rooted AK party was
last night set to lose its parliamentary
majority after 13 years in power in a
stunning blow to President Recep
Tayyip Erdogan.
The end of single party rule would end
Mr Erdogan’s campaign for a constitu-
tion-changing majority to boost his own
powers.
According to the state controlled Ana-
dolu news agency, AK party support had
Modern-day gold rush a help and a hindrance
Isolated town struggles to cope
as business attempts to cash in
on vast reserves of shale
BENEDICT MANDER — ANELO, ARGENTINA
Dario Díaz will never forget the day two
years ago when Argentina’s biggest com-
pany, YPF, and the US oil major Chev-
ron signed a $1.2bn deal to develop what
is now the biggest shale field outside the
US next to the dusty little town of Añelo.
“It was like a punch in the face, and we
are still trying to get up again,” says the
mayor of Añelo. His isolated town in the
Patagonian steppe is straining under the
weight of expectations heaped on the
surrounding Vaca Muerta shale forma-
tion, one of the largest undeveloped
energy reserves in the world.
Argentines have descended on Añelo
hoping to benefit from the $200bn of
investment that officials say Vaca
Muerta needs to attract over the next
decade for the country to achieve
energy self-sufficiency. Its population
has doubled to some 6,000 since the
Chevron deal was signed in 2013, while
there are now as many workers in the
nearby shale fields a few minutes’ drive
away.
Slumping oil prices have put a brake
on any hoped-for significant new invest-
ment in Vaca Muerta for now. Still, on a
national level the business climate in
Argentina is beginning to pick up as
investors cheer the prospect of a more
market-friendly administration when
the populist government of President
Cristina Fernández is replaced after
elections in October.
“There is beginning to be a lot of inter-
est from investors because of the politi-
cal change that is coming,” said Federico
Tomasevich, chief executive of Puente,
Argentina’s largest investment bank,
which has just opened an office in Lon-
don to capitalise on renewed interest in
the country after a protracted invest-
ment drought since its 2001 default.
Economists at Bank of America Mer-
rill Lynch also argue that Argentina has
turned a corner. Together with Mexico,
it is the only country in Latin America
where investment is increasing. The
bank estimates that investment in
Argentina can increase by about three
percentage points of gross domestic
product over the next five years,
although that will require the new
administration “to implement a peril-
ous macroeconomic rebalancing, with
very high execution risks”.
Unquestionably, the jewel in the
crown for investors is Vaca Muerta,
which holds the world’s second largest
reserves of shale gas after China, and the
fourth largest reserves of shale oil. This
has triggered high hopes that Argentina
Contracts & Tenders
fallen to 41 per cent, down from almost
50 per cent in the last general election in
2011, based on results from almost 100
per cent of polling booths.
Whether the ruling party would lose
its majority depended on support for
the pro-Kurdish People’s Democratic
party, or HDP, which was seeking to
break the 10 per cent threshold needed
to enter parliament.
According to Anadolu’s figures, the
HDP had burst through the threshold
with 12.6 per cent of the vote, appar-
ently attracting votes from many lib-
eral, secular Turks disillusioned by Mr
Erdogan’s allegedly authoritarian rule,
as well as the Kurdish minority.
This would win it some 75 seats and
reduce the AK party’s ranks to about
Argentina. Oil and gas
Technicians at will be the next big shale play, emulating
the Vaca Muerta the groundbreaking success of the US.
shale reservoir. Aldo Guerrero is a rig manager at YPF
The and Chevron’s Loma Campana joint
administration venture, who previously worked at the
of Cristina Eagle Ford field in Texas, which is at the
Fernández, heart of the US shale boom.
below, will be He predicts a bright future for the Bel-
replaced in gium-sized shale formation whose
October name means “Dead Cow” in Spanish,
elections, a
prospect that
investors
welcome
Juan Mabromata/AFP
FINANCIAL TIMES
INTERNATIONAL
264 seats — below the 276 needed for
single party majority government and
earlier races. These included a slowing
economy, the lack of a clear message
far below the 330 seats Mr Erdogan
needed to put constitutional changes to
and an awkward division of labour
between Mr Erdogan and Mr Davutoglu.
a referendum.
All the opposition parties had vigor-
ously opposed Mr Erdogan’s plans to
There were evident policy divisions
between the two men.
The results showed the main opposi-
shift Turkey from a parliamentary to tion Republican People’s party roughly
presidential system, a move he said maintaining its previous level of sup-
would increase the efficiency of govern- port with 25 per cent of the vote, and the
ment but which they charged would be a rightwing Nationalist Movement party
step towards dictatorship. advancing to 16.5 per cent of the vote.
“Somebody will have to pay a price Tensions rose in the final days of
and I guess it will be prime minister campaigning. Two people were killed at
[Ahmet] Davutoglu but the real loser is an HDP rally in the largely Kurdish city
unquestionably President Erdogan,” of Diyarbakir on Friday. One suspect
said Soli Ozel at Kadir Has university. was later apprehended.
The ruling party’s campaign was Mr Erdogan and Mr Davutoglu said
dogged by problems it avoided during their opponents were part of an interna-
because of its shape on a map. “This
project could be even better than
Texas,” says Mr Guerrero, a Texan of
Mexican descent, as he raises his voice
over the whirr of heavy machinery that
is boring a hole more than 4,000 metres
beneath the desolate semi-desert of Pat-
agonia.
Such hopes have put Añelo under the
grip of a modern-day gold rush, and
scarce infrastructure — in contrast with
Texas — is buckling under the strain.
With Mr Díaz expecting Añelo’s popula-
tion to mushroom to as much as 50,000
over the next two decades, the town has
enlisted the help of the Inter-American
Development Bank as part of its sustain-
able cities programme.
Even so, locals complain that the bil-
lions of dollars flooding into Vaca
Muerta have yet to trickle down into
Añelo.
Although a flashy casino sprawls
along the linear town’s main street,
health and education services remain
grossly inadequate, while the police
Legal Notices
Middle East
Pessimism grows over sovereign fund inflows
SIMEON KERR — DUBAI
More than a third of Middle Eastern
sovereign wealth funds expect new
funding to decrease as the region
adjusts to a period of lower oil prices,
research suggests.
Invesco’s 2015 global sovereign asset
management survey reveals that 38 per
cent of Middle Eastern sovereign funds
expect such funding to decrease; 31 per
cent expect it to stay the same; and 31
per cent predict it will increase.
After years of ever-increasing alloca-
tions, regional fund managers are
adjusting to a low-oil price environment
that may persist for several years. But
the research also highlights the positive
outlook from most regional funds,
whose governments are seeking long-
tional plot against Turkey. The presi-
dent also fulminated against the inter-
national media, particularly the New
York Times, which he said was owned
by “Jewish capital”.
Many HDP voters in the Diyarbakir
region expressed confidence that the
party was running well above the 10 per
cent level but were worried about
fraud. “We’ll get at least 15 per cent if
they don’t steal votes,” said Celal Tayfur.
Mehmet Tekin, a young farmer from
the same village, said he had previously
voted for Mr Erdogan but would never
do so again because of his perceived pas-
sivity in the face of attacks on Syrian
Kurds by the Islamic State of Iraq and
the Levant (Isis).
Full coverage at www.ft.com
operate out of the local offices of Skan-
ska, the Swedish construction company.
“The only things that Vaca Muerta is
going to bring the people of Añelo are
drugs, thieves and prostitution,” says
Albino Campo, the leader of a local
group of Mapuche Indians who claim
that fracking is polluting grazing land
that they have used for generations until
it was “usurped” by oil companies.
Certainly, there are precedents in
Argentina that are hardly encouraging,
says Alejandro Rebossio, the co-author
of Vaca Muerta, a book published earlier
this year. He points to Rincón de Los
Sauces, a nearby town that has grown to
nearly 20,000 inhabitants since it was
founded after one of Argentina’s largest
conventional oilfields was discovered in
1968. In its heyday, it accounted for
around half of national hydrocarbons
production.
“There has been little progress there.
There are more casinos than schools,
and obviously more brothels than casi-
nos. It is a decadent place,” he says.
term returns or domestic development.
Nick Tolchard, head of Invesco Mid-
dle East, said: “Middle East sovereigns
felt funding would continue despite the
oil price, whereas there is more sensitiv-
ity about future withdrawals.”
If low oil prices persist, there is a
growing recognition that governments
may need to tap into fund assets to
finance spending programmes to
deliver growth for growing populations.
The survey found that 62 per cent of
regional funds believe they will have to
liquidate assets to fund fiscal shortfalls
if oil prices were to fall to $40 a barrel for
two years — which, at least for now,
seems a distant prospect.
When Invesco conducted the survey
in February, prices were even lower than
the current level of about $65 a barrel —
Monday 8 June 2015
South Korea
Seoul calls on
G20 to work
together and
counter fall in
global growth
JAMES KYNGE AND
JONATHAN WHEATLEY — LONDON
South Korea’s finance minister has crit-
icised leading world economies for not
doing enough to counter a fall in global
growth and said Seoul was working on a
“comprehensive package” of measures
to boost domestic demand.
Choi Kyung-hwan, also deputy prime
minister, called on the G20 nations to
work together to find ways to revive eco-
nomic dynamism, adding that the world
faced a challenge similar to that leading
to the 2008 financial crisis.
“If you go to G20 and central bank
governors’ meetings, there are a lot of
good discussions . . . but if you look at
the results and the actions that take
place it is not fully satisfying,” he said.
“In that aspect there should be a deeper
co-operation that takes place on a global
level.”
His comments came after the OECD
group of mainly rich nations last week
slashed its forecast for global growth to
3.1 per cent for 2015, down from
November’s forecast of 3.7 per cent. The
OECD also warned that weak invest-
ment and disappointing productivity
risked keeping the world stuck in a
“low-level” equilibrium.
South Korea has not been spared the
broader global slowdown, with exports
‘Everyone is trying to find
their way . . . nobody
really has a clear answer
as to what should be done’
sliding 10.9 per cent in May from the
same month a year earlier and imports
falling 15.3 per cent. Mr Choi said there
was a “possibility” that Seoul would
revise down its official forecast for GDP
growth for 2015 to “the low 3 per cent
range”fromthe3.8percentforecast.
Regarding the global economy, Mr
Choi said the biggest conundrum for
central bankers and economists was
why growth was slowing despite the
“unprecedented” laxity of monetary
policy worldwide.
“Everyone is trying to find their way —
it is a situation in which nobody really
has a clear answer as to what should be
done,” Mr Choi said, noting the thinking
on“secularstagnation”outlinedbyLaw-
rence Summers, the Harvard academic
andformerUSTreasurysecretary.
Mr Choi called on leading economies
to boost growth by investing more in
infrastructure, particularly by enlisting
the help of the private sector.
Promising a comprehensive package
to combat ebbing growth by July, he
said: “We want to solidify the recovery
and [so] . . . until we see a clear recov-
ery trend taking place, we believe we
need an expansionary macro-stance
with regards to the economy.”
Since becoming finance minister last
summer, Mr Choi has introduced tax
measures aimed at pushing corpora-
tions to use their cash piles for increased
investment and dividends and overseen
the deregulation of the mortgage mar-
ket. While the latter changes boosted
the property market, they also led to a
rise in an already high household debt
burden, seen by economists as a key
weak point in South Korea’s economy.
The package planned for July was still
under discussion, but a supplementary
budget was one of the measures under
consideration, Mr Choi said. There was
also room to expand monetary support,
he added, reiterating an argument that
has seen him accused of putting pres-
sure on the independent Bank of Korea.
Additional reporting by Simon Mundy
in Seoul
but still below the price most Gulf gov-
ernmentsneedtobalancetheirbudgets.
The data reflect anecdotal evidence
from bankers in the Gulf who say some
regional funds have been liquidating
part of their holdings and placing more
modest capital sums with external man-
agers. Bankers describe their counter-
partsatsovereignwealthfundsashaving
glumfacescomparedtolastyear.
“As opportunities come up, we are see-
ing them place only a quarter of the lev-
els they used to last year,” said one
banker, speaking about one of Abu
Dhabi’s four main sovereign wealth
funds. “They are being more careful,
whichmakessense.”
Middle East sovereigns target average
returns of nine per cent, the highest of
any region, the survey showed.
Monday 8 June 2015
End of the
migrant
miracle 

I
n November 2011, Zhang Guangde
received an urgent summons to a
factory town in southern China
where his son, Tingzhen, was work-
ing for Foxconn, the Taiwanese
contract electronics manufacturer for
Apple and one of China’s biggest
employers.
Tingzhen, a 28-year-old migrant
worker from central China, had been on
a ladder, fixing a security light, when he
suffered an electric shock, fell about
four metres and struck his head on the
ground. By the time Mr Zhang arrived at
his son’s bedside in Shenzhen, a manu-
facturing centre in Guangdong prov-
ince, doctors had removed a portion of
his dangerously swollen brain.
Tingzhen, once a champion track and
field athlete, was bedridden for more
than two years and has only recently
begun to walk again. He will require
care for the rest of his life.
Tingzhen’s accident set his father on a
four-year odyssey through every tier of
China’s justice system — the courts, arbi-
tration and, when those two avenues
failed, a centuries-old petitioning sys-
tem through which peasants once
appealed to imperial authorities for
redress.
As China’s once seemingly inexhausti-
ble pool of surplus rural labour is
depleted — a moment christened the
“Lewis turning point” by economists —
the migrant workers who have powered
the country’s economic miracle over the
past 30 years are gaining unprecedented
leverage over their employers in every-
thing from pay and benefit negotiations
to disability claims.
It has led to a surge in industrial
unrest and a marked increase in the
number of workers taking their cases to
court, as the Zhangs did. Others find
themselves in legal jeopardy for alleg-
edly “disrupting social order” — a vague
charge punishable by up to five years in
prison — during the course of their
industrial disputes.
But after a series of landmark labour
cases over the past two years, China’s
workers have secured few legal victo-
ries. This has engendered widespread
scepticism about the court system’s abil-
ity to deliver justice to workers
embroiled in disputes with influential
employers and local officials. “The situ-
ation in China is that laws are trumped
by power,” says Mr Zhang. “China is too
corrupt and local governments con-
stantly deceive their superiors.”
Industrial strife
Wu Guijun, a Shenzhen-based labour
activist, reached a similar conclusion
after spending a year in detention on
charges that were eventually dropped.
“China’s judicial system is very
bureaucratic and vulnerable to govern-
ment pressure,” he says. “That makes it
hard for workers to safeguard their
rights.” Mr Wu was detained during the
course of a 2013 dispute during which
he allegedly led workers in a protest
march that prosecutors said disrupted
social order.
The ruling Communist party has sig-
nalled its determination to end local
interference in court decisions, thus
advancing the cause of justice while also
centralising Beijing’s control over the
legal system. It dedicated its last annual
conclave, held in October, to rule of law
issues and says it wants to instil enough
public trust in the justice system that
petitioners will become plaintiffs, and
appeal to local courts rather than flock-
ing to Beijing. It also hopes that an effec-
tive court and arbitration system can
help defuse larger worker protests such
as Mr Wu’s before they reach critical
mass and spill on to the streets.
The party, however, has also made
clear that it has no intention of relin-
quishing its ultimate authority over the
Timeline: Jan 2014
Labour market
Xu Zhiyong, a prominent
tensions run high member of the New Citizens’
Movement, is sentenced to
four years in jail by a Beijing
court for allegedly disrupting
public order. The group’s
causes include an end to
systemic discrimination
against migrant workers.
★ FINANCIAL TIMES
FT BIG READ. CHINA MIGRATION
Labour shortages have given migrants a stronger hand. But when workers
and employers fall out, they must seek justice in the party-controlled courts.
By Tom Mitchell
Toil and trouble
All out: IBM workers protest outside courts. This includes the right to decide
their Shenzhen factory last year in a verdicts in politically sensitive cases,
bid to win better terms after the which are supervised by its powerful
company’s sale of its low-end server Politics and Law Committee.
business to Lenovo — Alex Lee/Reuters; (Zhang The outcomes in a spate of high-
Guangde and Zhang Tingzhen picture — Berton Chang)
profile labour cases over the past year
suggest that the committee is attempt-
ing to strike a delicate balance. While it
does not want to sign off on severe pun-
ishments that could provoke a backlash
from China’s rapidly evolving labour
movement, it also does not want to
encourage worker activism. Chinese law
does not protect the right to strike and
independent unions are banned.
“Collective disputes such as strikes
are tied up with [government concerns
about] stability,” says Chang Kai, a legal
expert at Beijing’s Renmin University
who advises workers involved in indus-
trial actions. “It’s hard to guarantee
Industrial activism on the rise workers’ rights in these cases.”
In March, the party’s Central Commit-
Labour strikes (number)
tee instructed officials to “make the
1400
building of harmonious labour relations
1200 an urgent task”, noting that “labour ten-
1000 sions have entered a period of increased
prominence and frequency and the inci-
800 dence of labour disputes remains high”.
600 The official Chinese Academy of
400 Social Sciences recorded a tenfold rise in
the number of collective labour dis-
200 putes involving between 100 and 1,000
0 workers. These increased from just 23 in
2007 to 209 in 2012. Over the past year
2011 12 13 14 15
Year to May there have been industrial actions
involving thousands of workers — and in
Factories bear brunt of unrest some instances tens of thousands. The
Worker protests by industry 2013 (%) China Labour Bulletin, an independent
Hong Kong-based advocacy group, doc-
Manufacturing umented 1,171 worker protests between
June 2011 and December 2013. The CLB
Others* also recorded 150 police interventions
in worker protests in 2012-13, with
Education 7
arrests made in 69 instances.
6 The unrest has created a dilemma for
Construction 40
8 local officials who are wary of alienating
investors as China’s economy enters a
Services prolonged period of slower growth.
13
“Local governments don’t want to cre-
ate a legal environment that’s seen to be
Transport 26 unfriendly for business, particularly
when things are not booming as much as
they used to,” says Geoff Crothall, CLB’s
* Includes mining, shipping and retail research director.
Source: China Labour Bulletin
Mr Wu was detained in May 2013 dur-
Feb 2014 March 2014
Wu Guijun is tried for Walmart workers in
allegedly leading a worker Changde, Hunan province,
protest that blocked traffic in begin a protest demanding
Shenzhen. higher compensation from
He is charged with the US retailer. Workers at
disrupting public order. His an IBM plant go on strike,
trial is attended by labour demanding higher pay after
activists from across the their unit is bought by
country and Hong Kong. Lenovo.
ing a march by workers from his furni-
ture-factory employer. The workers
objected to the severance terms offered
by their boss, who wanted to move the
manufacturing operation to a cheaper
location in China’s interior.
Now 42, Mr Wu migrated to Guang-
dong from central Hunan province 13
years ago and had worked at the factory
for nine years. He denied leading the
march and the charges against him were
eventually dropped for lack of evidence.
The activist
Mr Wu describes his 371 days in deten-
tion as “a kind of hell” in which he was
held in a small room with as many as 50
other people. His trial in Shenzhen was
attended by activists from across the
country. Adding to the case’s sensitivity,
strikes at multinational employers such
as Walmart and IBM erupted while Mr
Wu’s verdict was being deliberated in
the spring of 2014. The Walmart dispute
also involved demands for higher com-
pensation after the closure of an outlet
in Changde, Hunan province.
Labour activists thought they
detected the invisible hand of the Com-
munist party’s Politics and Law Com-
mittee, whose branches extend all the
way down to county level, in the court’s
ultimate decision to throw out Mr Wu’s
case and award him compensation of
Rmb74,455.99 ($12,000). He has since
used the money to establish his own
labour rights group in Shenzhen.
The Walmart case has degenerated
into a year-long stand-off, with all arbi-
tration and court rulings going against
the workers. Of the closed store’s 140
original employees, all but nine have
given up and accepted compensation.
Local officials barred the Financial
Times from attending the latest hearing
on March 26, and State Security Bureau
agents briefly held two activists who
travelled to Changde for the proceed-
ings. “Many people who had wanted to
come for the hearing, including lawyers
and scholars, were told not to,” says
Cheng Huihai, one of the activists.
It was not Mr Cheng’s first such expe-
rience with the party’s legal and security
apparatus. “The Politics and Law Com-
mittee knows everything about me,” he
April 2014
Eleven security guards are
convicted for disturbing social
order during a protest at their
Guangzhou hospital employer.
All are released within a
month. Thousands strike over
benefits at a Taiwanese shoe
factory in Dongguan. Some
are detained, but not charged.
says candidly. “They even knew who
had invited me for dinner. It was as if
they had been sitting at our table.”
Like most petitioners, Mr Zhang is not
on the radar screens of organs as power-
ful as the State Security Bureau and Poli-
tics and Law Committee. He has been
regarded as more of a local nuisance —
albeit a surprisingly persistent and
effective one. In April the 52-year-old
former construction foreman, who has
worked on sites as far away as southern
Hainan island, reached a provisional
settlement with Foxconn.
Since 2011 Foxconn has paid for most
of Tingzhen’s medical bills, which can
run as high as Rmb20,000 a month. But
Zhang Guangde
(left) and his son
Tingzhen. Mr Zhang
is close to finalising
a settlement over
his son’s injury
it also repeatedly sparred with his fam-
ily over the location and duration of his
care according to Mr Zhang, who along
with his wife moved 1,600km from their
home in central Henan province to tend
to their son.
Mr Zhang says Foxconn wanted
Tingzhen to be treated in another city
where wages — and therefore compen-
sation standards — are lower.
Foxconn declined to comment on
Tingzhen’s case for confidentiality rea-
sons, but said the settlement agreement
reached with the Zhangs would “ensure
[Tingzhen] has the long-term support
he will require” and was “consistent
with the strong commitment to
[Tingzhen] and his family that we have
maintained since his tragic accident”.
The petitioner
After losing a series of costly court and
arbitration challenges, in 2013 Mr
Zhang turned to the lowest rung in
China’s justice system — he became a
full-time petitioner and made multiple
visits to Beijing. While in the capital he
sought — and was refused — hearings
with authorities ranging from the State
Bureau of Letters and Calls, which
administers the modern day version of
June 2014
Charges against Wu Guijun
are dropped. He later
receives Rmb74,455 in
compensation for his
year spent in a detention
facility.
An arbitration court
rules against the Walmart
workers.
9
the imperial petitioning system, to the
Communist party’s anti-graft office.
Mr Zhang would arrive in the capital
by train or bus. Often penniless, he slept
rough near Beijing’s South Railway Sta-
tion or would share a cheap room with
other petitioners. But he was able to sell
both his literacy and his growing legal
knowledge. “When times were really
difficult and I didn’t have any money, I
would write letters for other petitioners
in exchange for a meal,” he says.
On his most recent trip in November,
Mr Zhang was picked up by police after
attempting to bring attention to his son’s
plight in a resort area where global lead-
ers including US President Barack
Obama were gathering for their annual
Asia Pacific Economic Co-operation
summit and later in Tiananmen Square.
As an officially registered “temporary
resident” of Shenzhen, Mr Zhang was
deemed the responsibility of the Shen-
zhen government. It dispatched three
policemen to escort him on a flight back
to the southern manufacturing centre.
It was the first time in his life that Mr
Zhang had flown on a plane.
Upon leaving the airport terminal in
Shenzhen, Mr Zhang fled from his police
escort. “One of them chased me for
about a kilometre but then gave up,”
says Mr Zhang. He was not, however,
subsequently detained. Instead, both
police and the petitioning office in the
Shenzhen district where Tingzhen was
injured helped facilitate Mr Zhang’s suc-
cessful settlement talks with Foxconn.
When his settlement with Foxconn is
finalised, Mr Zhang intends to take
Tingzhen back to Henan.
“For more than three years I haven’t
been able to do anything else,” he says.
“I spend my days petitioning and my
nights reading and writing about the
law. When this is done, I will continue to
study labour law. I would like to be a
lawyer.”
Additional reporting by Wan Li
End of the Migrant Miracle
FT Series: more news, analysis
and multimedia on China’s
maturing economy
ft.com/chinamigrant
March 2015
Walmart workers take their
case to court but lose again.
Some of their supporters are
briefly detained by the State
Security Bureau. A senior
official at China’s only
government-sanctioned union
says “foreign forces” are at
work in the labour movement.
10
MONDAY 8 JUNE 2015
British welfare provides
no sanctuary from work
The government must take care not to undermine a real success story
The UK does not provide especially
generous welfare to people of working
age. This may surprise anyone familiar
with its widespread fascination with
benefits cheats and scroungers. Yet
whatever else may encourage people to
flock to Britain — familial contacts, a
growing economy, the clement weather
— a life of luxury on benefits is unlikely
to top the list. Rank the OECD in order
of social expenditure, and the UK sits
somewhere in the middle.
Another perennial concern is that
the original vision of a simple and aus-
tere welfare state has morphed into a
monster of nightmarish complexity,
ensnaring its recipients into helpless
dependency. In short, because society
kindheartedly provides a safety net to
the unlucky, countless thousands
waste their lives in receipt of state lar-
gesse. Hence Britain’s groaning bene-
fits bill, still-sizeable deficit, and hence
too an urgent need to reform the sys-
tem, root and branch.
Not all of this is misleading. Welfare
is complex, but largely because the
society it serves is too: social security is
meant to cover not just the jobless but
also the disabled, retired and those car-
ing for others. It is also extensive: 20m
families are in receipt of some kind of
benefit, although about 9m of these are
pensioner households. The numbers
claiming disability benefit remain
high, and appear resistant both to eco-
nomic growth and reform.
Overall, the cost to the public purse is
indeed considerable — when pensions
and working age benefits are all added
together, the total bill amounts to
almost £220bn, almost a third of all
public spending. It is hard to picture a
lasting solution to Britain’s fiscal woes
that did not touch upon welfare.
But the caricature of the UK as a
country hobbled by its welfare system
long ago parted company with reality.
A new report by think-tank the Resolu-
Stop worrying and
learn to live with debt
The costs of cutting it too fast outweigh the presumed benefits
It was a US vice-president who report-
edly said: “Reagan showed that deficits
don’t matter.” In 2004 Dick Cheney,
one of the more right-leaning Republi-
cans, was making the case for a trillion-
dollar tax cut, when the public finances
were in far from healthy shape.
He was not alone in his view. In the
early years of the century debt was not
a topic of great political interest. This
was before a financial storm hit the glo-
bal economy, leaving behind damage
that will take decades to repair. The
storm was fuelled by heedless borrow-
ing — if not by states, then by banks,
businesses and households assuming
their liabilities would never matter.
Soon debt management loomed over
every other topic. Across the developed
world elections were fought over the
pace of fiscal consolidation.
Half a decade on, annual borrowing
has mostly been brought under con-
trol. But years of double-digit deficits
left a burden of debt far beyond what
most countries would happily bear.
The question now is the speed at which
they must be reduced.
Staff at the International Monetary
Fund have produced an admirably
clear answer, and one that might sur-
prise those used to seeing the Washing-
ton-based institution as an unbending
defender of orthodoxy. A recent paper
says that most countries can relax: debt
ratios should be allowed to decline
“organically” with growth, or through
opportunistically pocketing windfalls.
Regular followers of the IMF can be
excused a sense of bewilderment, hav-
ing heard it advocate cuts in 2010, then
sound the alarm about the consequent
damage to growth, only in 2014 to
admit (in the case of Britain) to having
miscued this last piece of advice.
But this latest foray plays into a dif-
ferent debate. In the immediate after-
math of the crisis, controversy swirled
around a perceived trade-off between
tion Foundation outlines a story of rela-
tive success. Since 2001, Britain’s
employment rate has always been bet-
ter than that of the US, hitherto held up
as the model for a flexible labour mar-
ket. The UK enjoys a record employ-
ment rate of 73.5 per cent, 5 points
higher than the US. The gap is larger
with regard to women in work.
According to the Resolution Founda-
tion, far from acting as a drag Britain’s
welfare system provides a source of rel-
ative advantage. The reasons are com-
plex, but three stand out. In the UK,
benefits are determined less by past
contributions than by need. This has
allowed stringent conditions to be
attached to money that might other-
wise be regarded as owed by right. Suc-
cessive governments since the 1990s
have demanded ever more job-search
from recipients of welfare. Britain’s
“Jobcentreplus” network, far from pro-
viding a sanctuary from work, embod-
ies key infrastructure in its flexible
labour market.
Another is the UK’s embrace of in-
work benefits. Subsidising low-paid
work ensures that it pays more than sit-
ting idle. Tax credits, once inspired by a
similar US system, cost a hefty £30bn,
but clearly produce a result.
Britain has also gone further in sup-
porting women in work, through
maternity pay, subsidised childcare
and more extensive rights to fair treat-
ment. Again, it looks expensive at a
time of austerity, but it has worked.
When planning budget cuts a gov-
ernment should understand its suc-
cesses as well as its failures. David Cam-
eron, the prime minister, wants to strip
a further £12bn ffrom the welfare bill
(without touching pensions, of course)
and hopes that doing so bolsters the
one unambiguous triumph of his pre-
miership: strong and rising employ-
ment. He must take care not to put at
risk a 20-year success story.
controlling the deficit and the damage
to aggregate demand from doing so. It
saw rival schools of macroeconomic
thought in violent disagreement —
Keynesians favouring a fiscal boost ver-
sus monetarists and followers of the
Austrian school who thought it either
ineffective, unnecessary or risky.
As seen by the IMF, the timing of debt
reduction is now less about such macr-
oeconomic arcana than a judgment
weighing the cost of early tightening
against a lower risk of a sovereign debt
crisis. Cutting debt requires higher
taxes or less public investment, both at
the expense of economic efficiency.
The paper argues that most coun-
tries have enough fiscal space for a
bond market revolt to be a distant pos-
sibility, one barely lessened by a
slightly lower debt/gross domestic
product ratio.
There will never be a definitive guide
to how a country should manage its
debts; the topic is inherently political.
Having brazened out the sceptics and
won electoral victory, the UK’s ruling
Conservatives may feel confident swat-
ting the IMF aside, and will no doubt
argue that the cuts they propose
merely trim fat from the British state.
But the IMF is not alone. The UK’s
Institute for Fiscal Studies is ever more
critical of how the Tories frame the fis-
cal challenge, and both the Office for
Budget Responsibility and the OECD
look askance at the rollercoaster ride of
cuts set out by George Osborne, the
chancellor. A month after the election,
details remain scanty, suggesting the
government has little notion of how to
complete the task it has set itself.
Having been vindicated about a deci-
sion to act quickly on the deficit does
not give the UK government a good
argument for being even more aggres-
sive towards debt reduction. The after-
glow of its electoral triumph provides a
good moment for a course correction.
★ FINANCIAL TIMES
Replacing coal with less secure gas is not the way forward
Sir, Altruism from the oil and gas
industry is welcome (Letters, June 2),
but is the offer by gas producers a
solution to the climate challenge or
merely an opportunistic move to
recapture lost market share in the EU
energy mix?
It is implausible that the 8bn tonnes
of coal and lignite used around the
world each year could be replaced by
natural gas, although Europe itself
could import more gas from Russia,
central Asia and the Middle East to
Defence capabilities
cannot be separated
from foreign policy
Sir, Your call for UK prime minister
David Cameron to “make the case for
strong defence capabilities” (editorial,
June 2) does not spell out the link
between the pursuit of a semi-detached
relationship with continental Europe
and the shrinkage of the UK’s military
ambitions.
Defence capabilities can only be
justified to a sceptical public in terms
of a coherent foreign policy. A
Conservative party that is debating
whether it prefers to negotiate a
relationship with the other members of
the EU, who are also almost all
European members of Nato, which
would most closely resemble
Denmark’s opt-outs, Norway’s
association or Switzerland’s external
dependency, cannot define what
international role British forces should
serve. Denmark does not need aircraft
carriers, nor Switzerland a nuclear
deterrent.
The realities of British defence under
the coalition government of 2010-15
reflected closer co-operation with our
European neighbours: above all with
the French but also with the Dutch,
Italians, Belgians, Nordic and Baltic
states. Conservative ministers did their
best not to draw the attention of their
party to the depth of co-operation in
which we have been engaged, within
Europe, in the Baltic and the
Mediterranean, off the Horn of Africa
and in the Sahel. Disengagement from
the EU and its significant role in co-
ordinating national foreign policies will
unavoidably weaken such co-operation
— in which case there will be less
justification for military spending to
support our shrunken foreign policy.
Lord Wallace of Saltaire
House of Lords, UK
ExxonMobil CEO did
the responsible thing
Sir, I had to smile when I read the
downbeat article on ExxonMobil that
you highlighted on your front page
(“ExxonMobil at the crossroads: buy a
rival or shrink in long term“, June 4).
Here is a company that the article
identifies as leader in its industry being
chastised for not growing faster while
acknowledging there are not that many
good places to invest. So what does it
do? It behaves responsibly by returning
cash to the people who deserve it — its
investors.
I am not, knowingly at least, an
Exxon investor but I applaud the
behaviour of Rex Tillerson and his
team. Bravo.
James G Keay
Carmel, IN, US
Private lives of
China’s sexual
revolutionaries
Book review
Patti Waldmeir
Little Emperors aand
Material Girls: Sex and
Youth in Modern China
By Jemimah Steinfeld
I. B. Tauris (£14.99, $19.95)
Letters
displace coal in our now relatively
small market. That would reduce
carbon emissions in Europe, but not
elsewhere. For example, the Dubai
Electricity and Water Authority is now
tendering for a 1200MW coal-fired
power plant to secure power and water
supplies in the United Arab Emirates.
Europe enjoys diverse energy supplies
and should not need to pay a premium
for imported natural gas. It has the
technologies available to use its own
coal and imported coal from the
The morning coffee round — Dreamstime
All algorithms begin
with human endeavour
Sir, I understand the point David Siegel
is trying to make in “Human error is
unforgivable when we shun infallible
algorithms” (June 5), but my
commiserations go to his colleagues,
especially those who have the temerity
to offer to do the morning coffee round
and then bring the wrong drink for the
jolly fellow!
Two points. First, the origin of all
algorithms is human endeavour.
Second, Mr Siegel’s examples are
somewhat selective — the use of ever
more computing power didn’t end well
for the finance industry in 2007, the
fallout from which we are still
burdened with.
Chris Leek
London SW12, UK
Nuffield deservedly known
as ‘the modest millionaire’
Sir, Your report on US educational
donors (“Hedge fund billionaire gives
$400m to Harvard”, June 4) really does
need some balance to its hagiography
of the seeming generosity of north
Americans and rapacious hedge fund
managers. Of course, there is a history
of far more tax-efficient “giving” in the
US and also these figures are only a
small part of the individuals’ wealth
and focused on education.
Furthermore, historical and
comparative examples of philanthropic
behaviour, and giving and legacy puts
them in a more realistic light.
A good example of this is to look at
Lord Nuffield, who gave away
everything, including his home,
totalling several billion pounds in
today’s money.
His largesse ranged from supporting
the provision of iron lungs throughout
what was then the British empire,
funds for the sea cadets and forces of
the Crown, farming scholarships,
health and medical research and the
Nuffield Foundation. Of course, huge
donations went to education, with
several Oxford colleges receiving large
amounts of money and with the bulk of
Young people in China get a bad rap.
Conventional wisdom says the boys
are spoilt and fat, the girls flighty gold
diggers — and the whole lot of them
lazy, selfish and greedy. I have lived in
China ffor seven years, and have met
precious few mainland youths who fit
those descriptions (except for maybe
the plump part).
But don’t take it from me: I’m old
enough to be their granny. Jemimah
Steinfeld, on the other hand, has
studied the Chinese twenty to
thirtysomething in its own habitat: the
bars, sex shops, online dating sites and
matchmaking corners where the
country’s complex, controversial and
confusing youth culture is being made.
Little Emperors and Material Girls: Sex
and Youth in Modern China is based on
extensive field research on the male
and female of the species by Steinfeld,
a London-based journalist and “self-
confessed sinophile, feminist and
history junkie” who has lived and
worked in Shanghai and Beijing.
This generation will end up running
the nation — at which point who they
are, how they think and how they
were raised will really matter. And
Steinfeld, too, thinks they are not as
bad as advertised.
Nor are they easy to stereotype.
China has as many people under the
age of 30 as the US has people of any
age, notes Steinfeld. Not surprisingly,
they don’t all fit neatly into categories.
This meticulously researched but
highly readable book lets the people in
question prove that themselves (I’m
glad she asked these questions and not
competitive international market in
power plants that are clean, efficient,
flexible and affordable.
The transition to a renewable energy
system will see change for all fossil
fuels — coal, oil and gas — but it should
not be made any more painful than
necessary for energy consumers. Using
gas wisely will help reduce emissions
from the transport sector — as is
already the case in India. Using coal
wisely will help moderate the cost of
transition and so maintain our
funds going to his eponymous college.
This is one way in which John Paulson’s
gift is comparable, as Lord Nuffield
similarly originally wanted his money
to go into engineering! Yet, in stark
contrast to many of these US hedge
fund billionaires, Lord Nuffield
deserved his moniker of “the modest
millionaire”.
Chris Rowley
Cass Business School, City University
London, UK
Griffith Business School, Griffith
University, Australia
Former student of Nuffield College
If the UK’s taxpaying
diaspora had the vote . . .
Sir, It’s even worse for long-term UK
expatriates than your correspondent
John Maddox describes (Letters, June
4). Many UK expats already pay
income tax on their UK incomes,
particularly pensions. When Tony
Blair, former UK prime minister, took
away their vote, however, he neglected
to tell HM Revenue & Customs to stop
deducting income taxes, even though
such expats no longer use the public
services that taxes fund.
In these circumstances, an important
part of the value of a UK passport is the
right to live and work in the EU. David
Cameron, prime minister, seems set on
jeopardising that without consulting
the 5m UK diaspora that would
potentially be affected. Many of these
work for international companies, non-
governmental organisations in poor
countries or official multilateral
organisations, like the UN agencies.
Most governments tend to value such
people and try to encourage links with
their home countries. The UK,
however, treats them like rats leaving a
sinking ship.
If all the UK taxpaying diaspora had
a vote, they might be equivalent to up
to 10 per cent of the electorate so we
would be talking about 50-60 MPs, not
just one! They could certainly be
important in a referendum on
something that affects them directly.
Anthony Bottrill
Bethesda, MD, US
me, since sex in China is still a very
sensitive issue). She allows a dozen or
so young people to speak at length,
from “leftover women” and “bare
branches” (spinsters and bachelors),
through the gamut of mistresses, gays,
sexual rebels, Christians and even
Communist party members who
populate the younger generation. And
the one thing she finds she can say
about them with certainty is: they are
very different from their parents.
In fact, she avers, China has one of
the world’s biggest generation gaps.
“It’s a fundamental difference between
them and us,” she writes. “While the
West continues to change, it does so at
a slower pace. It’s a gentle gradient
rather than a steep slope and therefore
the schism between old and young is
much less pronounced.”
Many parents of her subjects grew
up during the Cultural Revolution,
and suffered famine as toddlers. Their
grandparents may even remember
when women had bound feet, she
points out. But those born in the 1980s
and 1990s — the balinghou and
jiulinghou — are the first generation to
grow up rich. And therein lies their
biggest problem, Steinfeld writes:
their parents and grandparents want
to live through them, counting on
their only offspring to make up for the
privations of decades.
Unlike in the west, many of these
children are willing at least to make
the effort. Steinfeld points out that,
while 21st century China is
unrecognisable from that of the 20th
century, one cultural thread remains:
Monday 8 June 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
prosperity. Europe can lead the way by
using its modern coal-fired power
stations to back up the growing share
of renewables in a competitive market,
not one rigged in favour of gas.
Less coal, less oil and less gas is
the way forward, not displacing
affordable coal with expensive and less
secure gas.
Brian Ricketts
Secretary-general,
Euracoal,
Brussels, Belgium
American securities law
is clear on insider trading
— public or private
Sir, In her report on private share
trading (“Silicon Valley taps appetite
for ‘private IPOs’”, ” June 3), Leslie Hook
suggests that the law with respect to
insider trading at private companies in
the US is ambiguous. She states that
“concerns are mounting about the lack
of clear guidelines” and that “applying
the rules to private company
transactions can be difficult”. She
quotes the CEO of one secondary
market firm as stating that the rules
regarding insider trading are “not very
well defined”.
This is not a fair assessment of the
American securities laws. Not all
trading in shares by an insider is illegal
but such trading is clearly and
unambiguously illegal if the insider
owes the issuer or their counterparty a
fiduciary obligation and then buys or
sells shares of the issuer while in
possession of undisclosed material
information. While making this
determination can be complex, the
relevant statutory provision, Section 10
of the Securities Exchange Act of 1934,
makes no distinction between public
and private companies. Nor has any
court interpreting Section 10 drawn
such a distinction. Thus, illegal insider
trading is still illegal whether it takes
place in a transaction involving shares
of a public or private company.
Arguably, there is greater social risk
for potential purchasers of shares in
secondary transactions involving
private companies because of the
paucity of information available about
them. This was made abundantly clear
during the initial public offering of
Facebook.
Its pre-IPO valuation soared on
secondary markets like those described
by Ms Hook only to collapse after the
company went public. With the
passage of the Jumpstart Our Business
Startups (JOBS) Act, Congress greatly
expanded the potential for harm due to
inadequate disclosure because
companies can avoid mandatory
disclosure requirements for far longer.
Start-up companies would be well
advised, therefore, to keep this
potential problem in mind and
establish clear internal policies to avoid
illegal insider trading.
Stephen F Diamond
Associate Professor of Law,
Santa Clara University School of Law,
Santa Clara, CA, US
COMMENT ON FT.COM
Gavyn Davies on macroeconomics
An Asian rebound soothes nerves about
global growth
www.ft.com/gavyndavies
children’s powerful duty of filial piety.
And duty number one is to marry and
bear offspring. Love and sex today are
still very much Mum and Dad’s
business. Steinfeld even profiles one
rake who takes Mummy along on
dates in his Porsche.
But there’s a statistical problem. A
preference for boys, exacerbated by
the one-child policy, will leave China
with an estimated 20m more men
under 30 than women by 2020,
according to government research.
And, since the existing men like to
marry beneath them, that leaves
“alpha women and beta men” without
partners. Perhaps as a result,
extramarital sex is on the increase.
Steinfeld says the percentage of
urbanites who have premarital sex — a
big taboo before China opened up to
the west a generation ago, and even
since — quadrupled between 1989 and
2010 to 60 per cent. Yet 80 per cent of
men still say they want to marry a
virgin. Good luck with that.
So spare a thought for China’s poor
conflicted young people: caught
between village and skyscraper,
between one millennium and the next.
They are sexual adventurers who still
live at home with Mummy. They may
be gay but still plan to marry to keep
up appearances. And increasingly
large numbers have no interest in
bearing children but must do so to
satisfy Granny. And I thought growing
up in the 1960s was difficult.
The writer is the FT’s Shanghai
correspondent
Monday 8 June 2015
EUROPE
Wolfgang
Münchau
T
here are now two proposals
on the table — one from the
creditors and one from
Greece. What they have in
common is that neither of
them will fix the Greek economy. They
do not even pretend. Both deserve to be
rejected flat-out.
Whenever European technocrats
enter long negotiations, they get lost in
the technical detail and become consti-
tutionally incapable of seeing the bigger
picture. They can spend weeks discuss-
ing whether the 2016 primary surplus,
before payment of interest on debt,
should be 1.5 per cent or 2 per cent —
seemingly unaware that the error mar-
gins of any of their projections exceed
that small gap by a large multiple. The
economic diplomats have lost sight of
what this is all about — allowing Greece
AMERICA
Edward
Luce
A
merican politicians have
rarely been held in lower
esteem. In some cases, it is
well earned. But for Joe
Biden, who buried his son,
Beau, in Delaware on Saturday, a better
measure should apply. Almost alone
among senior Washington figures, the
US vice-president is liked — and trusted
— on all sides. In an era where faith in
politicians has vanished, Mr Biden
deserves a far better rating. At 72, and
with barely 18 months left in office,
many see him as a holdover from an age
when senators sealed deals with a hand-
shake. But if US politics is to regain its
lost pragmatism, his way of business
must come back into fashion.
To be sure, Mr Biden is also the politi-
cian comedians most love to mock. The
term “Bidenism” — self-inflicted public
humiliation — has entered everyday
use. “Stand up Chuck, let ’em see ya,” Mr
Biden once said to a Missouri senator,
who was in a wheelchair. “Folks, I can
tell you, I’ve known eight presidents,
three of them intimately,” he said in
praise of Barack Obama. “I promise you,
the president has a big stick, I promise
you,” he insisted in a mangled rendition
of Theodore Roosevelt’s dictum about
speaking softly and carrying a big stick.
With Mr Biden, the risk of a gaffe is ever-
present, which is why Mr Obama’s cam-
paign quarantined him in 2012.
Yet Mr Biden is also the man to whom
Mr Obama turns for a deal. The US pres-
ident makes no secret of his disdain for
backroom politics. Mr Biden lives for it.
In 2009, Mr Biden convinced three
Republican senators to vote for Mr
Obama’s $787bn stimulus, which helped
save the US economy from depression.
It passed by one vote. Without it Mr
Obama would have stood little chance of
OPINION
Robert
Zoellick
T
he Obama administra-
tion’s negative response to
China’s proposed Asian
Infrastructure Investment
Bank was a strategic mis-
take. Though some Chinese moves
might be destabilising and require US
resistance, this initiative should have
been welcomed.
The US should be careful about
opposing ventures that are popular and
likely to proceed. Losing fights does not
build confidence. Moreover, the new
bank’s purpose — to develop infrastruc-
ture in Asia — is a good goal. The world
economy needs more growth. Many
emerging markets are eager to boost
productivity and growth by lowering
costs of transportation, improving
Two dismal plans for Greece
to survive, and eventually to prosper,
within the eurozone.
There is a less charitable explanation.
They might simply not care. Some of the
creditors are only interested in keeping
the show on the road come what may. In
particular, they refuse to recognise offi-
cially that their loans to Greece will
never be repaid. They know they misled
their electorates about Greece, and do
not want to be exposed, at least not
while they are in office.
The main goal for Alexis Tsipras,
Greek prime minister, meanwhile, is to
stay in power. An agreement of the
extend-and-pretend variety, which is
the likely outcome of these negotiations
if they end in success, may suit him. And
thus the probability of a lousy deal that
suits the negotiators but that will not
help the Greek economy is high.
So what’s wrong with the two propos-
als? The Greek one is dishonest. The
creditors’ proposal demands a level of
austerity that is impossible, but also
necessary if Greece is to bring down its
debts to a more sustainable level while
meeting its obligations. That is a bad
combination.
What makes the Greek proposal dis-
The decency of Joe Biden
re-election. Mr Biden also struck the
deal that averted the US from going over
the “fiscal cliff” in 2013. That, too,
would have killed growth.
In an age where politicians live in
front of the camera, Mr Biden is at heart
a salesman.
“Joe can walk into any room, however
divided, and find the common ground,”
said Ted Kaufman, who was his chief of
staff and Senate successor. “Who else
can you say that about nowadays?”
Not many, is the answer. Two decades
ago Mr Biden convinced Strom Thur-
mond, his Republican counterpart on
the Senate judiciary committee, to vote
for a landmark 1994 anti-crime bill. It
put 100,000 more police on the beat and
imposed a ban on assault weapons. An
ageing segregationist, Mr Thurmond
was the epitome of the deep south’s
hatred of federal meddling. Tackling the
crime epidemic was the most divisive
In an age where
politicians live in front
of the camera, Biden is
at heart a salesman
issue of the day. Mr Biden’s feat is the
equivalent of persuading Tea Party con-
servatives today to back an immigrant
amnesty.
Mr Biden also talked Jesse Helms, the
North Carolina Republican, into restor-
ing US funding for the UN. No two
Republicans were more averse to Mr
Biden’s world view. Yet he delivered
eulogies at their funerals.
Much of the vanished trust in US poli-
ticians stems from the public’s belief
that they run for office to enrich them-
selves. Here Mr Biden also stands out.
He is relatively poor, with a net worth of
$419,000 by one estimate. Hillary Clin-
ton (whose wealth is thought to be in the
tens of millions, though precise figures
are elusive) and John Kerry (with close
to $200m) are in another league.
No matter how fortunate, most politi-
cians take pains to convince voters they
Shunning Beijing’s bank was a terrible mistake
energy availability, enhancing commu-
nications networks, and distributing
clean water.
The AIIB offers an opportunity to
strengthen the very international eco-
nomic system that the US created and
sustained. The AIIB’s designated leader,
Jin Liqun, a former vice-president of the
Asian Development Bank, sought
advice in Washington. He engaged an
American lawyer who was the World
Bank’s leading specialist on governance.
He also reached out to another Ameri-
can who had served as World Bank
country director for China and then
worked with the US embassy. If the AIIB
was indeed threatening the American-
led multilateral economic order, as its
opponents seemed to believe, then its
Chinese founders chose a curiously
open and co-operative way of doing so.
There is an easy way to connect the
AIIB to existing multilateral efforts. In
2011 the World Bank created an infra-
structure development hub in Singa-
pore to learn how to make public-pri-
★ FINANCIAL TIMES
Comment
honest is that the numbers do not add
up. The fiscal adjustments are milder
than what is needed to achieve a pri-
mary surplus to 3.5 per cent, a demand
made by the creditors with which Mr
Tsipras says he agrees.
Mr Tsipras may as well be saying to
them: I am happy to put in any number
you like. I am going to cheat anyway. If a
loss of mutual trust is the problem, this
proposal will not fix it.
Without reform the
country cannot coexist
with northern Europe in a
monetary union
Step back a little and the solution is
not hard to see: less austerity, more pub-
lic sector reforms, and some clever debt
restructuring. That was the overwhelm-
ing conclusion of a recent conference by
some of the world’s leading experts on
this issue, as reported by Richard Portes
and co-authors from the London Busi-
ness School in a recent article.
We are not talking about reforms of
Matt Kenyon
vate partnerships more effective and
backed it with a $1bn fund.
Even if the US decided not to become
a shareholder in the AIIB, it could
pledge support if the new bank pooled
experience, analytical capacity and
financing with the Singapore hub. The
World Bank launched a similar partner-
ship with a group of Islamic, Arab and
The US needs to learn from
this experience. China is
offering support for the
global economy
Opec development banks and funds.
The Asian Development Bank, head-
quartered in Manila, with Japanese
leadership, could also assist the AIIB.
This strategy of networked partner-
ships would help the AIIB pursue high
quality practices. President Xi Jinping of
China has launched a bold anti-corrup-
the ideological variety, on hiring and fir-
ing for example, or on ending collective
bargaining, but socially useful reforms
such as credible tax collection, a mod-
ern public administration or a working
legal system.
Without a modernisation of Greek
public-sector infrastructure, there is no
way that Greece and large parts of
northern Europe can coexist in a mone-
tary union. It would be a recipe for a
never-ending, structural slump.
How about the argument that Greece
should accept a bad deal now, as it would
buy time for a more comprehensive
negotiation during the summer? The
trouble with that argument is a false
premise. Once Greece accepts the cur-
rent deal, it will have accepted the basis
of the next agreement as well because
the fiscal calculations will not change. If
you accept austerity now, you have
accepted it.
The best negotiating tactic for Mr
Tsipras would be to reject the creditors’
offer flat-out, and come back with an
intelligent plan, one that has a chance to
work. It would have to include more
reforms than he is offering right now. He
would need to go beyond his famous red
tion initiative, so the AIIB should want
to follow his lead; the other multilateral
development banks have learnt a great
deal about warning signs of corruption
and the use of transparency to lessen
risks. All the multilateral banks have
agreed that any company disbarred
from future bids by one bank will be
refused by all, so the AIIB could adhere
to the same principle.
The existing multilaterals have pro-
curement practices that encourage fair
competition. It will be relatively easy to
tell whether the AIIB is open to competi-
tive bidding. One can assume China
does not wish to waste its money. And if
China or the AIIB does make poor
investments — as in Venezuela — it will
pay the price.
The Obama administration could
highlight specific environmental infra-
structure challenges. For example,
building dams for hydropower on the
Mekong river or its tributaries should be
given special scrutiny given the risks to
this unique ecosystem. The AIIB might
lines — on pensions or on value added
tax, for example.
A realistic programme would commit
Greece only to a balanced primary
budget this year, and modest surpluses
in the future linked to economic per-
formance. This may not be acceptable
to the creditors. It might already be too
late for it. But at least Mr Tsipras could
claim the moral high ground. His cur-
rent proposal is not in that league. The
worst possible outcome would be
another extend-and-pretend type deal,
leaving an unreformed and cash-
deprived Greece in a perma-depression.
The eventual consequences of such a
path could be a breakdown of civil soci-
ety and democracy. A bad deal also
increases the likelihood of an eventual
exit from the eurozone. Grexit, as the
latter is known, is not a good option. The
eurozone has no rational interest in it.
But we have to understand that, from
a Greek perspective, it is not the worst of
all options. We are approaching the
Macbeth moment of the Greek drama:
“If it were done when ’tis done, then
’twere well it were done quickly.”
munchau@eurointelligence.com
come from blue collar origins. Even
where the “log cabin” touches aren’t
invented, successful ones leave it
behind.
In Mr Biden’s case it is still true. His
wife, Jill Biden, teaches full time at a
community college in Virginia. So, too,
is Mr Biden’s family story. He was
elected in 1972 to the US Senate from
Delaware. Shortly after, his first wife
and one of his children were killed in a
car accident. The two surviving chil-
dren, one of whom, Beau, died last
month from brain cancer at 46, suffered
injuries. Every day for the next 36 years,
“Amtrak Joe” took the train from Wilm-
ington to Washington and back — a total
of three hours daily commute.
Mr Biden also has detractors. In a plot
that was never attempted, Osama bin
Laden instructed an al-Qaeda team to
spare Mr Biden and kill Mr Obama.
“Biden is totally unprepared for the
job [the presidency] and that will lead
the US into crisis,” bin Laden told his
acolytes.
Last year, Robert Gates, the former US
defence secretary, said Mr Biden had
“been wrong on every national security
issue of the last 40 years”. The vice-
president advised Mr Obama not to risk
the raid on bin Laden, for example. He
also voted for the 2003 Iraq invasion.
Yet Mr Gates was being unfair. Like
any politician, Mr Biden has won some
and lost some. He first ran for Congress
on a platform opposing the disastrous
war in Vietnam.
He warned Mr Obama that the 2011
overthrow of Libya’s Muammer Gaddafi
would result in chaos. He was also
rightly sceptical of putting more US
troops in Afghanistan.
Might he try again for the White
House? Probably not — and if he did he
would probably lose to Mrs Clinton. Per-
haps that is as it should be.
Yet his candidacy would also enrich
the tone of the 2016 race. Whatever else
can be said of Mr Biden, his approach to
politics is one the US cannot afford
to lose.
edward.luce@ft.com
assist with cutting-edge infrastructure
and conservation work, such as accom-
modating wildlife corridors.
At the same time, the AIIB could assist
the World Bank and regional banks to
analyse how their governance practices
and controls have added costs, proce-
dures and delays. Competition can be
healthy and revealing.
The US needs to learn from this
embarrassing experience. China is
offering an opportunity to support the
global economy and substantial financ-
ing to back its own plan. The greatest
mistake the US could make is to lose the
initiative in shaping a changing interna-
tional system. The US should be adroit
at connecting fresh prospects to the
existing order so as to match new needs.
This skill, insight and problem-solving
capability, earned over many years, is a
powerful American diplomatic asset
and should not be squandered.
The writer was president of the World Bank
and US Trade Representative
11
Deutsche is
still stuck in
the middle of
global finance
of finance
BUSINESS
John
Gapper banking
I
n the end, the centre could not hold.
After four years of jointly trying to
reshape Deutsche Bank, allowing at
least one of Europe’s big banks to
compete with Wall Street, Anshu
Jain and Jürgen Fitschen, the bank’s
joint leaders, announced their resigna-
tions on Sunday. The scale of the strate-
gic and cultural transformation needed
by the bank has overwhelmed them.
Mr Jain and Mr Fitschen, whose
appointment as co-chief executives in
2011 itself personified the muddled
sense of identity at the heart of the bank,
are to be succeeded by John Cryan, the
former chief financial officer of UBS. Mr
Cryan will be solely in charge when Mr
Fitschen departs next year, giving him
clear authority to try to turn Deutsche
into a global investment bank with a
German retail bank attached.
Since April, when Mr Jain and Mr
Fitschen unveiled a strategy to spin off
Postbank, one of its German retail
banks, and slim down and refocus its
investment bank, they have struggled.
Paul Achleitner, Deutsche’s supervi-
sory board chairman, summarised
investors’ reaction in an interview with
the Wall Street Journal as: “You took
such a long time period and then you
came out [with a strategy] with a lack of
detail.”
That lack of clarity, together with a
feeling that Mr Jain was partly responsi-
ble for failing to stop scandals at the
investment bank, including its involve-
ment in rigging the Libor interest rate
benchmark, undermined their position.
Mr Jain was placed directly in charge of
implementing the new strategy only two
weeks ago. At the bank’s annual meeting
last month, 39 per cent of the bank’s
shareholders failed to back him and his
fellow executives. Their resignations
leave Deutsche some way from finishing
the path it embarked upon roughly a
quarter of a century ago under Alfred
Herrhausen, its former chairman, who
was assassinated in 1989. Mr
Jain and Fitschen
personified the muddled
sense of identity at the
heart of the company
Herrhausen started to transform Deut-
sche from a corporate and retail bank
focused on Germany into a global corpo-
rate and investment bank.
The result of April’s strategy review
showed how it is still pulled in two finan-
cial directions. Instinctively, Mr Jain
would have preferred a clean break,
merging Deutsche Bank’s retail bank
with Postbank and spinning them off in
an initial public offering. That would
have left it as a direct rival to Wall Street
banks such as Goldman Sachs, with a
wealth management division.
Instead, he and Mr Fitschen compro-
mised, recognising that they could not
turn away from Germany too abruptly.
The bank’s traditional role at the heart
of the country’s industrial base, and its
name, meant it had to be seen to honour
its roots. But this compromise, and dis-
satisfaction at the bank’s performance,
soon undermined them.
The question is whether Mr Cryan will
revisit the strategy review that it con-
cluded less than three months ago, and
take Deutsche in a different direction, or
will stick with it and attempt to execute
it better. Other European banks, includ-
ing his former employer UBS, have cur-
tailed investment banks under financial
and regulatory pressure. In practice,
although he may change the emphasis,
he cannot retreat to Germany. German
retail banking is heavily dominated by
state-backed savings banks, and Deut-
sche’s branch banking operations face
intense competition. Its heritage is in
corporate banking and many of its Mit-
telstand customers are export-oriented
and want it to provide global support.
Mr Cyran’s choice is whether to keep
largely to the course Mr Jain and Mr
Fitschen laid out, or to take the trans-
formative step towards investment
banking that they decided against. It
would be an irony if Deutsche made that
leap only after the departure of Mr Jain,
an investment banker par excellence.
Mr Jain and Mr Fitschen have not
completed the task they set themselves
— to fix Deutsche Bank at the same time
as changing its direction. Mr Cryan
must show that one leader can do some-
thing that was too much for two.
john.gapper@ft.com
12
Chinese economy attracts graduates keen for scale
Entrepreneurs are taking
advantage of fast growth
and low cost of entry in
cities such as Shanghai,
writes Della Bradshaw
T
he enthusiasm of Fanny
Gobé and Maria Paloma
Fuentes is palpable. Riding
high on the initial success of
their summer collection of
children’s clothes, the two French busi-
ness graduates are planning their next
sales moves, both online and through
multi-brand boutiques.
The chic edge-to-edge jackets, Ber-
muda shorts and berets would probably
look at home on the rails of Printemps
or Galeries Lafayette. Yet their start-up
company, Mini Bobi, is not based in
Paris. It is in Suzhou, a couple of hours’
drive from Shanghai.
The two Skema alumnae are among
the growing number of French gradu-
ates who are looking for their first job in
China. One catalyst has been the rush of
European business schools to establish
campuses in China, run joint degree
programmes with Chinese universities
and set up internship programmes in
Beijing and Shanghai.
What is more, the growth in the Chi-
nese economy, together with the low
cost of entry in cities such as Shanghai,
has resonated with graduates world-
wide who want to be entrepreneurs.
The real advantage of China, though,
is simply the scale, says Ms Fuentes.
“The opportunities are much more
attractive here than in France. If you
come up with a new idea it will be really
big.”
The Mini Bobi clothing range, which
combines Parisian style with the
stretchy materials and copious waist-
bands needed by the increasing number
of obese children in China’s cities, was
the brainchild of Ms Gobé.
After studying fashion and business in
Lille and Shanghai, Ms Gobé completed
a gap year in the US and decided to write
her thesis on the plus-size market.
“In this thesis I made a comparison
between the market in the US and
China. [Previously] I wasn’t aware of
this market,” she says, adding that in
China there are 120m obese children
under the age of 18.
In the city of Shanghai more than 18
per cent of children at primary school
are overweight — the same percentage
as in the US, she says. “I was surprised
when I realised [this was the case].”
Enthusiasm for all things Chinese
spreads well beyond entrepreneurs,
says Nick Sanders, director of the Mas-
ters in International Business at Greno-
ble Graduate School of Business. Of the
section of the MIB class that spent a year
‘There’s a lot of money
available in the market for
the right product’
— Manmeet Singh
in Beijing, many are enthusiastic about
working there.
“Ninety per cent of them actually
want to stay in China,” says Mr Sanders,
although practically, only between a
quarter and a third will get their first job
on graduation in the country. A further
50 per cent will be employed working
with China in some capacity, adds Mr
Sanders.
“They tend to be employed where
there needs to be an understanding
between China and another country.”
Entrepreneur Matthieu David-Exper-
ton, an Essec graduate, who also studied
for a second degree at the Guanghua
school at Peking University, is now on
his second business venture in China —
he sold the first, a packaged gift busi-
ness, after 18 months.
His three-year-old market research
company, Daxue Consulting, has offices
in Beijing and Shanghai, with a third
office planned in Hong Kong. It has 15
employees but by the end of the year he
plans to have a staff of 20 and revenues
of Rmb7m ($1.1m).
“What I have always done in China is
take a model that works well in Europe,
then adapt it.” Most of his clients to date
have been international companies
looking for information on the China
market — western nursing home
groups, eager to take advantage of
★ FINANCIAL TIMES
BUSINESS EDUCATION
Maria Paloma Fuentes (left) and Fanny Gobé, co-founders of Mini Bobi, pose at their office in China — Zhou junxiang/Imaginechina
Case study
Student pushes European
quality at Asian prices
For Julien Ienne, entrepreneurship is in
the blood. “My father was an
entrepreneur, my grandfather as well,”
says the masters graduate from
EMLyon.
Even before he completed his
degree he had already decided on his
business plan. “I knew I wanted to set
up in Shanghai,” he says, so he studied
there for a semester and used his own
start-up as the subject for the required
in-company project.
Mr Ienne began by manufacturing
and exporting furniture, but his
trading company developed to include
communications technology. The
selling-point of his goods are that they
are European quality — they have the
“French touch”, he says — but are
manufactured at near Chinese prices.
Not only does Mr Ienne and his 50
employees now import and export
from all over the world, he has a focus
on one specific product line that has
particular relevance to the Chinese
market — incontinence products.
By 2030 between 15 and 25 per cent
of the world population will be over 65,
and this is an issue in China because
the one child policy has augmented
the demographic trend.
the changing Chinese demographics,
have been strong clients. That is chang-
ing. “Chinese companies are now look-
ing for better information on their
competitors.”
For Mr David-Experton there are
clear advantages to working in China,
particularly the flexibility and speed to
market. Products can be designed and
developed in just a few days, he says. “I
had the feeling you couldn’t get these
things done in this timescale in Europe.”
It means entrepreneurs can get a prod-
uct to market without having to raise
too much money, he adds.
But he warns that the Chinese busi-
ness environment is not plain sailing.
“They [prospective entrepreneurs]
need to come here and see what is hap-
Monday 8 June 2015
pening. A lot of people come here with
ideas that don’t fit with the market.”
It is a message echoed by Manmeet
Singh, senior affiliate lecturer at
EMLyon Business School, who has
worked in China for the past 13 years.
“This market has a learning curve, it has
a learning curve for everybody. Even the
50-year-old chief executives of multina-
tionals have a learning curve. They can
come here and get their butt kicked.”
European entrepreneurs are taking a
double risk he says: starting a business
and setting up in an alien environment.
He also warns that much of the “low-
hanging fruit” available to French entre-
preneurs a few years ago no longer
exists. He cites the example of those
who want to set up a wine importing
business in China: now the tables are
turned and Chinese companies are buy-
ing vineyards around the world.
But there are some positive elements
about China for European entrepre-
neurs, he says.
“There’s a lot of money available in
the market for the right product. They
[the Chinese] are agnostic on the origins
of their entrepreneurs.”
And the enthusiasm for start-up
careers in China are still strong among
French business students, he says. “A
good 10 per cent of the class [in China]
approach me with ideas.”
Mr Singh is heavily involved in Shang-
hai’s Chinaccelerator, which gives sup-
port to both Chinese and international
entrepreneurs. Though popular in the
US and Europe, incubators are more
novel in China.
It was following Skema Business
School’s tie-up with a local Suzhou incu-
bator in 2013 that the founders of Mini
Bobi decided to locate their company
there. Now they are distributing their
range of 30 China-manufactured cloth-
ing items in Hangzhou and Suzhou as
well as Shanghai.
With a monthly income so far of
around Rmb3,000, the founders are
looking to wider distribution to increase
sales. They now sell online through
Taobao, China’s answer to Amazon or
eBay, founded by the Alibaba Group.
They are also talking to schools about
designing more generous-sized
uniforms.
Monday 8 June 2015
Playing field antics score academic points
Game of football is a vital
tool for one dean, reports
Jonathan Moules
The tendency for business school pro-
fessors to use football as a metaphor for
corporate leadership techniques must
now be reviewed in light of the unfold-
ing payments scandal at Fifa.
The events of recent days are unlikely
to diminish the passion for the game
held by Christoph Loch, professor of
management studies and director of
Cambridge’s Judge business school.
For him, however, the value in what
football has to teach about leadership
has always been a practical one, about
strapping on your boots and getting out
on the pitch.
Prof Loch, who taught at Insead for 17
years before joining Judge in September
2011, has both played for and coached
amateur football teams in four coun-
tries, on three continents.
A highlight, he says, was being part of
the Insead over-35s. The team climbed
to the highest of the seven French ama-
teur leagues, taking on semi-profes-
sional players as well as a former mem-
ber of the French national team. How-
ever, he plays down his own role in his
side’s success.
“I was the worst player on this team,
and got abuse every game,” he recalls.
“But they needed me to fill out the
squad with someone who could run all
game long.”
Although Prof Loch summarises his
MBA blog
Competitors flock
to French campus
A month has passed but people are
still talking about the MBA
Tournament’s 25th anniversary,
hosted by HEC Paris.
The celebration involved more
than 1,500 students from 16
business schools including Cranfield
School of Management, Insead,
★ FINANCIAL TIMES 13
BUSINESS EDUCATION
Specialised MBAs
Courses dedicated to the sports industry
same level as the football club in my
home town, Trier, where I used to watch Thoroughbred horseracing
home games when I was a teenager,” he
says. Run in partnership with Britain’s
“When I came in contact with the Horserace Betting Levy Board and
charity arm of the club, I saw an activity the British Horseracing Authority,
with values and impact that I had expe- the Thoroughbred Horseracing
rienced only in rudimentary forms Industries MBA at the University of
before.” Liverpool Management School
Football can be an important tool for combines sports industry
those involved in business education, management expertise with
Prof Loch claims, because it teaches key specialist equine teachings.
skills needed for success, whether that is
on the field, in a community or in the
boardroom.
“I believe in the integrative force of
football,” he says. American football
While the business of football may at
times appear to follow its own rules, Online MBA specialist the Kelley
Prof Loch defends the high salaries com- School at the University of Indiana
manded by English Premiership is to teach an MBA programme to
players. current and former NFL players.
“It is a bit like Hollywood actors,” he Developed in partnership with the
says. “It has nothing to do with football National Football League Players
or that these people are bad characters.” Association, the customised degree
Salaries of the top players are a dis- is the culmination of a range of
Christoph Loch, playing career as “utterly undistin- my involvement in these teams helped traction to the value of football as a lead- professional development and
dean of guished”, he claims that his time on the me, [as I saw] the world through the ership teaching tool, Prof Loch adds. certificate programmes.
Cambridge pitch taught him valuable lessons in life eyes of my teammates, [and avoided] a “Let’s not confuse that with what foot-
University’s and introduced him to a lot of the people confinement of thinking that may come ball really does in society,” he says.
Judge Business he now knows outside academia. from only interacting with people of an “If you want to understand football,
School — Anna Gordon “In all the countries I played in, I academic or economic elite.” go into the suburbs.” Hockey
always played on teams largely com- Prof Loch stopped playing a few years
prised of blue-collar workers, small arti- ago because his knees started to give In January, Athabasca University in
Slideshow
san entrepreneurs and business peo- out, but he is now on the board of the Canada collaborated with the
Learn all you need to know
ple,” he says. “Across the various cul- Cambridge United Youth and Commu- about the deans from top Business of Hockey Institute to
tures and countries, I saw commonali- nity Trust, which coaches underprivi- business schools worldwide launch an online executive MBA
ties in their work ethic and tolerance of leged children in football. ft.com/deans
with hockey-specific courses.
foibles and individual tics . . . I think “Cambridge United is about at the Students gain experience in
ticketing, communications, fan
development, customer service,
social media, sales, events, building
Rotterdam and St Gallen, playing a for example, I was the smiley guy at everyone’s mind: the parties. Beside operations and merchandising.
range of sports. the front door, directing people to the aspiring athletes, many came to
As I only joined HEC’s MBA in specific registration lines. It was cheer on their teams and there was
January, I wasn’t aware of the full probably the only day in my life something for everyone.
Football
scope and reach of the MBAT. At when I would say “welcome” more Future participants will continue
first it sounded like a regular than a thousand times. I also shared to write about MBAT — the
sporting competition, but as the the event with my two-year-old son. atmosphere, the wins and losses. For the real football aficionado, the
three-day event approached it We watched how HEC did against Some will smile remembering their Real Madrid Graduate School at
became obvious what it meant for our guests and the intensity of the own experiences and many others, Universidad Europea has an MBA in
all participants. It is the ultimate Pétanque finals against LBS. We as they join their preferred business sports management.
scenario to show your school spirit. collected volleyballs while IE and school, will mark their calendars to Student trips include visits to
Everyone was eager to compete Esade played, and wondered how to be part of the next one. Santiago Bernabéu Stadium and
and mingle with other students. play cricket against Oxford. the Soccer City of the Royal
My involvement with MBAT was As the activities came to an Timo Marquez, HEC Paris student Spanish Football Federation.
as a liaison officer. On the first day, end, there was one thought on www.ft.com/mba-blog
14 ★ FINANCIAL TIMES Monday 8 June 2015

BUSINESS LIFE

Why we should
‘
Over the past month or so I have been before I realised something was wrong. agents are gone — or going. Estate Despite all this, when our house is
spending a lot of time with everyone’s They weren’t being loathsome at all. agents, who were hated long before sold, I will hand over a king’s ransom to

admit we least favourite professionals. Our house

is up for sale and alternative homes are
being sought for various members of
love ‘hateful’ the family, which means that every day
I speak to assorted estate agents, either
estate agents to discuss progress in hawking our
place, or the possibility of paying an
unconscionable sum to buy someone
else’s.
Until this exhausting, exciting and
thoroughly unsettling process began, I
would have told you there were four
Not one of the dozen or so I’ve met
from various firms has been more than
slightly aggravating. On both buying
and selling sides they have been
civilised, bright-ish, borderline
trustworthy and some of them have
been downright agreeable. They have
been on time for every appointment.
They have not tried to push properties
at me that are obviously hopeless.
The outfit selling our house appears
to be doing the job according to my
Tim Berners-Lee gave up train spotting
to invent the world wide web, were
always going to be the first to go, come
the internet age. Instead the reverse is
happening: as I cycled through
Islington on my way home the other
day I counted 17 estate agent shop
windows in one street.
It makes no sense. In the old days
you needed them to tell you what was
for sale. Now the internet does that.
Google Earth tells you what the place
the agent with only mild resentment.
The reason they exist has little to do
with logic. It is because when buying
and selling houses people are at their
most irrational. Houses are not only
Even the sanest where we live, but where all our money
lives too. They are by far our biggest
people become and most emotional asset, and even the
unhinged when it sanest people become unhinged when
it comes to buying and selling. They
comes to buying change their minds. They dither. They
and selling houses are gazumped. Chains break and

things wrong with estate agents. For a
start, they charge too much. If they sell
a house for £1m they stand to gain
about £20,000 — a pretty steep return
for taking some photos and showing a
few people around.
Second, they are untrustworthy
snakes, always keen to assure buyers
there is “a lot of interest” in some
pokey basement, while at the same
time telling sellers that a mingy offer is
the best they will get. Third, they tend
to be dim: flogging houses requires no
Lucy Kellaway particular qualifications and attracts
those too thick to get into the City or
Onwork the law. And finally they butcher the
language with their dumb, transparent
euphemisms.
It took me a couple of weeks of
dealing with these loathsome types
instructions. As for the language, it is
true that a house I was interested in
with a “large private garden” turned
out to have a medium-sized yard that
looked like Steptoe and Son had just
moved out, but mostly estate agents
play no more fast and loose with words
than other professions.
The only real duplicity is over the
photos. The camera never lies — except
when it has an ultra wide-angle lens
attached. In the sales document for our
house a two-seater sofa looks long
enough to seat eight comfortably.
Even though estate agents may be
less bad than we think they are — and
less bad than last time I had anything
to do with them 15 years ago — this
doesn’t answer the central question.
Why do estate agents still exist? Travel
’
looks like from the outside; the seller everyone gets stuffed.
can take their own pictures; and videos If animal spirits move markets, the
to show what it is like inside. Even animal spirit in the property market is
pricing could now be done by an like a maternal Canada goose on the
average eight-year-old, who could look rampage to protect her young. It’s too
up what the neighbours’ places went frightening out there to do it on one’s
for and adjust accordingly. own, and we are grateful for the
The only bit that would be hard to do services of the nicely turned out young
yourself is show people round, as most men and women who stand at our side.
sellers are out in the day, and in any And this, I think, is why we really
case it’s not nice to listen to prospective hate estate agents. Because they are
buyers’ plans to rip out the yellow lino doing something we could do for
and the William Morris wallpaper that ourselves if we trusted ourselves more,
you have so very recently and lovingly if we were not so afraid of such
installed yourself. But even this ginormous sums, and if we were more
function could be easily disrupted:
there could be an Uber of house-
level-headed about the places where
we live.
showers, who could let prospective
buyers into properties, charging not lucy.kellaway@ft.com
£20,000, but about a tenner an hour. Twitter: @lucykellaway

Monday interview. Marcelo Claure, Sprint CEO Working smarter

Sixtysomething and figuring

Beckham’s Bolivian buddy out new forms of employment
EMMA DE VITA

After a corporate and building his network of

The entrepreneur and
football club owner has CV
swapped Miami glitz for a Born December 9, 1970, La Paz, Bolivia
turnround in Kansas City, Education Bachelor of science degree in
writes David Crow economics and finance and honorary
doctorate of commercial science, Bentley
University, Massachusetts
Career
he reason I love soccer is
entrepreneurial career
focused on early-stage
venture funding, 64-year-
old Alex Korda has no
intention of ceasing to work
for a living. “I am trying to
build a portfolio of
remunerated and voluntary
activity,” he says, but since
work for the last start-up he
contacts. In addition, after
thinking about the many
transferable skills he had
acquired, he has branched
out into social enterprise by
completing a postgraduate
diploma in development
management at the Open
University, where he is now
a visiting fellow.

T
because it’s the only sport in
the world where the under-
dog has a chance,” says
Marcelo Claure. “If you look
at the gross domestic product of Eng-
land and Uruguay, England should kill
them every time they play.”
He points to the performance of Club
Bolívar, the Bolivian football team he
owns, as proof. “Last year we made it to
the semifinals of the equivalent of the
[Uefa] Champions League in Latin
America, and now we’re ranked as one
of the top 50 clubs in the world.”
Mr Claure must hope the same rule
applies to the mobile phone industry: he
was recently appointed by Masayoshi
Son, the Japanese telecoms billionaire,
to turn round Sprint, his struggling US
mobile network.
Mr Claure first caught Mr Son’s eye
when he was running Brightstar, a
mobile phone distributor he founded
and turned into the world’s largest. The
Japanese tycoon was so impressed with
the Miami-based business that he
bought a controlling stake for $1.26bn in
2013, a deal that made Mr Claure a
paper billionaire. He is said to be the
richest Hispanic person living in the US.
While running Brightstar, Mr Claure
earned a sort of celebrity status, thanks
in part to a performance from Jennifer
‘We needed to take really
dramatic action . . . I was
forced to just jump in
and get to war mode’
Lopez at his 40th birthday party, and
his friendship with David Beckham,
with whom he is trying to launch a
Major League Soccer team in Miami.
“It frustrated me that one of the most
cosmopolitan cities in the world didn’t
have a soccer team. So that’s why I part-
nered with David. In the next 60 to 90
days we should be making an announce-
ment that hopefully we will have a team
in Miami.”
But why does a serial entrepreneur
who hangs out with pop singers and
football stars become “company man”,
and move his family to Kansas City, a far
less glamorous town than Miami? Why
not set up a new business instead?
When we meet at Sprint’s headquar-
ters on the edge of the city, Mr Claure is
clearly uncomfortable with the group’s
grand campus, modelled after an Ivy
League college. But he insists he is up for
the corporate challenge.
“This could be a tremendous turn-
round success story, or it will just be the
story of an entrepreneur who couldn’t
do the same in corporate America.”
Mr Claure’s career as an entrepreneur
started at the age of 18, when he used to
fly back to Bolivia from Massachusetts
for college vacations and buy cans of
food from his family’s factory. “Then, I
used to borrow my mom’s car, go to the
market, open the back of the car, and
just sell a whole bunch of stuff.” His
mother was a “bit embarrassed”, but he
was hooked.
His next business, Best Travel Con-
sultant, saw Mr Claure buying up fre-
‘Tremendous quent flyer miles from fellow students
turnround’ or and selling them at a profit to those
entrepreneur’s looking for cheap airfares home. “For a
nemesis? college student to be making a serious
Marcelo Claure amount of money was great. I had emp-
faces a challenge loyees. My senior year was quite fun.”
at Sprint. Below, His first “proper job” after college was
with David with the Bolivian Football Federation,
Beckham at a where he was part of the team that took
Miami Heat Bolivia to the World Cup in 1994.
basketball game A few years later, he returned to Mas-
Terry Ratzlaff, Getty
sachusetts and walked into a mobile
Rafael de Guzman was Marcelo Claure’s
Second chief of staff at Brightstar, the mobile
opinion phone distributor he founded. “Marcelo,
and I am not exaggerating, works about
20 hours a day six days a week,” Mr de
The former Guzman reports. “When he was on
employee longer, international flights we used to
place bets on how many emails we
would receive when he landed. I think
the average number was around 300.”
phone store to buy a new handset. The
owner, Enrique, was fed up, and looking
for a way out. “He was quite upset that
he was working late because his sales-
people didn’t show up that day,” recalls
Mr Claure.
“He asked me if I knew somebody
that wanted to own a cellphone store. I
said, ‘Sure, me’. I didn’t have much
money so I bought it for almost close to
nothing, and I paid him back with the
profits.”
Mr Claure took a large stake in the sin-
gle-store business and assumed day-to-
day control, expanding it into a chain
with multiple locations in New England.
He ended up selling his stake back to
the owner at a considerable profit, fol-
lowing a disagreement over strategy.
“He said, ‘I’m done. I’m 60. I have no
interest in becoming the largest com-
pany in the world’. And I’d say, ‘no,
we’ve got to grab all the money and re-
invest’.”
After a short, ill-fated spell working
for another large phone reseller — “I like
to be my own boss, I lasted one year” —
he moved to Miami in 1997 and set up
Brightstar. “Granted, it might not be the
most exciting industry, distribution, but
we were able to create the number one
company in the world.”
When Mr Son bought Sprint, the
third-largest US network, he had
intended to merge it with T-Mobile US,
the number four, but regulators indi-
cated they would block the transaction
on competition grounds. After that plan
failed, he appointed Mr Claure, already
2014 — present: Sprint president and
chief executive officer
1997 — 2014: Founder and chief
executive officer of mobile phone
distributor Brightstar
1996 — 1997: President, Small World
Communications
1995 — 1996: Owner, USA Wireless
Family Married, five children
Interests Reading, playing golf, watching
Club Bolívar, the Bolivian football team
he owns
a director, as chief executive. He arrived
last August to find a company in chaos.
In one of his first management meet-
ings, he asked a senior vice-president
why anybody would want to be a Sprint
customer, “and I was not able to get a
straight answer”. Little surprise then
that in the 15 months before Mr Claure
joined Sprint, it lost over 2m contract
customers.
“The situation was tougher than most
people believed,” he says. “It took me a
couple of days to realise that we needed
to take really dramatic action. I would
have liked to have had a little more time
to understand, but I was forced to just
jump in and get to war mode.”
He announced 4,000 job cuts, sacked
the marketing agency and changed the
group’s credit policies to stop it from
signing up customers cut off by other
networks for not paying their bills.
Club Bolívar,
Claure’s football
team, made the
2014 semi-finals of
South America’s
Copa Libertadores
“Those were all decisions taken
within the first 10 days. They could’ve
been the right ones, they could’ve been
the wrong ones, but I think we’ve turned
the trajectory. By no means do I mean
we’ve turned around this company, but
we’ve gone from a steep decline to
recovery phase.”
Since he joined, the company has
slowed the rate at which it is losing con-
tract customers, but it has done so by
waging a costly price war. Some analysts
think it will run out of cash next year,
though Mr Claure insists the turnround
is possible.
He is attempting to revive the com-
pany amid a frenzy of dealmaking in the
industry, with AT&T buying DirecTV
for $48.5bn, while Charter Communica-
tions is acquiring Time Warner Cable for
$56.7bn. Now Dish, one of the largest
pay-TV groups in the US, is in talks to
buy T-Mobile US. There is a danger that
Sprint could end up being the last one
without a partner.
Mr Claure might be enjoying his new
role in Kansas City, but when I ask how
his family are coping, he picks his words
more carefully. “They’re adjusting. It’s a
different life,” he says, before offering a
more telling anecdote about the recent
arrival of his baby daughter, born the
Friday before we meet.
“As my wife was delivering, she
looked at me and said, ‘did you ever
think we were going to have a baby in
Kansas City?’ I said, ‘No, life is full of sur-
prises and you’ve got to take them as
they come’.”
was involved in wound
down, he has struggled to
find a way back into venture
funding.
Like many
sixtysomethings looking for
a new role, he has had to
cast his net wide: “I have
been exploring ways to
reinvent myself whether in
early stage venture or in
social enterprise
investment.” He is doing this
through a mix of
networking, retraining and
thinking laterally. His aim
now is to spend up to 80 per
cent of the working week on
a variety of roles that give
him intellectual stimulation.
He also needs to earn some
money. “After two divorces, I
need to generate some
income and capital.”
He is one of a growing
number of Britons opting to
work after the traditional
retirement age. In 2014,
around 1.1m people aged 65-
plus were in work, compared
with 874,000 in 2011.
One problem for Mr Korda
has been making himself
marketable in a competitive
and specialised job market.
He would like to stay
working with start-ups but
their inherently youthful
nature means he is
competing with highly
connected thirtysomethings.
To young entrepreneurs, he
is an unknown and therefore
risky bet. Also, as a business
generalist, he lacks the deep
knowledge of specialists his
age that can help lever them
into consultancy roles.
So, Mr Korda set about
Feedback
Michael Skapinker’s column
last week looked at the
trend for employees to
record conversations with
their bosses secretly. He
argued that few employers
could complain about this
invasion of privacy,
however, given the cavalier
way in which
companies tended
to treat their
staff. Readers
joined the
debate:
“Through downsizing,
outsourcing and re-
engineering, most
companies tore up their
loyalty contract with their
employees years ago.” A
great statement. I shall
frame it and put in on my
wall. At home, of course.
IT Man
Mr Korda says the lesson
for contemplating a career
post-retirement is “to
engage with the world as it
is, adapt to it, and have
some sense of the skills and
value you bring. The biggest
mistake you can make is to
think that the world owes
you a living”.
UK-based Jonathan Collie,
who founded online
recruitment site Trading
Times to help the over-50s
find work, echoes this. He
advises being flexible in
types of job, hours and
location: “Don’t try to get a
mini-version of your career
job.” Instead, analyse your
skills and marry that to a job
you would love to do.
“Monetise a hobby,” he
suggests, citing the first
Trading Times client, who
retired from a career in
accountancy and retrained
as a garden landscaper.
“Ageism is definitely the
biggest challenge,” he says.
“The problem is getting in
— once you’re in, people
don’t see you as older.”
When writing your CV or
applying for a job, he says,
make the most of your most
recent work experience.
“Don’t make your age really
obvious.”
Second, try not to have a
gap in employment after
leaving full-time work. The
most successful candidates
are the ones who have
tapered their full-time role
to part-time: “You must keep
your foot in the door.”
workingsmarter@ft.com
@IT Man: whereas at the
office we still have those
frames that repetitively say:
“Success”, “Team Effort”,
“Attitude”, and other
nauseating narratives.
camus_deferral
Recording should be made
commonly acceptable:
after all, you wouldn’t
say things that are
compromising and
unlawful, right?
Lino
What difference if bankers
continue to loot with
impunity and whistleblowers
are ignored or worse? Roger
Thornhill
Perfect solution — hold your
meetings in a sauna. Old
Russian trick.
Carlo Langotti
Monday 8 June 2015 ★ FINANCIAL TIMES 15

ARTS

Terfel’s huge T H E AT R E

King John

voice tells a
Shakespeare’s Globe, London
aaaae
Sarah Hemming

timeless story James Dacre’s fine, zesty staging of

MUSICAL THEATRE
Fiddler on the Roof
Grange Park Opera, Hampshire, UK
aaaaa
Richard Fairman
It is half a century since Topol first
appeared in Fiddler on the Roof. We know
that because he told us so himself, when
he put in a celebrity appearance before
curtain-up at Grange Park. Yet the
themes tackled by Jerry Bock and Shel-
don Harnick’s 1964 musical still feel
uncomfortablyrelevanttoday.
In its rather shorter history (founded
in1987)GrangeParkOperahastackleda
handful of musicals. The festival’s hit
rate is enviable and this time it has bol-
stered its chance of success by casting
Bryn Terfel as Tevye, the impoverished
Jewishdairyman,successortoTopol.
Like the best operas, the best musicals
do not age. Fiddler on the Roof shows us
the small Jewish community of a Russian
shtetl in the early years of the 20th cen-
tury, struggling, harassed and ultimately
uprooted. As with most musicals, the
story gets sugar-coated, but the issues
remain — not least the dilemma of a tra-
ditional people caught between Russian
oppression and the lure of radical new
ideas coming out of Ukraine. Antony
McDonald’s production has dancing and
Broadway energy, but also catches the
heartsofgoldinthis“koshervillage”.
Over all of them towers Terfel’s Tevye.
Big of personality, huge of voice, Terfel
embodies the timeless hopes and ago-
nies of all beleaguered Jewish communi-
ties. He brings Tevye to life on a posi-
tively Wagnerian scale, part Dutchman
(the wandering Jew), part Hans Sachs
(loving, wise, forgiving), part Wotan
(powerless leader of his clan) — a giant
performanceintinyGrangePark.
Wagnerian: Styles,voicesandaccentsareabithap-
Bryn Terfel, hazardbuteverycastmemberhassome-
centre, as Tevye. thing to give. Janet Fullerlove makes a
Below right: Jo sharp battleaxe as Tevye’s wife, Char-
Stone-Fewings lotte Harwood and Katie Hall are nicely
as King John paired as his eldest daughters, Anthony
Robert Workman
Flaum and Jordan Simon Pollard vivid as
Bronwen Sharp their suitors. Conductor David Charles
Abell has researched period orchestra-
tions and the BBC Concert Orchestra
plays them with brilliant detail. Here is
the first success of the country-house
operaseason.Itwillbedifficulttobeatit.
ToJuly3,grangeparkopera.co.uk
T H E AT R E
Waiting for Godot; riverrun
Barbican, London
Ian Shuttleworth
Thankfully, neither the pointy ears of
Elrond in the Lord of the Rings films nor
the compulsion to self-replicate of Agent
Smith in the Matrix trilogy are in evi-
dence here. In fact, Hugo Weaving’s face
itself is scarcely on show, save for a few
square inches emerging from behind an
impressively bushy beard. He plays
Vladimir in the Sydney Theatre Com-
pany’s revival of Waiting for Godot, one of
the flagship productions in the Barbi-
can’s current Samuel Beckett season.
A complementary pairing of the
tramps Vladimir and Estragon, desper-
ately trying to pass the time as they wait
for a benefactor who never arrives, is
often a keynote of productions. Ian
McKellen and Patrick Stewart, X-Men
rivals turned double act, are probably
the most famous recent example. In
1999 I saw a nicely judged northern/
southern Irish couple. This latter is the
kind of complementarity-through-
difference which director Andrew
Upton and his cast bring out. Weaving
uses a comparatively posh Anglo-
Australian accent as Didi, whereas Rich-
ard Roxburgh’s Gogo is far more audibly
an Ocker. It works well with Beckett’s
script: Estragon often seems much dim-
mer than the reflective Vladimir but
here, while Didi still has the intellectual
edge, he is regularly punctured by Gogo’s
larrikin bluntness.
As with the McKellen/Stewart pro-
duction, the pair are here located in the
ruins of a building rather than unshel-
tered on a blasted heath; even the tree on
Zsolt Khell’s set seems sturdier than
usual and sprouts three whole leaves
between the first and second acts. It has
been a few years since Philip Quast’s last
appearance on a British stage; here, his
musical-theatre lungpower stands him
in excellent stead as an appealingly
bombastic Pozzo. Luke Mullins as Lucky
is what my blessed mother would have
called “a big drink of milk”, and I mean
this as a compliment. AAAAE
In 2013-14, Olwen Fouéré’s riverrun
was a versatile solo presentation of
material from James Joyce’s Finnegans
Wake. Her immense control is shown in a
clutch of performances, ending today, of
Beckett’s Lessness (at the Barbican’s Fro-
bisher Auditorium 2). Not so much a
story as a detailed description of a snap-
shot, it captures a moment of simulta-
neous hope and despair. Miked up at a
desk beneath a video screen in neutral
to represent the grey sky, Fouéré
gives every word of Beckett’s 60
sentences considered weight;
scarcely lit herself, she turns
a venue more normally
used for business presen-
tations into a space for
meditation. AAAAE
‘Waiting For Godot’ runs to
June 13, barbican.org.uk
Shakespeare’s more rarely performed
history play opens with pomp and cere-
mony. Orlando Gough’s music (wonder-
ful throughout) first mourns the passing
of Richard the Lionheart then rouses
into celebration as his brother John is
paraded in to take the throne. But Jo
Stone-Fewings’ John soon gives the lie to
this outward show, snatching the crown
with unseemly haste and cramming it
on to his head. It’s a move that sets the
tone for the evening, as Dacre delights in
the wrangling, politicking and fickle
expediency that drive the play’s depic-
tion of medieval monarchy.
Indeed, no sooner is the crown on
John’s head than a challenger emerges in
the shape of his nephew Arthur, a boy,
who has the backing of the French king.
Issues of parenthood, succession and
inheritance multiply with the arrival of
Richard’s illegitimate son: a sardonic,
charismatic character. But it is John’s
reign under the spotlight here as Shake-
speare explores a favoured theme:
unsuitable monarchs and the legitimacy
of leadership.
This staging, co-produced with North-
ampton’s Royal & Derngate, has already
played in candlelit medieval churches,
where intimacy was the key. In the big-
ger, open space of the Globe it is the pub-
lic import of the power struggles and
rampant inconstancy that comes across.
It’s not among Shakespeare’s best plays,
but Dacre’s clear, sprightly
production keeps it moving
and it is studded with strong
performances, particularly
from Barbara Marten and
Tanya Moodie as the two
keenly astute royal moth-
ers. And Stone-Fewings is
slippery, sly and sullen as
the unpopular John, yet
also invites the odd
moment of sympathy as he
thrashes around in this
messy business.
To June 27
shakespearesglobe.com

THIS EVENING’S TELEVISION

Pick of the day

The vagueness of the term
makes it half the fun. How to
Be Bohemian with Victoria
Coren Mitchell (pictured;
BBC4 9pm) whisks us from
1830s Paris via Pre-
Raphaelites to Wilde and the
“country of the mind”
immortalised by artists in
garrets and consumptives
with frigid digits.
Bohemianism embraces
well-heeled socialites and
convention-flouting
iconoclasts — “useless,
self-indulgent, almost always
talentless” (A.A. Gill) or
simply “lovable” (Stephen
Fry). Authorities include
Grayson Perry, Will Self and
Maggi Hambling. More
next week.
Based on a Dodie Smith
novel, I Capture the Castle
(BBC4 10.30pm) is an
unabashed charmer about
the impecunious well-bred in
the 1930s and their
Austenesque quest for
eligible husbands. Romola
Garai is a dewy revelation.
MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News.
6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 Nigel Slater: Eating
Together. Nigel visits three
home cooks to learn about
well-loved soup recipes.
8.00 EastEnders.
8.30 GM Food — Cultivating
Fear: Panorama. Tom Heap
investigates whether those
who oppose genetically
modified foods are doing
more harm than good.
9.00 The Met. New series.
Documentary on Britain’s
biggest and busiest police
force.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 Have I Got a Bit More
News for You. Extended
edition. Last in the series.
11.20 The Graham Norton Show.
R 12.30am).
6.00 Eggheads. Quiz. R
6.30 Beat the Brain. Quiz.
7.00 The Wonder of Dogs. R
8.00 Springwatch 2015. Chris
Packham, Michaela
Strachan and Martin
Hughes-Games catch up
with the badgers and
marsh harriers.
9.00 Japan: Earth’s Enchanted
Islands. New series.
Documentary examining
the wildlife of the country.
10.00 Episodes. Tim demands to
be part of Sean and
Beverly’s new show.
10.30 Newsnight.
11.15 Weather.
11.20 Steph Houghton —
England’s World Cup
Captain. Gabby Logan
profiles Manchester City
and England captain Steph
Houghton.
11.50 Match of the Day Live:
Women’s World Cup. USA
v Australia (kick-off
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 Coronation Street.
8.00 Johnny Kingdom’s Wild
Exmoor.
8.30 Coronation Street.
9.00 Vicious. Freddie and Stuart
are feeling unfit and decide
to join Ash at his gym.
9.30 Off Their Rockers Blue
Badge Special. Second of
two editions of the hidden-
camera show.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 Carry On Forever. Last in
the series.
11.40 FILM Carry On Screaming.
Comedy horror, starring
Kenneth Williams, Fenella
Fielding and Harry H
Corbett.
Regional variations apply
6.00 The Simpsons. R
6.30 Hollyoaks.
7.00 Channel 4 News.
8.00 Where to Save Your
Money: Channel 4
Dispatches. Siobhan
Kennedy examines the
impact low interest rates
are having on Britain’s 40
million savers.
8.30 Gadget Man. Richard
Ayoade tests devices to
improve life at work. With
Dara O Briain.
9.00 Kevin McCloud's Escape to
the Wild. New series. The
Grand Designs presenter
meets people who have
quit the rat race to live
simpler lives.
10.00 Man Down. Dan employs
his drama class and a war
veteran as he tries to
outdo another teacher’s
assembly during
Community Week.
10.35 My Tattoo Addiction. R
11.35 24 Hours in A&E. R

BBC3
7.00 Top Gear. 8.00 Don’t
Tell the Bride. 9.00 Sex, Stags
& Prague: Stacey Dooley
Investigates. 10.00 EastEnders.
10.30 Russell Howard’s
Good News. 11.00 Family
Guy. 11.25 Family Guy. 11.45
American Dad!
BBC4
7.00 World News Today. 7.30
Great British Railway Journeys.
8.00 Inside the Medieval
Mind. 9.00 How to Be Bohemian
with Victoria Coren Mitchell.
10.00 What Do Artists Do All
Day? 10.30 I Capture the
Castle.
Other channels
Channel 5
6.00 Home and Away. 6.30
5 News Tonight. 7.00 World’s
Busiest Airport. 8.00 Furious &
Funny: Caught on Camera. 9.00
Inside Manchester’s Midland
Hotel. 10.00 Big Brother. 11.00 Big
Brother’s Bigger Bit on the Side.
More4
6.50 Selling Houses with Amanda
Lamb. 7.55 Grand Designs. 9.00 A
Place in the Sun: Home or Away.
10.00 One Born Every Minute.
11.05 Embarrassing Bodies: The
Man with Half a Face.
Film4
6.55 The Company Men. 9.00
Cuban Fury. 10.55 A Time to Kill
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods. 9.00
Game of Thrones. 10.00
Thronecast. 10.35 Silicon Valley.
11.10 Last Week Tonight with
John Oliver. 11.45 The Newsroom.
Sky Sports 1
6.00 Uefa Champions League
Final. 7.00 Live Horse Racing. 9.00
Cloned: Creating Designer Horses.
10.00 Super League Fulltime.
10.30 Premier League Years.
Sky 1
6.00 Last Man Standing. 6.30
The Simpsons. 7.00 The
Simpsons. 7.30 The Simpsons.
8.00 Modern Family. 8.30 Modern
Family. 9.00 The Day Everest
Shook. 10.00 Fright Club. 11.00
A League of Their Own.
Sky Arts 1
6.45 Beat Beat Beat. 7.00 Cirque
du Soleil: Zed in Tokyo. 8.00
A Mozart Gala from Salzburg.
9.45 André Rieu: At Schonbrunn,
Vienna.
Sky Arts 2
6.00 Shirley Bassey: A Special
Lady. 7.00 My Shakespeare.
8.00 The John Wilson Orchestra
Presents Cole Porter in
Hollywood. 10.00 Katherine
Jenkins Live at the O2.
16 ★ Monday 8 June 2015

Explore more sports

data analysis and
visualisation in our series
at ft.com/baseline

Blows struck
against old The Baseline
age in Japan Surface tension
Win rate on clay (%)
100

The pinnacle of the weekend’s

excitement, according to a salesman of
custom-milled, boron-shafted mallets,
will be the senior ladies’ final.
Watch it, he says, to see the sport as it 0
80
should be played. The ladies have the
stamina, the tactics and, unlike the Andy Murray
men, are merciless to the very last
second of play. The girls from Okayama
(average age 74.6, hand-crocheted team
cardigans), says a creaking local tipster, 60
0
are looking especially dangerous this
year.
The tournament in question is the Novak Djokovic
30th All-Japan Championships of
Gateball — a three-hooped Japanese
variation of croquet that rose from the 40
0
privations of war’s aftermath. Invented
in 1947 by a lumber merchant from
Hokkaido, it was the perfect game for
dismal, defeated times: playable in any Knocking on: many retirees in Japan’s towns and cities play gateball every non-rainy day of the year — Japan Gateball Union
spare 15m x 20m patch of land, cheap, David Ferrer Rafael Nadal
and using equipment that could be
made entirely from wood. The there are no children,” says Kane manoeuvres around each hoop. 0
20
championships, being played this year Fujimori, a spectator, “even after school But gateball’s greatest excitement is
in the 2011 quake-devastated the parks are empty and we can play provided by the clock. Each game is
prefecture of Miyagi, reveal a sport that until supper time. I love the feeling of timed to precisely 30 minutes and more
has once again defied hardship. community with my friends, but often than not hinges on the final shot.
In the decades since its invention, without children around, it’s sad.” As the minutes count down, and the Kei Nishikori Roger Federer
gateball has thrived as a pastime for Gateball’s overall popularity, perhaps players’ scoring bracelets beep with 0
Japan’s elderly and as a byword for predictably, is rising along with those ever greater urgency, the pace quickens, 1999
999 01 03 05 07 09 11 13 15
sedate retirement. The equipment — same demoralising demographic charts. the players scramble across the court 2000 02 04 06 08 10 12 14 Year
now all about Y15,000 carbon-fibre The JGU estimates that the game is now and shots are played with rising FT graphic. Source: Tennis Abstract
mallet heads, chamois-leather gloves played regularly by more than a million abandon.
and digital scoring bracelets — appears people in Japan, with many retirees It is a glaring contrast with gateball’s
to have evolved specifically to attract hitting the gateball courts every non- reputation. This is a game that forces JOHN BURN-MURDOCH has twice gone an entire year without
AND GAVIN JACKSON
the silver yen. rainy day of the year. The national 80-year-old limbs and brains to dart losing on the surface, and on three
Of course the Japan Gateball Union finals, which pit the champions from faster, the more tired they become. It is a When Rafael Nadal was beaten at other occasions lost only once. None
(which only unified a set of national each of Japan’s 47 prefectures against sport that daily plunges thousands of Roland Garros in 2009 by Robin of his contemporaries has ever
rules in 1985) talks bravely about luring one another, are divided into four elderly people into a team-based battle Soderling, the defeat felt like an finished a season undefeated on clay.
younger players to the game. But in a divisions. The oldest five-member team with decrepitude, confronting them aberration, and it proved just that: a But 2015 may go on to be seen as
country where a quarter of the in the senior men’s division has an with a ticking clock and demanding year later the Spaniard won the the changing of the guard. Nadal’s
population is aged over 65 and less than average age of 81.4; in the women’s more life and more vigour as the French Open and two more majors in win rate on clay at tour level had
13 per cent is aged under 14, most can equivalent, it is 80.2. response. It could not, in short, be more arguably his most successful season. already dipped last year to 89 per
see that is unlikely. Facts must be faced: On the field itself, however, the years emblematic of Japan in 2015. But Nadal’s elimination last week cent, its lowest since 2004, when he
and the high average age of participants vanish in joyous shouts of dasu! [knock In the senior women’s final between at the hands of Novak Djokovic on was 18 years old. Higher still are
will make gateball a sport forever the opponent’s ball out of the court], the Oita and Okayama (the tipster was right exactly the same spot feels less like a Novak Djokovic and Andy Murray,
stalked by lumbago and troubled by clunk of 30ft scoring shots and the about them), the closing frenzy is, as freak event and more like the dawn both above 90 per cent.
arthritis. cackle of pure ruthlessness. Gateball, promised, a masterclass in controlled of a new era, one where being drawn This year the pair met in the semi-
Many of the players, during breaks says the captain of a soundly-beaten aggression and swaggering stroke-play. against Nadal on clay does not finals with Djokovic going on to finish
between matches, talk ruefully of the team of women from Ehime prefecture, Okayama lose 11-14 in a match that puts prompt opponents to cancel their runner-up, and if current trends
conditions back home where they is a game of precision stroke-play and 90-year-old spectators on their feet. hotel bookings for the rest of the continue, his name may become as
scratch their daily gateball itch — towns military-style tactics. As the 10 This is a Japan that is staring into week. Crucially, the statistics suggest regular a fixture on the French Open
and villages where age extends without players’ balls enter play, they form a collective old age and, on the gateball there may be some truth to this. men’s singles final scoreboard as was
the offset of childbirth. “We play in Leo Lewis bewildering cluster of ambushes, field at least, choosing to smack it out of The undoubted king of clay, Nadal Nadal’s before him.
parks that were meant for children, but pincer-movements and stealth the park.

Forecasts by
1030
18
17
14 1020
23
1040 17
1 1020
13 Luxembourg Sun 20 68
HIGH 6 HIGH
Lyon Thunder 27 81
16 13 Madrid Sun 34 93
1 1 21
1 30 Manchester Shower 15 59
18 Miami Cloudy 31 88
14 13 31 21 Milan Thunder 29 84
15 Montreal Rain 24 75
22 1
13 Moscow Sun 23 73
16 1 28 Mumbai Fair 34 93
15 6 Munich Thunder 18 64
18 22
1 10 New York Thunder 25 77
8 Nice Sun 27 81
17 9 34 7 Paris Sun 22 72
30
20 33 Prague Rain 16 61
LOW Reykjavik Rain 8 46
31
Rio Sun 30 86
Wind speed in MPH at 12 BST 3 HIGH 1010
Rome Thunder 28 82
Temperatures max for day˚C Wind speeds in PH 26 San Francisco Sun 25 77
Stockholm Rain 15 59
Today’s temperatures Strasbourg Cloudy 22 72
Abu Dhabi Sun 40 104 Belgrade Sun 29 84 Copenhagen Fair 16 61 Hamburg Fair 16 61 Sydney Sun 23 73
Amsterdam Fair 16 61 Berlin Sun 21 70 Delhi Sun 42 108 Helsinki Shower 18 64 Tokyo Fair 24 75
Athens Thunder 25 77 Brussels Sun 18 64 Dubai Sun 39 102 Hong Kong Fair 32 90 Toronto Shower 25 77
B’ham Fair 16 61 Budapest Sun 31 88 Dublin Fair 13 55 Istanbul Rain 23 73 Vancouver Sun 22 72
Bangkok Fair 37 99 Buenos Aires Sun 18 64 Edinburgh Cloudy 14 57 Jersey Sun 17 63 Vienna Sun 28 82
Barcelona Sun 28 82 Cardiff Sun 18 64 Frankfurt Fair 24 75 Lisbon Sun 29 84 Warsaw Fair 19 66
Beijing Sun 32 90 Chicago Fair 27 81 Geneva Fair 24 75 London Fair 18 64 Washington Thunder 31 88
Belfast Fair 14 57 Cologne Sun 20 68 Glasgow Fair 16 61 Los Angeles Sun 27 81 Zurich Thunder 21 70

ACROSS 7 Horseplay? (5)

MONDAY PRIZE CROSSWORD 1 Avoid giving points to champ 8 Some French marry but don’t
No. 14,951 Set by DANTE (6)
4 One’s dole for review, at which
expect to be happy (7)
11 Silly place to play cricket (7)
       
one is bored (5,3) 14 Sticks public notices around this
9 I heard a statement (6) place (7)
10 Pictures of golf club strokes by 17 Supplies food in a container?
  players (8) Quite the opposite! (9)
12 Agreeable requests by social 18 Tries to carry the whole of the

worker (8) vegetables (8)
 
13 Cold state of something oven- 19 Walks like a duck and dawdles
baked (6) around (7)
 15 Love in a famous circus (4) 21 Adequate space in car for the
16 Maybe one who looks forward French servant (7)
  
to getting on the board (10) 22 She is barely remembered as

19 Premier league team after being against oppressive taxes
victory in Sussex town (10) (6)
   20 Laura endlessly floundering in 24 Doctor takes small boy for a fool
the river (4) (5)
 23 Cheeky, but attractive, feature 26 Bank of Scotland’s partner, a
  
(6) potential bear (4)
25 Getting fit (8)
 27 Old port coming from Labrador
(8) SOLUTION 14,939
  28 One side getting nothing in
1 ( 3 + ( : 5 ( 6 3 2 1 6 (
agreement (6) $ 2 6 1 2 2 1
29 Threatening? That’s not right & $ / , & 2 ( 9 ( 1 6 2 1 *
  (8) ( , $ $ < < 6 5
/ $ 6 7 3 2 6 7 $ 7 + ( 1 $
30 Redeeming feature of a / + ( & & $ 9
kidnapping (6) ( 7 2 1 3 5 , 2 5 , 7 , 6 (
A prize of The Good Word Guide by Martin Manser and How to DOWN ) & , / / 6
5 ( ) 2 5 0 % , / / & / 8 %
Sound Clever by Hubert van den Bergh will be awarded for the 1 No longer plentiful, for instance 8 2 ( ( 8 ( /
first correct solution opened. Solutions by Wednesday June 17, (7) 7 + , 5 6 7 6 & ( 1 ( 2 1 (
marked Monday Prize Crossword 14,951 on the envelope, to the 2 Sort of shop to have to cease + ' 6 6 7 7 ) 1
) / ( $ % , 7 ( 3 5 , 0 ( '
Financial Times, 1 Southwark Bridge, London SE1 9HL. Solution trading (5,4) 8 6 $ ( 8 $ (
on Monday June 22. 3 Please pass another way (6) / , 7 ( 5 $ 7 , 3 ( 1 1 ( '

............................................................................................................................................ 5 Stygian fare (4)

............................................................................................................................................ 6 Dude pals prepare to ride on the The winner’s name will be published
ranch (6,2) in Weekend FT on June 20
Monday 8 June 2015
Noodle tangle Nestlé caught by ban in India
on the ultimate comfort food
AMY KAZMIN, PAGE 20
Banks’ post-crisis legal costs hit £200bn
Survey of 16 big global lenders reveals total bill for litigation, fines, settlements and provisions since 2010
BEN MCLANNAHAN — NEW YORK
The total cost of litigation aimed at a
group of the biggest global banks since
2010 has broken the £200bn ($306bn)
barrier, according to a study which
challenges assumptions that banks are
overtheworstofpost-crisisreparations.
The annual study, carried out by the
UK-based CCP Research Foundation,
uses regulatory notices, annual reports
and other public disclosures to tally the
cost of fighting claims of misconduct
over rolling five-year periods. In the
latest, which runs until the end of last
year, the total for 16 banks stands at
£205.6bn of fines, settlements and
provisions — up almost a fifth from the
Rising cost of
Sage advice
SinceWarrenBuffettbeganthe
traditionin2000ofanannual
auction,lunchesinthecompanyof
thelegendaryUSinvestorhave
raised$20mforGlide,aSan
Franciscocharitysupportingpoor
andhomelesspeople,writes
Stephen Foley.
This year’s auction was won by a
Chinese online games development
company called Dalian Zeus
Entertainment, which can take up to
eight people to meet Mr Buffett.
The price of lunching with Mr
Buffett, often dubbed the Sage of
Omaha, began rising dramatically
after the auction switched to eBay in
2003, opening it up to fans from all
over the world. This year’s winning
bid is 838 per cent higher than that
paid in 2003 by David Einhorn, the
famed short seller. The highest bid
ever was $3.5m in 2012.
The cost of the meal itself, now
donated by steakhouse chain Smith
& Wollensky, has risen rather more
modestly. Restaurant food prices are
up 41 per cent over the same period,
according to the US Bureau of Labor
Statistics. But those winning the
auction say it is worth every cent.
Plenty to chew over page 19
New York Times falls out
of love with Paris
The US newspaper is ramping up its
London presence at the expense of
Paris, a shift attributed to France’s
employment laws. Paris has been the
home of its international operations
since 1967, reflecting America’s
enduring romance with the city.
News iPAGE 19
Companies
Aberdeen Asset Management........22
Admiral..........................................................22
Alent......................................................FTfm3
Apple..........................................................9,26
AstraZeneca...............................................22
BNP Paribas................................................17
BP.......................................................17,FTfm3
Bank of America......................................17
Barclays....................................................17,18
Barratt..............................................................4
Berkshire Hathaway..............................19
Bouygues.....................................................20
Brightstar.....................................................14
Chevron...........................................................8
Citigroup.......................................................17
Compass.......................................................22
Credit Suisse.......................................1,17,18
Deutsche Bank..............................1,11,17,18
© The Financial Times Limited 2015
★ 17
Payday lenders Taking aim at the grubbier
corners of the US consumer debt market
BEN MCLANNAHAN, PAGE 21
Internet skills
in demand at
wave of health
previous year. Despite that trend, many arguing that regulators should now go example, JPMorgan Chase said in a New regulatory frameworks may
tech start-ups
bank executives continue to act as if easier on the banks. filing that it was involved in legal pro- present another litigation risk. The
these are irregular charges from Executives, too, have signalled that ceedings on at least 20 different fronts creation in 2010 of the Consumer
“legacy” issues, said Chris Steares, expenses have begun to fall, particu- at the end of last year, including an Financial Protection Bureau in the US, RICHARD WATERS — SAN FRANCISCO
research director at the foundation. He larly after the resolution of cases linked early-stage investigation by the US for example, has caused many banks to
A new wave of data-intensive “health
noted that a recent flurry of settlements to the mis-selling of residential mort- Department of Justice into whether the wonder about “behaviour that might be
tech” companies are drawing talent
for currency manipulation cited abuses gage-backed securities. Presenting bank bought car loans which had been considered harmful today that might
from the internet world as cloud com-
continuing until 2013. earnings in April, for example, Bruce priced according to the race and ethnic- not have been five years ago”, said Greg
puting, artificial intelligence and inten-
“If you ask the banks if their reputa- Thompson, Bank of America’s finance ity of the borrower. Hertrich, a banks analyst at Nomura in
sive data analysis are brought to bear
tional risk is going to change, they’d chief, noted two “much lighter” quar- That particular probe “merits atten- New York.
on health.
have to say yes,” Mr Steares said. “[But] ters of legal expenses which he hoped tion,” wrote Brian Gardner, an analyst The 16 banks in the CCP sample are
with conduct costs continuing to be would allow the bank to hold less capi- at Keefe, Bruyette & Woods in New Bank of America, Barclays, BNP Pari- David Ebersman, former Facebook
incurred, year after year, it does beg the tal under international standards on York, in a recent report tracking 264 bas, Credit Suisse, Citigroup, Deutsche chief financial officer, last week
question whether behaviours are being operational risk. ongoing investigations involving 46 Bank, Goldman Sachs, HSBC, JPMorgan launched a start-up to crunch data and
changed for the better.” But many investigations are still out- banks around the world. “It seems as Chase, Lloyds Banking Group, National use analytics to improve the identifica-
Some politicians in the US and UK standing, some of them affecting though once one lawsuit is settled, word Australia Bank, Royal Bank of Scot- tion and treatment of behavioural
have tried to draw a line under years of business divisions that have escaped of a new investigation into another line land, Santander, Standard Chartered, health issues such as depression and
heavy lawmaking, taxes and fines, heavy penalties so far. In February, for of business arises.” Société Générale and UBS. anxiety.
Data gathered from the sensors in
smartphones, as well as an analysis of
social activity on sites such as Facebook,
could one day be used to improve the
Buffett lunch
Indices (rebased) 1400
diagnosis of mental illnesses, Mr Ebers-
man said. Other executives at his new
company, Lyra Health, include Daniel
Tunkelang, chief technology officer, a
data scientist who previously worked at
professional social networking com-
1200 pany LinkedIn.
The announcement followed news
that Phil Mui, a former head of Google
Analytics, had become chief technology
officer at HeartFlow, another Silicon
1000 Valley start-up. The company uses
Lunch with sophisticated 3D computer modelling to
Warren diagnose heart disease from CAT scan
Buffett images, without the need for more
expensive invasive tests.
$2.3m 800 Companies such as HeartFlow and
Lyra Health hope to use techniques
honed in the internet world to bring
change to large sectors of the massive
healthcare industry.
600 HeartFlow, whose test has received
approval from the US Food and Drug
Berkshire Administration, is tackling a market
Hathaway estimated to be worth $25bn-$30bn in
share price the advanced world. It claims to be able
400 to cut the cost of a traditional test for
coronary disease from $5,000 to less
than $2,000, while producing more
302.5 accurate results.
200 However, the health tech entrepre-
neurs argue resistance to change in the
140.7
US ‘eating out’ sector has made it hard for radical new
price index tech approaches to take hold. These
have included entrenched work
0 practices among doctors and incentives
in the US that reward providers for
2003 05 07 09 11 13 15 the number of tests or procedures
they perform, rather than any health
FT graphic. Source: FT research Photo: Reuters
outcomes.
Mars warns Brussels’ financial market
rules shake-up will affect consumers
EMIKO TERAZONO AND PHILIP STAFFORD European Commission that noted a “sig- derivatives to hedge the costs of the
nificant unintended risk of damaging materials. Under Mifid II, however, buy-
A visit to the petrol station for choco-
the markets”. ers and sellers of such commodity deriv-
late and fuel may become more expen-
The signatories, which include Inter- atives face tougher restrictions on trad-
sive if proposed revisions to European
continental Exchange, Eon, RWE and ing in capital markets. The changes
financial market rules are imple-
Euronext, said they were concerned would remove exemptions for commer-
mented, industry executives warn.
that the rules would increase the cost of cial users which employ instruments
Mars, the chocolate company, has trading and hedging. such as swaps to offset their risks, forc-
formed an unlikely alliance with the Europe’s authorities are conducting ing them to raise the amount of capital
world’s largest oil traders to oppose their final review of the Markets in they must hold on their balance sheets.
European financial market regulations Financial Instruments Directive (Mifid Many companies dealing in commod-
which they argue would increase volatil- II) with the aim of guarding against sys- ities complain that would be tanta-
ity and reduce liquidity in raw materials temic risks in equity, fixed income and mount to treating them as banks, even
markets — in turn hitting the price of commodity markets. though they do not pose the same risk to
consumer goods from food to energy. Chocolate makers such as Mars buy global markets.
Along with the European Cocoa Asso- large quantities of cocoa-based prod- Europe’s financial authorities are
ciation and oil groups BP and Royal ucts, sugar, vegetable oils, dairy scheduled to deliver draft regulations in
Dutch Shell, and Vitol, the commodity and other raw materials on the com- September. They would come into force
trader, Mars has signed a letter to the modities markets. They use commodity at the start of 2017.
Companies / Sectors / People
Diageo..................................................FTfm3 Lloyds Banking Group.....................17,19 Randgold ....................................................22 Tesco........................................................22,26 Bristow, Mark............................................22
Elevate...........................................................21 London & Regional...............................20 Reed Elsevier.............................................22 Trafigura.......................................................17 Buffett, Warren.....................................17,19
Eon...................................................................17 Lotte..................................................................7 Renault..........................................................22 UBS......................................................1,11,17,18 Bulcke, Paul...............................................20
Euronext........................................................17 Louis Dreyfus.............................................17 Rolls-Royce.................................................22 Vitol.................................................................17 Claure, Marcelo.........................................14
Facebook......................................................17 Lyra Health.................................................17 Rotork............................................................22 WPP..........................................................22,26 Cochrane, Keith........................................22
FirstGroup...................................................26 Mars.................................................................17 Royal Bank of Scotland.............17,18,19 Walmart .........................................................9 Cryan, John..............................................1,18
Foxconn...........................................................9 Royal Dutch Shell....................................17 Weir.................................................................22
Meiji...................................................................7 Engelhardt, Henry..................................22
G4S..................................................................22 Royal Mail....................................................22 YPF.................................................................8,8
Morgan Stanley........................................18 Fitschen, Jürgen.........................................1
Glencore..............................................FTfm3 Sahara Gros’r House Hospitality...22
Morinaga.........................................................7 Sectors Gilbert, Martin...........................................22
Goldman Sachs....................................17,18 Santander................................................17,19
National Australia Bank......................17 Banks......................................................1,18,19 Gowler, Steve.............................................22
HSBC....................................................17,18,26 Skanska...........................................................8
Nestlé............................................................20 Food Producers.......................................20 Gulliver, Stuart..........................................26
Hindustan Unilever...............................20 Smith & Wollensky............................17,19
New York Times......................................19 General Financial..............................FTfm Jain, Anshu...............................................1,18
IBM.....................................................................9 SoFi..................................................................21
Nissin Food................................................20 Oil & Gas........................................................8 Jimenez, Joe...............................................21
IMI....................................................................22 Société Générale......................................17
Novartis.........................................................21 Pharmaceuticals.......................................21 Orloff, Sasha...............................................21
Intercontinental Exchange.................17 Spotloan........................................................21
J Sainsbury.................................................26 Odebrecht...................................................20 Sprint..............................................................14 Real Estate.................................................20 Rees, Ken......................................................21
JPMorgan Chase......................................17 Open Bank..................................................22 Standard Chartered........................1,17,18 Travel & Leisure......................................20 Roy, Subrata...............................................22
LendUp..........................................................21 Prosper..........................................................21 Taobao...........................................................12 People Sorrell, Sir Martin.............................22,26
Lending Club..............................................21 RWE.................................................................17 Temasek........................................................18 Achleitner, Paul...........................................1 Taljaard, Desmond.................................20
Week 24
18 ★ FINANCIAL TIMES Monday 8 June 2015

LEADERSHIP SHAKE-UP

Hard road ahead for Deutsche COMMENT

Patrick
Jenkins

Bank after Jain walks away Fines, falling valuation

Successor John Cryan faces tough decisions as lender seeks to win over investors and investor frustration
mark a turbulent tenure
‘There’s going to be

MARTIN ARNOLD — LONDON
JAMES SHOTTER — FRANKFURT
Anshu Jain knows his longstanding
detractors are likely to say that he was
ousted as co-chief executive of Deutsche
Bank — and he is determined to rebuff
this idea.
The 52-year-old is letting it be known
internally that the two-and-a-half years
left on his contract are worth about
€16m in pay, which he would have been
owed had the board decided to fire him.
But as he is walking away, he will not col-
lect a penny.
The Indian-born banker started to
question whether it would be best for
the bank or for him personally to stay in
the job for another five years after last
month’s dismal annual meeting in
which four out of 10 investors voted
against the top management.
Having failed to meet targets for cost-
cutting or return on equity set after he
took over with co-CEO Jürgen Fitschen
in 2012, there was plenty hanging on the
new plan they presented to sharehold-
ers last month.
But the new strategy, based on spin-
ning off the Postbank retail banking
business, cutting €3.5bn of costs and
trimming parts of the investment bank,
failed to win over investors and the
share price has continued to droop since
it was unveiled.
The key question now is whether John
Cryan will stick with the new plan once
he takes charge on July 1. The 54-year-
old Briton earned a reputation as a mild-
mannered, but determined technician
who helped to clean up the mess at UBS
when he took over as chief financial
officer at the height of the financial cri-
sis in 2008.
Some investors have called for Deut-
sche to consider a more radical strategy
of becoming a “European Goldman
Sachs” by completely spinning off its
underperforming retail banking opera-
tion to focus purely on investment
banking and asset management.
But while this was one of the main
options examined by Mr Jain, he ulti-
mately decided it was too risky, both for
German political reasons as well as the
difficulty of funding a standalone
investment bank without customer share price. Deutsche paid $2.5bn and Anshu Jain, left,
deposits from the retail unit. pleaded guilty to manipulating Libor and co-CEO
Huw van Steenis, banking analyst at interest rates in April, when regulators Jürgen Fitschen
Morgan Stanley, says Mr Cryan was criticised the bank for its lack of co- have presided
known at UBS for his view that the bank operation and destruction of evidence. over a group
should hold more capital than most The fine and guilty plea were particu- with a falling
rivals to give itself more room for larly stinging for Mr Jain, who was run- share price
manoeuvre with regulators and inves- ning the investment bank at the time it Kai Pfaffenbach/Reuters
tors. carried out the wrongdoing. But Deut-
Capital is still a big issue at Deutsche. sche is far from out of the woods on liti-
Even though it has completed two rights gation, and Mr van Steenis estimates it
issues in the past three years, it is still will cost it another €3bn by 2017, includ-
seen as lagging behind many rivals, par- ing for mis-selling of mortgage securi-
ticularly in the US. Mr Cryan may want ties and rigging foreign exchange mar-
to use his arrival as an opportunity to kets.
raise more capital, either via a rights Most analysts say that Mr Cryan is
issue or through a more aggressive scal- well qualified for the role as Deutsche's
ing down of the investment bank. CEO, but some expressed surprise that
“Simply put, Deutsche is not the Gold- he had decided to take the job.
man Sachs of Europe,” says Mr van Stee- “I’m a bit surprised that John Cryan
nis. He points out that Deutsche uses has decided to come back and do this,”
twice as much balance sheet as Gold- says Chris Wheeler, analyst at Atlantic
man to achieve the same unit of profit — Equities. “He spent four years at UBS
something that is no longer an economi- seeing them through the crisis, and now
cally viable model as regulators keep he has accepted another job that is going
pushing banks to hold more capital. to require a similarly hard slog”.
Linked to capital is the cost of fines for Mr Wheeler adds that one of the chal-
misconduct, which also weigh on the lenges facing Mr Cryan would be to
Anshu Jain’s decision to step down as serving clients around the globe.
co-chief executive of Deutsche Bank
brings down the curtain on a career
Mr Jain, a former fixed-income
banker, was central to that
inside Germany’s biggest lender that transformation, and fought to preserve
has spanned almost exactly two Deutsche’s global and universal model
A rapid rise decades. in the deliberations over the bank’s new
through the Mr Jain, the India-born, City of strategy, which was unveiled in April.
London-trained investment banker, His time at the top of Deutsche was
ranks for joined the German group in 1995 from more difficult than his ascent: along
India-born Merrill Lynch, where he had set up and with Mr Fitschen, he has had to spend
banker run a unit covering hedge funds around much of the past three years
the world. firefighting. Deutsche had to carry out
At Deutsche, he rose quickly through two capital increases in little over a year
the ranks, becoming head of its global in 2013 and 2014, and has fallen short of
markets business in 2001, and then its profit targets.
leading the investment banking division, Mr Jain and Mr Fitschen have also
as co-head from 2004 and sole head had to grapple with legal wrangles that
from 2010. He was made co-chief have cost the bank billions of euros.
executive of the whole bank with In April, Deutsche paid $2.5bn to
Jürgen Fitschen. authorities in the US and the UK to
The duo embodied the two faces of settle allegations that it had
Deutsche — a group with its roots in manipulated the Libor benchmark rate.
lending to German corporates that has Last year, it paid $925m to end a long-
grown to be a universal bank dominated running dispute with the estate of the
by its investment banking division, and media tycoon Leo Kirch.
A
massive uncertainty
about whether John
Cryan is going to
cut. Is he going to cut
back more, is he
going to keep the
status quo?’
motivate the staff in Deutsche’s invest-
ment bank, where morale was at “rock
bottom”.
“There’s going to be massive uncer-
tainty about whether John is going to
cut. Is he going to cut back more, is he
going to keep the status quo?”
Deutsche’s main European rivals,
such as Barclays, UBS and Royal Bank of
Scotland, have mostly given up on their
ambitions to challenge the global invest-
ment banking powerhouses of Wall
Street and taken an axe to their trading
operations. Yet Mr Jain was determined
to be the last man standing in Europe.
The pressure on Mr Jain and Mr
Fitschen had been mounting. In April,
the pair had hoped their new strategy
would bolster the bank’s flagging profit-
ability and restore the faith of investors,
who had suffered years of missed targets
and a sluggish share price.
However, Deutsche gave a presenta-
tion that was light on detail. In private
some shareholders said that this raised
questions about whether or not the
bank could really implement the plan.
This discontent burst into the open at
the bank’s annual meeting in Frankfurt
at the end of May, when 39 per cent of
the capital represented voted against
the management board, and some influ-
ential shareholders, such as Hermes
openly questioned the suitability of Mr
Jain and Mr Fitschen to run the bank.
Yet despite the pressure, Mr Jain’s
position did not appear in immediate
danger, as the supervisory board had
increased his responsibility for the new
strategy in a management reshuffle on
the eve of the annual meeting.
In the end, the City of London-trained
former trader was undermined by his
inability to execute on the strategic
promises he made, or to present a new
plan that could convince investors he
knew how to turn things around.
Privately, Mr Jain acknowledges that
his lack of a support base in Germany,
where he has always been seen as an
outsider, was a handicap. Mr Cryan
must hope his strong German language
skills and two years experience of work-
ing in Munich in the 1990s will stand
him in better stead.
nshu Jain had dreamt of leading Deutsche
Bank. But in 2012, when he was elevated to
the top job, the Indian-born, City of London-
trained banker knew the timing was bad. The
finest days of banking — in particular, the
investment banking business he knew so well — were over.
No matter. Like peers at HSBC (Stuart Gulliver) and Bar-
clays (Bob Diamond), Mr Jain — a fiercely bright, fiercely
ambitious fixed-income trader — had been Deutsche’s
obvious next chief executive. Investment bankers had
held such sway in the run-up to the 2008 crisis that they
were the natural successors to the CEO roles even after
investment banking had become a dirty word.
But for Mr Jain, as for Mr Gulliver and Mr Diamond, the
challenge has proved far trickier than expected. Cost tar-
gets have been abandoned. Profit targets have been
missed.
In the case of Barclays,
Mr Diamond lasted only a
few months, felled by the
Jain’s allies will
Libor rate-rigging scan- stress he at least is
dal. Mr Gulliver will
tomorrow try to revive
going on his own
investor faith in HSBC terms, not waiting
with a new set of targets.
Mr Jain’s story as CEO
to be pushed
has been turbulent from
the start. He was such a controversial appointment among
the conservative German establishment that his candi-
dacy had to be sweetened with the addition of a co-chief
executive, the German corporate banker Jürgen Fitschen.
But both men have been lambasted by legal rows. And
Deutsche Bank had to pay billions of euros to settle accusa-
tions over Libor and foreign exchange manipulation.
For investors, though, the real worry has been over
Deutsche’s future direction — especially given that the
investment bank Mr Jain built up is both the dominant
force within Deutsche, and the bit of the group that is most
challenged by ever tougher regulation.
Mr Jain’s position at the helm of Deutsche has looked like
an anachronism for some time.
He had been in good company. Peter Sands of Standard
Chartered and Brady Dougan of Credit Suisse had similarly
built up operations aggressively in the pre-crisis years and
then spent the post-crisis years defending their bastions.
In recent months, both Mr Sands and Mr Dougan stepped
down, amid growing pressure from investors.
Mr Jain’s allies will stress that he at least is going on his
own terms, not waiting to be pushed. But that pressure
would not have been long coming. Murmurings had begun
suggesting that activist hedge funds could be preparing
some kind of assault. Deutsche’s stock market valuation —
barely half of its net asset value — has left the bank, and Mr
Jain, looking vulnerable compared with recovering rivals.
Paul Achleitner, Deut-
sche Bank’s supervisory
chairman, prepared the
Investors had
ground for succession been bruised by the
pretty well. Two years
ago, he brought John
failure to anticipate
Cryan, the former UBS the severity of
financedirector,ontothe
boardasanon-executive.
regulation
Mr Cryan was always a
likely stand-in as CEO if the Libor or foreign exchange
scandals had claimed Mr Jain’s scalp.
In the end it was nothing so dramatic that ousted Mr Jain
— just a realisation that investors were not convinced by
the direction Deutsche was taking. They had been bruised
by Deutsche’s failure to anticipate the severity of regula-
tion and the extra capital it would demand. Two dilutive
equity raisings came only under duress.
After unveiling a strategy six weeks ago to sell German
retail banking subsidiary Postbank, and tweak parts of the
investment banking operation, Mr Jain and Mr Fitschen
failed to secure the backing of 39 per cent of investors at
last month’s annual meeting and the shares have fallen a
further 10 per cent. Deutsche’s root problem is its scant
room for manoeuvre. Unlike Barclays, which has a strong
credit card operation, or HSBC, which is a powerhouse in
Hong Kong retail banking, Deutsche has only second-rate
businesses to fall back on now its investment bank is under
pressure. Mr Cryan’s challenge will be to change that.
patrick.jenkins@ft.com

Succession
its priorities and reallocate capital peers five years from now — the same

Ruthlessly efficient heir is no stranger to crisis accordingly.

MARTIN ARNOLD — LONDON
Since John Cryan stepped down as head
of Europe at Temasek a year ago, his
name has repeatedly cropped up as a
likely contender to take over as chief
executive at one of Europe’s big but
struggling banks.
Standard Chartered, Barclays and
Credit Suisse were all mooted by head-
hunters as potential destinations for the
54-year-old. But British-born Mr Cryan
told his friends he was happy at Deut-
sche Bank, where he joined the supervi-
sory board in 2013.
He explained that being chairman of
Deutsche’s audit committee was a big
enough job in itself.
Having worked in Munich for SG War-
burg between 1990 and 1992, Mr Cryan
speaks good German — putting him at
an advantage compared with others,
including even Anshu Jain, who he is
now set to replace at the end of this
month.
Analysts say the former UBS chief
financial officer, who quit the Swiss
John
Cryan:
cleaned up
UBS unit
bank in 2011, has a reputation for being
ruthlessly efficient and likes to keep a
healthy buffer of capital above the mini-
mum required by regulators.
“He was aggressive in cleaning up the
investment bank at UBS after the crisis
and he held back [then-chief executive]
Oswald Grübel when he was building up
that business,” said one analyst.
Having been head of the financial
institutions group for a decade at UBS
advising other banks, Mr Cryan has
strong technical knowledge. He is also
no stranger to crisis. He stepped up to
become UBS CFO in the dark days of
September 2008 — as Lehman Brothers
was collapsing and the Swiss bank was
about to be bailed out by the state.
A graduate of Cambridge university,
he sits on the board of Man Group, the
hedge fund, as well as ST Asset Manage-
ment, a structured credit investment
vehicle owned by Temasek, and Tana
Africa Capital, a private equity fund
co-founded by E Oppenheimer &
Son and Temasek. He is also a senior
adviser to Temasek.
More pain than gain
under Jain’s reign
Deutsche Bank’s investors could not
possibly receive better news. That is not
to say that the departure of Anshu Jain
and his co-chief executive Jürgen
Fitschen heralds a radical change in
strategy, or that such a change is even
feasible.
The point is just that Mr Jain —
holder of ultimate strategic and tactical
responsibility — could not do what
needed to be done and his efforts have
exhausted the patience of the bank’s
shareholders. It is undoubtedly time to
give someone else a chance to attempt
the nearly impossible.
Deutsche Bank’s burden is that, for
the foreseeable future, it can only
succeed or fail as an investment bank.
Unlike many of its global peers, it is not
in a position to fundamentally reorder
It is natural — if not easy — for UBS,
Credit Suisse and Morgan Stanley to
become wealth managers first, with
supportive investment banking
capacities off to one side. HSBC can
push its Asia-focused commercial
banking operations to the front;
Barclays has a retail business, credit
cards, and Africa.
Where is Deutsche Bank to go? Its
retail operations are grounded in low-
profit Germany. Its wealth management
operation is in no position to compete
with the Swiss. Investment banking, and
indeed investment banking with an
emphasis on trading, is its only card
worth playing.
The strategy is not the problem, then;
execution is. That one card must be
played profitably. This is where Mr Jain
failed to make adequate progress.
The bank has an unacceptable
combination of high leverage and low
returns; the link between the halves of
that ugly pair is very high costs. The
strategy day a month ago served mostly
to underline this point.
The bank said that it would only get
its leverage ratio in line with global
time in which it would bring its
appalling cost-to-income ratio of 85
per cent down to a merely
unimpressive 65 per cent. Costs
simply must come out faster than that.
Is it even possible to run a trading-
driven investment bank while
exercising iron discipline about costs?
Goldman Sachs earns very
respectable returns, but some of that
is down to the quality of its advisory
business; and there may only be room
in the world for one Goldman.
The job of finding out if more room
can be made falls to John Cryan, a
man respected by bankers,
shareholders and regulators while
chief financial officer at UBS. He will
need plenty of help from all three
groups.
Mr Cryan will have to set specific
goals for cost controls and articulate
how they will be reached, which may
put him at odds with the culture of the
bank. He must do this while
competing in the most capitally
intensive area of banking. This
balance may not be possible to strike.
For Deutsche Bank, the best
possible news is not very good.
Monday 8 June 2015 ★ FINANCIAL TIMES 19

COMPANIES

Media Charity auction. Billionaire’s table talk

New York Times Plenty to chew over at Buffett lunch

bolsters London Chinese winners can expect
financial wisdom and life advice

hub as Paris from the legendary investor

STEPHEN FOLEY — NEW YORK

loses its shine The folks who successfully bid $2.3m for
lunch with Warren Buffett can expect a
convivial event filled with jokes, invest-
ment wisdom and life advice, according
to those who have won in previous years
— but they had better keep an eye on
UK capital secures bigger expand its London presence. “There is their soft drinks.
more labour flexibility in London com- This year’s annual auction was won by
role on back of country’s pared with Paris,” it said. a Chinese online games development
greater labour flexibility The company now employs about 60 company called Dalian Zeus Entertain-
people in London, with plans to add four ment, which can take up to eight people
MATTHEW GARRAHAN — NEW YORK new positions for its T Brand Studio, the to meet the legendary investor.
“custom content” operation run by its Since Mr Buffett began the tradition
The New York Times is ramping up its advertising department. in 2000, his lunches have raised $20m
presence in London at the expense of its About 120 people work in the Paris for Glide, a San Francisco charity sup-
long-term European headquarters in office but that number is dwindling, porting the city’s poor and homeless.
Paris, a shift it attributes to France’s according to people familiar with the Monsoon Pabrai’s most vivid memory
inflexible employment laws. matter. “Paris was always central to the from her lunch was that Mr Buffett
The company has merged its London New York Times ecosystem but is being pinched her Cherry Coke, thinking it
bureau with the London office of the downgraded,” said one of those people. was his. She was 12 at the time. Her
International New York Times, adding “London is taking precedence as an hedge fund manager father, Mohnish
digital editors and a branded content international hub.” Pabrai, took his two daughters along
studio, while departing editorial staff in after he and a friend won with their
Paris are not being replaced, according $650,100 bid in 2007.
to people familiar with the matter.
The shift has fuelled talk Now, partly inspired by that lunch, Ms
Paris has been the home of the news- that the newspaper may Pabrai is doing an internship at the
paper’s international operations since investment office at University of Cali-
1967 when it bought a stake in the Inter-
move the International fornia, Los Angeles, and hoping to go
national Herald Tribune, a title which New York Times into the world of endowments, but she
reflected America’s enduring romance also remembers Mr Buffett’s advice out- Hunger for knowledge: auction bidders are keen to learn the secrets of success from the sage of Omaha — Nati Harnik/AP
with the city. An early incarnation fea- The shift to a digital publishing sched- side the sphere of investments.
tured in Ernest Hemingway’s novel The ule has led to investment in offices in “He said the greatest decision we
Sun Also Rises and also appeared in the London and Hong Kong so that global would make is who to marry,” she gin that makes it more likely that they the US Bureau of Labor Statistics. But in 2006. “I love to talk to him,” Mr Duan
seminal Jean-Luc Godard movie A Bout news can be published in a timely fash- recalls. “Now every time my sister and I will want to hang out with me.” even at the highest price tag, winning said. “He uses the most simple words to
de Souffle. ion over a 24-hour cycle. “A decade ago go on dates, that echoes in our heads.” The price of breaking bread with Mr the auction can be worth every cent. explain the most complicated things.”
The New York Times owned the Inter- the hubs would have been Paris and Guy Spier, who bid with Mr Pabrai, Buffett began rising dramatically after Mr Buffett surprised a two-time win- Glide’s co-founder Janice Mirikitani
national Herald Tribune jointly with the Hong Kong,” the person said. recalls “the way the air vibrates” around the auction switched to eBay in 2003, ning bidder — a hedge fund manager said at the launch of the auction last
Washington Post but took full owner- The newspaper’s investment in Mr Buffett. Mr Spier has since written a opening it up to fans from all over the from Virginia named Ted Weschler — by week: “The divides are getting bigger
ship in 2003, renaming it the Interna- London comes as another US pub- book on what he has learnt from Mr Buf- world. This year’s winning bid is 838 per offering him a job at the end of their sec- between the haves and have-nots. Mr
tional New York Times in 2013. lisher is making a big digital push in fett, both personally and through fol- cent higher than that paid in 2003 by ond meal. Mr Weschler is now in line to Buffett inspires others who have the
The shift in resources from Paris to Europe. Politico, the online news service lowing his value investment principles, David Einhorn, the famed short seller, take over some investment duties at means to help bridge that divide.”
London has fuelled talk that the news- that took on the Washington Post in its and he puts some of his professional and the highest bid ever was $3.5m in Berkshire Hathaway when Mr Buffett Mr Spier declined to put a figure on
paper may move the International New home market, has expanded in Europe success down to the lunch. 2012. retires as chief executive. the return on investment from his win-
York Times to London. after striking a deal with Axel Springer, “The world is not a fair place,” he said. The cost of the meal itself, now Duan Yongping, the Chinese electron- ning bid, but he is certain of its value.
The company said there were “no cur- the German media group. “Who you hang out with counts. Hang- donated by steakhouse chain Smith & ics entrepreneur turned investor, has “We could give that money to Harvard
rent plans” to move. However, it It has opened an office in Brussels and ing out with people better than you Wollensky, has risen more modestly. stayed away from airline stocks after or Yale,” he said, “but it would not even
acknowledged that French employment is adding reporters in other capital cities counts. Somebody knows that I had Restaurant food prices are up 41 per discussing Mr Buffett’s own disastrous buy you a plaque. It would only buy you
laws had played a part in the decision to across the continent. lunch with Warren Buffett, at the mar- cent over the same period, according to foray into the sector with him at lunch lunch with the Dean.”

Challenger banks need a helping Trading Directory

hand to take on the UK’s Big Five

Job done then? Not quite. Britain’s the chance to play with different mod-
INSIDE BUSINESS challenger banks may be thriving, but els. Low costs could make charging for
they account for just 4 per cent of bank- accounts more palatable. Mining cus-
MONDAY ing assets. The entrants that have flour- tomer data could be a way to finance day
ished are those serving niche markets to day services, luring customers by
Jonathan neglected by traditional banks, such as offering desirable perks.
small business loans. Key segments But launching such innovations isn’t
Ford such as personal current accounts easy in a world where switching
remain the province of the Big Five. accounts remains the exception.
They matter because they are a “gate- In spite of reforms to facilitate this,
way” to selling other financial products. just 1.5 per cent of current account cus-
Yet here the Big Five enjoy huge tomers switched last year.

I
t is one of the paradoxes of the advantages linked to the UK’s fixation One suggested way forward would be
financial crisis. A cataclysm that with “free in credit” banking. A chunk to introduce “account number portabil-
showed the perils of “too big to fail” of the income the banks make from ity”. This essentially involves creating a
banks led also to the largest finan- these accounts comes from not having single database on which all accounts
cial institutions getting even bigger. would be logged. Customers could move
Britain was among the worst offend- their accounts intact from one provider
ers, sanctioning vast agglomerations of
Greater innovation would to the next, choosing a bank purely on
market power during the meltdown. provide better service to its ability to provide desirable services.
Lloyds Banking Group was allowed to The model for this is the mobile tele-
buy HBOS and Santander to gobble up
the customer — almost phone market, where number portabil-
Alliance and Leicester. Consequently an certainly at lower cost ity led to much higher switching, ulti-
already dominant “Big Five” emerged mately unleashing the digital cornuco-
from the debacle with a bigger market pia delivered by the smartphone.
share than when it went in. to pay interest on customer balances. The UK’s challenger banks have made
Unpicking this has been a goal of pol- As challengers don’t by definition inroads, but theirs is an unfinished revo-
icy over the past seven years, and one hold these balances to begin with, but lution. Further growth may come, not
that has not gone unrewarded. After must build the infrastructure to support least because the Big Five are shrinking
decades of steadily dwindling domestic them, they are obliged to bear a sub- their balance sheets for regulatory rea-
competition, the Bank of England has stantial deadweight cost. sons. But whether this will be enough to
been welcoming new performers to the Virgin Money, for instance, estimates spark genuine innovation is moot.
market. it would need £6bn of customer bal- A freer market would deliver real
The UK has a thriving “challenger” ances to be on the same footing as benefits. A more balanced and diverse
sector, spanning retail and business Lloyds in funding personal current structure would be safer. Greater inno-
banking. It ranges from start-ups to accounts. At present it has less than a vation would provide better service to
bank brands such as TSB spun out of the 20th of that. the customer — almost certainly at
Big Five and supermarket groups such Of course, the idea is not for each chal- lower cost.
as Tesco. lenger simply to ape the incumbents. But in the way stands the Big Five;
Several challenger banks have floated Metro Bank, for instance, aims to com- lacking in capital and energy but with
in the past year. Some have growth rates pete by delivering a high level of service 80 per cent of the UK’s deposits.
and returns superior to those enjoyed through a focused branch network. How to surmount it is something the
by the Big Five. Digital banking, meanwhile, offers Competition and Markets Authority
must determine as part of its investiga-
tion into the sector. One option is to pur-
sue further reform with the aim of level-
ling the playing field. But while free
Businesses For Sale banking exists, making switching easier
or tweaking access to payment systems
may be insufficient.
The alternative is to supplement
these initiatives with structural change,
breaking up existing players to create
bigger challenger banks. The problems
exacerbated by 2008 may only
ultimately be undone by reversing it.
The CMA should not shy from
splitting up Lloyds and even Royal Bank
Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises of Scotland — two partially state owned
Runs Daily banks the chancellor, George Osborne,
......................................................................................................................................................................................................................................................................... is racing to sell.
Classified Business Advertising
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
jonathan.ford@ft.com
20
Real estate
London & Regional to put
$500m into Cuban resort
UK developer’s move
comes as relations thaw
between Havana and US
JOHN PAUL RATHBONE
London & Regional, the UK property
developer, plans to invest more than
$500m to develop a luxury Cuban tour-
ist resort in one of the first signs of big
money interest in the island since
Havana began talks to normalise rela-
tions with the US in December.
The resort will allow foreigners to own
beachfront property on the socialist
island for the first time. It will also boast
an 18-hole golf course — once consid-
ered by Fidel Castro a bourgeois sport —
in a further sign the island is allowing
once-unthinkable liberal reforms of its
Soviet-style economy.
“We’ve long liked Cuba, and signed
this deal before the US talks began,” Ian
Livingstone, London & Regional co-ex-
ecutive chairman, told the FT. “I think
the Cubans see it as something of a path-
finder project.” He said the build-out
value would be “well north of $500m”.
Food producers. India challenge
Nestlé rocked by storm in a cup of
noodles as Maggi is off the menu
Swiss group faces fight to win
back consumer confidence
after ban over levels of lead
AMY KAZMIN — NEW DELHI
For decades, Nestlé’s Maggi noodles
have been one of India’s best-loved
brands. Despite having no tradition of
eating noodles, the country embraced
Maggi’s “Two-Minute Noodles” as the
ultimate convenience and comfort food.
In a culture where traditional foods
are slow to cook and labour-intensive,
quirky restaurants such as Tom Uncle’s
Maggi Point — a popular spot outside
Delhi university — and humble stalls in
far-flung villages used the Swiss con-
sumer group’s noodles to create warm,
filling meals for diners on the go.
Today, however, Maggi is off India’s
menu. On Friday, the Food Safety and
Standards Authority of India ordered
Nestlé to stop selling, making or import-
ing its nine varieties of Maggi noodles
after tests of 29 samples found 15 had
levels of lead beyond permissible limits.
The authority called the noodles
“unsafe and hazardous for human con-
sumption” and also accused the com-
pany of violating labelling rules with
claims that Maggi had no additional
monosodium glutamate.
Nestlé, which said it was voluntarily
withdrawing the noodles from the
Indian market hours before the ban, has
insisted they meet India’s food safety
standards and are safe.
But the company faces a tough battle
to get India’s favourite snack back on the
shelves — and restore battered con-
sumer confidence. Nestlé India shares
fell more than 12 per cent last week.
“The brand can survive, but they will
need to do much more than talk about
it,” said Kiran Khalap, co-founder of
Mumbai-based Chlorophyll Brand and
Communications Consultancy.
“If there was a crisis manual, it would
state very clearly that the first step is
acceptance, then taking remedial
action, then showing that remedial
action at a mass level.”
Multinationals have successfully fol-
lowed such a playbook in India before.
In 2003, Cadbury, the chocolate maker,
saw sales plummet after media reports
of worms in Dairy Milk chocolate bars.
Initially, the company blamed the
problem on poor storage in retail outlets
— something beyond its control. But as
the crisis escalated, Cadbury invested
£1.5m to upgrade its packaging into
sealed packs, then hired Bollywood star
Amitabh Bachchan to announce its new
“purity sealed” packaging. After eight
months, sales had recovered.
Nestlé’s differences with Indian
authorities stem from how to measure
lead levels within a Maggi packet, which
contains both noodles and a sachet of
seasonings. “We have been in intensive
discussions with the authorities to clar-
ify and show our arguments and our
tests,” Paul Bulcke, Nestle’s global chief
executive, told a press conference in
New Delhi last week.
The company argues that the lead
content of both ingredients combined
should be measured. However, Indian
food safety authorities disagree, insist-
COMPANIES
London & Regional, privately owned
by Mr Livingstone and his brother Ian,
has a £9bn property portfolio, two-
thirds in the UK, the rest in emerging
markets. Group accounts at Companies
House reported net assets of £1bn in
2013 and operating profits of £213m.
One of its largest projects is a 6m sq ft
redevelopment of Panama’s old US Air
Force base into a mixed-use business,
residential and recreational centre, also
with a golf course.
The 1.5m sq ft Cuban project, called
Carbonera, lies 100km north of Havana,
near the Varadero beach resort. Pal-
mares SA, a state company charged with
developing Cuban golf, is the joint
venture’s 51 per cent partner and con-
tributed the land, free of property
claims by nationalised owners. France’s
Bouygues and Brazil’s Odebrecht,
already operating in Cuba, might tender
for construction.
“This will be a very top-end develop-
ment, with a boutique hotel of 100
rooms and some 1,000 residences for
sale, from villas to condominiums,” said
Desmond Taljaard, London & Regional
managing director. “It is part of Cuba’s
Children in Bhopal protest against Maggi noodles this month — Sanjeev Gupta/EPA
ing lead levels of each component must
be within the limits. It is a difference
unlikely to be easily resolved.
“I’m staying away from Maggi as a
consumer, and I’m staying away from
Nestlé India stock as an analyst,” said
Nitin Mathur, a Mumbai-based con-
sumer goods specialist with Société
Générale.
For Nestlé the crisis threatens to
reverberate beyond noodle sales to its
entire packaged food portfolio in India,
which includes instant soups and sauces
that are all sold under the Maggi brand.
Safety probe
Pasta next for tests as
investigation simmers
Maggi noodles are unlikely to be
the only casualty of the scare over
lead in the food supply. The Food
Safety and Standards Authority of
India said at the weekend it
intended to test other brands of
instant noodles, as well as pastas.
Rivals have been launching their
own brands hoping to capitalise on
growing demand for convenience
foods — a trend fuelled by rising
numbers of women entering the
workforce and more young men
living apart from their families.
In 2010, ITC, the conglomerate,
introduced Yippee instant noodles
under its Sunfeast brand, while this
year, Hindustan Unilever launched
its noodles under the Knorr brand.
Other entrants include Nepal’s Wai
Wai and Nissin Food’s Top Ramen.
★ FINANCIAL TIMES
drive to move up from three star
tourism.”
About 3m tourists visited Cuba last
year. But an end of the US embargo
could see another 3m US tourists visit,
according to International Monetary
Fund estimates. Mr Taljaard said Car-
bonera was aimed at the Canadian,
European and regional markets, “with
US clients one day”.
After 56 years of cold war enmity, the
prospect of detente with Havana has
ignited a carnival of expectations.
Carbonera, started by a Scottish
entrepreneur, took eight years to reach
this stage. London & Regional became a
keystone partner in early 2014 and the
project won Cuban cabinet approval
soon after. It has since been upgraded
and redesigned, and will be financed
internally by the British group.
“If you are an investor focused on
quarterly results and internal rates of
return with immediate exits, Cuba
might not be for you,” Mr Livingstone
said. “But we are enthusiastic about
Cuba, and committed. We are long-term
investors. We build long-term relation-
ships and we have patient capital.”
Euromonitor, the market research
group, estimates Nestlé sold about
$623m of Maggi packaged and pre-pre-
pared foods in India last year, led by its
noodles. Though that is a fraction of the
group’s $98bn global revenues last year,
Maggi was poised for rapid growth with
India’s economic acceleration.
“This scandal is very damaging for
Nestlé,” says Lianne van den Bos, a food
industry analyst at Euromonitor. “It
affects its whole business strategy in
India.”
Maggi arrived in the subcontinent in
1983, when the state controlled the
economy and foreign products were
largely unavailable. Its early ads popu-
larised the “Maggi mom” — a hard-
working, caring mother without time to
prepare elaborate traditional meals for
her children — and for many Indians the
noodles are still associated with “piping
hot mother’s love”, as novelist Sandip
Roy wrote.
For Nestlé India, with its $1.5bn total
revenues last year, there is a silver lining
in that consumers do not closely associ-
ate Maggi with Nestlé, which means the
company’s largest category — dairy
products — may escape damage. “The
Maggi failure may not affect Nescafe or
Nestlé milk,” Mr Khalap said. “People
may not make that connection.”
Even the Maggi brand is salvageable,
he said, if Nestlé comes up with an
appropriate response. “Any brand that
has so much goodwill like Maggi can
take this shock if instead of denying eve-
rything, they say, ‘this is what’s wrong,
and this is what it’s going to take to fix
it’,” he said.
Additional reporting by Scheherazade
Daneshkhu in London
Monday 8 June 2015Monday 8 June 2015
★ FINANCIAL TIMES
General financial. Payday loans
LendUp and Elevate aim to help subprime lenders regain their financial independence — Rosalrene Betancourt/Alamy
New breed of lenders
shuns the shark image
US overhaul of the short-term
debt sector aims to clear out
bad apples and help the poor
BEN MCLANNAHAN — NEW YORK
Sasha Orloff is quite happy for his cus-
tomers to leave him behind. If all goes to
plan, in fact, low-income consumers
taking short-term loans from LendUp,
his online lending start-up, will eventu-
ally demonstrate enough of an ability to
handle debt that they graduate to the
mainstream banking system, granted
credit cards, unsecured loans and mort-
gages.
“We focus on credit-building opportu-
nities for people banks decline,” says Mr
Orloff, 38, a former microfinance expert
at the World Bank who launched the San
Francisco-based company three years
ago. “We try to focus on how technology
can make lives better and easier.”
LendUp and its biggest rival Elevate,
based in Fort Worth, Texas, are taking
aim at payday and instalment lending —
traditionally grubbier corners of Amer-
ica’s $3.2tn consumer-debt market.
They are aiming to serve borrowers
who cannot qualify for loans at bigger
and better known online lenders such as
such as Prosper, SoFi and Lending Club.
Payday loans aim to bridge cash
shortages of a couple of weeks. Instal-
ment loans last longer, between two to
three months, and are taken when the
sudden expense — a broken boiler, a
bereavement — runs to hundreds or
thousands of dollars. Both are big busi-
ness. Twenty-seven states allow single-
repayment loans with annual percent-
age rates of 391 per cent or higher,
according to the Pew Charitable Trusts.
“The people in this segment have to
make the same decisions you and I
make every day, but they have fewer
choices and their choices are more
expensive,” says Frank Rotman, a part-
Pharmaceuticals
Novartis chief backs shake-up of drug pricing
ANDREW WARD
— PHARMACEUTICALS CORRESPONDENT
Pharmaceuticals companies must
move towards new pricing models
based on outcomes for patients if
Europe’s cash-strapped health systems
are to remain solvent, according to the
chief executive of Novartis.
Joe Jimenez warned that companies
could no longer expect to be rewarded
for medicines that produce weak bene-
fits or only incremental improvement
over existing treatments in an era of
rising pressure on health budgets.
“What’s coming is not a pretty picture
for anybody in the next 10 years and
unless we . . . help reduce demand on
the health system it is just going to mean
more cost containment, more rationing
of care and that’s not good for the
industry.”
Mr Jimenez was speaking to the
Financial Times in his capacity as newly
installed president of the European Fed-
eration of Pharmaceutical Industries
and Associations, the trade group for big
pharma. Novartis of Switzerland is the
region’s biggest drug company by sales
and market capitalisation.
COMPANIES
ner at QED Investors, a Virginia-based
backer of LendUp. “To completely cut
them off feels like you’re cutting off a
huge population that needs access to
credit.”
In the UK, authorities have cracked
down on payday lending, forcing opera-
tors to meet the watchdog’s strict crite-
ria for authorisation. But in the US, the
overhaul is just beginning, with draft
proposals issued in March by the Con-
sumer Financial Protection Bureau,
which began to supervise the sector in
January 2012.
Under the new regime, designed to
supplement a patchwork of state laws,
lenders would have to determine at the
outset that the consumer is not taking
on unaffordable debt, and comply with
various restrictions designed to ensure
that the consumer can afford it. There
are also proposed limits on the number
of loans to be taken out by one cus-
tomer, six to 10 a year, and restrictions
on collections, so that lenders would be
limited to two attempts to take cash
from checking accounts without reau-
thorisation.
This is “very aggressive rulemaking”
by the CFPB to “fundamentally alter
the landscape” of payday lending,
US consumer debt
Per cent
Personal
and other Student
loans
12
34
Credit
cards 25
29
Auto
loans
Total: $3.2tn
Source: New York Fed
Drug pricing is facing scrutiny across
Europe as health systems face rising
demand from an ageing population.
Mr Jimenez said these pressures
would only increase unless industry
worked with governments and health
providers to increase efficiency.
“There is a tremendous amount of
waste in the system and if you focus on
just those inputs that deliver [health
‘If medicines do not
have an effect then those
medicines deserve not
to be reimbursed’
benefits] and eliminate those that don’t
then we can put these health systems on
a sustainable path.”
His views reflect growing consensus
that drug companies must shift away
from maximising sales volume regard-
less of how well their medicines worked.
In future, he said, industry should be
rewarded for positive patient outcomes
and the value provided to societies.
“If medicines do not have an effect
then those medicines deserve not to be
21
says Edward Mills, an FBR Capital Mar-
kets analyst who spent nine years on
Capitol Hill in various financial services
roles.
Mr Orloff and Ken Rees, chief execu-
tive of Elevate, say they have nothing to
fear from the changes, noting that the
changes are primarily aimed at lenders
that try to skirt state laws by setting up
on tribal reservations and claiming sov-
ereign immunity. Spotloan of Illinois,
for example, which offers instant loans
of up to $800 across 34 states, is owned
by BlueChip Financial, an entity gov-
erned by the laws of the Turtle Moun-
tain Band of Chippewa Indians of North
Dakota.
The new regime, which should be
effective within two years, should mean
that “bad actors leave the business, and
better providers, more committed to
longer-term relationships with the cus-
tomer, will survive and flourish”, says
Mr Rees.
That is also the goal of La’tesha Fields,
a 43-year-old gospel singer from San
Diego, California, who took her first
$250 loan from LendUp in April after
her landlord sold her house and she
needed cash for a deposit.
She has since taken out two more at
$250 and has missed no payments, as
she wants to move up LendUp’s “lad-
der” to the ultimate prize: reports to the
three nationwide credit bureaus, and
access to much cheaper credit.
Doris Edwards, a 50-year-old retail
specialist from Dallas, Texas, hopes to
scale that ladder within two years,
which would mark a seven-year turn-
round since she declared bankruptcy
after losing a job as a corporate trainer
for a hotels chain. She is on her “maybe
eighth or ninth” loan, having first bor-
rowed to help her daughter with a utility
bill.
That LendUp loan was for $500; she
paid back $630 a month later. “I like the
option there if I need it,” she says. “If I
ever get in a bind.”
reimbursed. That’s going to happen
with or without us, so we’d rather be
part of the solution.”
He argued that prices were part of a
bigger efficiency challenge, noting that
drugs accounted for just 15 per cent of
total healthcare spending in Europe.
Pharma had been a “soft target” for
budget cuts, said Mr Jimenez, warning
that waste must also be rooted out in
hospitals and primary care.
This must involve greater focus on
prevention rather than cure. This would
sometimes work to the short-term dis-
advantage of drug companies, but in the
long run would “create headroom” in
budgets for new high-value treatments.
Greater use of patient data was crucial
to develop better drugs and measure
outcomes, he said. “To put these health-
care systems on a sustainable path,
we’re going to have to have data analyt-
ics in a way we have not in the past.”
A new collaboration between pharma
and the European Commission-backed
Innovative Medicines Initiative is aimed
at using medical data to drive research.
But some politicians in Brussels are
pushing for tighter restrictions on
access to patient records.
22 ★ FINANCIAL TIMES Monday 8 June 2015

COMPANIES
INSIDE BUSINESS
General financial
SMALL TALK

Watchdog drive on succession planning Kate

Companies urged to
prepare for sudden exits
that may hit performance
DAVID OAKLEY —
INVESTMENT CORRESPONDENT
What would happen to a company if the
chief executive died suddenly? It is a
question UK regulators will address
when they signal tougher guidelines on
succession planning among Britain’s
biggest companies in a discussion docu-
ment to be published this month.
The Financial Reporting Council,
which is responsible for overseeing cor-
porate governance, wants to make sure
companies are prepared for departures,
of corporate governance, said: “Succes-
sion is an important element of good
governance for any company.
“Companies need to be prepared for a
sudden departure of the CEO, but it is
not just at the CEO level where succes-
sion is important. There should be plan-
ning at non-executive and middle
management level as well.”
The inquiry followed investor criti-
cism of Tesco for leaving the post of
financial director vacant for several
months and at one stage having only one
board member with retail experience.
Some other companies were also sin-
gled out at the time for lacking experi-
ence on the board in certain core areas.
The problems of succession at CEO
level are often associated with founders,
FTSE 100 fit into this category — Martin
Gilbert, who has led Aberdeen Asset
Management since 1983; Sir Martin Sor-
rell, chief executive of advertising group
WPP since 1986; Henry Engelhardt,
chief executive of Admiral who has been
at the helm since 1991 and will step
down next May; and Mark Bristow, who
has been chief executive of gold miner
Randgold since 1995.
Mr Bristow’s love of motorbikes is a
worry for some investors. In 2011, he
broke his back in an accident in Senegal
while riding across Africa. “My accident
was a very good example that shows you
need to be prepared,” he said.
“I spent six months flat on my back
but I have a very good team around me,
who understand the company. I believe
Burgess
‘My An investor at a multinational said:
“The quality of the boss is one of the
accident
was a
most important elements for the suc-
cess of a company, which is why we look
closely at succession arrangements.
Annual reports are
very good
example
“On the negative side, Sir Terry Leahy
and then his successor Philip Clarke at
much more than an
that shows
Tesco were examples where the leader-
ship caused problems. Sir Terry, at the
end of his tenure, and Clarke failed to
exercise in compliance
you need spot the need to concentrate on their
to be core market of the UK.
prepared’ “Nick Buckles at G4S was another hock revelation. Investors do read annual
Mark Bristow,
Randgold
chief executive whose leadership led to
big problems as he failed to keep tight
management controls in place on con-
tracts. Ashley Almanza, his successor,
has in contrast been excellent.”
The FRC wants to make sure compa-
‘S
lic companies.
reports and base their investment decisions on
what they find there,” was the gist of a dismal
report by the Financial Reporting Council last
week into the quality of accounts of small pub-

Shocking, that is, to the many small company bosses

which can sometimes hit performance.
The regulator launched its inquiry
last year with a view to changing UK cor-
porate governance code guidelines that
cover succession. David Styles, director
who are so closely linked to their com-
pany that it is difficult to imagine how
the group would be run when they
finally leave.
The four longest-serving CEOs in the
General industrials. Diversification
in investing in people and that is why we
take succession, not just at the top but
across the company, very seriously.”
WPP said it addressed the issue of
succession at length in all key positions.
nies have a clear and consistent policy.
Current guidelines say a company
should have plans in place for orderly
succession to maintain an appropriate
balance of skills and experience.
who have told the accountancy watchdog they don’t
believe their external shareholders care a button what
they put in the annual statements.
The finding follows a long investigation by the FRC into
why the accounts of small public companies are so much
poorer than those spewed out by bigger companies.
It is not so much that bosses of corporate titches break
the rules. Most file their annual numbers dutifully. But too
often, says the beancounters’ regulator, boards see the
report as an exercise in compliance and spend as little time
as possible on preparing them. Paragraphs are lifted from

UK manufacturers find value in services
‘Servitising’ gives companies
more revenue streams and a
hedge against a downturn
TANYA POWLEY
— MANUFACTURING CORRESPONDENT
British manufacturers are stepping up
their investments in the profitable after-
sales service market as they hunt for
new sources of revenue streams to help
against downturns.
From Rolls-Royce and Weir to Rotork
and IMI, companies across the UK are
pushing to supply customers with serv-
ices as well as products.
About 35 per cent of UK manufactur-
ers with more than 100 employees
derived value from services related to
products in 2013, compared with 24 per
cent in 2007, according to research by
Cambridge Service Alliance (CSA) at
the University of Cambridge.
“Manufacturing firms globally are
‘servitising’ — adding services and solu-
tions to their product offerings. They
are doing so for a variety of reasons —
economic, strategic and environmen-
tal,” says Andy Neely, CSA director.
For Weir, this strategy has become
essential. The FTSE 100 engineering
group has spent the past few years bat-
tling a downturn in the mining market,
its biggest division, in which many big
customers have cut spending and put
projects on hold.
It now also has to contend with a
plummeting oil price which led the
company to warn in February that prof-
its would be hit “significantly” this year.
“The relative resilience of our after-
market revenues has been a strength for
us. Both in terms of supporting the core
business but actually helping us to grow
and develop our business further,” said
Keith Cochrane, chief executive.
This can be seen in Weir’s Minerals
division, where sales of its equipment
fell by 24 per cent between 2012 and
2014 because of a reduction in capital
spending by the big miners. However,
over the same period its after-market
revenues rose by 9 per cent.
“Original equipment sales is driven in
the main by capex spending trends in
mining. Whereas after-market is driven
by production trends so it is giving you
exposure to different revenue drivers
for your business,” said Mr Cochrane.
Services are 66 per cent of Weir’s group
revenues, up from 45 per cent in 2007.
At Rolls-Royce, about 48 per cent of
the group’s £14.6bn revenue for 2014
comes from after-market services,
including maintenance, repair and
Companies overhaul. The company can monitor its
across the UK, newest engines in the air and alert air-
such as lines if action is required.
Rolls-Royce, are The British government has been
pushing to encouraging the move to manu-
supply services. In its 2013 Foresight Report on
customers with The Future of Manufacturing, the mar-
services as well ket was identified as a key way for man-
as products ufacturers to grow.
Gary Marshall/Rolls-Royce
Mr Neely says many manufacturing
companies operating in the UK cannot
compete on the basis of cost. They have
to offer innovative solutions, some of
which involve integrated services.
“Strategically, some firms benefit
from the installed base — having a large
installed base opens up a significant
opportunity for spare parts sales and
support,” he says.
UK-based manufacturers, however,
are lagging behind other countries. In
2013, Malaysian and Singaporean man-
ufacturers led the way, with more than
50 per cent deriving value from services
related to products. Countries such as
Brazil and South Korea are at the bot-
tom of the table, with about 26 per cent
of manufacturers offering services.
Tim Baines of Aston Business School
has been working with small- to
medium-sized British manufacturers to
help them adopt a manu-services
model. Over the past three years Aston
has worked with 55 manufacturing
‘We were looking for a new
strategy because when the
financial crisis hit it
decimated our market’
SMEs on a two-day programme, which
it estimates has added about £5m of
gross value to the economy.
Out of the 55, about 23 companies
have significantly changed their busi-
ness. According to Aston, on average
the SMEs increase revenues by
£165,000 to £290,000. It is looking to
launch a more extensive programme in
January, which will see it work with
about 80 companies over a two-year
period.
“A lot of manufacturing compa-
nies . . . simply think of innovation just
in terms of product,” says Mr Baines.
“We try to help them think about differ-
ent ways that growth can come from. It’s
really a mindset change, it’s not magic.”
Birmingham-based Nicklin Transit
Packaging, which makes pallets and
large timber crates, took part in the
scheme 18 months ago.
“We were looking for a new strategy
because when the financial crisis hit it
decimated our market because every-
thing became extremely price driven,”
says Danny Harrison, business develop-
ment manager at Nicklin.
It now offers customers services such
as repair and recycling. The company’s
turnover has grown from £3.9m in 2008
to £7.3m in 2014.
“Through tough times we’ve really
grown. For us, servitisation is about
adding value and trying to look at new
ways of innovating,” says Mr Harrison.
other documents without thought for context and mean-
ing. Frequently, the numbers don’t quite add up; there are
basic errors and explanations are inconsistent. All because
directors believe that investors won’t notice, or so they say.
But shareholders do notice, says the FRC earnestly:
“Investors report that good quality corporate reporting is
an important factor in making investment decisions”.
Numbers that can’t be reconciled and minimal informa-
tion puts investors off backing small businesses, says the
FRC.
That is a pity, since small companies are the engines of
the UK economy’s growth, but their expansion is being
hampered by their reli-
ance on bank debt and
lack of access to cheaper
‘Minimal
and more flexible sources information puts
of capital, says the regula-
tor. How much better if
investors off
enterprises could tap the backing small
capital markets for
longer-term loan and
businesses’
equity products. In the
US, the watchdog adds, companies receive about five times
more funding from capital markets than rivals in the EU.
It is moot whether the quality of corporate information
in annual statements of US small companies is any better
or less boilerplate than it is in the UK.
Nonetheless, the FRC is right. Informative and compre-
hensive explanations of how the corporate year has
shaped up are critical to keeping investors onside. Annual
statements are almost more important for small compa-
nies than for big FTSE 100 multinationals with their assid-
uous following of analysts and brokers.
The information on Aim-quoted and fledgling compa-
nies is usually scant by comparison. For many investors, a
report by a small business is the only time in 12 months
they see independently verified figures on performance,
cash, profits or losses. Judith MacKenzie, fund manager at
Downing, told the Quoted Companies Alliance last week
that she regarded the report and accounts “as the purest
form of information we can get about a company”.
Lessons in fine reporting are part and parcel of a com-
pany’s induction to the stock market. Yet the FRC suggests
many companies forget after a while, or never fully under-
stood the link between the stuff in the annual report and
the speed with which backers open their wallets.
Priorities may be the real problem, though. Most busi-
nesses with limited resources will question whether it is
worth spending more to improve their accounts beyond
the statutory requirements, which many see as onerous
enough.
The FRC is looking at ways of training up finance staff
and giving audit committees more guidance. It will also
chat to fellow financial regulators at the Financial Conduct
Authority and the London Stock Exchange about how to
ensure companies have appropriate financial reporting
resources. It is asking for responses to its suggestions by
the end of July.
But the FRC may have to do more than set up workshops
and roundtables and send out letters urging boards to up
their game. Investors, advisers and regulators need to
drum the message home and help the market’s juniors
understand what is expected of them.
There will always be some delinquents who will cite
“nobody-told-me” excuses to get away with doing as little
work as possible. There will also be those who will not want
to hear the message, however plainly it is presented. But
even those companies who are receptive may need more
compelling proof that doing more than is strictly required
of them will be worth the effort.
kate.burgess@ft.com

Banks Travel & leisure

Renault launches UK retail savings venture
EMMA DUNKLEY
Carmaker Renault Group is launching
a UK retail savings bank through its
financing brand RCI, offering high-
interest-rate products in an attempt to
attract funding.
RCI Bank opens today with a digital
account paying 1.5 per cent as the first in
a range of savings products coming to
market this year.
The launch means RCI becomes the
only car finance arm actively to operate
in the UK savings sector.
It comes as a number of new lenders
attempt to break into retail banking,
with Open Bank and Atom among four
undergoing the application process.
RCI is seeking to gather deposits ini-
tially through its freedom savings
account as it aims to diversify funding
away from the money markets.
The account, accessed online with
call-centre support, allows for invest-
ments of £100 to £1m, with no penal-
ties, notice periods or tiered rates. Cus-
tomers will link to it through their exist-
ing bank current accounts.
Steve Gowler, chief executive, said:
“We want rates to be attractive all the
time, so we will not launch with an
attractive offer and then cut back.”
The financing group, which has
launched similar retail banking ven-
tures in France, Germany and Austria
over the past four years, is aiming for
retail deposits to represent 30 per cent
of its funding, a target it hopes to
achieve through expanding into the UK.
The bank is operating through a
“passport system” as a UK branch of the
French group. While RCI Bank is over-
seen by UK regulators, savers will be
protected under the French guarantee
system of up to €100,000 rather than
the Financial Services Compensation
Scheme, which covers up to £85,000.
Savers’ money will be used to help
fund car financing in the UK, a sector in
which RCI has been active for 20 years
with the Renault, Nissan, Dacia, Datsun
and Infiniti marques.
Mr Gowler said: “Our car finance busi-
ness is growing organically. The number
of new cars sold is back at pre-crisis lev-
els.”
He added: “We looked at other coun-
tries to launch the bank and we thought
there are strong prospects for internet
banking in the UK.”
Reubens give Roy’s hotels breathing space
KATE ALLEN
Veteran property tycoons the Reuben
brothers have taken control of a clutch
of the world’s best-known hotels in a
move that may give their owner, Indian
billionaire Subrata Roy, a last-ditch
chance to hang on to them.
The brothers, who originally made their
fortunes in the Russian metals market
in the 1980s and 1990s, have bought two
loans of £305m and $467m from Bank
of China secured against London’s Gros-
venor House, and the Plaza Hotel and
Dream Downtown in New York.
The bank called in administrators to
Mr Roy’s subsidiary, Sahara Grosvenor
House Hospitality, earlier this year.
Mr Roy has been in jail in India since
last March on contempt of court
charges. He was granted day release
from his cell last year to negotiate the
sale of some of his holdings including
the Grosvenor House.
The Reuben brothers have given Mr
Roy a four-month standstill on the
loans, meaning he may now have a
chance to resolve his financial prob-
lems.
The agreement was first reported by
The Sunday Times.
Mr Roy’s purchase of the Grosvenor
House in 2010 was at the time the larg-
est hotel deal on record in the London
market, according to estate agents.
The Reubens’ agreement is the latest
in a flurry of activity in the hotels mar-
ket. In April, the Barclay brothers
dropped their long-fought battle to gain
full control of Claridges, the Berkeley
and the Connaught, selling their holding
to Qatari investment vehicle Constella-
tion Holdings.
The Grosvenor House is one of Lon-
don’s best-known venues, hosting
events such as the Baftas after-party and
the Conservative party’s annual Black
And White charity ball. It has 494
rooms. Its underlying operating lease is
run by Marriott.
The Plaza is on Manhattan’s Fifth Ave-
nue and has 282 rooms and 152 private
condos. The Dream Downtown is the
newest of the three, built in 2011 with
315 rooms. The Reubens, who are based
in Switzerland, own property in Mayfair
and have a diverse range of other busi-
ness interests. They bought Goldman
Sachs’s metal warehousing business late
last year.
Monday 8 June 2015 ★ FINANCIAL TIMES 23

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $

-0.14% -0.31% -0.80% -0.88% -0.13% -1.06% -0.83% -1.507% -0.781% -0.681% -0.97%
0.18% 0.916% 1.59%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
May 06 - Jun 05 Index All World May 06 - Jun 05 Index All World May 06 - Jun 05 Index All World May 06 - Jun 05 Index All World May 06 - Jun 05 Index All World May 06 - Jun 05 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
20,460.90
2,092.83 15,023.89
2,080.15 14,957.16 6,933.74 11,350.15 2,091.00
11,197.15 19,291.99 2,068.10
6,804.60
Day -0.14% Month -1.02% Year 8.56% Day -0.41% Month -1.43% Year 1.06% Day -0.80% Month -1.69% Year -0.04% Day -1.26% Month -1.15% Year 12.56% Day -0.13% Month 4.76% Year 35.79% Day -0.23% Month -3.01% Year 2.96%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,068.46
3,471.19
4,919.64 44,768.80 44,561.94 27,640.91
1,547.04 1,543.56 11,180.30
11,062.00 27,260.16 3,333.67
Day 0.18% Month 1.03% Year 19.21% Day 0.00% Month -1.17% Year 5.66% Day -0.88% Month -0.67% Year 11.94% Day -0.75% Month -3.21% Year 2.85% Day -1.06% Month -3.07% Year 17.75% Day -0.34% Month -4.28% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
5,023.10
57,103.14
17,841.98 17,849.46 4,967.22 22,841.92 22,847.34 4,112.21 26,768.49
52,973.38 4,920.74 26,599.11
Day -0.31% Month -1.22% Year 6.64% Day -1.03% Month -8.75% Year 2.74% Day -1.33% Month -3.17% Year 9.33% Day -2.10% Month 1.20% Year 4.08% Day 1.54% Month 12.11% Year 148.07% Day -0.17% Month -2.63% Year 7.91%

Country Index Jun 05 Jun 04 Country Index Jun 05 Jun 04 Country Index Jun 05 Jun 04 Country Index Jun 05 Jun 04 Country Index Jun 05 Jun 04 Country Index Jun 05 Jun 04
Argentina Merval 11215.76 11245.93 Cyprus CSE M&P Gen 80.20 81.04 Italy FTSE Italia All-Share 24417.05 24936.88 Philippines Manila Comp 7526.70 7553.65 Taiwan Weighted Pr 9340.13 9348.63 Cross-Border DJ Global Titans ($) 241.26 243.09
Australia All Ordinaries 5506.50 5511.30 Czech Republic
PX 1004.89 1018.76 FTSE Italia Mid Cap 32827.82 33483.72 Poland Wig 54278.69 54749.74 Thailand Bangkok SET 1507.37 1490.90 Euro Stoxx 50 (Eur) 3510.01 3556.38
S&P/ASX 200 5498.50 5504.30 Denmark OMXC Copenahgen 20 977.94 984.54 FTSE MIB 22847.34 23336.50 Portugal PSI 20 5804.53 5872.98 Turkey BIST 100 82499.02 83393.57 Euronext 100 ID 961.29 973.51
S&P/ASX 200 Res 3405.40 3408.80 Egypt EGX 30 8780.76 8905.60 Japan 2nd Section 4969.77 4963.03 PSI General 2647.84 2675.89 UAE Abu Dhabi General Index 4587.23 4589.24 FTSE 4Good Global ($) 5684.42 5748.48
Austria ATX 2544.67 2612.35 Estonia OMX Tallinn 869.43 863.50 Nikkei 225 20460.90 20488.19 Romania BET Index 7441.02 7480.67 UK FT 30 2979.80 3013.00 FTSE All World 283.33 285.70
Belgium BEL 20 3646.69 3692.07 Finland OMX Helsinki General 8479.16 8591.91 S&P Topix 150 1404.65 1412.15 Russia Micex Index 1652.07 1638.07 FTSE 100 6804.60 6859.24 FTSE E300 1543.56 1557.25
BEL Mid 5868.61 5938.60 France CAC 40 4920.74 4987.13 Topix 1667.06 1673.89 RTX 922.67 922.63 FTSE 4Good UK 6109.27 6157.86 FTSE Eurotop 100 3084.76 3110.34
Brazil Bovespa 52973.38 53522.91 SBF 120 3878.71 3931.78 Jordan Amman SE 2186.64 2184.96 Saudi-Arabia TADAWUL All Share Index 9668.10 9678.75 FTSE All Share 3711.10 3740.39 FTSE Global 100 ($) 1351.42 1364.02
Canada S&P/TSX 60 872.21 876.16 Germany M-DAX 20005.52 20278.63 Kenya NSE 20 4784.07 4773.79 Singapore FTSE Straits Times 3333.67 3345.00 FTSE techMARK 100 3977.90 4020.79 FTSE Gold Min ($) 1180.94 1202.03
S&P/TSX Comp 14957.16 15019.39 TecDAX 1668.30 1692.30 Kuwait KSX Market Index 6323.84 6313.04 Slovakia SAX 248.89 247.86 USA DJ Composite 6251.71 6259.78 FTSE Latibex Top (Eur) 3400.10 3427.20
S&P/TSX Met & Min 750.98 750.59 XETRA Dax 11197.15 11340.60 Latvia OMX Riga 446.51 445.47 Slovenia SBI TOP 791.12 794.62 DJ Industrial 17849.46 17905.58 FTSE Multinationals ($) 1586.37 1598.92
Chile IGPA Gen 19328.08 19272.38 Greece Athens Gen 786.11 827.12 Lithuania OMX Vilnius 500.38 501.95 South Africa FTSE/JSE All Share 51694.25 51323.68 DJ Transport 8509.64 8436.90 FTSE World ($) 499.07 503.31
China FTSE A200 13357.64 13221.26 FTSE/ASE 20 235.42 247.88 Luxembourg LuxX 1699.72 1722.98 FTSE/JSE Res 20 41825.91 41068.49 DJ Utilities 562.95 570.40 FTSEurofirst 100 (Eur) 4410.58 4443.62
FTSE B35 15576.05 15634.70 Hong Kong Hang Seng 27260.16 27551.89 Malaysia FTSE Bursa KLCI 1745.33 1741.48 FTSE/JSE Top 40 45993.24 45585.39 Nasdaq 100 4477.19 4487.03 FTSEurofirst 80 (Eur) 4689.63 4752.60
Shanghai A 5260.25 5180.26 HS China Enterprise 13914.61 14127.01 Mexico IPC 44561.94 44561.11 South Korea Kospi 2068.10 2072.86 Nasdaq Cmp 5068.46 5059.12 MSCI ACWI Fr ($) 432.93 436.44
Shanghai B 529.17 531.33 HSCC Red Chip 5100.58 5137.67 Morocco MASI 9733.46 9701.77 Kospi 200 254.94 255.47 NYSE Comp 10979.33 11000.39 MSCI All World ($) 1775.44 1789.91
Shanghai Comp 5023.10 4947.10 Hungary Bux 22326.95 22303.77 Netherlands AEX 479.38 485.29 Spain IBEX 35 11062.00 11146.10 S&P 500 2092.83 2095.84 MSCI Europe (Eur) 1501.91 1518.88
Shenzhen A 3194.06 3164.40 India BSE Sensex 26768.49 26813.42 AEX All Share 731.90 739.89 Sri Lanka CSE All Share 7122.73 7120.91 Wilshire 5000 22167.66 22161.75 MSCI Pacific ($) 2481.84 2511.35
Shenzhen B 1603.12 1597.36 S&P CNX 500 6700.70 6704.75 New Zealand NZX 50 5867.90 5865.44 Sweden OMX Stockholm 30 1606.46 1625.02 Venezuela IBC 12371.61 12442.52 S&P Euro (Eur) 1550.88 1571.83
Colombia COLCAP 1309.09 1311.78 Indonesia Jakarta Comp 5100.57 5095.82 Nigeria SE All Share 33466.41 33879.21 OMX Stockholm AS 525.73 532.10 Vietnam VNI 578.07 568.99 S&P Europe 350 (Eur) 1587.69 1601.31
Croatia CROBEX 1742.06 1733.51 Ireland ISEQ Overall 6102.48 6142.78 Norway Oslo All Share 697.58 696.65 Switzerland SMI Index 9105.02 9233.65 S&P Global 1200 ($) 1951.63 1967.11
Israel Tel Aviv 100 14.68 14.73 Pakistan KSE 100 34085.74 33908.62 Stoxx 50 (Eur) 3349.46 3374.54
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jun 05 %Chg %Chg Jun 05 %Chg %Chg Jun 05 %Chg %Chg Jun 05 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 45.5 128.65 -0.71 Vodafone 322.9 242.05 -6.05 Telefonica 851.5 12.70 -0.13 Tokyo Electric Power ,orporated 1490.5 713.00 3.00 Royal Bank Of Scotland 357.00 3.4 -9.5 Paypoint 1055.00 11.5 17.2 Hogg Robinson 64.25 13.7 54.8 Nonlife Insurance 2153.67 0.5 11.2
Bank Of America 20.4 17.19 0.41 Glaxosmithkline 161.1 1398.50 -13.00 Caixabank 524.6 4.37 -0.05 Mitsubishi Ufj Fin,. 945.2 906.40 -17.90 Ashtead 1149.00 2.6 -0.3 Cairn Energy 183.60 8.3 2.9 Carpetright 544.50 9.3 36.0 Automobiles & Parts 8578.36 0.3 6.9
Citigroup 14.9 56.24 0.91 Astrazeneca 150.5 4367.50 30.50 Intesa Sanpaolo 438.1 3.21 -0.09 Mizuho Fin,. 624.1 264.20 -4.90 Direct Line Insurance 344.00 2.0 18.1 Workspace 950.00 5.3 24.2 Xaar 486.00 7.3 26.1 Equity Investment Instruments 7691.83 -0.6 6.1
Jpmorgan Chase & Co. 14.0 67.42 1.09 Rio Tinto 148.1 2852.50 2.50 Nestle N 415.1 67.69 0.00 Toyota Motor 492.1 8470.00 -57.00 Kingfisher 377.20 1.9 10.8 Indivior 241.00 4.8 61.3 Fuller, Smith & Turner 1099.00 7.2 17.5 Construction & Materials 4847.68 -0.7 17.5
Facebook Class A 13.2 82.14 0.09 Hsbc Holdings 134.2 618.90 0.10 Novartis N 408.5 91.83 0.00 Softbank . 403.2 7357.00 9.00 Intertek 2545.00 1.8 9.0 Imagination 229.60 4.7 0.3 Utv Media 162.00 6.6 -7.4 Banks 4615.19 -0.7 5.6
Endo Int 13.2 83.53 -0.65 Bhp Billiton 132.1 1327.00 3.50 Roche Gs 367.5 261.72 0.00 Sumitomo Mitsui Fin,. 402.4 5591.00 -86.00 Morrison (wm) Supermarkets 173.60 1.5 -5.8 Colt S.a. 156.00 4.1 16.4 Tribal 159.00 6.0 -1.1 General Industrials 4372.55 -0.8 12.5
At&t 12.7 34.57 -0.70 Royal Dutch Shell 131.8 1902.50 1.00 Unicredit 339.6 6.33 -0.18 Nomura Holdings, . 323.6 847.50 -1.80 Babcock Int 1139.00 1.2 7.7 Kier 1411.00 4.1 -5.4 Vp 726.50 5.7 15.3 Support Services 7185.20 -0.8 11.7
Microsoft 11.7 46.14 -0.22 Royal Dutch Shell 130.6 1919.50 1.50 Daimler Ag Na O.n. 325.2 82.94 0.00 Sony 246.3 3733.50 -39.50 Carnival 3203.00 1.1 9.7 Dairy Crest 534.00 4.1 7.0 Lamprell 160.50 5.2 32.6 Industrial Engineering 9421.35 -0.9 6.4
Verizon Communications 11.1 47.23 -0.87 Bp 127.6 443.35 3.20 Santander 322.5 6.54 -0.04 Fanuc 211.9 27515.00 -40.00 Tui Ag 1170.00 0.9 9.3 Renishaw 2490.00 3.8 27.0 Innovation 30.25 5.2 0.8 Fixed Line Telecommunication 5043.59 -1.5 10.4
Frontier Communications 11.1 4.97 -0.04 Glencore 121.2 277.40 -4.00 Enel 320.6 4.21 -0.06 Nippon Telegraph And Telephone 190.7 8551.00 -156.00 Rsa Insurance 435.00 0.9 0.0 Rank 216.00 3.4 33.6 Gulf Marine Services 124.00 5.1 24.0 General Retailers 3234.85 -1.5 8.9
Taylor Wimpey 184.60 0.6 34.0 Infinis Energy 187.80 3.2 -14.6 Ferrexpo 78.25 5.0 47.6 Technology Hardware & Equip. 1353.52 -1.6 13.8
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Gkn 366.90 0.1 6.7 Fidessa 2300.00 3.1 -3.8 Exova 190.00 5.0 18.8 Electronic & Electrical Equip. 4420.18 -1.6 9.6
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Under Armour 81.84 3.80 4.87 Infinis Energy 187.80 5.20 2.85 Statoil 16.45 0.19 1.18 Casio Computer Co., 2409.00 72.00 3.08 National Grid 857.00 -8.2 -6.7 Foxtons 247.60 -12.7 54.5 Afren 2.60 -13.3 -94.5 Forestry & Paper 14875.25 -6.4 31.6
Regeneron Pharmaceuticals 539.40 20.78 4.01 Evraz 160.80 3.40 2.16 Vivendi 23.55 0.19 0.81 All Nippon Airways Co., 336.70 9.90 3.03 Mondi 1381.00 -6.4 31.5 Moneysupermarket.com 275.40 -9.1 17.7 Management Consulting 13.75 -11.3 -13.4 Gas Water & Multiutilities 5864.07 -6.2 -4.3
Zions Ban 31.84 1.05 3.41 Blackrock World Mining Trust 311.00 6.40 2.10 Gjensidige Forsikring 13.85 0.09 0.66 Keisei Electric Railway Co., 1451.00 41.00 2.91 Royal Mail 492.70 -6.0 14.6 Just Eat 422.80 -8.2 36.5 Tarsus 202.00 -8.8 -9.7 Industrial Metals 1583.67 -5.0 3.6
Transocean 19.17 0.62 3.34 Fisher (james) & Sons 1335.00 27.00 2.06 Galp Energia-nom 10.71 0.06 0.56 East Japan Railway 11315.00 275.00 2.49 Aberdeen Asset Management 421.40 -5.6 -2.5 Nostrum Oil & Gas 525.50 -6.7 25.1 Candover Investments 282.50 -8.3 -29.0 Mobile Telecommunications 5502.53 -4.9 9.6
First Solar 51.30 1.63 3.28 Barr (a.g.) 620.00 12.50 2.06 Royal Dutch Shella 26.18 0.14 0.56 Toyobo Co., 210.00 5.00 2.44 Imperial Tobacco 3185.00 -5.5 12.3 Amec Foster Wheeler 891.00 -6.2 4.5 Batm Advanced Communications Ld 15.25 -7.6 -3.2 Tobacco 41632.27 -4.8 2.5
Johnson Matthey 3309.00 -5.4 -2.6 Synthomer 329.30 -5.9 38.9 Aga Rangemaster 105.25 -6.7 -10.8 Electricity 9446.21 -4.3 -3.6
Downs Downs Downs Downs
Intu Properties 316.30 -5.4 -5.3 Betfair 2509.00 -5.9 59.6 Huntsworth 39.75 -6.5 -18.9 Chemicals 11760.07 -4.3 3.9
Vimpelcom 5.58 -0.39 -6.53 Just Eat 422.80 -24.80 -5.54 Erste Bank Ag 25.76 -1.00 -3.72 Sojitz 302.00 -11.00 -3.51
Fresnillo 719.00 -5.3 -6.1 Unite 586.00 -5.9 26.0 Jpmorgan Russian Securities 334.00 -6.3 18.9 Oil Equipment & Services 18810.88 -3.8 14.3
Windstream Holdings 7.39 -0.33 -4.27 Betfair 2509.00 -136.00 -5.14 Unibail-rodamco 224.70 -6.35 -2.75 Unitika 60.00 -2.00 -3.23
Vodafone 242.05 -5.2 8.7 Vedanta Resources 553.00 -5.8 -3.7 Centaur Media 75.00 -5.7 15.4 Real Estate & Investment Servic 3072.38 -3.8 14.8
Altria 48.21 -1.67 -3.35 Talktalk Telecom 390.40 -18.40 -4.50 Telecom Italia 1.15 -0.03 -2.71 Dentsu . 6180.00 -190.00 -2.98
Old Mutual 210.10 -5.0 10.3 Spectris 2209.00 -5.5 5.1 Dunedin Enterprise Investment Trust 330.25 -5.6 -6.3 Real Estate Investment Trusts 3278.13 -3.8 7.5
Newmont Mining 25.91 -0.89 -3.32 Marks And Spencer 560.00 -18.50 -3.20 Unicredit 6.33 -0.18 -2.69 Thb Dai-ichi Life Insurance , 2321.00 -58.50 -2.46
Aggreko 1529.00 -4.9 1.7 Synergy Health 1728.00 -5.2 -16.9 Goodwin 2628.00 -5.3 5.5 Industrial Transportation 2997.96 -3.6 6.1
Molson Coors Brewing Class B 72.61 -2.25 -3.01 Provident Fin 2862.00 -86.00 -2.92 Intesa Sanpaolo 3.21 -0.09 -2.67 Asahi Kasei 1074.50 -26.00 -2.36
Land Securities 1249.00 -4.9 8.0 Drax 375.50 -5.0 -18.5 Stock Spirits 197.00 -5.3 -10.5 Beverages 13856.43 -3.1 -2.0
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jun 05 Currency Mid Change Mid Change Mid Change Jun 05 Currency Mid Change Mid Change Mid Change Jun 05 Currency Mid Change Mid Change Mid Change Jun 05 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.0138 0.0024 10.0139 -0.1528 13.7397 -0.1047 Indonesia Indonesian Rupiah 13275.5000 -6.5000 14748.4359 -236.2946 20235.8283 -169.4615 Poland Polish Zloty 3.7437 0.0555 4.1590 -0.0019 5.7064 0.0403 ..Three Month 0.6559 0.0051 0.7287 -0.0055 - -
Australia Australian Dollar 1.3112 0.0085 1.4567 -0.0130 1.9987 -0.0026 Israel Israeli Shekel 3.8675 0.0311 4.2966 -0.0316 5.8952 0.0013 Romania Romanian Leu 4.0072 0.0753 4.4518 0.0158 6.1082 0.0675 ..One Year 0.6559 0.0052 0.7282 -0.0055 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4189 -0.0065 0.5747 -0.0045 Japan Japanese Yen 125.6450 1.1400 139.5854 -0.8808 191.5203 0.2420 Russia Russian Ruble 56.6178 0.7768 62.8995 -0.1001 86.3023 0.5132 United States United States Dollar - - 1.1110 -0.0172 1.5243 -0.0120
Bolivia Bolivian Boliviano 6.9100 - 7.6767 -0.1192 10.5329 -0.0830 ..One Month 125.6449 1.1399 139.5854 -0.8808 191.5202 0.2417 Saudi Arabia Saudi Riyal 3.7501 - 4.1662 -0.0647 5.7163 -0.0451 ..One Month - - 1.1109 -0.4254 1.5243 -0.0120
Brazil Brazilian Real 3.1608 0.0263 3.5114 -0.0248 4.8179 0.0024 ..Three Month 125.6449 1.1397 139.5854 -0.8808 191.5200 0.2413 Singapore Singapore Dollar 1.3574 0.0103 1.5080 -0.0118 2.0691 -0.0005 ..Three Month - - 1.1108 -0.4254 1.5242 -0.0120
Canada Canadian Dollar 1.2475 0.0008 1.3859 -0.0206 1.9016 -0.0138 ..One Year 125.6439 1.1379 139.5853 -0.8810 191.5202 0.2400 South Africa South African Rand 12.5776 0.2271 13.9730 0.0394 19.1719 0.1979 ..One Year - - 1.1101 -0.4254 1.5241 -0.0120
Chile Chilean Peso 636.3500 8.2900 706.9534 -1.6220 969.9867 5.0913 Kenya Kenyan Shilling 96.9000 0.8500 107.6511 -0.7122 147.7044 0.1418 South Korea South Korean Won 1111.1500 -2.6500 1234.4329 -22.1530 1693.7230 -17.4199 Venezuela Venezuelan Bolivar Fuerte 6.3000 0.0100 6.9990 -0.0974 9.6031 -0.0603
China Chinese Yuan 6.2034 0.0024 6.8917 -0.1043 9.4558 -0.0708 Kuwait Kuwaiti Dinar 0.3022 0.0003 0.3357 -0.0049 0.4606 -0.0032 Sweden Swedish Krona 8.4164 0.1727 9.3502 0.0497 12.8291 0.1643 Vietnam Vietnamese Dong 21812.5000 -5.0000 24232.6137 -381.8621 33248.7706 -269.6964
Colombia Colombian Peso 2627.9000 36.9500 2919.4677 -3.6346 4005.7009 25.1958 Malaysia Malaysian Ringgit 3.7195 0.0230 4.1322 -0.0382 5.6696 -0.0093 Switzerland Swiss Franc 0.9469 0.0130 1.0519 -0.0017 1.4433 0.0086 European Union Euro 0.9001 0.0138 - - 1.3721 0.0103
Costa Rica Costa Rican Colon 535.3000 -0.0500 594.6919 -9.2884 815.9564 -6.5076 Mexico Mexican Peson 15.6935 0.1668 17.4347 -0.0825 23.9216 0.0676 Taiwan New Taiwan Dollar 30.8550 -0.0080 34.2784 -0.5412 47.0322 -0.3830 ..One Month 0.9001 0.0138 - - 1.3720 0.0103
Czech Republic Czech Koruna 24.6919 0.3562 27.4315 -0.0240 37.6378 0.2506 New Zealand New Zealand Dollar 1.4197 0.0147 1.5772 -0.0079 2.1640 0.0055 Thailand Thai Baht 33.7200 -0.0200 37.4613 -0.6041 51.3993 -0.4358 ..Three Month 0.9000 0.0138 - - 1.3719 0.0103
Denmark Danish Krone 6.7151 0.1029 7.4602 0.0003 10.2359 0.0775 Nigeria Nigerian Naira 198.9500 -0.0500 221.0236 -3.4876 303.2590 -2.4669 Tunisia Tunisian Dinar 1.9496 0.0216 2.1659 -0.0093 2.9717 0.0098 ..One Year 0.8993 0.0137 - - 1.3714 0.0103
Egypt Egyptian Pound 7.6261 0.0174 8.4722 -0.1119 11.6244 -0.0650 Norway Norwegian Krone 7.9570 0.2198 8.8398 0.1107 12.1288 0.2421 Turkey Turkish Lira 2.6730 0.0078 2.9696 -0.0374 4.0744 -0.0202
Hong Kong Hong Kong Dollar 7.7526 0.0006 8.6128 -0.1330 11.8173 -0.0921 Pakistan Pakistani Rupee 101.8850 0.0300 113.1892 -1.7233 155.3030 -1.1779 United Arab Emirates UAE Dirham 3.6731 0.0000 4.0806 -0.0634 5.5989 -0.0442
Hungary Hungarian Forint 281.3853 5.4458 312.6052 1.2910 428.9149 4.9860 Peru Peruvian Nuevo Sol 3.1525 0.0047 3.5023 -0.0491 4.8053 -0.0307 United Kingdom Pound Sterling 0.6560 0.0051 0.7288 -0.0055 - -
India Indian Rupee 63.8050 -0.2100 70.8842 -1.3373 97.2578 -1.0891 Philippines Philippine Peso 44.8700 0.0475 49.8484 -0.7203 68.3952 -0.4661 ..One Month 0.6560 0.0051 0.7288 -0.0055 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jun 05 Jun 04 Jun 03 Jun 02 Jun 01 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2979.80 3013.00 3046.00 3035.80 3050.90 0.00 3110.40 2669.30 Forestry & Paper 31.52 Telecommunications 9.75 Consumer Goods 4.40 FTSE 100 Price Change FTSE 100 Price Change
Jun 05 chge% Index Jun 04 Jun 03 ago yield% Cover ratio adj Return FT 30 Div Yield 1.74 1.71 1.70 1.70 1.69 0.00 3.93 2.74 Software & Comp Serv 20.79 Mobile Telecomms 9.53 Chemicals 4.28 3I Group PLC 554.50 -8.50 Land Securities Group PLC 1249 -64.00
FTSE 100 (100) 6804.60 -0.80 7276.05 6859.24 6950.46 6858.21 3.56 1.88 15.00 129.24 5233.66 P/E Ratio net 25.68 26.02 26.31 26.21 26.41 0.00 19.44 14.26 Construct & Material 17.41 General Retailers 9.33 NON FINANCIALS Index 4.22 Aberdeen Asset Management PLC 421.40 -25.20 Legal & General Group PLC 264.00 -1.80
FTSE 250 (250) 17931.29 -0.88 19173.66 18090.42 18263.46 16232.90 2.42 2.18 18.94 211.06 12311.54 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 17.37 Consumer Services 8.91 FTSE 100 Index 3.63 Admiral Group PLC 1466 -23.00 Lloyds Banking Group PLC 87.09 -0.68
FTSE 250 ex Inv Co (211) 19495.71 -0.99 20846.47 19691.56 19875.06 17663.15 2.45 2.30 17.74 234.72 13650.36 FT 30 hourly changes Technology 16.10 Industrial Metals & 8.50 Pharmace & Biotech 2.97 Aggreko PLC 1529 -79.00 London Stock Exchange Group PLC 2391 -66.00
FTSE 350 (350) 3770.90 -0.81 4032.17 3801.73 3849.87 3734.93 3.36 1.91 15.55 67.03 5850.78 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Se 15.60 Real Est Invest & Tr 7.54 Health Care 2.68 Anglo American PLC 1015.5 -10.50 Marks And Spencer Group PLC 560.00 -23.00
FTSE 350 ex Investment Trusts (311) 3748.44 -0.83 4008.15 3779.69 3827.66 3719.89 3.39 1.92 15.36 67.27 2994.36 3013 2987 2989 2981.4 2980.1 2982.8 2979.4 2981.9 2983.1 3013 2974.6 Oil Equipment & Serv 14.81 Financials 7.47 Tobacco 2.42 Antofagasta PLC 737.00 -9.00 Meggitt PLC 495.50 -13.00
FTSE 350 Higher Yield (93) 3556.84 -0.70 3803.27 3581.87 3632.45 3733.29 4.80 1.67 12.49 90.94 5620.35 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Financial Services 13.98 Life Insurance 7.41 Leisure Goods -0.39 Arm Holdings PLC 1128 -27.00 Merlin Entertainments PLC 440.40 -18.50
FTSE 350 Lower Yield (257) 3616.77 -0.92 3867.36 3650.34 3691.38 3369.07 1.96 2.50 20.43 36.47 3788.51 Tech Hardware & Eq 13.03 Travel & Leisure 7.29 Health Care Eq & Srv -0.51 Ashtead Group PLC 1149 29.00 Mondi PLC 1381 -95.00
FTSE SmallCap (287) 4796.26 0.00 5128.56 4796.24 4822.61 4505.29 2.52 1.99 20.01 57.55 6474.49 Electronic & Elec Eq 12.60 Industrial Transport 7.22 Oil & Gas -1.18
FTSE SmallCap ex Inv Co (149) 4303.63 -0.10 4601.81 4307.77 4327.46 4052.05 2.38 3.10 13.58 51.32 6103.73 FX: EFFECTIVE INDICES Support Services 11.56 Industrial Eng 7.08 Oil & Gas Producers -1.74
Associated British Foods PLC 2935 -93.00 Morrison (Wm) Supermarkets PLC 173.60 2.60
Astrazeneca PLC 4367.5 -5.00 National Grid PLC 857.00 -77.00
FTSE All-Share (637) 3711.10 -0.78 3968.23 3740.39 3786.84 3669.04 3.33 1.91 15.67 65.21 5825.24 Media 11.50 Personal Goods 6.85 Beverages -2.08
Jun 04 Jun 03 Mnth Ago Jun 05 Jun 04 Mnth Ago Aviva PLC 515.00 -8.50 Next PLC 7270 -250.00
FTSE All-Share ex Inv Co (460) 3674.47 -0.81 3929.05 3704.58 3751.04 3642.66 3.37 1.94 15.32 65.51 2984.03 Nonlife Insurance 11.49 Automobiles & Parts 6.66 Basic Materials -2.42 Babcock International Group PLC 1139 14.00 Old Mutual PLC 210.10 -11.00
FTSE All-Share ex Multinationals (573) 1247.25 -0.99 1105.36 1259.74 1270.81 1152.14 2.59 2.05 18.91 14.21 2091.81 Australia 96.52 98.04 97.17 Sweden 79.26 78.66 78.19 FTSE 250 Index 11.48 Aerospace & Defense 6.49 Food Producers -2.89 Bae Systems PLC 498.30 -16.70 Pearson PLC 1296 -11.00
FTSE Fledgling (96) 7936.52 -0.10 8486.40 7944.80 7945.85 7056.92 2.21 -0.27 -169.40 66.84 14101.36 Canada 94.17 94.30 96.37 Switzerland 164.88 164.94 165.78 Industrials 10.53 Equity Invest Instr 6.42 Electricity -3.64 Barclays PLC 265.45 -4.55 Persimmon PLC 1910 -52.00
FTSE Fledgling ex Inv Co (54) 10584.94 -0.18 11318.32 10604.40 10620.80 8874.13 2.14 -1.90 -24.56 79.07 18285.15 Denmark 105.95 106.01 105.68 UK 90.69 90.51 89.53 Fixed Line Telecomms 10.28 Food & Drug Retailer 5.79 Utilities -4.22 Barratt Developments PLC 592.00 0.00 Prudential PLC 1588 -39.00
FTSE All-Small (383) 3323.90 0.00 3554.19 3324.04 3341.50 3114.14 2.50 1.89 21.09 39.32 5761.58 Japan 121.41 121.82 125.99 USA 102.56 102.51 101.09 FTSE SmallCap Index 9.86 Banks 5.50 Mining -4.29 Bg Group PLC 1106 -31.00 Randgold Resources LD 4575 -160.00
FTSE All-Small ex Inv Co Index (203) 3206.83 -0.10 3429.01 3210.03 3224.30 3003.14 2.37 2.91 14.52 37.60 5762.76 New Zealand 119.41 119.97 124.99 Euro 87.29 87.24 86.67 FTSE All{HY-}Share Index 5.05 Gas Water & Multi -4.38 Bhp Billiton PLC 1327 -52.50 Reckitt Benckiser Group PLC 5697 -208.00
FTSE AIM All-Share Index (830) 775.74 -0.20 829.49 777.33 778.13 805.19 1.30 1.44 53.25 3.94 828.52 Norway 92.17 92.33 94.53
BP PLC 443.35 -7.40 Reed Elsevier PLC 1059 -26.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3440 -165.50 Rio Tinto PLC 2852.5 -3.50
Oil & Gas (19) 7457.67 0.30 7974.37 7435.09 7589.11 9178.37 5.06 1.38 14.27 188.83 6079.22 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 821.50 -40.50 Rolls-Royce Holdings PLC 971.50 -26.50
Oil & Gas Producers (12) 7053.69 0.32 7542.40 7030.87 7177.61 8667.39 5.11 1.38 14.20 178.25 5943.11 Bt Group PLC 439.40 -7.30 Royal Bank Of Scotland Group PLC 357.00 11.70
Oil Equipment Services & Distribution (7)19499.68 -0.20 20850.71 19539.37 19870.24 25117.38 3.89 1.58 16.24 515.61 14110.78 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1861 -35.00 Royal Dutch Shell PLC 1919.5 -54.00
Basic Materials (30) 4621.39 -0.31 4941.58 4635.98 4760.22 5396.32 4.19 2.73 8.74 111.30 4426.21 Burberry Group PLC 1662 -33.00 Royal Dutch Shell PLC 1902.5 -40.50
Chemicals (7) 12581.75 -1.07 13453.48 12717.33 13156.65 11710.73 2.10 2.52 18.92 97.32 10690.89 Jun 05 No of US $ Day Mth YTD Total
YTD Gr Div Jun 05 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1224 -28.00 Royal Mail PLC 492.70 -31.30
Forestry & Paper (1) 16231.63 -1.29 17356.23 16443.19 16760.53 13199.21 2.25 3.38 13.14 241.11 16749.30 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3203 36.00 Rsa Insurance Group PLC 435.00 3.70
Industrial Metals & Mining (2) 1689.70 2.14 1806.77 1654.37 1744.78 1301.65 0.62 -21.67 -7.44 5.46 1466.55 FTSE Global All Cap 7605 486.05 -0.8 -1.0 3.4 656.84
4.7 2.3 Oil & Gas 165 389.72 0.0 0.0 -2.1 582.77 -0.7 3.6 Centrica PLC 265.60 -12.00 Sabmiller PLC 3365.5 -128.50
Mining (20) 13084.59 -0.20 13991.15 13110.22 13449.92 15895.00 4.57 2.75 7.95 349.03 6541.84 FTSE Global All Cap 6967 500.25 -0.5 -1.0 3.3 663.82
4.4 2.3 Oil & Gas Producers 116 353.03 0.0 0.0 -2.6 536.82 -1.2 3.7 Coca-Cola Hbc AG 1399 -34.00 Sage Group PLC 547.50 -21.00
FTSE Global Large Cap 1361 428.06 -0.8 -1.4 2.7 591.24
4.0 2.5 Oil Equipment & Services 39 411.88 0.4 0.4 -0.6 563.12 0.7 3.3 Compass Group PLC 1115 -29.00 Sainsbury (J) PLC 247.20 -4.40
Industrials (114) 4756.72 -0.75 5086.29 4792.85 4839.99 4580.90 2.31 1.37 31.55 56.83 4665.21
Construction & Materials (13) 5042.28 -0.18 5391.64 5051.28 5126.66 4689.02 2.55 -0.40 -99.04 78.91 5111.03 FTSE Global Mid Cap 1664 648.70 -0.8 -0.8 5.1 839.04
6.1 1.9 Basic Materials 273 442.98 -1.4 -1.4 1.7 640.68 3.3 2.8 Crh PLC 1809 -22.00 Schroders PLC 3262 -112.00
Aerospace & Defense (9) 5258.20 -0.84 5622.51 5302.63 5363.49 5206.68 2.12 1.36 34.68 69.13 5382.39 FTSE Global Small Cap 4580 692.46 -0.3 1.0 6.1 868.91
7.0 1.8 Chemicals 124 660.54 -1.6 -1.6 5.9 961.17 7.4 2.3 Diageo PLC 1760.5 -55.00 Severn Trent PLC 2130 -67.00
General Industrials (6) 3549.80 -1.12 3795.74 3590.09 3598.08 3605.82 3.19 1.82 17.20 48.72 3789.72 FTSE All-World 3025 283.33 -0.8 -1.3 3.1 403.86
4.3 2.4 Forestry & Paper 17 224.52 -1.0 -1.0 7.8 356.23 9.8 2.7 Direct Line Insurance Group PLC 344.00 6.80 Shire PLC 5455 -180.00
Electronic & Electrical Equipment (12) 5758.72 -0.94 6157.71 5813.20 5858.36 5461.61 2.02 2.05 24.07 53.12 5033.01 FTSE World 2529 499.07 -0.8 -1.1 2.7 955.43
4.0 2.4 Industrial Metals & Mining 72 396.77 -1.0 -1.0 -3.8 574.68 -2.6 2.5 Dixons Carphone PLC 468.50 -6.90 Sky PLC 1030 -25.00
Industrial Engineering (14) 9883.46 -0.04 10568.23 9887.33 10044.43 11179.20 2.45 2.04 20.05 156.43 11451.41 FTSE Global All Cap ex UNITED KINGDOM In 7273 498.16 -0.7 -1.0 3.5 664.14
4.7 2.2 Mining 60 538.63 -1.1 -1.1 -5.4 772.27 -3.3 4.4 Easyjet PLC 1589 -20.00 Smith & Nephew PLC 1123 -37.00
Industrial Transportation (8) 4450.89 -0.65 4759.27 4480.06 4611.69 4479.96 3.50 1.26 22.66 43.82 3638.26 FTSE Global All Cap ex USA 5641 467.40 -1.5 -2.7 4.5 669.43
6.1 2.7 Industrials 531 325.54 -0.7 -0.7 3.4 447.61 4.6 2.1 Experian PLC 1207 -39.00 Smiths Group PLC 1180 -19.00
Support Services (52) 7067.67 -0.89 7557.35 7131.07 7182.25 6499.56 2.16 1.51 30.58 72.07 6996.51 FTSE Global All Cap ex JAPAN 6349 496.61 -0.7 -1.2 2.7 676.86
3.9 2.4 Construction & Materials 110 460.23 -0.9 -0.9 6.7 663.34 8.0 2.1 Fresnillo PLC 719.00 -40.50 Sports Direct International PLC 666.00 -10.00
FTSE Developed 2088 451.78 -0.8 -0.8 3.1 615.41
4.4 2.3 Aerospace & Defense 29 513.43 -0.7 -0.7 3.3 700.55 4.4 2.0 G4S PLC 287.60 -10.60 Sse PLC 1593 -72.00
Consumer Goods (40) 16888.36 -1.62 18058.47 17166.29 17269.87 15836.30 3.07 1.74 18.69 268.13 11724.44
FTSE Developed All Cap 5653 475.59 -0.8 -0.6 3.4 641.00
4.7 2.3 General Industrials 57 222.44 -0.6 -0.6 2.3 327.64 3.6 2.6 Gkn PLC 366.90 0.30 St. James's Place PLC 901.50 -10.00
Automobiles & Parts (1) 8622.32 -0.43 9219.72 8659.92 8742.17 9282.68 2.29 1.72 25.32 131.60 7853.44
FTSE Developed Large Cap 884 417.43 -0.9 -0.9 2.6 576.02
3.9 2.5 Electronic & Electrical Equipment 68 351.48 -0.6 -0.6 8.1 445.97 9.0 1.5 Glaxosmithkline PLC 1398.5 -55.00 Standard Chartered PLC 1035 -11.00
Beverages (6) 13896.18 -1.15 14858.98 14057.63 14173.73 14225.57 2.54 1.85 21.26 96.90 9274.82
FTSE Developed Europe Large Cap 205 364.66 -2.4 -1.7 3.1 568.70
5.5 3.3 Industrial Engineering 103 657.68 -1.1 -1.1 6.4 890.02 7.7 2.0 Glencore PLC 277.40 -10.55 Standard Life PLC 472.20 -15.50
Food Producers (10) 7971.69 -0.65 8524.01 8023.78 8098.00 7895.65 2.02 1.24 39.99 32.06 6567.53
FTSE Developed Europe Mid Cap 310 537.00 -2.6 -0.3 7.4 763.43
9.1 2.4 Industrial Transportation 93 568.96 -0.2 -0.2 -4.7 779.92 -3.8 2.1 Hammerson PLC 640.00 -28.50 Taylor Wimpey PLC 184.60 1.10
Household Goods & Home Construction (13)12535.78 -1.49 13404.32 12724.88 12817.26 9658.53 2.26 2.34 18.87 132.98 8428.56
FTSE Dev Europe Small Cap 721 750.74 -2.5 0.7 9.0 1038.77
10.7 2.2 Support Services 71 285.00 -0.8 -0.8 4.6 377.19 5.6 1.9 Hargreaves Lansdown PLC 1238 -30.00 Tesco PLC 205.80 -6.80
Leisure Goods (2) 4996.69 1.15 5342.88 4939.86 5005.50 5319.82 4.23 1.05 22.43 109.73 4133.99
FTSE North America Large Cap 315 450.72 -0.2 0.0 1.3 585.88
2.3 2.1 Consumer Goods 406 418.14 -1.4 -1.4 3.3 587.38 4.5 2.3 Hikma Pharmaceuticals PLC 1998 -80.00 Travis Perkins PLC 2153 -64.00
Personal Goods (6) 22919.18 -1.61 24507.13 23295.17 23445.88 20612.63 2.86 2.75 12.74 283.55 14551.90
FTSE North America Mid Cap 398 696.64 0.1 -0.3 2.7 851.69
3.4 1.6 Automobiles & Parts 98 416.27 -1.5 -1.5 6.8 562.37 8.2 2.1 HSBC Holdings PLC 618.90 -3.80 Tui AG 1170 11.00
Tobacco (2) 41632.34 -2.37 44516.83 42642.55 42739.81 40017.75 4.43 1.22 18.55 1291.78 24968.13
FTSE North America Small Cap 1485 722.02 0.4 1.8 4.8 858.58
5.5 1.5 Beverages 48 538.70 -1.4 -1.4 0.1 764.97 1.2 2.6 Imperial Tobacco Group PLC 3185 -185.00 Unilever PLC 2819 -68.00
Health Care (20) 9537.78 -0.34 10198.60 9570.33 9699.13 9211.43 3.60 3.46 8.02 203.85 6847.45
FTSE North America 713 303.56 -0.1 0.0 1.6 404.59
2.5 2.0 Food Producers 102 559.62 -1.4 -1.4 1.4 812.92 2.9 2.2 Intercontinental Hotels Group PLC 2689 -52.00 United Utilities Group PLC 958.00 -38.00
Health Care Equipment & Services (8) 6777.79 -0.98 7247.39 6844.79 6931.44 5993.60 1.51 2.24 29.64 60.90 5710.50
FTSE Developed ex North America 1375 245.82 -1.9 -1.9 5.3 378.41
7.2 2.8 Household Goods & Home Construction 43 391.67 -1.1 -1.1 -1.1 547.15 0.0 2.4 International Consolidated Airlines Group S.A. 530.00 -24.00 Vodafone Group PLC 242.05 -13.30
Pharmaceuticals & Biotechnology (12)12981.63 -0.28 13881.05 13018.23 13194.39 12639.07 3.79 3.51 7.52 292.29 8271.76
FTSE Japan Large Cap 174 344.27 -1.4 0.1 12.9 426.05
13.9 1.7 Leisure Goods 26 142.23 -0.3 -0.3 12.9 181.16 13.5 1.2 Intertek Group PLC 2545 44.00 Weir Group PLC 1935 -89.00
Consumer Services (96) 4978.24 -1.09 5323.16 5032.91 5085.04 4537.30 2.20 1.95 23.31 64.05 4446.45 FTSE Japan Mid Cap 304 488.07 -0.9 1.4 14.8 584.97
15.7 1.4 Personal Goods 76 606.40 -1.5 -1.5 4.0 814.00 5.0 1.9
Food & Drug Retailers (7) 3128.39 -1.55 3345.14 3177.61 3196.54 3900.83 2.22 0.46 97.00 36.49 3557.19 Intu Properties PLC 316.30 -18.00 Whitbread PLC 4977 -143.00
FTSE Global wi JAPAN Small Cap 778 513.79 -0.9 1.8 9.6 635.30
10.6 1.6 Tobacco 13 1091.07 -2.4 -2.4 1.6 2077.85 3.4 4.2 Itv PLC 264.90 -7.40 Wolseley PLC 4004 -37.00
General Retailers (31) 3155.43 -1.45 3374.06 3201.74 3201.57 2775.51 2.08 2.41 19.93 32.24 3411.58
FTSE Japan 478 141.59 -1.3 0.3 1.6 Health Care
13.3 197.00
14.3 158 473.17 -0.6 -0.6 8.9 653.87 10.1 1.8 Johnson Matthey PLC 3309 -190.00 Wpp PLC 1486 -54.00
Media (23) 7396.50 -0.90 7908.96 7463.90 7617.50 6230.30 2.71 1.75 21.12 128.68 4319.20
FTSE Asia Pacific Large Cap ex Japan 493 636.38 -0.5 -5.4 3.4 932.12
4.5 2.8 Health Care Equipment & Services 56 643.42 -0.3 -0.3 8.9 733.18 9.4 1.0 Kingfisher PLC 377.20 7.20
Travel & Leisure (35) 8451.27 -0.86 9036.82 8524.78 8607.79 7441.59 1.85 2.44 22.15 93.29 7628.22
FTSE Asia Pacific Mid Cap ex Japan 442 870.16 -0.3 -4.5 8.0 1231.93
8.8 2.4 Pharmaceuticals & Biotechnology 102 363.82 -0.7 -0.7 8.9 522.10 10.3 2.0
Telecommunications (8) 4093.61 -1.77 4377.24 4167.38 4206.48 3592.74 3.80 1.87 14.07 4.97 4125.91 FTSE Asia Pacific Small Cap ex Japan 1372 585.83 -0.4 -2.2 9.6 817.45
10.4 2.4 Consumer Services 384 393.19 -0.6 -0.6 5.1 506.44 5.9 1.6
Fixed Line Telecommunications (6) 5116.43 -0.80 5470.92 5157.65 5209.32 4726.73 2.71 1.88 19.63 5.87 4315.73
Mobile Telecommunications (2) 5494.20 -2.36 5874.86 5626.79 5677.42 4666.72 4.48 1.86 11.98 6.89 4907.68
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
935
1952
504.48
712.90
-0.5
-0.6
-5.3
-5.4
3.9 785.60
5.0 2.8 Food & Drug Retailers
3.4 996.62
4.3 2.8 General Retailers
54 313.96
121 507.72
-1.1
-0.9
-1.1
-0.9
4.4 420.45
6.2 638.74
5.2
7.0
1.8
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8443.70 -1.26 9028.72 8551.77 8822.48 8762.58 4.85 1.02 20.11 196.48 8768.66 FTSE Emerging Large Cap 477 675.94 -0.7 -5.8 3.4 950.39
4.3 2.8 Media 89 315.28 -0.5 -0.5 4.8 406.58 5.7 1.5 Jun 05 Jun 04 Jun 03 Jun 02 Jun 01 Yr Ago
Electricity (3) 9419.82 -1.00 10072.47 9515.19 9672.86 9804.01 5.29 1.38 13.70 157.74 12054.36 FTSE Emerging Mid Cap 460 883.34 -0.7 -5.3 2.6 1232.62
3.6 2.5 Travel & Leisure 120 374.73 -0.1 -0.1 4.1 487.44 5.0 1.6 SEAQ Bargains 10129.00 7897.00 7993.00 20.00 8117.00 8117.00
Gas Water & Multiutilities (5) 7749.97 -1.34 8286.93 7855.13 8137.83 8034.93 4.73 0.91 23.24 194.91 8112.67 FTSE Emerging Small Cap 1015 741.69 -0.5 -2.7 4.8 998.59
5.6 2.5 Telecommunication 93 170.92 -1.6 -1.6 2.3 293.97 4.1 3.9 Order Book Turnover (m) 34.72 77.39 49.60 - 93.52 93.52
Financials (281) 4989.11 -0.66 5334.78 5022.48 5065.25 4680.84 3.14 1.90 16.81 96.73 4295.33 FTSE Emerging Europe 98 330.70 -1.1 -9.9 6.1 471.31
7.3 4.3 Fixed Line Telecommuniations 43 139.32 -1.9 -1.9 1.7 261.50 3.8 4.4 Order Book Bargains 827138.00 830091.00 873956.00 - 861667.00 861667.00
Banks (8) 4557.04 -0.19 4872.77 4565.77 4621.53 4542.61 3.62 1.33 20.84 107.97 3093.21 FTSE Latin America All Cap 242 815.52 -1.4 -8.9 -9.5 1187.69
-8.2 3.4 Mobile Telecommunications 50 186.63 -1.3 -1.3 3.2 291.87 4.6 3.4 Order Book Shares Traded (m) 1271.00 1463.00 1581.00 1403.00 1999.00 1999.00
Nonlife Insurance (10) 2478.20 -0.30 2649.90 2485.59 2488.18 2209.18 2.72 1.48 24.90 46.33 4119.68 FTSE Middle East and Africa All Cap 213 751.83 -0.7 -8.2 -2.3 1105.38
-0.9 2.8 Utilities 163 250.70 -1.5 -1.5 -6.2 450.12 -4.6 3.8 Total Equity Turnover (£m) 2033.51 0.06 12591.53 4272.39 2688.00 2688.00
Life Insurance/Assurance (11) 8224.19 -1.15 8794.00 8319.98 8353.29 7478.11 3.27 1.77 17.33 200.42 7460.48 FTSE Global wi UNITED KINGDOM All Cap In 332 368.19 -1.6 -0.8 3.4 Electricity
2.5 571.59
4.3 113 268.55 -1.3 -1.3 -5.3 476.69 -3.9 3.7 Total Mkt Bargains 962565.00 981805.00 3.00 87.00 1003777.00 1003777.00
Index- Real Estate Investment & Services (24) 3085.68 -1.25 3299.47 3124.74 3142.81 2779.04 1.79 5.11 10.93 30.03 7853.28 FTSE Global wi USA All Cap 1964 521.49 0.0 0.6 2.5 660.66
3.3 1.9 Gas Water & Multiutilities 50 274.88 -1.7 -1.7 -7.6 506.72 -5.6 4.0 Total Shares Traded (m) 4680.00 4629.00 0.00 23.00 6096.00 6096.00
Real Estate Investment Trusts (22) 2958.71 -1.66 3163.70 3008.74 3004.55 2610.17 2.72 6.95 5.29 40.58 3441.94 FTSE Europe All Cap 1389 415.90 -2.4 -1.5 4.4 629.04
6.6 3.1 Financials 670 220.68 -0.8 -0.8 2.3 338.10 3.8 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 8306.83 -1.81 8882.37 8460.21 8559.86 7068.50 2.70 2.02 18.37 97.23 8879.65 FTSE Eurobloc All Cap 638 385.00 -2.9 -1.4 4.5 590.45
6.7 2.9 Banks 240 204.98 -0.8 -0.8 1.9 334.06 3.6 3.1 (c) Market closed.
Equity Investment Instruments (177) 7999.46 0.00 8553.70 7999.09 8072.96 7342.05 2.43 1.06 38.78 86.88 4144.19 FTSE RAFI All World 3000 3029 6042.87 -1.1 -2.1 2.6 7500.16
4.1 2.9 Nonlife Insurance 70 213.48 -1.1 -1.1 -0.3 295.16 1.3 2.3
Non Financials (356) 4272.64 -0.83 4568.67 4308.19 4367.63 4300.93 3.40 1.92 15.30 72.33 5872.20 FTSE RAFI US 1000 1004 9360.52 -0.1 -0.3 0.7 11667.78
1.8 2.4 Life Insurance 49 224.48 -0.6 -0.6 6.3 336.49 7.9 2.4
Technology (21) 1432.79 -1.03 1532.06 1447.66 1457.97 1161.73 1.26 2.25 35.33 12.39 1781.82 FTSE EDHEC-Risk Efficient All-World 3025 333.82 -0.8 -0.8 4.4 443.66
5.5 2.1 Financial Services 138 242.75 -0.2 -0.2 4.8 319.95 5.7 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1650.11 -1.10 1764.44 1668.48 1680.80 1335.94 1.90 1.87 28.16 22.53 2147.19 FTSE EDHEC-Risk Efficient Developed Europe 515 292.69 -2.5 -0.8 5.1 423.54
6.9 2.5 Technology 182 178.88 -0.5 -0.5 3.9 211.29 4.7 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1718.73 -0.97 1837.82 1735.65 1747.68 1394.54 0.80 2.89 43.08 8.51 1965.18 Software & Computer Services 80 284.32 -0.5 -0.5 4.7 324.54 5.3 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 102 144.58 -0.6 -0.6 3.3 174.93 4.1 2.0 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6829.54 6815.68 6816.04 6806.38 6802.58 6812.35 6799.46 6806.84 6812.39 6843.22 6786.69 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 18033.09 17961.61 17974.64 17946.11 17943.96 17947.12 17923.70 17927.51 17936.07 18033.09 17904.13 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4791.96 4791.17 4786.17 4786.51 4784.45 4785.66 4783.46 4782.02 4793.66 4796.26 4780.83
FTSE All-Share 3725.35 3716.84 3717.31 3712.13 3710.34 3714.75 3708.26 3711.59 3714.60 3730.55 3703.81 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:07:25:00 Day's Low10:11:15 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:07:25:00 Day's Low13:45:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing 4d pharma Pre - - 2.38L - 4.81L - - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Capital Management and Investment Pre 5.006L 3.73 5.584L 2.986 78L 42 - - - - - 06/04 15.00 Fishing Republic PLC 16.50 -1.00 17.90 16.00 391.9
There are currently no rights offers by any companies listed on the LSE. Eco City Vehicles Pre - - 2.834L 0.787L 98.75L 30 - - - - - 06/03 139.00 AIM G4M Gear4music (Holdings) PLC 140.00 -2.50 145.00 140.00 2821.9
Edinburgh Worldwide Investment Trust Int 31.241 26.571L 0.31L 0.05L - 0.5 - - 2.167 05/29 100.00 DRIP Drum Income Plus REIT PLC 142.50 27.50 135.00 135.00 4540.6
Establishment Investment Trust (The) Pre 5.657 9.593L 3.35 2.31 3 2.8 Aug 3 4.9 4.7 05/19 132.00 AIM STR Stride Gaming PLC 182.00 -1.00 200.00 135.00 9127.6
Fuller Smith & Turner Pre 321.5 288 36.1 33.5 51.15 52.14 10.2 9.3 Jul 27 16.6 15.1 04/27 10.00 OPRA Opera Investments PLC 9.75 -0.25 13.00 9.50 168.2
Halfords Group Pre 1025.4 939.7 83.8 72.6 33.8 28.6 11 9.1 Aug 28 16.5 14.878
KCOM Group Pre 347.984 370.697 16.693 50.53 2.47 7.64 3.58 3.25 Aug 4 5.37 4.88
Montanaro European Smaller Companies Trust Pre 2.216L 7.015 9 6.9 5.75 5.25 Jul 27 7.5 7
New Trend Lifestyle Group Pre 9.228 11.067 1.484L 1.04L 0.02L 0.01L - - - - -
Octopus AIM VCT Pre 0.703 0.584 0.017L 0.077 0.026L 0.1 2.8 3 Aug 7 5.3 5.5
OpSec Security Group Pre 61.296 55.526 0.121 3.218L 0.2L 2.9L - - - - -
Paternoster Resources Pre 0.121 0.238 0.12L 0.021L 0.021L 0.004L - - - - -
Personal Assets Trust Pre 37.815 21.445L 365 478 140 140 Apr 16 280 295.556

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
24 ★ FINANCIAL TIMES Monday 8 June 2015

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m
Australia (A$) AXA 22.41 -0.51 24.64 16.43 3.85 10.19 61080.32 Denso 6397 -81.00 6548 4466.5 1.68 19.35 45010.85 SEB 102.50 -2.80 111.50 82.30 4.64 11.26 26665.26 Biogen 387.86 -9.13 480.18 290.85 - 27.27 91236.12 Lyondell♦ 99.68 -1.42 115.40 70.06 2.88 11.13 47178.64
ANZ♦ 31.17 -1.55 37.25 30.47 8.39 11.59 65752.19 BNP Parib 55.30 0.37 59.69 43.14 2.69 427.04 76546.12 EastJpRwy 11315 -130.00 11550 7623 1.09 21.59 35436.76 SvnskaHn 123.70 -4.70 426.00 123.00 3.38 16.02 28028.53 BkNYMeln 43.36 0.00 44.10 34.44 1.61 18.40 48628.75 Marathon Ptl♦ 100.92 -2.54 108.32 74.64 1.95 8.62 27413.62
BHPBilltn 27.90 -1.30 39.74 26.50 7.87 11.63 68338.01 ChristianDior 182.55 -0.25 189.15 126.10 1.81 13.18 36854.98 Fanuc 27515 495.00 28575 16940 0.89 28.67 52449.93 Swedbank 191.90 -8.10 223.90 166.20 5.93 12.52 25189.77 BlackRock♦ 355.32 -10.46 382.84 293.39 2.30 17.57 58491.45 Marsh&M 57.85 -0.38 59.28 48.66 1.93 20.95 31146.9
CmwBkAu 80.29 -3.21 96.69 73.57 7.48 14.17 99662.47 Cred Agr♦ 13.40 -0.20 14.49 9.76 2.59 14.50 38339.36 FastRetail 50960 -10.00 51640 32030 0.66 44.65 43022.11 TeliaSonera 49.58 -0.67 55.85 45.36 - 15.01 25508.01 Boeing 140.73 0.21 158.83 116.32 2.26 17.12 97317.23 MasterCard 92.62 0.36 94.50 69.64 0.60 27.77 103374.42
CSL 90.97 -1.63 96.60 63.77 1.43 27.57 32337.5 Danone 61.17 -1.36 67.74 49.84 2.52 30.96 44451.47 Fuji Hvy Ind 4708 -19.00 4827.5 2750 1.28 16.65 29334.49 Volvo 110.00 -0.70 120.50 71.00 2.73 42.37 26522.89 BrisMySq 66.20 1.60 69.86 46.30 2.26 47.86 110353.71 McDonald's♦ 95.54 -0.39 102.62 87.62 3.57 20.86 91576.51
NatAusBk♦ 31.85 -1.59 39.71 31.33 9.13 12.86 61086.73 EDF 21.07 -1.31 27.02 20.90 6.32 9.94 43538.58 Hitachi 835.00 -13.30 939.90 701.00 1.32 14.53 32121.8 Switzerland (SFr) Broadcom♦ 54.35 -2.50 57.70 34.50 0.94 46.14 29877.18 McGraw Hill♦ 102.04 -1.71 109.13 73.96 1.24-116.98 27967.55
Telstra 6.01 -0.14 6.74 5.16 7.36 15.39 56036.54 GDF Suez 17.64 -0.74 21.19 16.17 7.06 16.62 47711.15 HondaMtr 4228 -53.00 4400 3239 2.13 12.49 60955.22 ABB 21.54 0.98 22.31 16.75 3.41 20.78 52658.37 CapOne 84.94 1.38 85.68 72.77 1.45 10.66 46413.29 McKesson♦ 235.45 -1.78 243.61 178.28 0.42 30.41 54519.28
Wesfarmers 41.82 -1.78 46.95 40.26 7.29 29.07 35840.92 Hermes Intl♦■ 346.60 -9.05 365.50 229.00 0.83 39.73 40650.08 JapanTob 4465.5 -132.00 4794.5 3101 2.41 18.38 71081.22 CredSuisse 25.87 0.96 27.81 18.57 2.71 21.32 44764.52 CardinalHlth 88.04 -0.13 91.91 67.27 1.60 25.08 29126.58 Medtronic 75.46 -0.86 79.50 58.32 1.61 23.85 74276.53
Westpc♦ 31.19 -1.93 40.07 31.00 8.57 13.00 74219.68 LOreal 166.65 -5.30 181.30 117.05 1.60 33.09 103625.56 Kao 5756 61.00 6270 3932 1.31 40.76 23089.05 Nestle 70.10 -2.80 77.00 64.15 2.86 16.64 238747.94 Carnival♦ 47.25 0.92 49.21 33.11 2.09 28.59 28004.52 Merck 58.99 -1.90 63.62 52.49 3.10 14.93 166659.83
Woolworths 27.25 -0.76 37.32 27.02 7.53 13.54 26323.01 LVMH 160.30 -1.85 175.40 121.40 2.09 13.43 90456.22 KDDI 2813 -6.00 3048 1899.67 1.82 17.01 60244.95 Novartis 95.40 -1.10 102.70 78.60 2.68 23.91 269720.8 Caterpillar 86.05 0.73 111.46 78.19 3.22 13.43 52094.57 Metlife♦ 54.45 2.19 57.57 46.10 2.64 8.62 60756.33
Belgium (€) Nmrcble-SFR 49.82 -2.72 60.01 26.38 - -60.59 26948.2 Keyence 67650 -330.00 69480 41045 0.20 36.49 32737.08 Richemont 78.80 -2.40 94.20 68.80 1.54 31.99 43442.57 CBS 61.33 -0.39 65.24 48.83 0.95 24.96 27863.2 MicronTech 26.59 -1.34 36.59 25.61 - 8.28 28758.16
AnBshInBv 107.15 -2.30 118.80 78.75 2.80 24.45 191442.51 Orange 14.26 -0.10 16.45 10.20 5.23 37.20 41964.07 MitsbCp 2784 -5.00 2837 1942.5 2.50 13.00 35984.87 Roche 271.50 -4.70 295.80 238.80 2.68 26.95 201453 Celgene 110.72 -3.72 129.06 79.06 - 36.84 87816.95 Microsoft♦ 46.14 -0.72 50.05 40.12 2.63 18.67 373253
KBC Grp 59.08 -1.97 62.48 36.53 - 11.69 27421.02 PernodRic 105.00 -7.55 117.75 82.23 1.66 26.87 30961.38 MitsubEst 2713 -64.50 2975 2151.5 0.45 35.89 30022.26 Swiss Re 85.00 0.60 96.95 69.25 4.98 8.95 33278.86 Cernr Crp 66.24 -1.05 75.72 50.30 - 43.72 22791.75 MondelezInt 40.02 -1.57 41.81 31.83 1.51 28.17 65097.44
Renault 92.30 -2.23 100.25 49.50 1.98 12.57 30323.58 MitsubishiEle 1671.5 -36.00 1718 1178 0.79 28.30 28564.97 Swisscom 530.50 -14.00 587.50 500.00 4.15 16.38 29023.53 CharlesSch 33.23 1.58 33.59 23.35 0.74 34.57 43648.25 Monsanto 113.80 -3.18 128.79 105.76 1.59 24.75 54180.5
Brazil (R$)
Safran 61.72 -2.69 70.72 43.24 2.07-191.56 28594.83 MitsuiFud 3531.5 -130.50 3809.5 2854.5 0.64 37.73 27865.95 Syngent 412.80 -12.70 435.20 273.20 2.54 25.34 40521.69 ChevrnTx♦ 101.59 -1.41 135.10 98.88 4.33 10.81 191037.73 MorganStly 39.29 1.09 39.40 30.97 1.05 18.67 77402.35
Ambev♦ 18.65 0.25 20.29 14.99 8.49 23.58 92741.79
Sanofi 89.14 -0.01 99.23 69.58 3.34 25.38 129507.32 MitUFJFin 906.40 -10.90 936.80 546.20 2.03 11.04 102213.83 UBS 20.26 0.04 20.78 13.58 1.24 17.57 80054.51 Cigna 139.50 -1.33 145.33 85.75 0.03 17.11 35902.71 MylanNV 74.14 1.51 76.69 44.80 - 34.00 36331.07
Bradesco♦ 25.92 -0.28 34.42 25.75 3.75 7.70 20701.28
Schneider 67.09 -1.69 75.29 52.59 3.64 20.51 43581.06 Mizuho Fin 264.20 -6.90 280.40 178.10 2.71 14.33 51784.88 Zurich Fin 293.30 -6.60 334.60 262.00 - 11.78 46587.29 Cisco 28.58 -0.73 30.31 22.49 2.71 16.70 145354.7 Netflix 633.22 9.16 633.78 315.54 - 160.56 38387.85
Cielo 40.46 0.46 49.06 36.21 2.45 14.16 24150.9
SocGen 42.30 -0.23 46.95 31.85 2.35 11.65 37881.23 Murata Mfg 20070 -505.00 20865 8800 0.72 37.43 35982.65 Citigroup 56.24 2.16 56.95 46.55 0.07 20.33 170640.02 News Corp A 33.30 -0.30 39.27 31.01 0.85 7.64 41922.69
ItauHldFin 31.80 -0.66 38.74 28.46 1.61 7.59 27869.06 Taiwan (NT$)
Total 45.56 -0.42 54.71 38.25 6.10 31.65 121247.22 NipponTT 8551 56.00 8820 6003 2.16 16.81 77360.01 CME Grp 95.95 1.75 100.61 69.16 2.04 26.41 32388.39 NextEraE♦ 98.77 -3.57 112.64 90.33 3.06 15.86 43866.1
Petrobras 13.52 0.27 23.50 7.88 - -6.98 31834.87 HonHaiPrc 94.30 -4.00 113.00 83.00 1.73 9.84 46297.02
UnibailR 224.70 -9.15 262.00 180.70 4.22 13.12 24581.93 Nissan Mt 1322 23.00 1350 917.40 2.44 11.92 47565.65 Coca-Cola 40.10 -0.86 44.87 39.06 3.19 24.64 174783.9 Nike♦ 102.03 0.36 105.50 73.14 1.01 29.58 69603.81
Vale 20.60 0.55 33.25 17.17 12.80 -6.57 20967.83 TaiwanSem 140.00 -7.00 155.00 118.00 2.17 12.56 117655.21
Vinci 53.30 -0.78 57.66 39.65 3.54 11.31 35355.47 NTTDCMo 2304.5 70.50 2364.5 1612.5 2.67 22.13 74938.62 Cognizant 64.60 -0.12 65.96 41.51 - 26.17 39439.44 NorfolkS♦ 92.51 0.51 117.64 91.59 2.52 14.51 28201.62
Canada (C$) Vivendi 23.55 0.36 24.42 17.26 4.22 -91.71 35650.74 Orintllnd 8091 -8.00 9890 4246.25 0.41 38.56 23420.09 Thailand (THB) ColgtPlm 65.48 -1.31 71.56 62.19 2.26 25.17 59231.24 Northrop♦ 157.29 -1.89 172.30 118.23 1.83 16.07 30480.39
BCE 54.84 0.34 60.20 46.43 4.62 19.26 37262.46 Panasonic 1758 -85.00 1853.5 1130 0.82 72.72 34322.63 PTT Explor 346.00 -4.00 398.00 292.00 2.69 18.85 29308.4 Comcast 58.69 0.23 60.85 49.33 1.62 17.33 125065.83 NXP 106.98 -5.28 114.00 53.81 - 78.65 26931.12
Germany (€)
BkMontrl 75.59 -0.32 85.71 72.87 4.27 11.59 39037.5 Seven & I 5156 -44.00 5494 3794.5 1.47 25.42 36376.25 United Arab Emirates (Dhs) ConocPhil 63.04 -0.64 87.09 60.57 4.69 19.59 77724.95 Occid Pet 79.09 0.90 101.38 71.70 3.74 -39.99 60750.56
Allianz 143.10 0.35 170.15 115.05 3.68 10.22 72652.51
BkNvaS 66.28 0.88 74.93 60.75 4.07 11.41 64285.58 ShnEtsuCh 7601 -79.00 8529 5944 1.35 26.08 26140.66 Emirtestele 11.45 -0.10 11.90 9.41 6.04 10.45 27109.56 Corning♦ 20.71 -0.21 25.16 17.03 2.08 11.21 26064.64 Oracle 43.81 0.32 46.71 35.82 1.08 18.58 191321.34
BASF 82.16 -2.04 97.22 64.27 3.26 15.63 83834.79
Brookfield♦ 42.70 -1.28 48.64 30.57 1.30 9.63 33565.07 Softbank 7357 -7.00 8760 6704 0.56 14.09 70303.3 Costco 138.78 -3.81 156.85 114.51 1.05 26.65 61059.63 Pepsico♦ 93.05 -3.38 100.76 86.71 2.89 21.10 137346.53
Bayer 126.30 -2.85 146.45 94.22 1.65 31.79 116031.59 United Kingdom (p)
CanadPcR 210.60 5.68 247.56 189.67 0.67 23.19 27696.48 Sony 3733.5 -103.50 3970 1622 0.69 -25.05 34760.45 CrownCstl 82.78 1.23 89.44 72.43 2.90 73.07 27628.75 Pfizer 34.09 -0.66 35.53 27.51 3.19 23.01 209914.97
BMW 99.59 -1.11 123.75 74.74 2.59 12.25 66604.49 AscBrFd♦ 2935 -93.00 3293 2407 1.16 41.13 35418.02
CanImp 94.67 -0.23 107.37 88.04 4.41 10.56 30148.4 SumitomoF 5591 -84.00 5747 3823 2.29 10.04 62923.2 CSX♦ 34.43 0.35 37.99 29.07 1.91 16.99 34016.2 PG&E 51.36 -2.11 60.21 42.92 3.64 19.17 24651.44
Continental 206.35 -3.90 234.25 136.85 1.20 17.02 45850.3 AstraZen 4367.5 -5.00 4931.68 4075 4.33 64.11 84075.44
CanNatRs 37.51 -0.87 49.57 31.00 2.44 13.31 32899.96 Takeda Ph 6003 -45.00 6657 4337.5 3.07 86.94 37741.51 Cummins 136.19 0.64 161.03 124.30 2.24 14.21 24692.85 Phillips66 78.05 -1.07 87.98 57.33 2.63 10.23 42274.38
Daimler 81.85 -3.43 96.07 55.10 5.70 11.17 97281.72 Barclays♦ 265.45 -4.55 273.40 201.75 2.45 -0.85 66572.69
CanNatRy♦ 73.51 -0.26 88.89 65.69 1.46 18.33 47186.18 TokioMarine 5110 -121.00 5288 3002 1.60 15.43 30808.62 CVS 99.95 -2.43 105.46 74.64 1.21 23.74 112776.66 PhilMorris 79.70 -3.37 91.63 75.27 5.08 16.38 123466.86
Deut Bank 27.62 0.20 33.42 22.66 2.57 33.36 42314.58 BG 1106 -31.00 1420 780.55 1.83 -29.16 57552.53
Enbridge 58.37 -1.11 66.14 47.43 2.63 128.14 40085.24 Toyota 8470 -167.00 8783 5710 2.12 12.93 230414.56 Danaher 85.89 -0.43 90.25 70.12 0.52 23.17 60769.39 PNCFin 96.51 0.82 96.85 76.69 2.04 12.92 49984.49
Deut Tlkm♦ 15.50 -0.15 17.63 10.07 3.20 37.08 78101.31 BP♦ 443.35 -7.40 526.80 364.40 6.13 42.49 123257.04
GtWesLif♦ 36.92 0.89 37.64 29.16 3.42 13.72 29521.21 Deere 92.13 -1.55 94.88 78.88 2.58 12.66 30759.58 PPG Inds♦ 228.63 -0.26 237.90 171.56 1.20 26.31 31076.75
DeutsPost 26.51 -0.94 31.19 21.55 3.00 16.35 35670.83 Mexico (Mex$) BrAmTob 3440 -165.50 3894 3303 4.21 20.65 100582.92
ImpOil 48.78 0.00 57.96 44.08 1.08 12.58 33142.99 Delta 42.90 -0.02 51.06 30.12 0.79 29.38 35019.35 Praxair♦ 121.38 -1.48 134.84 117.19 2.25 20.93 34995.09
E.ON 12.99 -0.39 15.46 12.23 4.59 -9.44 28865.81 AmerMvl 15.99 -0.21 17.64 12.61 1.59 - 68801.57 BSkyB 850.50 -34.50 954.00 782.50 3.76 9.03 23005.52
Manulife♦ 23.68 0.85 23.86 18.91 2.54 13.56 37399.59 DevonEngy 63.80 -1.42 80.63 51.76 1.55 -10.89 26224.46 Prec Cast♦ 211.02 -0.61 275.09 186.17 0.06 19.08 29169.07
Fresenius Med 76.75 -1.03 82.32 46.70 1.26 24.02 26526.45 FEMSA UBD 138.23 1.20 149.93 116.20 - 28.19 31517.41 BT 439.40 -7.30 472.85 351.90 2.59 16.86 54541.52
Potash 38.32 -0.82 47.10 35.25 4.68 16.03 25625.35 DirectTV 91.68 0.64 92.65 82.04 - 15.51 46212.45 Priceline 1178.16 6.12 1329.9 990.69 - 25.03 61072.09
Fresenius SE 55.95 -1.98 58.82 35.10 0.74 27.04 27115.91 WalMrtMex 38.99 0.97 40.00 28.26 1.41 25.32 43460.32 Compass 1115 -29.00 1223.36 924.41 2.43 21.65 30791.58
RylBkC 79.58 0.51 83.87 71.74 3.83 12.06 92057.74 DiscFinServ 58.30 0.03 66.75 54.02 1.69 11.66 25798.04 ProctGmbl 77.43 -0.96 93.89 77.29 3.41 20.06 210067.25
HenkelKgaA 90.26 -3.09 99.44 66.70 - 23.95 26050.88 Netherlands (€) Diageo 1760.5 -55.00 2055 1689.5 2.94 22.68 67384.87
Suncor En♦ 36.01 -0.34 47.18 30.89 3.01 59.46 41729.91 Disney 110.30 -0.07 113.30 78.54 1.07 23.11 187152.77 Prudntl♦ 88.24 3.63 94.30 74.51 2.58 17.54 39972.72
Linde 169.35 -5.50 195.55 142.85 1.76 28.59 34943.75 Altice 112.50 -6.00 132.60 40.21 - 409.92 30989.3 GlaxoSmh 1398.5 -55.00 1645 1296.5 - - 103736.09
ThmReut♦ 49.08 -0.58 53.00 37.50 3.46 15.97 30863.27 DominRes♦ 67.14 -3.38 80.89 64.71 3.74 26.13 39657.77 PublStor 188.20 -5.34 206.92 162.34 3.06 33.55 32539
MuenchRkv 165.15 -2.85 206.50 141.10 4.36 9.42 31730.39 ASML Hld 98.14 -3.61 104.85 61.58 0.62 32.04 47224.78 Glencore 277.40 -10.55 379.45 236.20 3.95 24.65 55790.04
TntoDom 54.35 0.20 58.20 49.67 3.61 13.02 80679.84 DowChem 52.07 0.00 54.97 41.45 3.12 15.72 60030.51 Qualcomm♦ 68.26 -1.43 81.97 62.26 2.53 15.71 111226.24
SAP 66.31 -1.08 70.81 50.08 1.50 25.32 90500.39 Heineken 67.24 -4.10 76.14 50.43 1.41 23.99 43027.58 HSBC♦ 618.90 -3.80 674.57 550.67 5.54 12.97 184085.32
TrnCan 51.58 -2.32 63.86 49.30 3.84 21.08 29312.36 DukeEner♦ 72.85 -2.88 89.97 68.81 4.46 20.19 50378.5 Raytheon 101.50 -1.76 113.36 89.17 2.51 14.35 30971.91
Siemens 95.58 -0.20 106.35 80.17 3.36 14.47 93548.69 ING 14.62 -0.36 15.24 9.49 - 31.92 62800.6 ImpTob 3185 -185.00 3413 2474 4.02 15.95 46502.09
ValeantPh 292.38 -4.06 308.10 116.01 - 77.67 79915.81 DuPont♦ 69.07 -1.94 80.65 63.70 2.77 19.34 62524.72 Regen Pharm 539.40 26.84 539.80 269.50 - 168.33 54644.25
Volkswgn 213.30 -6.20 254.50 147.35 1.86 9.32 69926.19 Philips 24.15 -0.66 28.00 20.69 - 117.27 25075.5 LlydsBkg 87.09 -0.68 89.35 70.72 0.86 -2.29 94749.7
China (HK$) Natl Grid♦ 857.00 -77.00 965.00 829.00 5.09 15.01 49140.75 Eaton 71.75 0.16 79.98 57.11 2.89 18.22 33544.24 ReynoldsAm 72.14 -4.61 77.68 55.22 3.81 25.06 38379.43
Hong Kong (HK$) Unilever 37.30 -1.53 42.75 28.75 3.21 19.57 71055.68
AgricBkCh 4.19 -0.05 4.55 3.38 5.48 5.84 16613.1 Prudential 1588 -39.00 1761.5 1287 2.21 18.29 62126.47 eBay 63.23 1.87 63.30 46.34 - 25.68 76813.18 Salesforce 73.55 0.80 78.46 50.75 - -290.97 48248.8
AIA 50.75 0.15 58.20 38.25 0.86 23.41 78862.64 Norway (Kr)
Bk China 5.16 -0.03 5.68 3.37 4.88 6.93 55657.31 RBS 357.00 11.70 414.00 308.00 - -32.90 34624.93 Ecolab 114.01 -0.64 118.46 97.78 1.09 27.20 33947.69 Schlmbrg♦ 90.17 -0.60 118.76 75.60 1.94 22.71 114491.27
BOC Hold 32.25 0.15 33.70 22.30 3.06 14.20 43981.39 DNB 137.70 1.20 143.00 98.10 1.99 10.18 28187.21
BkofComm♦ 7.80 0.43 8.20 5.13 4.28 6.76 35225.79 ReckittB 5697 -208.00 6130 4895 2.40 25.03 62399.64 EMC 27.34 1.00 30.92 25.07 1.73 21.09 53095.95 SempraEgy 103.87 -3.60 116.30 96.13 2.65 18.80 25716.14
Ch OSLnd&Inv 28.40 -0.35 34.05 18.52 1.69 8.58 36121.87 Statoil 145.40 -0.40 195.80 118.20 7.43 -12.26 58266.85
Ch Evrbrght♦ 5.11 0.12 5.65 3.37 4.32 6.41 4527.39 Reed Els 1059 -26.00 1199 906.50 2.36 24.91 33596.57 Emerson♦ 59.21 -1.10 68.80 54.95 3.12 15.21 39570.34 Shrwin-Will 280.38 -7.80 294.35 201.36 0.85 29.90 26127.57
ChngKong 114.30 -6.70 174.90 112.60 3.03 5.03 56904.6 Telenor 176.90 0.70 183.50 128.90 4.01 28.01 33380.41
Ch Yangtze RMB 14.38 1.34 14.98 6.00 2.00 17.66 22591.87 RioTinto 2852.5 -3.50 3530.5 2600 4.59 12.66 61475.15 EOG Res 89.68 0.99 118.89 81.07 0.67 22.95 49228.45 SimonProp 176.61 -4.79 206.31 162.43 3.08 37.18 54971.77
Citic Ltd♦ 14.62 -0.42 16.88 12.60 1.77 9.09 46962.94
ChCommsCons 13.28 -0.40 17.00 5.07 1.81 11.83 7584.13 Qatar (QR) RollsRoyce 971.50 -26.50 1094 777.00 2.31-249.10 27981.37 EquityResTP 71.49 -2.83 82.53 60.44 2.95 36.26 26021.56 SouthCpr 30.40 0.38 33.90 23.60 1.49 18.82 24259.99
Citic Secs 30.90 -2.05 40.50 16.30 0.63 19.13 4696.5
ChConstBk 7.79 0.14 7.98 5.34 4.95 6.60 241576.13 QatarNtBk 193.70 -2.40 237.00 160.00 4.00 12.27 37236.12 RylDShlA 1902.5 -40.50 2475.5 1886.5 6.93 12.09 112960.15 Exelon♦ 33.43 -0.40 38.93 30.66 3.81 12.66 28791.37 SouthwestAir♦ 37.17 0.12 47.17 25.47 0.66 17.38 24840.59
CNOOC♦ 11.72 -0.66 15.88 9.72 4.75 7.13 67495.35
China Vanke - - - - - - - Russia (RUB) SABMill 3365.5 -128.50 3857 3105 1.92 24.28 82765.84 ExpScripts 86.88 -0.26 91.21 65.08 - 29.78 63360.8 Starbucks 52.19 0.23 52.46 35.39 1.14 29.94 78311.1
Hanergythn 3.91 0.00 9.07 1.13 - 53.28 21066.09
ChinaCitic 6.57 -0.05 7.40 4.57 4.98 5.88 12611.89 Gzprm neft 142.40 3.40 166.94 113.73 4.66 22.33 59541.49 Shire 5455 -180.00 5755 3431.23 0.27 13.93 49058.46 ExxonMb♦ 84.28 -0.92 104.76 82.68 3.36 12.31 352383.81 StateSt 78.52 0.59 80.92 64.21 1.57 16.38 32325.08
HangSeng♦ 153.80 -2.70 161.50 123.20 3.49 19.88 37927.86
ChinaCNR 15.86 0.00 21.95 4.99 - 25.51 4365.2 Lukoil 2570 108.70 3297.7 1911.5 2.32 7.60 38608.88 StandCh 1035 -11.00 1340.5 867.50 5.34 15.27 39005.59 Facebook 82.14 2.95 86.07 61.79 - 77.87 184724.36 Stryker 95.20 -0.93 98.24 77.87 1.40 53.08 36024.55
HK Exc&Clr 292.00 -8.20 311.40 142.10 1.19 67.41 44728.83
ChinaLife♦ 35.60 -1.80 41.00 20.05 1.08 63.52 34169.73 MmcNrlskNckl 9986 981.00 12247 6548 11.68 14.21 27910.67 Tesco 205.80 -6.80 298.45 155.40 5.49 -2.93 25481.82 Fedex 182.24 9.02 183.51 138.30 0.32 21.15 51711.81 Sychrony Fin 32.80 0.51 33.96 22.60 - 12.66 27347.48
Hutchison 115.00 0.00 119.40 85.90 2.02 7.43 63209.51
ChinaMBank 25.05 1.00 26.85 13.12 3.18 8.44 14833.89 Rosneft 236.75 2.75 294.20 183.95 5.01 7.82 44316.81 Vodafone 242.05 -13.30 258.00 179.10 5.76 66.68 97805.92 FordMtr 14.78 -0.39 18.12 13.26 3.65 18.54 57708.57 Target♦ 79.20 -0.12 83.98 56.61 2.49 20.27 50568.54
MTR♦ 36.90 -0.15 40.00 28.80 2.44 14.06 27799.82
ChinaMob♦ 102.30 -1.00 118.00 73.75 3.01 15.64 270177.68 Surgutneftegas 31.90 0.90 39.80 21.82 2.53 2.52 20129.1 WPP♦ 1486 -54.00 1616 1091 2.37 18.45 29855.71 Franklin 50.42 -0.49 59.43 49.12 1.10 12.82 31187.76 TE Connect♦ 68.70 -0.30 73.73 51.03 1.73 14.71 27932.82
SandsCh 30.10 -0.40 61.65 28.05 5.62 12.58 31327.37
ChinaPcIns♦ 41.20 0.25 47.10 26.20 1.25 22.75 14748.8 GenDyn 139.22 -0.94 145.92 114.04 1.83 16.42 45766.18 TexasInstr 53.79 -2.14 59.99 41.47 2.44 18.77 55955.94
SHK Props 131.00 -1.60 137.60 104.60 2.50 12.26 48576.13 Saudi Arabia (SR) United States of America ($)
ChinaRailCons 14.84 0.30 17.70 6.70 1.13 12.27 3974.4 GenElectric 27.29 0.02 28.68 23.41 3.39 218.97 274972.1 TheTrvelers 99.31 -1.81 110.49 88.81 2.27 9.33 31649.93
Tencent 154.70 -0.50 171.00 104.50 0.16 45.97 187090.22 AlRajhiBnk 66.84 -0.43 79.50 48.40 2.83 16.71 28962.33 3M♦ 157.08 -2.00 170.50 130.60 2.35 20.27 99642.28
ChinaRailGp♦ 10.46 0.24 12.30 3.65 0.81 16.60 5676.69 GenGrwthPrp 26.97 -1.36 31.70 22.92 2.40 26.23 23900.9 ThrmoFshr 129.57 -0.06 139.03 107.33 0.48 29.27 51576.24
India (Rs) Natnlcombnk 66.85 -0.17 72.75 49.50 - 14.75 35556.72 AbbottLb 48.45 -0.15 49.43 39.28 1.91 35.38 72130.29
ChMinsheng 10.58 -0.26 11.88 6.73 2.15 6.54 9462.19 GenMills 54.42 -1.73 57.73 48.32 2.97 23.90 32439.22 TimeWrnr♦ 84.90 0.42 88.25 67.60 1.58 20.69 70008.74
Bhartiartl 415.60 -10.00 435.00 326.60 0.82 34.35 26037.47 SaudiBasic 103.44 0.40 136.50 70.25 5.04 12.96 82749.78 Abbvie 67.40 0.81 70.76 51.37 2.67 58.18 107373.33
ChMrchSecs RMB 31.94 0.80 40.00 9.88 0.49 30.19 24730.15 GenMotors 35.12 -0.85 39.00 28.82 3.51 15.91 56445.13 TimeWrnrC 178.06 -2.83 184.89 128.78 2.16 24.48 50335.1
HDFC Bk 1011.75 -38.80 1109.3 791.40 0.67 27.13 38283.69 SaudiTelec 68.15 -0.79 76.50 55.00 5.31 11.91 36345.7 Accenture 95.40 -0.64 97.95 73.98 2.02 21.78 75880.59
ChShenEgy♦ 19.10 -0.04 24.40 18.62 6.12 9.21 8372.99 GileadSci 113.96 1.69 116.83 78.50 - 12.65 167476.3 TJX Cos 65.63 1.25 71.03 51.91 1.06 20.66 44653.67
Hind Unilevr 829.10 -30.45 981.00 610.80 1.35 46.55 28102.68 Singapore (S$) Ace 104.68 -1.80 117.89 99.45 2.55 12.25 34187.69
ChShpbldng RMB 18.45 1.19 20.19 4.36 0.26 166.91 53409.9 GoldmSchs♦ 210.45 4.26 211.94 161.53 1.12 10.80 90917.74 T-MobileUS 40.24 1.36 40.77 24.26 - 99.80 32611.11
HsngDevFin 1201.35 -34.70 1402.3 907.00 1.15 22.47 29599.48 DBS♦ 20.21 -0.13 21.23 16.72 2.92 12.15 37323.21 Actavis 302.30 -4.51 317.72 201.91 - -32.36 118636.01
ChStConEng RMB 10.15 0.59 12.52 2.77 1.45 12.48 48845.84 Google 549.53 4.21 608.91 490.91 - 26.56 158410.08 Twitter 37.00 0.33 55.99 33.09 - -36.90 24226.64
ICICI Bk♦ 284.10 -33.15 393.40 266.66 3.20 13.79 25779.15 JardnMt US$ 60.06 -2.66 67.88 57.00 2.30 13.33 41958.31 Adobe 78.86 -0.23 80.74 58.51 - 132.70 39451.22
ChUncHK♦ 13.18 -0.28 16.00 10.04 1.59 21.38 40711.47 Halliburton♦ 45.73 0.33 74.33 37.21 1.48 17.44 38910.49 UnionPac♦ 102.28 1.37 124.52 96.17 2.01 16.98 89881.7
Infosys 2011.65 -11.50 2336 1475 1.98 17.43 36209.14 JardnStr US$ 32.69 -1.31 38.10 31.98 0.78 11.06 36616.15 AEP♦ 53.44 -2.85 65.38 49.06 3.96 14.95 26165.32
CSR 15.00 0.00 20.70 5.72 0.77 29.43 8457.23 HCA Hold 81.28 -0.55 83.88 53.61 - 16.62 33675.97 UPS B 100.51 1.29 114.40 94.05 2.80 28.60 70509.37
ITC♦ 304.30 -22.80 409.95 295.00 1.69 28.08 37930.48 OCBC♦ 10.02 -0.23 10.92 9.38 3.50 9.53 29411.81 Aetna 116.86 -1.11 120.19 71.81 1.03 18.82 40807.51
Daqin RMB 13.59 1.12 14.72 6.24 3.25 13.78 32569.13 Hew-Pack 32.92 -0.48 41.10 31.00 1.93 12.40 59834.03 USBancorp 43.99 0.88 46.10 38.10 2.29 13.75 77995.81
L&T 1683.6 29.15 1893.8 1401 0.84 28.61 24458.12 SingTel 4.14 0.02 4.57 3.63 4.06 17.65 48627.11 Aflac 61.81 -0.41 65.10 54.99 2.53 9.39 26818.39
GF Secs RMB 28.09 2.10 32.88 9.50 0.73 24.02 26803.5 HiltonWwde 29.39 0.43 31.60 20.72 - 40.35 29021.12 Utd Cntl Hldg 54.09 -0.50 74.52 36.65 - 9.23 20662.46
OilNatGas 308.20 -21.65 471.85 297.30 3.09 10.18 41325.93 UOB 22.79 -0.84 25.05 21.53 3.12 11.04 26901.21 AirProd 145.58 -1.18 158.20 118.20 2.20 29.76 31265.45
GuosenSec - - - - - - - HlthcareREIT 67.81 -2.45 84.88 61.42 4.86 55.98 23775.99 UtdHlthcre 116.53 -3.68 123.76 77.53 1.32 18.73 110925.4
RelianceIn 907.75 30.75 1133 796.45 1.03 11.71 46025.57 Alexion 160.26 -3.58 203.30 150.06 - 53.45 31984.17
HaitongSecs 25.35 1.05 27.90 11.50 0.61 18.05 11148.78 South Africa (R) HomeDep♦ 110.37 -1.05 117.99 77.75 1.80 22.58 143367.99 UtdTech♦ 117.00 -0.17 124.45 97.30 2.12 16.09 104153.61
SBI NewA♦ 257.80 -20.35 336.00 234.61 1.13 12.30 30164.84 Allstate♦ 66.48 -0.84 72.87 56.63 1.76 9.93 27191.18
HuataiSec RMB 29.63 -0.34 34.31 7.38 0.52 28.36 26079.2 Firstrand 51.40 -0.60 58.47 39.41 3.60 13.41 22924.01 Honywell♦ 103.74 -0.46 107.10 82.89 1.92 18.51 81094.33 ValeroEngy♦ 57.74 -1.50 64.49 42.53 2.13 7.71 29367.8
SunPhrmInds 847.90 -118.20 1200.8 593.45 0.17 30.03 27523.55 Altria 48.21 -2.99 56.70 40.26 4.34 18.90 94807.75
In&CmBkCh 6.62 -0.11 7.10 4.74 5.08 6.61 74113.44 MTN Grp 215.86 0.64 263.44 198.00 5.47 11.66 31705.85 HumanaInc 214.38 -0.27 219.79 115.51 0.54 26.73 32110.11 Verizon 47.23 -2.21 53.66 45.09 4.74 19.30 192626.94
Tata Cons♦ 2575.85 -34.45 2839.7 2056 1.30 23.73 79075.14 Amazon 426.95 -2.28 452.65 284.00 - -474.43 198822.48
IndstrlBk RMB 19.30 1.26 21.42 9.43 2.45 7.37 50338.02 Naspers N 1824 38.95 2029.97 1130.01 0.24 61.35 60793.01 IBM♦ 167.40 -2.25 196.40 149.52 2.70 10.40 164844.48 VertexPharm 127.35 -0.94 137.50 63.68 - -41.74 31041.85
Tata Motors 442.10 -39.55 612.40 427.15 0.44 9.67 22505.37 AmerAir 41.72 -0.65 56.20 28.10 0.74 8.87 28903.57
Kweichow RMB 253.84 -7.27 290.00 139.22 1.77 17.62 46729.99 South Korea (KRW) IllinoisTool 93.23 -0.60 100.14 79.06 2.07 18.59 34279.86 VF Cp♦ 70.22 -0.21 77.83 59.82 1.70 28.77 29841.76
AmerExpr 79.39 -0.33 96.24 76.53 1.35 13.45 80644.02
PetroChina 8.91 -0.43 11.70 7.93 4.70 16.31 24248.54 Indonesia (Rp) HyundMobis 214000-12500.00 312000 197500 1.44 9.48 18399.83 Illumina 210.21 4.13 213.33 145.12 - 70.69 30291.26 Viacom 68.06 1.18 89.76 63.11 1.99 15.60 23587.37
AmerIntGrp 60.50 1.89 61.32 48.56 0.85 10.01 80670.42
PingAnIns 111.20 -5.10 125.80 57.05 0.81 15.34 53412.08 Astra Int 7000 -375.00 8575 6325 3.16 13.53 21346.57 KoreaElePwr 44800 -900.00 50200 36650 1.15 8.20 25883.09 Intcntl Exch 236.55 -0.23 241.98 182.40 0.85 25.33 26330.28 Visa Inc 68.37 -0.31 70.69 48.80 0.66 29.82 133829.54
Amerisrcbrgn 111.50 -1.06 120.68 71.00 0.97 -36.68 24494.94
PngAnBnk RMB 16.30 0.80 17.50 7.84 0.84 10.71 31016.22 Bk Cent Asia 13650 -500.00 15600 10700 0.95 19.13 25350.53 SK Hynix 49050 -600.00 52400 40300 0.63 8.28 32136.51 Intel 31.84 -2.62 37.90 27.43 2.95 13.19 151048.96 Walgreen♦ 83.89 -1.95 93.42 57.75 1.56 24.79 91503.56
AmerTower 92.52 -0.27 105.20 87.05 1.55 46.39 39144.2
SaicMtr RMB 25.21 1.05 29.18 14.58 4.89 9.51 44806.8 BnkRakyat 11300 -525.00 13450 9850 5.09 10.94 20998.14 SmsungEl 1341000 32000 1510000 1078000 1.06 8.41 156061.98 Intuit 105.60 1.45 109.21 77.96 0.88 95.47 29110.63 WalMartSto 73.06 -1.21 90.97 72.61 2.67 14.43 235655.26
Amgen 157.25 0.99 173.60 114.93 1.71 20.67 119560.9
ShenwanHong - - - - - - - Israel (ILS) Spain (€) John&John♦ 98.59 -1.55 109.49 95.10 2.92 17.20 273394.54 WasteMgmt♦ 48.41 -1.24 55.93 43.49 3.20 23.22 22163.17
Anadarko 84.49 0.88 113.51 71.00 1.31 -17.75 42915.5
ShgPdgBk RMB 18.43 1.39 19.17 8.90 3.68 7.04 44334.82 TevaPha 235.80 233.46 267.40 175.00 2.25 18.52 52121.36 BBVA 8.99 0.00 9.99 7.21 0.88 15.26 62973.25 JohnsonCn♦ 52.18 0.16 53.45 38.60 1.89 22.19 34169.06 Wellpoint 128.71 1.56 129.96 81.84 1.59 12.63 34744.16
Aon Cp 100.97 -0.25 107.08 78.26 1.02 20.69 28457.63
Sinopec 6.55 -0.37 8.23 5.90 4.74 17.33 21555.54 BcoSantdr 6.54 0.05 7.96 5.77 8.59 13.51 103939.61 JPMrgnCh 67.42 1.64 67.84 54.26 2.44 12.02 250201.5 WellsFargo 56.61 0.65 57.22 46.44 2.54 13.47 291496.49
Italy (€) AppldMat♦ 20.15 0.02 25.71 18.63 1.97 19.82 24816.71
Denmark (kr) CaixaBnk 4.37 0.01 5.00 3.71 - 31.73 28010.63 Kimb-Clark♦ 105.74 -3.12 119.01 99.20 3.30 26.33 38499.85 Williams Cos 48.77 -2.33 59.77 40.07 4.50 17.22 36526.85
Enel 4.21 -0.21 4.50 3.36 3.29 79.01 43938.69 Apple 128.65 -1.63 134.54 89.65 1.50 15.55 741156.51
DanskeBk 198.00 -1.30 201.00 139.20 2.75 33.40 29739.74 Iberdrola 6.11 -0.19 6.46 5.11 2.52 16.72 42363.48 KinderM 40.40 -1.09 44.71 33.25 4.42 47.75 87593.45 Yahoo 42.81 -0.13 52.62 32.93 - 5.67 40174.73
ENI 15.83 -0.56 20.46 12.98 6.96 110.60 63912.06 ArcherDan♦ 51.01 -1.84 53.91 41.63 2.01 13.05 31884.9
MollerMrsk 13180 80.00 16450 11020 2.28 15.82 42117.04 Inditex 30.01 -0.16 31.05 19.29 1.32 36.24 103890.7 Kraft 83.37 -1.08 91.32 53.33 2.65 50.46 49350.04 Yum!Brnds 90.79 0.68 95.90 65.81 1.76 39.28 39257.66
Generali 16.94 -0.67 19.21 14.40 2.64 14.57 29299.58 AT&T 34.57 0.03 37.48 32.07 5.52 30.43 179522.01
NovoB 380.80 1.50 400.20 236.10 1.30 33.62 150275.11 Repsol 17.05 -0.29 20.21 14.26 2.23 18.60 26039.06 Kroger 71.01 -1.79 77.74 46.77 0.97 20.12 34809.21
IntSPaolo 3.21 -0.07 3.38 2.00 1.55 28.45 56544.71 AutomData 84.26 -1.25 90.23 70.50 2.36 24.36 39562.09
Telefonica 12.70 -0.18 14.00 10.76 3.09 20.38 69676.48 L Brands♦ 85.46 -1.06 95.78 56.57 1.62 24.08 24991.05 Closing prices and highs & lows are in traded currency (with variations for that
Finland (€) Luxottica 59.15 -2.15 62.50 34.74 1.09 41.11 31681.21 Avago Tech 143.81 -4.26 150.50 68.71 0.87 75.34 36899.81
LasVegasSd 55.00 4.17 78.50 49.57 4.01 16.70 43924.99 country indicated by stock), market capitalisation is in USD. Highs & lows are
Nokia 6.45 -0.20 7.87 5.38 1.69 22.01 26336.07 Unicred 6.33 -0.05 6.89 4.82 - 16.29 41314.84 Sweden (SKr) BakerHu♦ 64.68 0.22 75.64 47.51 1.05 34.40 28114.82
LibertyGbl 55.24 -2.29 58.66 39.95 - -38.65 13924.16 based on intraday trading over a rolling 52 week period.
SampoA 42.56 -0.32 49.40 34.77 3.85 14.78 26421.22 Japan (¥) AtlasCpcoB 221.00 -8.50 270.00 165.20 2.49 21.23 31982.56 BankAm♦ 17.19 0.69 18.21 14.84 0.96 24.75 180531.1
Lilly (E)♦ 78.12 -0.78 79.85 58.50 2.59 37.21 86692.98 ♦ ex-dividend
France (€) AstellasPh 1816 -4.00 2047 1278 1.58 40.32 32112.94 Ericsson 96.05 0.35 120.00 77.90 3.28 25.83 37717.45 Baxter♦ 65.02 -1.59 77.31 64.96 3.28 18.63 35387.41
LinkedIn 213.80 18.87 276.18 152.18 - -575.34 23577.39 ■ ex-capital redistribution
Airbus Grpe 59.66 -2.34 66.10 39.64 1.25 17.48 52187.34 Bridgestne 4854.5 -278.50 5182 3328 2.22 11.77 31415.53 H&M 331.60 -4.60 368.50 269.60 2.85 26.33 65208.63 BB & T 40.20 0.73 40.47 34.50 2.45 14.33 29071.01
Lockheed♦ 189.33 1.13 207.06 156.23 3.07 16.64 59593.61 # price at time of suspension
AirLiquide 114.00 -3.30 123.95 87.17 2.17 22.15 43558.78 Canon 4254.5 -70.50 4539 3172 3.79 18.09 45162.94 Investor 320.00 -16.70 363.40 219.30 2.51 3.36 29168.77 BectonDick♦ 140.03 -0.48 149.98 112.15 1.68 25.02 29320.27
Lowes 69.79 -0.19 76.25 45.10 1.31 24.94 65092.13
CntJpRwy 21225 -675.00 24800 13320 0.58 14.81 34799.24 Nordea Bk 107.60 -3.30 115.50 82.40 5.35 12.94 51433.56 BerkshHat 211560-3240.00 229374 185005 - 16.65 181191.2

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
TevaPha 235.80 232.80 3.00 1.29 233.46 9981.2 0.43 SunPhrmInds 847.90 831.55 16.35 1.97 -118.20 -12.2 -10.54 Jun 05 date Coupon S* M* F* price yield yield yield US Jun 05 date Coupon S* M* F* price yield yield yield US
MmcNrlskNckl 9986.00 9742.00 244.00 2.50 981.00 10.9 -1.81 ICICI Bk 284.10 290.10 -6.00 -2.07 -33.15 -10.4 -13.73 High Yield US$ US$
Ch Yangtze 14.38 14.45 -0.07 -0.48 1.34 10.3 2.13 Natl Grid 857.00 869.00 -12.00 -1.38 -77.00 -8.2 -3.34 Windstream Services, LLC 11/17 7.88 BB- B1 BB 107.74 4.48 -0.01 0.00 3.78 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 115.67 4.49 -0.05 0.08 2.11
LinkedIn 213.80 212.83 0.97 0.46 18.87 9.7 6.98 Tata Motors 442.10 451.20 -9.10 -2.02 -39.55 -8.2 -12.71 High Yield Euro Bank of America Corporation 10/26 4.25 BBB+ Baa3 A- 98.31 4.49 -0.05 0.10 2.12
Daqin 13.59 13.07 0.52 3.98 1.12 9.0 -3.48 Intel 31.84 32.31 -0.47 -1.45 -2.62 -7.6 -2.45 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 96.01 - 0.00 0.00 - Citigroup Inc. 11/26 4.30 BBB+ Baa3 A- 98.74 4.49 -0.05 0.13 2.12
LasVegasSd 55.00 54.99 0.01 0.02 4.17 8.2 3.66 SBI NewA 257.80 257.60 0.20 0.08 -20.35 -7.3 -6.98 Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 98.57 7.05 -0.05 0.13 -
ShgPdgBk 18.43 18.63 -0.20 -1.07 1.39 8.2 3.48 ITC 304.30 301.60 2.70 0.90 -22.80 -7.0 -7.84 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 119.60 4.55 -0.05 0.06 -
GF Secs 28.09 27.35 0.74 2.71 2.10 8.1 0.72 PernodRic 105.00 107.05 -2.05 -1.91 -7.55 -6.7 -5.28 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.53 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 119.08 4.89 -0.05 -0.14 -
IndstrlBk 19.30 19.52 -0.22 -1.13 1.26 7.0 0.94 OilNatGas 308.20 301.35 6.85 2.27 -21.65 -6.6 -6.14 Mexico 09/16 11.40 BBB+ A3 BBB+ 113.31 0.80 -0.03 -0.11 0.10
Brazil 01/18 8.00 BBB- Baa2 BBB 108.32 4.61 0.05 0.02 3.92 Euro
ChShpbldng 18.45 17.69 0.76 4.30 1.19 6.9 15.17 Citic Secs 30.90 31.80 -0.90 -2.83 -2.05 -6.2 -8.85 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 106.58 2.19 0.08 0.41 -0.18
ChStConEng 10.15 9.69 0.46 4.75 0.59 6.2 -15.35 ReynoldsAm 72.14 74.09 -1.95 -2.63 -4.61 -6.0 -1.37 Russia 07/18 11.00 BB+ Ba1 BBB- 122.38 3.42 -0.02 0.06 2.72
Peru 03/19 7.13 BBB+ A3 BBB+ 117.35 2.35 -0.02 0.12 0.62 Citigroup Inc. 09/26 2.13 A- Baa1 A 100.91 2.03 -0.08 0.23 -0.34
ABB 21.77 21.77 0.00 0.00 1.21 5.9 8.06 EDF 21.07 21.17 -0.10 -0.45 -1.31 -5.9 -4.51 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 96.87 2.94 -0.07 0.05 -
BkofComm 7.80 8.05 -0.25 -3.11 0.43 5.8 -3.35 Altria 48.21 49.88 -1.67 -3.35 -2.99 -5.8 -4.27 Brazil 01/21 7.88 BBB- Baa2 BBB 105.49 3.79 0.03 0.21 2.07
Turkey 03/21 5.63 - Baa3 BBB- 108.34 4.04 -0.05 0.09 2.31 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 109.09 2.11 -0.07 0.27 -
CredSuisse 26.29 26.29 0.00 0.00 1.38 5.5 7.44 Westpc 31.19 31.40 -0.21 -0.67 -1.93 -5.8 -12.39
Poland 04/21 5.13 A- A2 A- 112.17 2.88 -0.05 0.21 1.15 Yen
Regen Pharm 539.40 518.62 20.78 4.01 26.84 5.2 15.88 Heineken 67.24 68.84 -1.60 -2.32 -4.10 -5.7 -4.00
Colombia 07/21 4.38 BBB Baa2 BBB 104.80 3.49 0.00 0.17 1.76 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.09 0.28 0.00 0.04 -
Fedex 182.24 179.63 2.61 1.45 9.02 5.2 7.32 ChngKong 114.30 114.30 0.00 0.00 -6.70 -5.5 -32.57
PngAnBnk 16.30 16.37 -0.07 -0.43 0.80 5.2 -1.33 HyundMobis 214000.00 203500.00 10500.00 5.16 -12500.00 -5.5 -9.89 Turkey 04/26 4.25 - Baa3 BBB- 95.12 4.89 -0.05 0.28 2.52 £ Sterling
CharlesSch 33.23 32.26 0.97 3.01 1.58 5.0 6.30 ImpTob 3185.00 3269.00 -84.00 -2.57 -185.00 -5.5 2.08 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 130.88 3.40 0.09 0.22 1.02
Lukoil 2570.00 2525.00 45.00 1.78 108.70 4.4 -3.20 Bridgestne 4854.50 4862.00 -7.50 -0.15 -278.50 -5.4 -3.19 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Barclays Bank plc 09/26 5.75 BBB- Baa3 A- 112.74 4.30 0.00 0.02 1.92
Petrobras 13.83 13.83 0.00 0.00 0.58 4.4 -13.67 Sinopec 6.55 6.68 -0.13 -1.95 -0.37 -5.3 -11.01 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.80 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 111.25 2.90 -0.05 0.14 1.17 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 116.05 3.88 0.00 0.41 1.51
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jun 05 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jun 05 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.08 16-12-2008 0.08 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 14.21 -0.50 14.71 31.06 10.28 Jun 05 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 14.66 -0.40 15.06 23.19 7.04 Tr 2pc '16 100.94 0.48 -2.04 2.13 2.13 -29.41 102.13 100.94 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 178.85 0.20 -0.08 0.32 -1.70 0.83 VXN 15.77 -0.02 15.79 31.17 9.66 Tr 1.75pc '17 101.91 0.56 3.70 14.29 1.82 -47.66 102.68 101.07 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 293.49 -0.92 -1.91 -0.01 -1.53 7.31 VDAX 15.81 -0.83 16.64 - - Tr 5pc '18 111.35 0.81 5.19 14.08 -1.22 -45.27 113.65 111.35 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 250.95 -0.44 -0.96 0.19 -0.96 0.19 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.36 1.12 3.70 14.29 1.82 -37.43 115.07 111.17 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 210.97 -0.57 -1.25 -0.81 -1.68 3.14 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.45 1.38 4.55 14.05 3.76 -32.02 119.04 113.53 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 220.16 -0.76 -1.92 -0.68 -3.40 6.30 Tr 8pc '21 136.54 1.59 3.92 14.39 6.00 -29.02 142.92 135.65 0.24
Gilts( £) 280.08 -1.22 -2.36 -1.95 -1.88 8.74 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 114.60 1.70 3.66 14.86 6.25 -28.87 119.85 110.38 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 246.51 0.09 -0.58 -1.73 -1.46 -2.96 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 125.67 2.08 3.48 15.56 7.22 -25.45 134.70 119.37 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 292.98 -0.90 -1.87 -0.17 -1.49 7.34 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 121.08 2.30 2.68 13.30 7.48 -23.84 131.90 112.61 0.31
Jun 05 (Libor: Jun 04) night Day Week Month month month month year Overall ($) 224.48 -0.36 -0.85 0.14 -0.85 0.14 Australia 10/18 3.25 103.58 2.14 0.04 0.18 0.02 -0.97 Tr 4.25pc '32 123.64 2.53 2.02 10.48 6.30 -21.91 136.85 112.95 0.35
US$ Libor 0.12300 0.000 0.000 -0.001 0.18405 0.27890 0.42185 0.74795 Overall( £) 281.32 -1.12 -2.21 -1.40 -1.76 8.28 04/26 4.25 110.34 3.12 0.06 0.32 0.21 -0.83 Tr 4.25pc '36 125.54 2.64 1.54 9.54 5.60 -21.19 140.37 113.08 0.26
Euro Libor -0.17714 0.001 -0.004 0.000 -0.07000 -0.01357 0.05714 0.17429 Overall(€) 217.13 -0.69 -1.62 -0.63 -2.74 5.24 Austria 10/18 1.15 103.49 0.11 0.01 0.00 0.06 -0.39 Tr 4.5pc '42 134.78 2.70 1.50 8.87 5.47 -20.82 153.16 118.96 0.26
£ Libor 0.48063 0.000 0.000 -0.001 0.50569 0.57094 0.71531 1.00400 Treasuries ($) 215.03 -0.34 -0.88 -0.02 -0.88 -0.02 10/24 1.65 105.69 1.01 0.03 0.37 0.33 -0.74 Tr 3.75pc '52 124.89 2.69 1.13 8.47 5.08 -21.35 145.21 106.18 0.22
Swiss Fr Libor 0.005 -0.81900 -0.77900 -0.69660 -0.57960 FTSE Belgium 06/18 0.75 101.71 0.18 0.01 -0.02 -0.05 -0.64 Tr 4pc '60 135.82 2.63 0.77 7.79 4.37 -22.19 159.23 113.50 0.21
Yen Libor -0.001 0.05786 0.09786 0.13500 0.24971 Sterling Corporate (£) 111.56 -0.42 - - -1.22 2.72 06/25 0.80 96.52 1.17 0.04 0.36 0.35 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.001 -0.06200 -0.01300 0.04900 0.16200 Euro Corporate (€) 107.41 -0.16 - - -1.81 0.81 Canada 05/17 0.25 99.29 0.63 0.07 0.06 -0.03 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.50000 0.57000 0.73500 Euro Emerging Mkts (€) 949.37 -11.06 - - -7.11 -3.84 06/25 2.25 104.02 1.81 0.07 0.19 0.12 0.00
US$ CDs
Euro CDs
0.000
0.000
0.15000
-0.10500
0.23000
-0.06500
0.36000
-0.00500
Eurozone Govt Bond 112.07 -0.51 - - -2.85 3.05 Denmark 11/16 2.50 104.20 -0.41 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 107.42 1.00 0.02 0.35 0.33 -0.76
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.52 1.17 -0.02 0.09 0.00 0.00
Fixed Coupon Jun 05 chg % Return 1 month 1 year Yield
Jun 05 term notice month month month year Markit iTraxx 07/25 4.00 128.76 0.99 0.02 0.34 0.30 -0.82
1 Up to 5 Years 99.06 -0.09 2345.21 0.10 2.32 1.03
Euro -0.20 -0.10 -0.20 -0.10 -0.18 -0.03 -0.14 0.01 -0.08 0.07 0.06 0.21 Crossover 5Y 305.28 8.97 17.31 20.06 308.96 242.25 France 11/16 0.25 100.60 -0.16 0.00 0.00 0.00 0.00
2 5 - 10 Years 177.70 -0.37 3159.10 -0.24 5.97 1.82
Sterling 0.40 0.55 0.40 0.55 0.45 0.55 0.52 0.62 0.66 0.81 0.98 1.13 Europe 5Y 67.43 2.54 1.14 4.39 67.89 52.94 11/19 0.50 101.20 0.23 0.03 0.15 0.10 0.00
3 10 - 15 Years 200.44 -0.61 3659.60 -0.86 9.47 2.28
Swiss Franc - - - - - - - - - - - - Japan 5Y 56.20 1.06 1.18 4.78 59.45 48.09 05/25 0.50 93.80 1.16 0.04 0.37 0.33 0.00
4 5 - 15 Years 183.07 -0.42 3282.37 -0.37 7.08 1.95
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 77.24 2.94 0.14 2.04 78.19 62.28 05/45 3.25 128.16 1.99 0.06 0.41 0.40 -0.89
5 Over 15 Years 287.88 -0.61 4114.90 -0.78 16.42 2.65
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.23 0.33 0.35 0.45 0.62 0.72 Germany 06/16 0.25 100.47 -0.22 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 169.79 -0.39 3132.55 -0.38 8.69 2.38
Japanese Yen 0.00 0.10 0.00 0.10 -0.15 0.05 -0.05 0.15 -0.05 0.15 0.00 0.20 10/19 0.25 100.73 0.08 0.00 0.00 0.07 0.00
Emerging Markets 5Y 306.48 6.26 16.18 7.78 321.49 278.35 02/25 0.50 96.79 0.85 0.01 0.35 0.30 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 346.23 2.98 6.67 -4.30 350.53 329.17 08/46 2.50 124.19 1.52 0.03 0.41 0.38 -0.80
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jun 05 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 66.05 0.86 2.08 0.23 66.05 60.22 Greece 07/17 3.38 68.06 24.55 2.45 1.62 4.18 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 311.69 -0.06 -0.23 -2.63 2360.21 -0.10 -1.01
02/25 3.00 56.45 10.94 0.32 -0.13 0.43 4.65 2 Over 5 years 561.82 -0.06 -0.17 14.57 4132.53 -0.01 15.52
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 112.91 0.03 0.00 0.00 0.00 -0.56 3 5-15 years 427.49 -0.29 -0.77 2.97 3233.40 -0.48 4.29
03/25 5.40 133.96 1.61 0.07 0.43 0.42 -1.11 4 Over 15 years 689.48 0.02 0.03 20.80 4980.13 0.15 21.58
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.32 0.49 0.04 0.09 0.12 0.00 5 All stocks 522.13 -0.06 -0.18 12.87 3886.73 -0.02 13.91
05/20 0.70 98.07 1.11 0.09 0.20 0.32 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 93.47 2.25 0.11 0.39 0.56 0.00 Yield Indices Jun 05 Jun 04 Yr ago Jun 05 Jun 04 Yr ago
Crude Oil† Jun 58.92 0.92 Corn♦ Jul 360.75 -2.25 Apr 06 Apr 06 Prev return stock Market stocks
09/46 3.25 100.55 3.25 0.12 0.38 0.53 0.00 5 Yrs 1.43 1.37 1.87 20 Yrs 2.67 2.62 3.34
Brent Crude Oil‡ 63.21 1.17 Wheat♦ Jul 517.25 -5.25 Can 4.25%' 21 130.65 -0.406 -0.425 -1.04 5.18 69031.89 7
Japan 05/17 0.10 100.21 -0.01 0.00 0.00 0.00 0.00 10 Yrs 2.16 2.09 2.76 45 Yrs 2.65 2.63 3.40
RBOB Gasoline† Jun 2.03 0.04 Soybeans♦ Jul 938.25 -8.25 Fr 2.25%' 20 115.66 -0.731 -0.725 -0.54 20.31 216330.56 15
05/20 0.05 99.58 0.14 -0.01 0.03 0.01 0.00 15 Yrs 2.51 2.45 3.16
Heating Oil† Jun 1.84 -0.05 Soybeans Meal♦ Jul 305.30 -0.30 Swe 0.25%' 22 107.03 -0.639 -0.630 -1.40 29.73 214405.47 6
03/25 0.40 99.40 0.46 -0.01 0.07 0.05 0.00
Natural Gas† Jun 2.59 -0.04 Cocoa (ICE Liffe)X Jul 2112.00 10.00 UK 2.5%' 16 325.53 -1.565 -1.597 -0.02 7.90 486453.80 24
03/45 1.50 99.25 1.54 0.00 0.06 0.10 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Jul 3103.00 -9.00 UK 2.5%' 24 339.49 -0.735 -0.712 -1.14 6.82 486453.80 24
Netherlands 04/17 0.50 101.20 -0.15 0.00 0.00 0.00 0.00 Real yield Jun 05 Dur yrs Previous Yr ago Jun 05 Dur yrs Previous Yr ago
Uranium Jun 35.65 0.10 Coffee(Robusta)X Jul 1728.00 -8.00 UK 2%' 35 229.99 -0.714 -0.674 -2.32 9.08 486453.80 24
07/25 0.25 92.54 1.03 0.03 0.36 0.30 0.00 Up to 5 yrs -0.88 2.90 -0.90 -1.20 -1.51 2.92 -1.54 -1.88
Carbon Emissions - - Coffee (Arabica)♥ Jul 134.35 -0.85 US 0.625%' 21 102.89 0.150 0.188 -1.08 35.84 1077327.49 36
Diesel Jun 121.25 0.00 White SugarX 350.70 -0.80 New Zealand - - - - - - - Over 5 yrs -0.72 23.48 -0.73 -0.07 -0.75 23.56 -0.75 -0.11
US 3.625%' 28 136.21 0.679 0.188 -1.87 16.78 1077327.49 36
Unleaded Jul - - Sugar 11♥ 12.45 0.03 12/17 6.00 106.89 3.13 0.02 0.08 0.01 -0.77 5-15 yrs -0.68 9.73 -0.71 -0.23 -0.76 9.74 -0.79 -0.35
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.67 0.78 0.00 0.10 -0.12 -0.86 Over 15 yrs -0.73 28.19 -0.73 -0.05 -0.75 28.26 -0.75 -0.07
Base Metals (♠ LME 3 Months) Cotton♥ Jul 64.66 -0.57 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/24 3.00 111.35 1.60 -0.03 0.16 -0.02 -1.07 All stocks -0.73 20.31 -0.73 -0.09 -0.77 20.45 -0.77 -0.14
Aluminium 1747.00 2.50 Orange Juice♥ Jul 116.80 2.75 amount.
Aluminium Alloy 1775.00 45.00 Palm Oil♣ Jul 630.50 4.00 Portugal 02/16 6.40 104.35 0.03 0.00 0.03 0.03 -0.97 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 5941.00 20.50 Live Cattle♣ Jun 153.00 -0.18 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 99.43 2.94 0.10 0.38 0.67 0.00
Lead 1906.00 -23.00 Spain 10/17 0.50 100.52 0.28 0.01 0.05 0.07 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Aug 221.55 -1.03
Nickel 13100.00 165.00 Lean Hogs♣ Jul 81.20 -1.15 Spread Spread Spread Spread 10/25 2.15 98.47 2.32 0.07 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 15300.00 -120.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.43 1.10 -0.01 0.09 0.09 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 2133.50 -8.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 114.61 0.95 0.01 0.29 0.23 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Jun 04 Month Year Australia 3.12 2.27 0.75 Italy 2.25 1.40 -0.13 Switzerland 10/16 2.00 103.89 -0.87 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1164.60 -11.40 S&P GSCI Spt 432.88 0.78 - Austria 1.01 0.16 -1.36 Japan 0.46 -0.38 -1.91 05/26 1.25 112.07 0.14 0.00 0.14 0.03 -0.83
Silver (US cents) 1615.00 -32.00 DJ UBS Spot 100.25 0.09 - Belgium 1.17 0.32 -1.20 Netherlands 1.03 0.18 -1.34 United Kingdom 07/18 1.25 100.73 1.01 0.02 0.11 0.06 -0.65 Data provided by Morningstar | www.morningstar.co.uk
Platinum 1092.00 -8.00 R/J CRB TR 223.10 -2.33 -26.82 Canada 1.81 0.96 -0.57 Norway 1.60 0.75 -0.77 07/20 2.00 102.39 1.51 0.03 0.17 0.11 0.00
Palladium 751.00 -8.00 Rogers RICIX TR 2658.18 - - Denmark 1.00 0.15 -1.38 Portugal 2.94 2.09 0.57 09/25 2.00 98.27 2.19 0.05 0.27 0.20 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 316.42 -4.34 -30.57 Finland 0.99 0.14 -1.39 Spain 2.32 1.47 -0.06 01/45 3.50 115.18 2.75 0.02 0.21 0.23 0.00
Iron Ore (Platts) 64.75 0.00 UBS Bberg CMCI TR 15.62 -4.00 -26.25 France 1.16 0.32 -1.21 Switzerland 0.14 -0.71 -2.23 United States 04/17 0.50 99.63 0.70 0.05 0.12 0.12 0.00
Iron Ore (The Steel Index) 63.80 0.30 LEBA EUA Carbon 7.35 0.00 28.05 Germany 0.85 0.00 -1.53 United Kingdom 2.19 1.34 -0.19 05/20 1.50 98.92 1.73 0.08 0.24 0.00 0.00
GlobalCOAL RB Index 61.70 -0.10 LEBA CER Carbon 0.41 -8.89 241.67 Greece 10.94 10.10 8.57 United States 2.37 1.53 0.00 05/25 2.13 97.80 2.37 0.07 0.25 0.00 0.00
Baltic Dry Index 610.00 7.00 LEBA UK Power 2270.00 -32.34 33.92 Ireland 1.61 0.76 -0.76 05/45 3.00 98.48 3.08 0.04 0.19 0.00 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
Monday 8 June 2015 ★ FINANCIAL TIMES 25

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence CoatsGrp 25.50 -0.75 36.00 19.00 - 38.64 83.6 SKF SKr 202.60 -3.20 231.70 134.80 2.72 20.54 1775.9 EVRAZ 160.80 -7.80 209.90 86.20 - -3.21 3051.2 Town Ctr♦ 292.00 -6.00 324.65 230.00 3.58 5.47 27.0 Lavendon 202.50 1.75 228.75 155.50 1.88 24.77 81.7
AvonRub 832.00 -1.00 855.00 609.00 0.67 18.88 4.0 DBAG € 28.27 -0.58 34.50 19.90 1.08 7.72 22.6 Spirax-S♦ 3461 -25.00 3633 2548 1.75 26.21 84.1 FstQuant 921.00 82.00 1512 581.50 0.96 13.16 14.3 Wkspace 950.00 47.50 983.50 542.00 1.12 4.61 212.4 MngCnslt♦ 13.75 -1.75 29.25 13.50 6.00 -69.44 746.7
BAE Sys 498.30 -16.70 549.00 410.00 4.07 21.38 6379.2 El Oro 55.00 0.00 78.00 40.00 6.73 -4.71 5.0 Tex 104.50 -0.50 107.00 83.10 4.31 7.66 0.8 Fresnillo 719.00 -40.50 1037 630.50 - 76.18 923.6 Real Estate Inv & Services MearsGp 425.00 -4.50 497.00 354.75 2.15 17.24 90.8
Chemring 220.50 -2.75 248.00 181.50 2.81 -315.00 65.6 Hargr Lans 1238 -30.00 1300 827.00 1.81 36.35 751.6 Trifast 118.50 1.63 134.00 88.63 1.18 20.33 41.2 GemDmnd♦ 153.00 3.00 223.00 135.00 - 9.99 224.5 Cap&Count♦ 400.90 -18.90 434.80 313.00 0.37 7.29 888.8 MenziesJ♦ 455.00 9.25 703.00 306.25 5.91 20.10 259.2
Cobham 291.50 -4.20 349.10 258.30 3.41 112.81 1930.7 HBM Hlth SFr 109.20 1.10 113.50 80.50 - 3.36 24.6 Vitec 654.00 9.50 670.00 539.00 3.58 22.27 9.9 Harmony R 16.80 -1.15 38.50 16.15 - -5.55 1370.7 Cardiff♦ 1045 0.00 1090 950.00 1.24 4.53 1.5 MichaelPge♦ 551.50 8.00 568.00 358.70 1.93 28.85 685.0
Meggitt 495.50 -13.00 593.50 421.70 2.63 22.82 1990.3 HenderGp 280.90 -4.40 303.30 180.10 3.01 25.31 5256.3 Weir 1935 -89.00 2848 1574 2.22 12.61 1120.7 Hochschild 100.25 4.25 181.91 60.97 - -8.33 208.4 CLS 1997 -8.00 2023 1270 - 4.45 2.1 MITIE 310.10 -0.20 329.60 263.90 3.55 89.42 825.3
RollsRoyceX 971.50 -26.50 1094 777.00 2.31 -249.10 4635.3 ICAP 550.00 -3.00 573.00 338.70 4.00 32.02 893.0 Kenmr 4.00 0.05 17.05 2.18 - -1.72 3598.6 Daejan 5675 -80.00 5995 4650 1.74 4.96 2.1 PayPoint 1055 109.00 1192 779.82 3.47 19.32 56.3
Indvardn SKr 162.70 -7.30 183.50 111.40 3.39 6.53 295.3
Industrial General Lonmin 139.90 -1.10 267.00 105.70 - -18.36 1216.6 PremFarn♦ 195.20 4.30 217.70 147.00 5.33 15.16 520.2
Senior 317.90 -1.80 361.70 248.90 1.66 21.11 366.4 DvlptSec 267.25 -7.75 278.00 179.00 2.10 9.98 121.7
ICG 573.00 -26.00 611.00 361.70 3.54 16.08 1229.5 BritPoly 678.50 -13.00 730.00 565.00 2.21 11.79 3.5 Petra 171.00 -3.00 220.87 150.00 - 20.68 456.1 Rentokil 150.10 3.10 153.20 109.80 1.59 21.60 3560.4
UltraElc 1870 39.00 1914 1646 2.28 62.96 133.5 Grainger♦ 203.90 -8.80 226.90 167.80 1.23 23.64 1043.7
IPF 483.70 -8.20 636.50 412.00 2.01 16.46 639.9 JardnMt $X 60.06 -2.66 67.88 57.00 2.30 13.33 247.9 Petropvlsk 6.10 0.05 60.50 4.21 - -0.10 9680.8 Ricardo 945.00 15.00 967.50 597.70 1.61 25.72 4.8
HelclBar 420.00 5.00 435.00 320.00 1.61 7.38 63.4
Automobiles & Parts Investec 570.50 -29.00 649.50 477.20 3.49 17.98 2123.8 Jard Str $X 32.69 -1.31 38.10 31.98 0.78 11.06 208.7 PolymtIntl 533.00 -24.00 634.00 315.18 1.94 -15.83 208.1 HK Land $ 8.30 -0.25 8.80 6.46 2.12 15.05 3455.3 RbrtWlts♦ 416.00 5.00 425.00 270.00 1.32 29.87 5.3
FordMtr $X 14.78 -0.39 18.12 13.26 3.65 18.54 44606.7 Jupiter 454.90 -13.10 472.70 313.70 2.81 16.75 2774.9 Macfrlne 42.75 0.00 46.00 34.00 3.74 11.29 47.3 RndgldRs 4575 -160.00 5752.1 3638 0.86 30.14 590.8 RPS 232.90 -2.10 301.40 181.50 3.39 15.40 3109.0
REXAM 553.00 -6.00 592.50 424.60 3.43 15.40 655.7 Lon&Assc♦ 39.00 2.25 50.00 35.48 0.32 -4.56 28.6
GKN 366.90 0.30 397.60 281.10 2.21 35.87 3981.8 Liontrust 275.75 -6.25 306.25 208.00 1.09 24.40 3.4 RioTintoX 2852.5 -3.50 3530.5 2600 4.59 12.66 5193.6 MacauPrp 220.25 7.75 270.00 206.25 - 11.59 107.4 Shanks 110.75 2.25 113.28 84.50 3.12 -25.17 161.5
Man 176.20 -2.30 217.80 98.75 3.38 13.39 6367.3 RPC 621.00 7.00 672.90 488.20 2.29 23.75 280.7 Troy Res A$ 0.39 -0.01 1.32 0.35 - -0.85 743.6 SIG 199.00 -1.60 212.20 143.40 1.92 35.65 565.6
Banks Smith DS 355.10 0.00 383.50 231.82 2.92 19.87 2013.1 Mntview 12300 64.00 12900 7481.95 1.67 13.95 0.0
NB GFRIF 97.25 0.30 100.22 93.85 3.97 24.34 762.9 VedantaRs 553.00 -34.00 1201 353.21 7.15 299.40 1633.4 Q'tainEst 109.00 0.50 110.50 75.00 - 24.78 967.4 SpeedyHr 75.50 -1.00 80.50 50.75 0.85 81.71 91.6
ANZ A$X♦ 31.17 -1.55 37.25 30.47 8.39 11.59 6585.2 Smiths 1180 -19.00 1363 1006 3.41 20.94 1329.1
Paragon 439.10 -0.30 461.50 313.70 2.05 13.51 649.9 RavenRuss 57.50 -0.75 78.00 37.25 - -7.27 259.8 St Ives 183.25 3.25 225.00 156.68 3.90 52.61 114.0
BcoSant 477.00 11.00 758.00 416.37 8.58 13.53 650.5
Providnt♦ 2862 -133.00 3268 1942 3.08 22.98 204.6 SmurfKap € 26.10 -0.74 30.31 14.78 1.75 25.15 341.6 Oil & Gas TribalGrp 159.00 9.00 190.00 138.72 1.07 -19.30 22.5
BankAm $X♦ 17.19 0.69 18.21 14.84 0.96 24.75 118777.7 Vesuvius 428.00 -19.10 530.00 388.80 3.56 11.66 249.2 Afren 2.60 -0.40 153.80 2.36 - -0.07 16440.6 RavenR Prf♦ 141.75 0.00 156.00 101.50 8.47 - 14.6
RathbnBr 2239 12.00 2348 1774 2.23 29.72 8.8 RavenR Wrt 32.25 -0.25 51.89 25.00 - - 3.0 Vp 726.50 39.25 735.00 539.00 1.98 17.62 5.2
BnkGeorgia♦ 1827 -42.00 2604 1663 3.26 8.88 67.7 Aminex 2.05 -0.08 3.17 0.75 - -9.40 4551.1
Record 35.00 -0.63 37.40 28.38 4.29 13.97 5.6 Industrial Transportation Safestre 270.25 -2.50 304.75 184.25 2.24 11.76 136.4 Watermn 72.00 -0.50 76.00 50.00 1.39 54.96 40.2
BankIre € 0.34 -0.01 0.39 0.07 - 13.04 17177.0 BGX 1106 -31.00 1420 780.55 1.83 -29.16 7295.7
S&U 2200 66.00 2255.5 1700 2.59 14.26 2.8 BBA Aviat 319.30 -8.50 362.10 297.94 3.14 14.61 660.9 Savills 935.00 -38.00 991.46 567.52 1.15 20.64 225.7 Wolseley 4004 -37.00 4242 2966 2.06 36.15 453.8
BkNvaS C$X 66.28 0.88 74.93 60.75 4.07 11.41 1642.8 BPX♦ 443.35 -7.40 526.80 364.40 6.13 42.49 28788.9
Schroder 3262 -112.00 3441 2086 2.02 22.06 326.7 Braemar 510.00 -3.50 545.00 390.00 5.10 55.61 0.9 SchroderRE 57.50 -1.00 63.00 51.50 4.31 4.58 911.0
BarclaysX♦ 265.45 -4.55 273.40 201.75 2.45 -0.85 40717.0
..N/V 2476 -101.00 2629 1692 2.67 16.74 10.4 Cadogan 9.75 0.13 12.44 8.25 - -0.59 36.0 Tech - Hardware
CanImp C$X 94.67 -0.23 107.37 88.04 4.41 10.56 815.8 Clarkson 2504 61.00 2562 1835 2.32 27.90 14.2 CairnEng 183.60 14.00 210.00 141.00 - -4.31 1076.9 Smart(J) 103.50 0.00 105.00 86.00 2.86 43.00 10.3 ARM Hldgs 1128 -27.00 1233 778.50 0.54 57.68 3096.4
SVG Cap 505.00 -9.00 535.00 226.00 - 12.60 287.5 Eurotunnl € 13.21 -0.51 14.57 8.62 1.21 117.35 768.6 StModwen 438.90 -4.70 492.10 324.59 0.94 8.51 508.8
HSBCX♦ 618.90 -3.80 674.57 550.67 5.54 12.97 21688.4 Cape♦ 247.00 -4.25 327.25 177.00 5.67 13.28 59.8 CSR 874.50 -8.50 891.50 506.00 1.05 24.73 2077.8
TullettPre 398.00 2.60 406.90 234.40 4.23 35.69 475.0 Fisher J 1335 4.00 1445 1003 1.55 16.86 22.1 UNITE Gp 586.00 -36.50 628.00 388.30 0.92 11.21 512.8
LlydsBkgX 87.09 -0.68 89.35 70.72 0.86 -2.29 129819.6
Tungsten 81.25 -10.75 409.75 67.25 - -4.02 799.6 DragnOil 665.50 -17.50 701.50 447.50 3.64 7.85 659.9 Laird♦ 397.20 11.00 413.30 259.45 3.06 21.35 504.9
RylBkC C$X 79.58 0.51 83.87 71.74 3.83 12.06 1616.1 Flybe Grp 56.50 1.25 146.00 52.00 - -4.13 483.7 Endeav Int' $ 0.02 0.00 1.60 0.02 - 0.00 0.4 Urban&C♦ 256.00 0.00 278.00 215.00 0.59 8.34 103.6 Pace♦ 409.70 -2.40 520.80 378.93 0.91 14.01 765.6
WlkrCrip 46.00 0.00 50.94 37.50 3.41 8.53 9.3 Goldenpt 115.50 -3.13 380.00 113.80 - -0.62 7.5
RBSX 357.00 11.70 414.00 308.00 - -32.90 16196.4 EnQuest 52.00 -1.50 145.40 21.50 - -3.56 3063.1 Retailers SpirentCM 88.00 -1.50 111.23 65.95 2.68 41.01 239.6
StandChX 1035 -11.00 1340.5 867.50 5.34 15.27 4474.5 Food & Beverages OceanWil♦ 905.00 -17.50 1240 835.00 4.25 21.53 7.0 Exillon 112.00 -1.00 175.57 105.00 - 5.42 0.0
RoyalMail 492.70 -31.30 532.50 388.00 4.06 15.16 4859.0 AA 412.40 3.40 434.50 225.50 - 31.10 624.6 Tech - Software & Services
..7.375%Pf 124.38 0.00 128.00 108.50 5.93 - 32.9 AngloEst 628.00 -17.00 715.00 539.00 0.51 12.63 3.5 ExxonMb $X♦ 84.28 -0.92 104.76 82.68 3.36 12.31 11366.9 AO World 166.00 -7.70 336.00 149.60 - -251.52 2941.9
..8.25%Pf 138.25 0.00 141.00 124.50 5.97 - 10.1 AscBrFdX♦ 2935 -93.00 3293 2407 1.16 41.13 880.5 UK Mail 515.00 5.00 639.43 380.00 4.14 27.23 7.6 GenelEgy 519.50 -8.50 1048 452.75 - -7.17 418.3 Anite 101.75 2.50 108.00 69.25 1.87 31.85 359.2
AshleyL 33.00 -1.75 36.00 24.50 6.06 13.12 206.9 AVEVA 1918 -27.00 2337 1183.9 1.44 29.27 173.3
TntoDom C$X 54.35 0.20 58.20 49.67 3.61 13.02 2403.0 Barr(AG) 620.00 9.00 699.36 548.00 1.82 23.98 39.4 Insurance GeoPark $ 5.15 0.07 11.00 3.60 - -8.85 61.1 Brown N 336.80 1.80 470.00 282.50 4.23 15.91 393.9
VirginMoney 438.10 3.10 448.00 278.00 - -1095.25 367.1 Britvic♦ 726.50 -6.00 788.00 600.72 2.88 18.05 480.5 GrnDnGas 362.25 -0.25 585.00 320.65 - -24.62 10.3 Computcnt♦ 741.00 13.50 802.40 651.67 2.78 16.34 28.4
Admiral 1466 -23.00 1640 1175.33 3.28 14.26 332.9 Caffyns 605.00 -22.50 670.00 480.00 3.09 10.58 6.2 DRS Data 13.25 -0.50 20.37 12.10 3.02 -2.71 4.1
Westpc A$X♦ 31.19 -1.93 40.07 31.00 8.57 13.00 9352.1 C&C €♦ 3.55 0.02 5.02 3.16 2.86 -14.56 284.2 GulfKeyst 35.50 -2.00 143.00 32.00 - -1.94 1611.2 Card Factor 363.00 0.70 375.00 197.00 - 34.18 164.4
Amlin 492.20 4.60 533.08 418.20 5.34 10.56 810.1 Elecdata 69.50 0.00 81.90 64.00 2.88 23.12 9.7
CarrsGroup 178.00 6.00 178.50 136.00 1.91 13.67 22.0 Aviva HellenPet € 4.57 -0.27 6.32 3.40 - -5.51 118.4 Dairy Fm $ 8.77 -0.45 10.90 8.49 2.56 23.84 63.3
Basic Resource (Ex Mining) 515.00 -8.50 578.68 458.20 2.96 10.80 7229.7 MicroFoc 1318 -6.00 1372 808.00 2.30 24.43 107.1
Coca-Cola H 1399 -34.00 1497 1051 1.96 22.36 500.3 Beazley 299.10 1.60 322.33 235.00 3.24 11.16 798.1 Hunting 626.00 10.00 918.83 383.90 3.05 21.79 977.7 Debenhm♦ 93.55 -1.30 96.80 56.85 3.63 12.72 2119.5
Ferrexpo 78.25 3.75 144.56 47.60 5.68 5.90 587.0 NCC Grp 218.00 6.00 234.50 169.80 1.61 26.00 188.0
Cranswk 1599 -4.00 1622 1181.6 2.07 19.03 33.6 Brit Plc 279.75 -0.25 309.08 216.00 2.23 8.04 68.5 ImpOil C$X 48.78 0.00 57.96 44.08 1.08 12.58 538.2 Dignity♦ 2125 3.00 2284 1291 0.94 -20.44 23.6
IntFerMet 2.81 -0.15 9.80 2.65 - -1.72 627.5 RM 150.00 5.00 174.00 120.00 2.51 11.52 3.3
Dairy Cr 534.00 21.00 544.00 367.39 4.11 23.25 615.6 Chesnar 317.00 -9.00 364.75 287.00 5.69 14.36 84.3 JKX 29.00 -1.75 62.00 10.23 - -0.98 0.8 DixonsCar 468.50 -6.90 490.80 319.20 1.12 55.12 2960.3
Mondi 1381 -95.00 1534 919.00 2.23 18.32 1600.3
Devro 316.00 -11.25 328.00 230.00 2.78 120.56 43.3 Lamprell 160.50 8.00 178.00 93.50 - 8.48 325.5 Sage♦ 547.50 -21.00 584.00 346.70 2.21 29.97 2911.7
Vale BRLX 20.60 0.55 33.25 17.17 12.80 -6.57 6059.1 DirectLine 344.00 6.80 347.10 256.39 3.72 14.45 3352.6 Dunelm 922.50 -20.50 970.00 745.97 2.17 19.64 43.6 SDL 410.25 4.50 472.00 306.00 - 50.58 98.9
Glanbia € 17.80 -0.23 18.20 10.75 0.62 33.89 24.2 Eccles prf♦ 140.25 0.00 146.00 122.00 6.15 - 27.4 Lukoil RUBX 2570 108.70 3297.7 1911.5 2.32 7.60 877.2 Findel 230.00 5.25 290.00 188.41 - -17.39 8.0 Telecity 1075 -3.00 1130 652.50 1.07 36.61 722.1
Chemicals Grncore♦ 330.30 1.10 359.40 228.50 1.65 22.31 472.1 Hansard 98.00 -1.25 102.78 80.00 8.57 16.22 66.5 Nostrum♦ 525.50 -38.00 825.00 370.00 4.49 16.52 73.2 Halfords 489.00 7.40 515.00 417.10 3.04 15.94 1359.1
HiltonFd♦ 473.50 13.50 525.00 342.25 2.72 18.97 9.4 OphirEgy 132.60 1.20 256.40 112.70 - 21.78 1459.1 TriadGp 15.25 2.25 19.00 7.00 - 6.88 1.9
Alent♦ 375.10 -4.40 406.20 294.56 2.43 22.09 76.2 Hiscox 853.50 0.50 890.00 615.50 3.09 11.64 433.6 Inchcape♦ 844.50 -0.50 906.65 589.50 2.13 21.66 662.9
Bayer €X 126.30 -2.85 146.45 94.22 1.65 31.79 2003.1 Kerry € 66.51 -1.40 69.30 49.30 0.88 22.91 46.2 JardineL 1024 -16.00 1112 815.00 2.71 21.41 57.5 Petrofac 894.50 -10.50 1274 594.00 4.73 39.98 1672.2 JDSportsF 653.00 1.00 659.50 355.94 1.04 18.57 18.8 Telecommunications
Carclo 152.00 5.00 169.75 80.00 1.74 -5.38 21.7 Nestle SFrX 70.10 -2.80 77.00 64.15 2.86 16.64 6132.9 Lancashire 651.50 6.50 703.45 506.00 1.43 8.50 271.5 PremOil 164.60 1.40 356.10 119.60 3.28 -6.37 2299.9 Lookers 167.25 5.50 172.00 117.50 1.60 14.23 83.0 BTX 439.40 -7.30 472.85 351.90 2.59 16.86 16559.0
Croda 2829 -96.00 3027 1965 2.30 23.33 279.8 PremFds 41.00 -0.50 62.50 26.13 - -1.90 1171.4 Leg&Gen 264.00 -1.80 296.02 209.20 3.71 15.96 11153.1 RylDShlAX 1902.5 -40.50 2475.5 1886.5 6.93 12.09 6928.5 Marks&Sp♦ 560.00 -23.00 600.00 380.80 3.07 18.96 6280.3 Colt Grp 156.00 6.20 165.00 113.10 - -63.80 247.8
Elemntis 296.00 -9.70 324.10 225.50 1.76 12.25 1232.2 REA 312.50 0.00 488.85 293.00 2.59 12.08 6.0 NovaeGp 731.00 4.50 750.00 495.50 3.16 9.35 40.3 ..B♦ 1919.5 -54.00 2599 1898.5 6.69 12.20 6806.2 Morrison♦ 173.60 2.60 214.80 150.60 7.60 -5.32 10663.4 Inmarsat 989.50 -3.50 1041.24 653.00 3.23 21.98 624.3
Porvair 340.00 13.00 342.00 237.53 0.88 24.00 114.4 SABMillX 3365.5 -128.50 3857 3105 1.92 24.28 2966.1 Old Mut 210.10 -11.00 241.60 163.80 4.02 16.81 9780.1 Schlmbrg $X♦ 90.17 -0.60 118.76 75.60 1.94 22.71 7108.0 MossBros♦ 108.50 0.50 123.00 77.50 5.90 28.54 35.4 KCOM Gp 96.00 -0.50 102.41 78.50 5.08 13.08 1962.7
Syngent SFrX 412.80 -12.70 435.20 273.20 2.54 25.34 707.4 StckSpirit 197.00 -11.00 316.00 176.75 0.49 14.42 430.7 PermTSB 0.06 -0.01 0.10 0.05 - -0.20 0.0 SEPLAT♦ 116.88 -1.25 270.00 97.50 3.46 4.14 5.4 Next 7270 -250.00 7625 6130 1.97 17.75 253.1 TalkTalk 390.40 -9.60 415.10 261.00 3.07 72.58 2548.8
Synthomer♦■ 329.30 -20.80 359.50 176.64 2.00 24.90 416.8 Tate&Lyl 555.50 -26.50 744.50 551.50 5.12 14.25 1502.5 PhoenixGrp 841.50 -14.50 935.00 614.85 6.35 8.72 301.5 Soco Int♦ 179.80 -5.20 450.89 134.00 - 66.05 623.9 Ocado 359.90 -4.60 452.40 216.80 - 302.95 536.8 TelePlus 825.00 11.00 1527.12 725.50 4.46 21.30 163.9
Victrex 2015 -72.00 2202.55 1536 2.24 20.36 125.5 TongtHu R 129.36 -3.14 174.93 123.83 2.91 11.25 120.6 PrudntlX 1588 -39.00 1761.5 1287 2.21 18.29 3156.1 TrnCan C$X 51.58 -2.32 63.86 49.30 3.84 21.08 903.4 Pendragn 39.00 1.75 41.50 27.00 1.54 11.40 2519.7
Unilever 2819 -68.00 3087 2397 3.10 20.29 2829.6 RSA Ins 435.00 3.70 500.50 400.30 - -30.21 2794.4 Tullow 379.60 -15.50 891.00 278.10 3.37 -3.46 5248.2 Photo-Me 142.75 4.00 155.26 107.85 2.77 20.70 93.7 Tobacco
Construction & Materials ..NV € 37.05 -1.68 42.98 28.81 3.23 19.44 5.7 Wood(J) 702.50 -31.00 825.00 517.60 2.17 11.82 1163.7 Saga♦ 206.40 -5.50 216.00 143.75 - 24.28 1322.7 BrAmTobX 3440 -165.50 3894 3303 4.21 20.65 2928.1
SagicFin 66.00 -0.50 75.50 55.00 4.08 5.57 2.0
Alumasc 142.00 -5.50 160.00 108.66 3.52 12.27 24.5 SignetJwl 8592 64.00 9499 5950 0.58 26.24 4.1 ImpTobX 3185 -185.00 3413 2474 4.02 15.95 1727.1
Health Care Equip & Services StJmsPl 901.50 -10.00 998.00 637.00 2.05 25.08 975.2 Pharmaceuticals & Biotech
BalfourB 249.00 0.10 263.00 145.59 5.66 -5.67 2375.4 SuperGroup 1161 23.00 1262 750.00 - 24.15 89.5
Bioquell♦ 152.00 2.00 155.50 80.00 2.17 -63.55 24.7 Stan Life 472.20 -15.50 505.68 354.96 4.19 24.61 2541.0 BTG 688.50 -21.00 835.87 578.50 - 63.20 672.8 Travel & Leisure
..CvPf 121.00 0.13 123.88 101.00 8.00 - 73.7 TescoX 205.80 -6.80 298.45 155.40 5.49 -2.93 15784.7
Boot(H) 228.50 -1.50 237.75 170.00 2.30 14.32 30.8 ConstMed 1000.00 45.00 1045 650.00 1.88 21.96 23.1 Media CathayIn 26.00 1.00 38.75 16.00 - -118.18 17.6 888 Hldg 164.25 -0.25 185.75 109.19 3.97 16.06 164.7
GNStre kr 139.60 -7.20 164.10 122.50 0.64 28.29 443.2 Dechra 995.00 -34.00 1068 677.00 1.55 39.52 142.6 Thorntns 107.00 7.25 127.00 62.00 - 16.37 316.4 AirPrtnr♦ 385.13 4.13 500.00 245.00 5.36 14.00 6.9
ClarkeT 78.00 -0.63 84.01 37.50 3.33 -53.83 47.0 4imprint 1081 -12.00 1160 610.50 1.75 28.98 4.6 VertuMotor 63.50 -1.25 65.75 50.50 1.34 13.29 364.1
Costain 338.00 -1.00 348.00 248.00 3.25 15.56 73.2 UDGHlthC♦ 526.00 -4.50 551.50 315.20 1.39 14.88 372.3 Blmsbury 180.00 3.50 190.00 140.50 3.29 18.24 18.9 Genus 1460 -28.00 1532 1001 1.21 27.96 24.9 bwin.party 107.00 1.50 128.00 70.40 3.34 -12.24 2753.7
CRH 1809 -22.00 2478.5 1220 2.68 5.91 1756.2 Centaur 75.00 -4.50 83.50 55.75 3.56 -2.92 148.0 GlaxoSmhX 1398.5 -55.00 1645 1296.5 - - 11519.0 Support Services Cineworld 511.50 -6.00 523.00 298.40 1.99 23.34 350.1
House, Leisure & Pers Goods HikmaPhm 1998 -80.00 2617 1580 0.64 22.41 322.9 CompassX 1115 -29.00 1223.36 924.41 2.43 21.65 2837.6
GalfrdT 1701 46.00 1715 1044 3.12 17.34 206.8 ChimeCm♦ 281.50 10.75 377.00 239.00 2.72 29.32 2.7 Acal 309.75 11.75 418.00 180.00 2.26 263.17 84.7
AGARmst 105.25 -7.50 164.75 78.44 - 730.90 126.4 Oxfd Bio 9.90 -0.05 13.38 1.95 - -23.08 2422.2 EntInns 130.40 0.70 142.80 96.85 - 21.84 464.6
Keller♦ 1067 1.00 1085 742.00 2.29 -253.26 66.1 Creston 127.00 -0.50 131.95 102.62 3.07 10.62 34.4 Aggreko 1529 -79.00 1804 1388.75 1.79 18.56 725.7
BarrttDev 592.00 0.00 610.00 323.50 1.74 15.68 5545.6 RichterG $♦ 16.46 0.28 19.31 12.20 1.16 27.21 0.0 FirstGrp 114.60 1.10 140.60 88.65 - 23.70 1600.1
KierGp 1411 56.00 1886 1260 4.08 36.50 310.0 DlyMailA♦ 950.50 -11.50 984.00 699.00 2.15 12.93 341.1 APR Engy 380.25 11.50 800.00 146.00 2.78 -0.74 246.6
Bellway♦ 2327 -20.00 2407 1406.53 2.23 12.03 399.6 ShireX 5455 -180.00 5755 3431.23 0.27 13.93 918.8 Fuller A 1099 74.00 1125 879.00 1.37 22.92 14.3
Kingsp € 20.34 -0.32 21.18 11.03 0.77 31.14 16.9 HaynesPb 130.50 0.00 197.88 110.00 5.75 15.07 0.4 AshtdGp 1149 29.00 1231 815.50 1.07 20.18 1554.3
Berkeley 3074 -20.00 3198 2033 6.18 11.75 568.3 VecturGp 176.75 -1.25 183.00 113.25 - -100.65 209.9 Go-Ahead 2629 -26.00 2700 2118.84 3.21 16.97 70.9
LowBonr 74.75 1.00 90.60 44.25 3.61 21.73 203.7 ITE Grp 187.25 -3.75 248.30 125.00 3.95 14.96 418.5 AtknsWS 1468 4.00 1504 1225 2.38 18.43 119.3
BovisHme 1100 6.00 1136 717.43 1.95 14.07 495.0 GreeneKg 814.00 -6.00 891.00 712.00 3.49 19.41 391.4
Marshlls♦ 310.50 7.25 316.00 151.00 1.77 31.40 1817.5 ITV 264.90 -7.40 279.27 168.10 1.43 22.96 13025.8 Real Estate Babcock 1139 14.00 1252.3 924.50 2.03 25.23 1578.8
CrestNic 524.50 -10.50 549.00 291.98 2.02 13.57 388.8 IrishCtl €♦ 4.14 0.02 29.50 2.50 2.61 12.92 1.4
MorgSdl 840.00 16.50 875.00 570.00 3.21 20.19 11.9 JohnstnP 159.75 1.25 175.00 2.90 - -363.07 7.5 Berendsen 1044 27.00 1161 895.50 2.75 19.91 167.6
GamesWk 503.00 -5.00 683.50 487.25 7.16 22.86 32.9 Harworth Gr 11.88 -0.13 12.25 5.35 - 20.76 154.7 Ladbrokes 122.40 2.60 153.80 101.02 7.27 27.58 5736.1
Norcros 17.00 0.00 20.50 14.69 3.11 7.18 26.3 News Corp A $ 15.00 -0.15 18.41 14.28 - 34.81 1913.6 Brammer♦ 307.75 -2.25 509.00 265.00 3.38 34.50 148.4
Gleeson 420.00 7.50 431.00 322.35 1.43 13.13 28.6 REITs MandarO $ 1.55 -0.03 1.95 1.52 4.16 16.47 119.0
StGobn € 42.59 0.16 45.00 29.51 1.55 23.51 3109.5 NewsCpB $ 14.64 -0.31 17.82 14.09 - 33.98 781.1 Bunzl♦ 1861 -35.00 1969 1517 1.79 29.19 687.6
Headlam♦ 497.00 11.25 500.00 390.00 3.19 17.46 87.4 Assura 59.50 1.00 62.25 41.50 2.86 11.41 4637.5 Marstons♦ 164.20 -2.70 174.40 134.50 4.08 -34.77 973.9
Tyman 313.75 -12.75 342.00 228.25 2.07 57.07 79.8 Pearson 1296 -11.00 1517.42 1082 3.78 43.34 2442.0 Capita 1224 -28.00 1285 1000.5 2.24 34.49 1367.2
McBride 101.25 3.25 105.75 74.00 - -10.85 103.4 BigYellw 633.00 -19.50 710.00 451.40 2.59 14.85 130.6 Natl Exp 309.80 -2.50 324.80 213.40 3.26 26.84 495.3
Persimn Quarto♦ 195.00 0.00 213.35 136.66 4.29 6.72 4.0 Carillion♦ 324.80 -6.60 386.60 294.03 5.42 25.55 930.3
Electronic & Electrical Equip 1910 -52.00 1995 1176 - 15.70 975.6 BritLand 821.50 -40.50 891.50 649.00 3.40 5.11 3877.0 Comnsis 51.75 1.25 70.00 47.00 3.61 -6.75 175.8 PPHE Htl 594.00 4.00 605.00 360.00 2.74 7.68 9.7
Philips €X 24.15 -0.66 28.00 20.69 - 117.27 4060.5 Reed ElsX 1059 -26.00 1199 906.50 2.36 24.91 4129.8
Dialight 743.50 0.00 992.00 605.00 1.98 25.46 12.4 Cap&Reg 57.00 -0.75 60.25 42.25 1.32 4.38 2825.8 ConnectGp 164.25 6.50 206.00 128.02 5.72 12.88 34.6 Rank Gp 216.00 7.10 219.51 151.90 2.08 17.88 693.9
PZCusns 355.30 -3.70 392.10 289.76 2.18 16.64 179.1 ReedElsNV € 21.16 -0.92 24.17 16.08 2.64 23.78 2070.2
e2v Tech 253.00 0.00 268.00 145.44 1.80 20.63 108.4 Countrywd 576.50 -22.50 608.00 404.30 1.91 19.21 208.4 DCC♦ 5145 -55.00 5320 3050 1.49 33.80 123.1 Restaurt 682.00 -8.00 748.70 551.50 2.18 22.79 633.6
ReckittBX 5697 -208.00 6130 4895 2.40 25.03 1011.7 STV Grp 425.00 11.00 425.00 322.00 0.94 11.30 6.4
Halma 757.00 -6.50 785.50 552.50 1.48 25.73 752.5 DrwntLdn♦ 3431 -130.00 3710 2530 1.09 4.80 204.4 DeLaRue 518.00 9.50 875.00 467.40 8.47 13.39 317.5 SpiritPub 113.50 -1.00 121.80 68.75 1.96 7.89 1592.2
Redrow 430.60 -5.50 444.07 224.00 0.70 11.23 453.7 ThmReut C$X♦ 49.08 -0.58 53.00 37.50 3.46 15.97 314.4
MorganAd 344.40 -3.60 365.50 258.10 3.08 126.11 794.3 Gt Portld♦ 801.50 -27.00 877.00 600.04 1.11 5.44 683.2 Diploma♦ 803.00 -5.50 916.50 603.84 2.12 24.52 42.9 Sportech 66.75 -0.50 93.00 47.00 - -6.42 68.9
TaylorWm■ 184.60 1.10 192.90 101.70 0.38 16.05 21204.1 UTV Med♦ 162.00 10.00 227.75 149.00 4.36 11.27 1341.7
OxfordIn 1069 -19.00 1452.92 671.58 1.16 91.34 43.6 Green Reit € 1.55 -0.07 1.70 1.20 - 6.77 36.1 Elctrcmp 239.50 0.50 285.30 197.20 5.14 13.16 1082.9 Stagech 401.80 -2.70 437.90 331.60 2.36 17.66 589.9
TedBaker♦ 2832 -41.00 2986 1651 1.25 34.95 11.4 WPPX♦ 1486 -54.00 1616 1091 2.37 18.45 4938.2
Renishaw 2490 90.00 2672.9 1470 1.65 16.26 33.4 Hammersn 640.00 -28.50 708.00 537.00 3.06 6.69 2092.6 EnergyAst 575.00 36.75 579.50 325.00 - 29.26 40.7 ThomasCook 146.50 2.20 162.20 99.40 - -37.82 6270.0
Spectris♦ 2209 -129.00 2420 1606 1.99 19.47 184.5 Industrial Engineering Mining Hansteen 119.80 -4.00 128.95 98.25 4.09 7.07 1805.5 Essentra 1000.00 0.00 1069 624.50 1.63 34.06 374.6 TUI 1170 11.00 1294.78 1004.81 - 80.51 512.0
TT Elect 139.75 -1.25 211.50 96.00 3.94 -21.17 109.4 Acacia 292.90 -12.00 318.90 191.70 0.79 23.10 473.6 HIBERNIA 1.25 -0.03 1.32 1.03 - - 1755.6 Experian 1207 -39.00 1264 909.95 1.91 23.63 2585.2 Whitbrd♦ 4977 -143.00 5475 3767 1.45 24.54 576.2
Bodycote 752.50 9.00 797.59 542.50 1.82 18.03 139.9
XP Power 1603 -59.00 1695.92 1340 3.62 15.86 0.8 AngloAmer 1015.5 -10.50 1662 923.00 5.39 -8.09 9560.6 Highcrft 930.00 0.00 950.00 780.00 3.71 12.79 3.0 G4S♦ 287.60 -10.60 309.60 239.70 3.12 49.59 3365.7 Willim H 421.90 1.00 427.10 321.70 2.82 18.03 4372.0
Castings 398.00 -1.00 525.00 360.00 3.26 10.54 5.4
AngloPacif 94.00 0.50 193.75 74.75 10.85 -2.23 403.9 INTU 316.30 -18.00 376.50 300.70 4.62 7.07 2861.7 Grafton 830.00 13.00 868.00 531.00 1.11 24.42 490.5
Financial General Fenner 222.25 1.50 374.50 180.50 5.40 1078.88 653.9
LandSecs 1249 -64.00 1363 988.50 2.48 5.64 1846.7 Utilities
Goodwin 2628 -147.00 4076.8 2120 1.61 10.53 0.1 AnGoldA R 110.27 -7.38 200.05 88.36 - -35.17 995.0 HarvyNah 105.00 3.88 119.75 66.32 3.18 14.58 46.8
3i 554.50 -8.50 571.50 343.61 2.89 7.60 1218.3 LondonMtrc 167.90 -2.60 173.20 132.30 4.17 6.96 2063.8 Centrica♦ 265.60 -12.00 337.93 234.40 6.47 -13.18 12031.8
Hill&Sm♦ 704.00 1.00 720.00 495.00 2.33 20.32 115.5 Antofagasta 737.00 -9.00 861.50 620.00 8.47 24.64 2686.7 Hays 162.40 0.90 170.10 108.15 1.62 24.13 1963.7
AberAsM♦ 421.40 -25.20 509.64 383.40 4.27 18.56 3026.7
..5%Pf♦ 0.60 0.00 0.60 0.60833.33 - - McKaySec♦ 248.25 -6.25 260.00 210.35 3.46 6.40 39.1 DeeVally 1390 7.50 1585 1135 4.66 15.54 2.7
Ashmore 315.90 -15.40 379.40 249.00 5.21 15.11 3702.1 IMI 1235 -10.00 1613 1108 2.92 18.00 416.3 Homesve 426.90 -7.10 440.00 293.80 2.65 50.80 303.3 Drax 375.50 -19.90 741.00 347.40 3.62 11.88 974.9
MelroseInd 269.50 4.30 314.78 252.54 3.12 32.08 1871.6 AquarsPl 8.31 -0.20 26.40 8.11 - -3.53 1890.4 MucklGp♦ 485.00 -5.38 510.00 417.00 4.17 5.65 126.7 HowdenJny♦ 506.50 -4.50 522.50 287.50 1.26 22.02 887.8
BrewDlph♦ 314.10 -9.50 361.00 236.80 3.15 47.74 319.3 PrimyHth 394.75 -6.50 410.00 324.00 4.94 13.29 76.9 Natl GridX♦ 857.00 -77.00 965.00 829.00 5.09 15.01 8473.9
Renold 76.50 -1.00 79.66 49.00 - -23.08 92.9 AsiaResM# 36.75 0.00 205.00 3.61 - -1.55 - Intserve 625.00 5.00 878.50 487.20 3.55 19.72 113.5
Canaccord 370.00 30.00 729.00 300.00 2.88 -48.38 0.8 Redefine 53.00 -2.00 59.90 48.00 6.04 5.24 803.4 Pennon 824.50 -29.00 925.00 745.30 3.68 28.41 717.4
Rotork 257.50 4.10 289.00 214.60 1.91 21.73 1950.7 Barrick C$ 14.24 -0.48 21.14 11.67 1.80 -4.41 1953.9 Intertek 2545 44.00 2927.58 2141 1.85 23.40 299.8
CtyLonInv 359.50 4.50 365.00 251.25 7.17 16.87 8.6 SEGRO 410.70 -15.50 454.80 330.90 3.60 4.46 1389.0 UtdUtils 958.00 -38.00 1045 784.00 3.76 18.46 1394.1
Severfd 69.50 -1.25 72.05 52.60 - 157.60 1.8 BHP Bltn 1327 -52.50 2102.53 1247.5 5.18 8.76 9951.1 Latchways 787.50 30.00 1156 705.01 5.03 19.84 13.0
CloseBrs 1602 1.00 1857.39 1217 3.06 14.68 317.0 Shaftbry 859.50 -16.50 907.00 632.17 1.52 4.77 516.9
BisichMg 92.50 0.00 113.00 60.15 3.24 9.04 1.2

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence PolarCap 405.50 -3.00 531.00 351.00 6.17 14.07 75.2 Insurance EuropaOil 8.63 -0.13 10.75 4.65 - -12.25 247.9 Lok'nStor♦ 290.00 7.50 295.00 199.17 2.41 123.25 32.6 Utilityws♦ 262.50 -10.75 319.75 192.34 1.52 18.31 797.3
Cohort 272.50 -5.00 285.00 100.34 1.60 20.44 53.2 Share♦ 36.50 -1.50 46.00 29.44 1.42 80.75 8.0 Gable 30.75 3.13 90.00 25.04 - -8.61 606.9 FalkldO&G 30.75 0.75 45.00 16.75 - -79.05 783.7 LXB Retail 91.75 -2.25 149.00 88.00 - - 56.2
ShoreCap 415.00 0.00 431.50 405.00 2.17 19.97 1.0 FaroePet 82.50 -1.75 132.83 58.00 - -3.64 158.9 MirLand 54.00 -1.75 245.00 50.00 - -0.95 71.5
Tech - Hardware
Helios♦ 162.50 0.00 170.00 120.00 0.92 13.28 5.6
Banks STM Group 43.50 1.00 55.90 16.10 - 26.17 1.0 GETECH 54.25 -0.75 71.70 32.00 4.06 8.22 28.8 NewRiver 323.00 2.25 326.00 271.00 2.63 17.47 364.7 AminoTech 143.00 1.50 146.00 75.24 2.52 18.76 65.3
BCB Hldgs 9.00 0.00 14.17 8.00 - -1.52 0.2 WH Ireland 102.50 0.50 130.00 79.00 1.46 76.26 8.7 Media GlobalPet 2.00 0.00 5.00 1.75 - -0.43 75.0 Palace Cap 392.50 5.00 397.00 258.00 - 2.75 1.0 IQE 23.25 0.75 23.75 12.08 - 96.47 692.7
STB 2765 -65.00 3024 2245 2.28 23.01 1.0 Avesco 148.00 5.00 151.69 94.00 3.72 -11.56 22.6 Gulfsands 12.38 -2.25 67.61 11.00 - -1.03 83.8 PnthrSec 337.50 0.00 357.00 295.00 3.56 12.93 9.1 Tech - Software & Services
Food & Beverages Cello Gp 95.00 1.00 100.00 81.00 2.54 36.08 66.4 Indus Gas 121.00 -4.00 441.98 79.25 - 23.05 0.6 PSPI 29.00 0.00 30.00 21.00 - -5.37 7.1
Basic Resource (Ex Mining) FinsbryFd 89.00 2.00 93.50 53.25 1.12 11.93 2349.5 M&Csaatc 331.75 3.00 395.00 235.00 1.70 -1399.79 64.3
Blinkx 32.50 -3.00 68.75 23.25 - -27.64 857.5
Infrastrata 4.25 0.00 9.50 2.75 - -3.71 121.3 SiriusRE € 0.48 -0.02 0.51 0.28 0.68 7.28 351.0 BondInt 142.00 0.00 148.25 83.00 1.55 27.49 1.3
CropperJ 440.50 0.00 490.00 355.00 1.79 22.04 3.1 Nichols 1245 37.00 1245 834.56 1.64 32.47 10.9 MissionMk 45.00 1.50 56.90 37.00 2.22 8.90 12.4 Iofina 24.00 -7.00 65.75 22.50 - -7.17 2951.2 SumGermny €♦ 0.92 -0.02 0.99 0.50 2.05 3.63 60.9 Brady 99.00 2.50 104.00 64.00 1.72 177.42 63.3
PureCircle 417.50 -10.00 635.00 410.00 - 325.16 28.5 Next15Cm 192.00 -5.50 198.00 110.00 1.44 124.19 8.6
Chemicals Ithaca Engy 49.25 -3.25 153.75 26.25 - -3.59 706.9 TaliesinPr 2480 155.00 2495 1750 - 10.15 2.5 Datatec 342.50 -2.50 362.95 261.25 3.28 21.12 4.7
RealGdFd 50.50 7.00 53.00 23.00 - -6.31 55.1 YouGov 108.00 -4.50 133.00 98.50 0.74 194.24 69.5 KBC Adv 117.50 0.00 138.00 77.00 0.85 21.23 229.8 Winkworth♦ 175.00 3.00 180.00 115.00 3.37 14.83 2.1
Scapa 192.00 1.50 210.00 118.50 0.52 -49.38 226.2 DDD 1.88 0.00 8.00 1.25 - -1.95 14.0
Ukrproduct 6.20 0.00 9.00 4.41 - -0.86 50.0 Max# 0.16 0.00 2.26 0.08 - -0.08 -
Construction & Materials Wynnstay 575.00 37.50 628.00 474.52 1.67 16.60 17.2 Mining Retailers Eckoh 43.25 5.50 48.50 33.00 0.72 102.00 66.2
NewWldO&G# 0.26 0.00 0.95 0.06 - -0.71 114813.2 EgSoltns 75.50 0.00 84.00 50.35 - 21.44 1.0
Abbey 885.00 0.00 927.30 800.00 0.97 9.13 0.5 AMC 24.00 3.00 25.63 2.50 - -24.69 7215.0 ASOS 3870 184.00 4259 1742 - 88.97 432.2
Health Care Equip & Services PetrelRes 3.13 0.00 11.81 2.75 - -7.35 1.0 Iomart 239.13 -1.38 288.21 159.93 0.73 29.61 38.9
AccsysTch 75.00 -1.00 81.50 0.92 - -7.39 442.9 BeowMin 1.73 0.20 4.55 1.15 - -1.48 701.6 Koovs 74.00 0.00 171.00 60.00 - - 28.7
Advnc Med 147.75 -2.25 161.00 106.85 0.43 24.29 208.7 Petroceltic 117.75 -1.25 224.00 98.50 - -5.92 133.8 K3BusTc 265.50 8.00 267.01 203.59 0.47 29.46 40.2
Aukett 7.63 -0.13 9.50 5.76 2.62 11.73 53.9 BotswanaD 1.10 0.03 4.15 0.87 - -2.36 3.5 Majestic 427.00 -7.00 470.00 280.00 3.86 16.85 152.1
AVO 9.13 -0.75 16.90 2.45 - -12.17 2981.4 PetroNeft 4.80 -0.03 6.79 3.60 - -42.48 36.5 Monitise 12.75 0.75 68.75 9.53 - -2.53 3632.2
CentAsiaM♦ 180.50 -5.25 198.00 135.16 5.81 5.10 35.3 StanlGib 250.00 -5.00 329.00 215.00 2.70 22.20 13.5
Plexus 218.00 1.00 325.00 165.00 0.50 35.09 7.2
Electronic & Electrical Equip CareTech 241.50 0.00 268.00 190.00 2.15 10.13 135.8 Connema 1.88 -0.13 3.81 0.25 - -2.81 25.1 OMG 43.50 -1.50 49.00 25.00 0.92 164.15 78.6
ImmunDiag 282.50 10.00 540.00 266.00 3.01 14.91 2.3 PresidentEn 15.50 2.00 39.48 10.50 - 6.90 454.2 Support Services Progility 5.50 0.50 11.49 4.00 - 5.83 0.4
CeresPow 9.65 0.05 11.75 6.50 - -7.02 13.8 C'royG&NR 0.80 0.08 1.60 0.50 - -8.70 252.2
SphereMed 17.25 0.00 31.00 15.50 - -2.08 29.3 Rockhop 78.25 7.25 100.25 51.00 - -15.30 1072.5 AndSyks♦ 325.00 -2.50 385.00 260.00 7.32 14.75 1.3 Pub Tech 137.50 -7.50 284.25 125.50 - -3.21 79.0
Densitrn 8.75 1.38 9.00 3.50 - 38.04 21.0 GrekaDrill 7.90 -0.10 16.80 7.20 - -35.75 1491.1
Tristel 92.50 -1.00 100.00 61.00 1.75 23.06 75.8 Sound Oil 20.00 -0.63 26.73 8.75 - -14.63 3549.6 Augean♦ 52.00 -0.25 56.75 37.65 0.67 11.53 3.8 SciSys 62.50 -20.00 96.75 38.50 2.40 8.61 31.3
ElektronT 7.00 0.00 7.56 3.25 - -1.97 18.6 Herencia 0.18 -0.02 0.55 0.16 - -2.13 10249.7
TowerRes 0.20 -0.01 3.25 0.09 - -0.19 1783.6 Begbies 44.00 -0.13 55.00 40.60 5.15 17.20 79.8 WANdisco 254.00 -6.00 614.24 197.00 - -2.48 7.6
FlowGp 27.25 0.25 50.00 23.25 - -6.88 202.4 House, Leisure & Pers Goods HighldGld 49.00 -3.50 74.54 17.73 10.82 -9.96 243.5
TrinityE 16.13 1.00 108.50 13.00 - -0.76 65.0 Christie♦ 129.00 -2.00 162.00 104.00 1.36 14.35 12.5
LPA 81.50 -1.00 119.50 60.00 1.78 35.31 3.8 KarelianDd 1.05 -0.10 2.37 0.80 - -15.00 1169.1 Telecommunications
Airea 16.00 0.00 16.42 10.25 3.75 10.43 10.0 UnJackOil 0.23 0.01 0.48 0.14 - -5.75 10513.1 Empres♦ 65.50 0.00 69.00 38.13 0.53 8.70 33.3
ThorpeFW 169.50 0.00 180.00 120.00 1.92 18.76 10.2 KEFI Min 0.90 0.05 1.80 0.81 - -2.23 3179.7
Churchll 587.50 0.00 630.00 425.00 2.52 19.10 3.0 VictorOil 67.25 0.00 89.05 1.07 - -1.95 132.1 Hargreaves 384.75 4.75 815.00 370.00 6.63 4.09 139.4 AltNetwks 532.00 4.50 545.00 415.00 2.73 28.72 20.7
Zytronic 298.50 -15.00 319.00 197.00 3.35 14.60 31.5 OracleC 1.85 -0.05 2.00 0.25 - -8.98 19.5
gamingrealm 33.00 0.38 41.70 20.00 - -7.06 0.3 VolgaGas♦ 62.50 0.00 143.00 55.00 3.85 6.15 0.5 Hydrogen 58.50 -1.00 95.00 48.25 7.86 -139.29 13.9 AvantiCom 223.00 -1.00 325.00 162.75 - -3.98 45.8
RamblMtls 12.50 0.25 27.40 9.00 - 143.68 15.7
Financial General HavelckE 17.25 -0.50 25.00 13.00 - -1.24 0.8
ShantaGold 6.88 0.13 15.00 6.50 - 5.67 211.0 Pharmaceuticals & Biotech Impellam 735.00 -55.00 850.00 430.00 1.80 12.33 18.0 Peoples Op 141.00 -3.00 147.60 122.50 - -62.25 3.9
Ambrian 9.75 -0.50 12.50 5.25 - 4.32 134.2 Mulberry 909.50 16.00 969.00 562.50 0.55 177.22 1.8 ISG 174.50 21.00 356.00 140.00 5.42 -6.37 290.4
Portmern 935.00 -10.00 960.00 736.25 2.62 16.32 5.6
SierraRut 27.25 -2.38 53.00 17.00 - 103.61 1012.4 Abcam 529.00 -6.50 548.50 270.88 1.47 30.11 229.9 Travel & Leisure
Arbuthnot 1515 -2.50 1608.58 1000.00 1.72 27.14 0.2 Sirius Min 21.25 -1.75 25.25 6.40 - -416.67 6316.3 JhnsnSrv 87.00 -0.75 88.50 55.00 1.51 30.00 102.9
SinclairW 17.50 -1.50 73.80 16.02 8.57 0.97 1.0 AllcePharm 39.50 -1.50 45.00 31.65 2.37 12.51 57.2 CastleStIn 27.00 -0.50 28.40 17.00 11.11 - 5.1
Aurora 9.38 0.00 21.70 8.00 - -0.54 6.3 SolGold 2.65 -0.15 10.00 2.01 - -5.03 3654.9 JourneyGp 145.00 -1.50 155.22 113.00 1.98 12.56 0.2
TelfordHms 482.25 0.25 495.00 245.50 1.82 17.77 313.7 Epistem 282.50 -2.50 339.00 220.00 - -9.44 0.0 Celtic 76.00 -0.50 79.00 72.00 - -19.78 3538.6
BP Marsh 152.50 11.50 156.75 116.75 1.80 10.81 51.6 Stratex 1.75 0.53 4.00 1.00 - -3.35 12711.8 LonSec 2325 0.00 2500 2070 2.67 22.49 0.0
WalkerGb 200.50 2.00 215.00 151.05 0.96 24.23 19.3 e-Thera 40.00 -0.50 49.40 24.25 - -13.59 128.2 ..6%CvPf 62.50 0.00 75.00 50.00 5.18 - 0.5
BrooksMac 1798.5 11.50 1816 1300 1.45 28.72 1.3 Xtract Res 0.40 0.00 0.49 0.06 - -8.59 393496.3 Matchtech♦ 542.50 -5.00 615.00 495.00 3.69 16.92 4.1
GW Phrms 680.50 54.50 697.00 299.11 - -89.99 532.8 ..Cv Pf 135.00 0.00 150.00 120.00 - - 0.8
Camellia 9615 214.00 11300 8450 1.30 93.65 1.6 Industrial Engineering ZincOx 15.25 0.00 16.00 6.00 - -1.13 228.7 NewmkSec 3.20 0.08 3.27 1.60 2.34 6.81 426.6
HtchChMd 1815 -160.00 2020 817.00 - 343.42 33.4 Dalata 274.00 5.00 277.00 111.15 - 97.13 0.7
CaptlMgt 123.50 0.00 225.00 103.00 - 3.06 5.0 NormanBr 19.00 0.00 29.50 17.00 - -1.70 0.0
600 Grp 18.25 0.00 23.70 14.60 - 4.87 1.0 ImmuPhar 49.50 1.00 67.00 41.00 - -14.41 30.4 Dart 410.50 -4.00 426.00 177.75 0.68 18.68 213.0
Charlemgn 13.50 0.00 19.50 8.70 7.13 41.54 16.6 Oil & Gas NWF 137.00 0.00 163.00 120.00 3.72 14.04 4.2
Molins 93.50 5.00 180.00 74.50 5.88 -60.75 20.5 ReNeuron 5.88 0.25 6.10 2.75 - -13.06 3281.8 GoalsSocc 211.50 0.00 242.00 206.75 0.87 23.79 6.3
Fairpoint♦ 131.00 -0.50 148.75 105.66 4.69 20.06 22.0 AlkneEng♦ 22.50 -0.50 44.50 19.50 0.89 10.07 167.6 Optimal Pay 263.00 -17.75 575.00 255.25 - 21.87 1636.5
MS Intl 141.50 -1.00 213.50 116.00 5.77 19.12 4.0 Sareum 0.27 -0.01 0.68 0.25 - -4.57 6567.0 MinoanGp 11.25 0.75 17.00 7.25 - -18.32 44.2
ImpaxGp♦ 48.00 0.00 59.00 44.50 2.92 15.11 52.0 AmeriRes 33.75 -2.00 67.25 19.10 - 20.65 1752.6 PennaCns 147.50 1.50 155.00 114.00 1.81 89.72 6.6
Pres Tech 190.00 -80.00 790.00 185.00 4.21 6.80 268.9 SinclairIS 41.00 2.00 45.33 23.30 - -15.72 232.5 PeelHtls 101.00 -0.50 110.00 70.00 - 21.62 1.8
Leeds 35.50 0.00 43.79 30.00 - 8.69 0.8 AndesEnrg 31.75 -2.50 51.35 16.50 - -23.43 33.4 Petards 11.13 0.00 15.99 8.50 - 10.03 12.8
TP Group 5.38 - 5.96 5.34 - -6.08 160.2 Vernalis 71.00 4.63 72.50 30.27 - -24.58 421.1
MattioliWds 514.00 -2.00 522.00 414.00 1.77 23.02 1.5 BahamasP 2.00 0.00 4.70 1.50 - -8.97 835.0 RedhallGp 11.50 1.25 38.00 9.00 - -0.80 101.2 Utilities
Miton 30.00 0.25 44.00 18.50 1.80 -9.18 5.0 Industrial General BorSthnPet 5.60 0.58 14.50 3.90 - -10.87 274.6 Real Estate Renew♦ 322.50 4.50 329.95 220.00 1.55 18.69 108.7 ModernWtr 13.75 0.00 33.70 13.00 - -0.62 7.2
MAB 229.63 2.13 233.25 160.00 - 23.95 3.1 Powerflte♦ 66.00 -1.25 70.00 35.00 1.59 41.04 264.6 Circle Oil 9.75 -3.50 28.70 8.75 - 3.99 2109.4 Conygar 180.50 0.00 195.00 160.00 0.97 9.15 313.2 Restore 277.50 3.50 289.00 173.33 0.76 46.29 236.7 RenEnGen 57.38 -0.38 71.00 57.00 3.83 -40.09 37.9
Numis♦ 257.25 -4.25 299.75 196.09 4.08 19.54 46.8 RM2 68.50 -1.00 82.00 46.00 - -5.32 453.6 ClontarfEn 0.50 -0.13 1.50 0.30 - -5.43 407.9 FltchKng 58.00 0.00 65.00 37.68 5.17 8.07 5.0 SafeCharge 292.00 -1.00 297.00 167.00 0.63 43.89 19.5 Rurelec 3.50 0.00 8.50 3.00 - -0.47 191.5
Park Grp 60.50 4.13 64.98 47.00 3.80 14.64 210.5 Symphny 8.75 0.13 11.25 6.50 - -37.39 30.4 Egdon Res 12.25 1.13 30.50 6.24 - -7.85 380.3 InlandHms 70.88 -0.50 73.50 43.00 0.85 22.41 219.8 Servoca 22.50 2.00 26.03 10.50 - 23.27 96.3 SeaEnergy 12.25 -9.00 39.98 11.55 - -2.72 643.1
Plus500 373.00 3.00 781.00 198.00 6.63 6.52 761.4 Enegi Oil 0.85 -0.05 7.25 0.65 - -0.32 400.0 Synectics 197.50 29.50 435.00 105.00 2.78 -9.60 40.4

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv 689.00 -9.00 706.00 565.20 3.49 701.4 -1.8 JPM Inc&Gr 112.50 -1.00 115.85 98.50 1.96 118.7 -5.2 ScottMort 274.10 1.30 283.40 199.70 1.06 266.8 2.7 AlbionVCT 65.50 0.00 68.65 63.00 7.63 67.9 -3.5 MMP 3.13 0.00 5.00 3.00 - - -
Price +/-Week High Low Yld NAV or Pm Edin WWd 478.00 3.00 479.95 332.25 0.42 511.9 -6.6 JPM Ind 512.50 -18.00 605.50 396.78 - 572.1 -10.4 ScottOrtll 852.00 -12.50 900.00 795.00 1.35 937.7 -9.1 Amati VCT 69.00 0.25 80.50 66.50 7.25 72.2 -4.4 Marwyn Val 230.00 4.75 232.92 184.56 - - -
3i Infra 169.80 1.80 170.60 133.10 3.96 149.9 13.3 EP Global 259.25 -0.88 262.10 207.04 1.04 255.8 1.3 JPM JpSm 257.00 2.00 261.75 184.00 - 271.3 -5.3 SecTstScot♦ 138.50 -2.00 148.50 129.86 3.47 148.0 -6.4 AmatiVCT2 106.00 0.75 120.98 101.79 6.37 111.4 -4.8 TerraCat 98.00 0.00 126.70 62.11 - - -
AbnAsianIn 194.25 -2.75 213.80 192.25 4.07 196.3 -1.0 Estabmt 181.50 0.50 188.00 163.00 2.59 223.1 -18.6 JPM Jap 290.50 4.75 307.95 195.00 0.96 316.0 -8.1 Seneca I&G♦ 146.50 1.50 147.75 131.00 3.84 152.5 -3.9 ArtemisVCT♦■ 62.00 -6.00 70.52 59.23 6.45 69.9 -11.3
AbnAsian 860.00 -5.00 1014 800.04 1.16 969.9 -11.3 Euro Ast 1127.5 12.50 1160 800.00 5.37 1102.9 2.2 JPM Mid 905.00 -1.00 918.50 669.10 1.99 1018.0 -11.1 Shires Inc 246.00 -6.13 261.75 216.26 4.88 263.3 -6.6 Baronsmd♦ 73.63 1.38 75.49 69.50 4.75 77.1 -4.5 ISDX
AbnJapInv 515.00 1.25 531.00 345.00 0.87 542.7 -5.1 EuroInvT 828.50 -11.50 849.00 659.33 1.69 873.8 -5.2 JPM O'seas 1090 -10.00 1159 890.95 1.38 1181.4 -7.7 StdLf Eqt♦ 442.50 3.50 448.00 362.50 3.16 458.2 -3.4 ..VCT 2♦ 95.38 1.75 97.50 91.00 4.72 99.8 -4.4
F&C Cp&I♦ 269.00 -2.50 277.00 231.75 3.68 270.1 -0.4 JPMRussian 334.00 -22.63 485.00 223.25 4.58 383.4 -12.9 StdLf Sml 312.00 3.63 318.50 256.00 1.44 336.2 -7.2 ..VCT 3 99.25 0.63 105.00 94.00 15.62 103.8 -4.4 52 Week Vol
AbnLatAmIn 63.38 -1.00 85.68 57.50 6.71 66.9 -5.3
F&CGblSmlr 1020 11.00 1028.92 781.00 0.81 1000.1 2.0 JPMSnrSec♦ 91.75 -0.75 101.00 89.22 - 95.6 -4.0 StrategicEq 238.00 15.00 238.00 152.85 0.33 217.1 9.6 ..VCT 4 92.13 0.25 92.75 86.75 9.77 96.5 -4.5 Price +/-Week High Low Yld P/E 000s
..Sub 0.33 -0.03 5.50 0.25 - - -
F&CMgdG 155.00 0.00 157.00 130.00 - 154.5 0.3 JPM Smlr 840.00 23.50 848.49 527.00 1.14 1001.6 -16.1 Temp Bar 1200 -12.00 1274 1101 3.18 1245.8 -3.7 ..VCT 5 77.38 1.25 77.14 72.00 7.75 76.1 1.7 ArsenalFC 1587500 0.00 1590000 1400000 - 68.02 0.0
AbnNewDn 184.50 -1.00 205.23 170.00 1.95 206.2 -10.5
F&CMgdI 128.00 -0.50 130.00 110.00 3.79 126.0 1.6 JPM US Sml 179.13 0.38 193.75 134.50 0.39 191.2 -6.3 TempEmerg 537.00 -5.00 626.64 511.50 1.35 609.0 -11.8 BSC VCT 86.00 0.00 92.20 84.00 6.40 104.9 -18.0 ShephdNm 1110 47.50 1260 1000.00 2.33 24.62 1.9
AbnNewThai♦ 425.00 0.00 489.88 381.23 1.88 500.1 -15.0
FidAsian 263.00 3.00 285.50 213.00 0.42 290.5 -9.5 JupDv&G 121.00 2.00 123.50 107.00 - 126.7 -4.5 TRIG 107.25 -1.00 109.00 99.00 5.13 - - ..VCT2♦ 56.00 0.50 61.00 51.98 8.04 62.0 -9.7 Thwaites 122.50 0.00 132.00 112.50 3.64 -26.11 0.0
AbnSmlCo 221.00 -2.50 227.91 174.00 2.98 263.4 -16.1
Abn UK 328.50 -2.50 334.75 288.00 4.03 342.2 -4.0 FidChiSpS 170.10 0.20 179.78 100.00 0.68 204.2 -16.7 JupEur 549.00 -2.00 562.00 371.25 0.64 539.3 1.8 ThreadUKSel 176.50 0.50 187.70 163.00 2.44 196.0 -9.9 Crown Place 29.75 0.00 30.50 29.00 8.40 28.3 5.1
Abf Gd Inc 199.00 3.75 200.00 138.25 3.60 231.8 -14.2 Fid Euro 184.00 -1.30 187.50 137.40 1.62 191.4 -3.9 JupGrn 149.75 0.00 151.00 133.20 0.73 154.0 -2.8 TREurGth 642.00 -6.50 661.00 438.00 1.01 708.6 -9.4 FrsightSol 102.50 1.00 112.02 95.00 5.85 107.5 -4.7
Abf Sml 1200 -3.00 1226 966.00 1.99 1317.2 -8.9 Fid Jap 87.75 2.25 88.00 64.00 - 95.2 -7.8 JupPrim♦ 326.00 -0.25 332.50 268.34 1.96 327.9 -0.6 TroyInc&G 72.25 -1.88 74.71 60.00 3.15 71.2 1.5 Inc&GthVCT♦ 89.50 -6.50 106.10 93.50 20.11 100.0 -10.5 Guide to FT Share Service
AcenciADbt 104.00 -5.50 114.00 103.00 3.76 113.5 -8.4 Fid Spec 1001 -17.00 1029 796.84 1.65 1060.0 -5.6 JupUSSmCo 679.00 4.00 704.03 596.99 - 745.1 -8.9 UtilicoEmg♦ 197.50 6.00 206.09 178.50 3.09 215.8 -8.5 KingsAYVCT 18.50 0.00 19.50 17.25 5.41 19.7 -6.1
AdvDvpMk 464.50 -3.13 483.00 401.00 - 515.5 -9.9 FinsG&I 591.50 -6.00 609.36 464.25 1.98 583.7 1.3 KeystoneInv♦ 1876 12.00 1900 1651.76 2.69 1936.5 -3.1 UtilicoInv♦ 116.50 -0.25 133.80 103.00 6.44 174.2 -33.1 Maven I&G 63.25 0.00 67.50 59.50 7.11 67.2 -5.9
Alliance♦■ 505.50 -4.00 531.50 420.20 1.93 573.0 -11.8 FstPacfic H HK$♦ 6.97 -0.14 9.48 6.92 2.94 - - Law Deb 521.00 -8.00 545.50 465.10 2.92 499.9 4.2 ValAndInc 262.50 1.88 278.45 238.43 3.41 319.5 -17.8 MavenVCT2♦ 52.00 0.00 56.75 48.00 7.40 58.4 -11.0
AllianzTech 627.00 2.50 640.43 463.07 - 650.8 -3.7 For & Col 450.30 -3.60 467.90 365.00 2.07 488.5 -7.8 LinTrain £ 491.50 7.50 498.00 331.00 1.38 402.5 22.1 Witan 819.00 -8.50 850.00 642.00 1.87 812.5 0.8 MavenVCT3 75.25 0.00 79.00 70.00 5.65 82.2 -8.5 For queries about the London Share Service pages e-mail
AltAstsOps 40.38 -0.63 47.00 35.50 - 44.2 -8.6 Geiger 20.75 -0.13 27.95 17.00 - 22.8 -9.0 Ln&StLaw 361.00 3.00 410.50 330.80 3.82 382.5 -5.6 WitanPac♦ 260.00 -3.63 274.75 219.25 1.73 290.2 -10.4 MavenVCT4 83.50 -0.50 89.00 82.00 5.69 95.1 -12.2 ft.reader.enquiries@morningstar.com.
Art Alpha 271.50 -6.50 308.00 257.00 1.18 333.9 -18.7 GenEmer 535.50 -1.50 583.00 500.00 - 596.9 -10.3 Lowland 1415 7.00 1473.5 1219 2.69 1475.0 -4.1 WorldTst 279.75 1.75 285.25 212.00 - 316.5 -11.6 MavenVCT5 34.00 0.00 37.00 26.50 6.32 38.7 -12.1 All data is as of close of the previous business day. Company classifications
..Sub 20.75 0.00 45.25 18.10 5.78 - - GFIS 18.63 0.00 35.99 16.25 - 46.9 -60.3 M&GHighInc 166.00 -10.00 179.95 148.00 1.81 178.7 -7.1 WwideHlth 1979 39.00 2011 1265.01 0.80 2064.4 -4.1 MobeusI&G 83.50 0.00 107.90 82.00 4.19 91.7 -8.9 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AsianToRt 203.50 -1.38 224.00 171.25 1.60 220.6 -7.8 GRIT 15.00 0.00 65.00 11.00 - - - Majedie 280.00 -1.00 283.00 206.41 2.68 271.5 3.1 ..I&G 2VCT 104.50 0.00 119.50 101.08 1.20 118.5 -11.8 100 constituent stocks are shown in bold.
Conventional - Private Equity 52 Week Dis(-)
Aurora 156.25 0.00 169.00 144.00 2.43 183.8 -15.0 GoldenPros 26.63 -0.13 42.59 25.25 - 30.9 -13.8 Man&Lon 248.25 -1.63 270.85 219.00 3.01 295.1 -15.9 ..I&G 4VCT 99.00 0.00 116.00 97.00 6.06 109.2 -9.3 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Price +/-Week High Low Yld NAV or Pm
BG Japan 466.00 3.75 493.25 316.50 - 448.5 3.9 Hansa 917.00 18.25 989.50 836.50 1.81 1180.9 -22.3 MCGlobPort 189.50 -1.75 195.00 158.00 2.11 188.9 0.3 Nthn 2 VCT 85.50 4.00 88.00 73.50 6.43 85.4 0.1 are based on intra-day trading over a rolling 52 week period. Price/earnings
..A 858.50 0.00 959.20 810.00 0.65 1180.9 -27.3 MCurPac 319.00 1.50 336.00 275.85 2.35 346.7 -8.0 AbnPvtEq 89.75 -0.25 96.00 79.04 2.28 121.5 -26.1 Nthn 3 VCT 102.50 0.00 104.00 92.50 5.37 107.2 -4.4
BG Shin 380.00 2.25 407.00 282.50 - 378.1 0.5 ratios (PER) are based on latest annual reports and accounts and are updated
Hen Div♦ 92.75 -0.25 95.50 89.50 5.44 89.4 3.7 MercantIT 1698 -7.00 1730 1316.55 2.36 1917.9 -11.5 Altamir € 10.87 -0.33 11.99 9.43 - 16.2 -32.9 NthnVent 84.50 0.00 84.90 75.00 7.10 88.6 -4.6
BSRT 26.75 0.75 43.00 24.00 - 45.2 -40.8 with interim figures. PER is calculated using the company’s diluted earnings
HenEuroF♦ 1107 5.00 1148.5 816.47 2.12 1074.6 3.0 MrchTst 482.00 -11.00 519.00 422.18 4.92 503.3 -4.2 Dun Ent 330.25 -19.75 434.75 329.81 5.00 500.0 -34.0 ProVenGI 78.25 0.00 81.00 76.00 8.31 85.5 -8.5
Bankers 659.00 -1.50 674.50 506.00 2.22 665.4 -1.0 from continuing operations. Yields are based on closing price and on dividends
HenEuro 920.00 9.50 957.00 678.25 1.90 899.0 2.3 Mid Wynd 343.00 -0.50 352.50 260.07 1.11 334.0 2.7 Electra♦ 3242 12.00 3324 2338 - 3508.1 -7.6 ProVenVCT 92.63 0.00 96.99 89.50 7.56 99.7 -7.1
BrngEmEu 541.00 -29.00 711.00 432.00 3.51 624.2 -13.3 paid in the last financial year and updated with interim figures. Yields are
HenFarEs 339.75 -0.25 362.00 308.38 5.45 335.3 1.3 MitonWw 163.25 0.00 164.65 149.00 - 182.6 -10.6 ElectraPrf 149.25 0.00 151.00 144.25 - 143.5 4.0 UnicornAIM 130.00 2.00 133.00 122.00 4.62 148.3 -12.3
BH Global 1335 18.00 1335 1162 - 1408.0 -5.2 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HendGlob♦ 406.00 -3.50 416.81 336.20 2.46 448.9 -9.6 MMP 3.13 0.00 5.00 3.00 - - - F&C PvtEq 222.50 -2.50 230.00 197.00 4.83 271.8 -18.1
..EUR € 12.00 0.00 14.00 11.80 - - - Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenHigh 189.25 -4.75 195.25 156.50 4.54 184.9 2.4 Monks 439.10 -1.40 458.90 348.40 0.91 484.4 -9.4 GraphEnt♦■ 573.50 -2.00 619.00 536.10 1.31 683.3 -16.1
..USD $ 13.16 0.26 13.35 11.46 - 13.9 -5.3 Price +/-Week High Low Yld WO GRY 0% capital changes where appropriate.
HenInt Inc 128.50 1.25 137.69 103.00 3.35 125.9 2.1 MontanSm 539.00 8.25 544.00 390.50 1.30 588.8 -8.5 HVPE $ 13.33 0.03 13.65 11.37 - 16.0 -16.7
BH Macro 2098 5.00 2191 1919 - 2200.0 -4.6 Trading volumes are end of day aggregated totals, rounded to the nearest
Hen Opp 1027.5 17.50 1045.9 755.00 1.06 1112.0 -7.6 Mur Inc♦ 741.00 -22.50 801.00 699.86 4.43 793.8 -6.7 HgCapital 1093 9.00 1169 1003 2.65 1219.7 -10.4 JPM I&C 104.25 0.00 106.00 86.00 6.24 -15.8 -2.4
..EUR € 20.23 -0.02 21.10 18.60 - 21.3 -5.0 1,000 shares.
HenSmlr 692.50 6.50 696.00 468.13 1.59 748.4 -7.5 Mur Int 1019 -19.00 1123 980.00 4.42 956.4 6.5 JPM Pvt Eq $ 0.97 0.02 0.98 0.76 - 1.3 -25.4 JupiterDv&G 4.80 0.05 5.67 3.50 15.00 4.7 -34.1
..USD $ 20.25 0.00 21.10 18.60 - 21.1 -4.0
HendVal 237.50 3.38 254.00 218.00 1.26 288.2 -17.6 ..B 1000.00 -25.00 1499.48 885.89 - 956.4 4.6 JZ Capital♦ 470.00 15.00 480.00 390.00 - 704.0 -33.2 M&GHI&Gt 62.00 0.00 68.40 55.00 - -17.0 -5.1 Net asset value per share (NAV) and split analytics are provided only as a
BiotechGth 818.50 1.50 874.50 458.85 - 870.1 -5.9
Herald 735.00 15.00 735.00 594.00 - 884.1 -16.9 NB DDIF $ 1.20 0.00 1.25 1.00 - - - LMS Capitl 78.00 1.50 87.25 74.25 - 94.3 -17.3 Rghts&Icp 4397.5 80.00 4900 3800 - -71.6 3.7 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRCom 85.50 -3.38 119.88 80.54 7.00 84.9 0.7
HICL Infra♦ 152.10 -0.90 161.40 135.60 5.86 134.8 12.8 NewCtyEgy 18.38 0.00 42.00 16.00 - 23.1 -20.4 Mithras 148.00 0.50 149.66 130.00 0.68 160.1 -7.6 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckREmEur 223.00 -8.88 280.00 169.25 1.04 251.7 -11.4 Income Shares 52 Week HR
Impax Env. 164.00 0.50 167.75 136.00 0.73 183.4 -10.6 ..Sub 0.13 0.00 0.15 0.06 - - - NB PE Ptnr $ 11.90 0.02 12.20 10.40 - - - yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckRFrnt♦ 117.00 0.75 133.28 103.50 3.55 118.8 -1.5 Price +/-Week High Low Yld WO GRY 0%
Ind IT 322.50 3.50 329.00 268.50 1.55 350.2 -7.9 NewCityHY 61.25 0.75 67.50 59.50 6.91 59.8 2.4 Nthn Invs 570.00 5.00 630.00 381.50 1.75 522.7 9.0 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRGtEur 253.00 -2.00 264.50 201.75 1.86 259.9 -2.7 JPM In&Gr♦ 97.25 -1.50 100.49 90.15 4.52 -64.5 7.7
Intl PP♦ 136.60 -0.70 140.59 128.50 4.56 121.4 12.5 NewIndia 317.50 -8.50 371.30 243.66 - 352.5 -9.9 Pantheon 1296 16.00 1355 1126.61 - 1537.1 -15.7 in pence.
..Sub 19.00 0.00 25.63 8.00 - - - M&GHghIc 59.00 0.13 62.45 53.00 - -17.0 0.4
InvAsTr 200.75 -2.25 213.58 167.75 1.72 226.3 -11.3 New Star IT 73.50 0.00 77.01 65.45 - 116.2 -36.7 PantheonR 1285 0.00 1300 1045 - 1538.9 -16.5
BlckR I&G 189.50 -2.50 193.00 158.01 3.21 192.0 -1.3 Rghts&I 1172.5 37.50 1216 895.00 2.64 - 25.8
Inv Inc 298.25 -2.63 305.00 255.00 4.01 318.2 -6.3 NorthAmer 833.00 -10.00 906.45 790.45 3.42 929.9 -10.4 PrincssPE €♦ 7.66 -0.14 8.12 6.50 7.51 8.7 -12.0 X FT Global 500 company
BlckRIncStr 136.75 -2.25 142.00 119.25 4.72 141.5 -3.4
InvPerp 76.38 0.63 79.00 69.00 6.55 73.5 3.9 NthAtSml 1937 2.00 1953 1625.86 - 2484.5 -22.0 Riverstone 1029 -31.00 1114 822.00 - 1066.5 -3.5 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRckLat 358.00 -16.00 508.45 355.00 5.39 406.4 -11.9
IPST BalR 121.50 -0.25 123.00 114.00 - 121.0 0.4 Oryx Int 500.00 0.00 510.00 375.00 - 610.5 -18.1 StdLfEuPv 220.75 3.25 236.42 200.00 2.27 269.9 -18.2 Price +/-Week High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRckNrAm♦ 113.25 -2.00 124.50 98.75 2.65 126.3 -10.3
IPST Gbl Eq 166.50 -0.25 172.00 138.00 2.64 164.8 1.0 PacAsset♦ 206.50 -0.38 226.15 158.26 1.26 204.6 0.9 JPM Inc&Gr 14.25 -0.38 15.19 9.00 1.3 -5.4 11.5 # price at time of suspension from trading
BlckRSmlr♦ 957.00 35.50 962.00 697.00 1.35 1035.3 -7.6 Conventional - Property ICs 52 Week Dis(-)
BlckRThrmt 331.75 1.75 337.00 238.00 1.22 382.3 -13.2 IPST Mngd 101.50 -0.38 101.81 100.75 - 103.2 -1.6 PacHorzn 200.00 1.50 223.77 171.75 0.70 219.8 -9.0 Price +/-Week High Low Yld NAV or Pm M&GHghIc 4.70 -0.30 6.09 3.00 8.2 6.8 -
The prices listed are indicative and believed accurate at the time of publication.
BlckRWld 311.00 -0.40 510.00 285.44 6.75 345.6 -10.0 IPST UK Eq 169.50 -3.00 174.00 143.00 3.33 169.9 -0.2 Perp I&G♦■ 415.00 -7.50 429.90 350.81 2.94 419.6 -1.1 Direct Property Zero Dividend Preference Shares 52 Week HR No offer is made by Morningstar or the FT. The FT does not warrant nor
Bluecrest A 188.50 -0.10 194.60 179.50 - 199.2 -5.4 InvPpUK 385.00 -1.00 387.50 281.00 1.69 405.5 -5.1 PerAsset 35000 -700.00 36313.1 33050 1.64 34611. 1.1 Price +/-Week High Low SP WO TAV 0%
AseanaPr $ 0.58 0.03 0.58 0.39 - 0.7 -17.1 guarantee that the information is reliable or complete. The FT does not accept
Brit Emp 525.50 0.50 557.08 475.40 2.00 591.1 -11.1 Invs Cap A 98.50 -0.50 102.00 87.00 4.55 104.4 -5.7 3 Abf Gd Inc 149.25 0.00 152.00 143.00 -42.1 - 159.7
AXA Propty 44.88 0.50 45.75 39.45 - - - responsibility and will not be liable for any loss arising from the reliance on
Brunner 573.50 4.00 580.00 486.00 3.10 659.6 -13.1 Invs Cap B 101.25 -0.75 103.00 87.03 1.14 104.4 -3.0 PolarFins 106.75 -0.38 108.00 92.00 2.28 116.0 -8.0 EcofinWatr 154.00 0.00 154.50 148.00 -79.2 - 160.7
CustdnREIT♦ 109.00 0.13 115.50 104.00 - - - or use of the information.
Calednia 2494 64.00 2517.66 2102.52 2.03 2956.2 -15.6 Invs CapU 390.00 -2.50 404.95 347.00 - 417.8 -6.7 ..Sub 8.63 0.00 16.00 5.00 - - - JPM I&C 172.50 -0.38 174.00 165.50 -19.9 - 192.1
F&CComPrp 140.50 2.40 148.40 119.00 4.27 122.8 14.4
CanGen C$♦ 20.84 0.18 21.72 17.80 1.21 28.1 -25.8 JLaingInf 121.50 0.10 128.60 114.10 5.35 106.4 14.2 PolarHealth 179.25 5.75 182.50 142.50 1.98 192.2 -6.7 JupiterDv&G 112.00 0.50 114.00 99.50 -6.9 - 133.8 The London Share Service is a paid-for-print listing service and may not be
F&CUKRealE 98.75 -1.50 104.50 82.00 5.06 93.3 5.8
Cap Gear♦ 3382 -135.00 3575 3080 0.47 3255.5 3.9 JPM Amer 282.00 -2.90 296.14 236.05 0.96 295.8 -4.7 PolarTech 609.00 9.50 614.00 458.80 - 613.9 -0.8 JZ Capital 356.75 0.88 358.30 341.50 -87.6 - 369.8 fully representative of all LSE-listed companies. This service is available to all
InvistaERET 0.50 -0.23 4.39 0.15 - 6.5 -92.3
City Merch 190.75 1.00 194.00 182.15 5.24 186.9 2.1 JPM Asn 250.00 1.63 268.92 201.29 8.80 279.3 -10.5 ProspJap $ 1.02 -0.01 1.19 0.91 - 1.2 -15.0 M&GHghIc 113.63 0.00 114.70 110.01 -20.4 -94.3 122.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
Longbow 104.00 0.50 106.75 100.50 5.53 - -
CityNatRs 100.50 -3.00 146.75 95.00 5.57 133.0 -24.4 JPM Brazil 53.38 -2.25 76.49 48.50 1.87 57.1 -6.5 QatarInvF $ 1.26 -0.02 1.49 1.15 - 1.5 -16.0 UtilicoFn16 184.75 0.00 186.00 175.50 -63.0 -95.8 192.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
PictonProp 70.75 -1.00 74.25 60.50 4.24 67.6 4.7
City Lon 405.50 -8.20 418.35 345.00 3.67 397.6 2.0 JPM China 206.50 1.50 233.96 150.46 0.77 239.8 -13.9 RIT Cap 1557 -25.00 1615 1265.55 1.89 1569.3 -0.8 UtilicoFn18 140.88 -0.13 146.50 122.50 -21.1 -33.0 160.5
SLIPropInc 85.50 -1.50 90.25 72.90 5.40 76.7 11.5
DexionAb 188.00 -0.50 189.80 165.25 - 198.1 -5.1 JPMElct MC 99.75 0.00 101.99 97.01 - 101.4 -1.6 RobecoNV € 30.38 0.00 30.91 28.18 - - - UtilicoFn20 120.75 1.63 121.00 100.00 -10.4 -13.0 154.9
UKComPrp 88.00 1.00 94.00 80.50 4.63 83.7 5.1
..EUR € 2.48 0.00 2.50 2.36 - 2.7 -8.1 ..MG♦ 626.25 -4.25 635.00 507.66 1.13 639.1 -2.0 RolincoNV € 28.32 0.00 28.98 26.38 - - -
Property Securities
Data provided by Morningstar
..USD $ 3.85 0.00 3.75 3.53 - 4.2 -8.3 ..MI♦ 106.00 -1.75 109.50 93.01 1.60 108.2 -2.0 Ruffer Inv 222.00 -0.25 226.00 193.50 - 222.1 0.0
SchdrGlbRe 123.25 -0.38 132.98 29.00 2.86 129.2 -4.6
Investment Companies - AIM
DiverseInc 88.00 1.00 88.25 73.02 2.73 87.2 0.9 JPM Emrg 595.00 -18.00 674.65 548.50 0.92 671.1 -11.3 SchdrAsiaP 293.50 3.25 321.50 247.16 0.94 322.6 -9.0
JPM EurGth 248.00 -1.50 263.00 193.00 2.70 264.6 -6.3 Schdr Inc 283.50 -4.38 290.52 235.50 3.56 295.3 -4.0 TR Prop 303.60 -5.40 325.00 232.40 2.56 301.7 0.6 52 Week Dis(-)
Dun Inc 261.25 -2.75 371.25 239.00 4.25 276.9 -5.7
Dun Sml 215.00 5.50 220.26 171.30 2.42 255.0 -15.7 JPM EurInc 138.25 0.13 147.50 104.75 - 141.0 -2.0 SchdrJap 162.50 -0.75 165.00 115.25 1.11 172.8 -6.0 VCTs 52 Week Dis(-) Price +/-Week High Low Yld NAV or Pm
EcofinWatr 144.75 1.63 176.75 132.56 4.84 185.0 -21.8 JPM EuSm♦ 249.00 -2.50 256.00 42.40 1.16 271.7 -8.4 SchdrOrient 201.75 -2.75 215.25 179.00 3.79 198.9 1.4 Price +/-Week High Low Yld NAV or Pm AdFrntMkt 59.00 -0.25 65.50 55.00 - 62.8 -6.1
..CULS 104.00 0.50 111.70 103.86 - - - JPM Clavr 631.00 -10.00 645.00 534.51 3.09 662.1 -4.7 SchdrUK 168.50 -1.50 182.00 146.83 2.67 186.3 -9.6 AlbionDev 69.00 0.00 70.89 67.00 7.25 71.3 -3.2 CrysAmber 154.00 2.00 155.50 129.81 0.3 161.9 -4.9
JPMGIConv♦ 104.75 0.88 112.50 99.00 5.37 102.8 1.9 SchdrUKMd♦ 488.00 -10.50 504.50 402.49 1.74 535.5 -8.9
EdinDragn
..CULS
279.00
106.75
-5.75 311.00 257.00
0.00 107.70 103.00
0.79
-
314.3
- -
-11.2
JPM GEI 114.25 -0.25 130.00 111.00 4.29 114.6 -0.3 ScotAmer♦ 274.00 2.00 275.50 221.99 3.81 258.9 5.8
Albion Ent 87.50 0.00 92.00 85.00 5.71 95.9 -8.8 GLI Finance♦
IndiaCap
55.88
58.63
0.63
0.00
65.00 51.00
69.40 46.00 -
8.9 -
72.2
-
-18.8
www.morningstar.co.uk
AlbionTech♦ 76.00 0.00 81.00 71.25 6.58 78.1 -2.7
JPM I&C Uni 367.50 0.00 370.50 330.06 - 381.4 -3.6 Scottish In 654.00 -7.00 670.00 536.00 1.83 719.9 -9.2 Infra India 14.50 0.00 16.50 10.00 - 44.0 -67.0
26
Corporate diary June 8 - June 12
TODAY 8
Trading and sales update: Drax Group,
McDonald’s
TUESDAY 9
WPP chief executive Sir Martin Sorrell
faces the prospect of another protest
over his pay as investors again balk at his
remuneration package.
The chief executive of the global
advertising group was awarded £43m in
fixed pay and bonuses for 2014, making
him comfortably the most highly paid
boss in the FTSE 100.
Two shareholder advisory groups
cautioned about Sir Martin’s pay last
week. He has faced protests over it in the
past few years, losing a vote in 2012.
Glass Lewis recommended investors
vote against his pay at the annual
meeting, while Institutional Shareholder
Services said they were concerned over
the salary increase, although they
recommended a vote for the
remuneration report.
WPP said his pay reflected strong
financial performance and the increase in
its share price. When the pay rise was
announced in March, WPP chairman
Philip Lader said it was down to
“exceptional corporate performance over
five years”. David Oakley
Investors in HSBC gather at its Canary
Wharf headquarters in London to hear
chief executive Stuart Gulliver present
them with his second attempt in four
years to simplify and shrink the group.
Expectations are high for Mr Gulliver,
who is set to reverse at least part of the
acquisitive growth strategy HSBC
pursued over several decades to become
by far Europe’s biggest lender by assets.
In his update, he is likely to announce
plans to cut thousands of jobs, shed a
multibillion-dollar portfolio of investment
banking assets and retreat from
underperforming markets. The strategic
moves represent a further retrenchment
in the ambitions of a group that once
branded itself “the world’s local bank”
Diary commentary from FT reporters. Data, unless
otherwise stated, from Thomson Reuters. Company
announcements, collated by Thomson Streetevents,
are of information publically available before last
week. Results forecasts, from Thomson I/B/E/S, are
for fully diluted, post-tax EPS in local currency for
the stated fiscal period. The comparable period of
the previous year is bracketed. Non-UK reporting
periods are broken by quarter: Q1, Q2, Q3, Q4. UK
periods are designated: Q1, H1 (first half), Q3 and
FY (full year).
Sound progress expected from Apple conference
Apple will hold its annual Worldwide
Developers Conference in San Francisco
this week, aiming to recapture music
lovers’ attention with a new
subscription streaming service
alongside the usual updates to iOS and
Mac operating systems.
Previous years have seen Apple
unveil big pushes around health, smart-
home and connected-car software,
which will also return as themes.
App makers will also hear about new
capabilities when developing Apple
Watch, its latest device. Last week,
Apple said that its smartwatch would go
on sale in seven more countries at the
end of the month, as production
volumes finally begin to improve, three
months after it first went on sale.
Apple Watch, which is going up
against Google’s Android Wear
smartwatches from the likes of
Samsung and Sony, as well as start-up
Pebble Technologies and fitness
trackers such as Fitbit, will be available
and still has 266,000 employees in 73
countries and territories.
The bank has already kicked off the
auctions of its Brazilian and Turkish
operations, which it expanded
aggressively through deals during the
late 1990s as part of a global acquisition
spree. Together, analysts expect the two
sales to raise some $4bn-$5bn.
Mr Gulliver will also say what
methodology he will use to decide
whether to keep the headquarters in the
UK or move overseas. Martin Arnold
EARNINGS
CML Microsyst FY 12.80p (29.20p)
Ox Instruments FY 47.06p (67.30p)
RPC Group FY 40.53p (36.23p)
Shareholder meeting: WPP
★ Monday 8 June 2015
ECONOMIC OUTLOOK
second worst performance among the so- Data likely to confirm improving US labour
called big four supermarkets after Asda,
where sales fell 2.9 per cent. Markets are now focusing on the the value of exports and imports are
The City will be looking for an update prospects for a rise in US interest rates. expected to continue falling, while the
on food price inflation, and consumer Next week will see the last round of data growth in industrial production should
confidence. Investors and analysts will releases before the Federal Reserve’s improve marginally, but still at levels far
also be keen to know how Sainsbury’s Open Market Committee meeting on below that seen last year. Retail sales
trial of the Netto discount supermarkets June 17. Chinese activity data will give and fixed investment should also show
is performing. Andrea Felsted further insight into the extent of the signs of improvement, but at relatively
slowdown in the world’s largest weak levels.
When FirstGroup reports full-year results, economy, while in the eurozone Germany is the first eurozone country
investors will be looking for the impact of industrial production data will be the to publish industrial production data for
fuel prices on passenger numbers using focus of attention. April today. Production contracted in
its Greyhound coaches in the US after Last week’s US employment report March, but is expected to have
more people returned to cars during the was surprisingly strong, with growth in rebounded slightly in April following a
— Kate Nietfield/EPA
oil price rout. both jobs and wages ahead of strong reading of the purchasing
In early April, the Aberdeen-based expectations. This week’s data should managers’ manufacturing indices.
transport group, which operates in the show an improvement in retail sales, Consumer goods production expanded
UK and North America, said in a trading suggested by strong auto vehicle sales in March and is expected to be a main
for in-store purchase for the first time in update that Greyhound’s like-for-like in May, reported last week, while initial part of the recovery in April as the
two weeks. dollar fourth-quarter revenues were jobless claims, released on Thursday, are corresponding PMI component showed
Endorsements from prominent expected to decrease by 5.5 per cent, likely to confirm an improving labour particularly strong improvements.
figures in fashion and entertainment causing the division’s full-year revenue to market situation. But analysts still For the eurozone as a whole, industrial
have attempted to establish the watch be flat. expect the first US rate rise to come in production growth in April is likely to
as a luxury product. Those associations In its statement, FirstGroup said the third quarter of this year, after a have slowed, as production is weak in
will be boosted by the launch of Apple margins fell below that of the previous broader range of data has confirmed the many member states. In France and the
Music, which is expected to compete year and like-for-like dollar revenues strength of the recovery. UK the annual rate of growth for April is
with Spotify and Pandora by securing were down 1.1 per cent. Data from China are expected to expected to be the same or lower than
exclusives for new releases and offering The shares have tumbled as the group confirm a slower pace of growth. Both in March.
celebrity-led radio stations. struggles for sustainable profits, to The second release of eurozone GDP
Apple acquired much of the reduce debt and continue to fend off figures for the first quarter — published
German industrial
technology behind its Music service activists, falling more than 13 per cent tomorrow — are not expected to show
with its $3bn Beats deal last year. The over the past year despite a UK sector
production growth any change in the headline growth rate
service will cost $10 a month, the same post-election rally. Annual % change of 0.4 per cent, but more detail in this
as existing rivals Spotify, Rdio and However, shareholders will be hoping 15 release should show that first-quarter
Deezer. for better news after the group reassured growth was largely based on consumer
In a departure for Apple, its new the market that its transformational plan 10 spending, sustained by lower oil prices
Music service is also expected to be was on track and said there were no and more stable labour conditions.
launched on rival Google’s Android nasty surprises during the fourth quarter. 5 In the UK, trade data for April,
devices. In the UK, FirstGroup is spending £73m 0 released on Wednesday, is expected to
Apple’s iOS is far smaller than Google on 355 low-emission buses in what the show the trade deficit remaining stable.
in market share but iPhone owners are company says is the biggest UK order yet -5 In March, a smaller goods deficit was
still more lucrative for most app for the latest environmentally friendly 2010 11 12 13 14 15 offset by a smaller surplus in services
developers. Tim Bradshaw vehicles. It has about 6,300 buses in the trade. Valentina Romei
UK and also runs rail services. Source: Thomson Reuters Datastream
FirstGroup and National Express are 4CAST ECONOMIC CALENDAR
WEDNESDAY 10 also in a battle with a joint venture
All eyes will be back on the grocery sector between Abellio, an arm of the Dutch COUNTRY For Indicator Units* Mkt* Prev* COUNTRY For Indicator Units* Mkt* Prev*
when J Sainsbury reports its first-quarter state railway, and UK transport MONDAY THURSDAY
China May Exports 2 -4.4 -6.4 China May Industrial prod. 2 6 5.9
sales. heavyweight Stagecoach, to operate rail China May Imports 2 -10-16.1 China May Retail sales 2 10.1 10
Analysts at Barclays forecast a decline services in East Anglia. Simon Greaves China May Trade balance 3 44.8 34.1 China May Fixed asset inv. 4 11.9 12
Germany Apr Industrial prod. 1 0.5 -0.5 France May CPI 2 0.3 0.1
of about 2.5 per cent in sales from stores Germany Apr Trade balance 3 19.2 23 France May HICP 2 0.4 0.1
open at least a year in the 12 weeks to EARNINGS
Japan Q1 GDP (final) 1 0.7 0.6 UK May RICS house prices % 35 33
June 6, reflecting continued price First Group FY 9.61p (7.50p) Japan Q1 GDP (final) 4 2.8 2.4 US Week Initial claims 5 n/a 276
US May Retail sales 1 1.1 0
deflation, comparisons with a strong Shareholder meeting: SOCO International TUESDAY
performance a year ago and continuing Trading and sales update: J Sainsbury China May CPI 2 1.3 1.5 FRIDAY
competition from the no-frills Eurozone Q1 GDP (2nd est.) 1 0.4 0.4 Eurozone Apr Industrial prod. 1 0.4 -0.3
THURSDAY 11 Eurozone Q1 GDP (2nd est.) 2 1 1 India May CPI 2 n/a 4.87
discounters, Aldi and Lidl. Barclays UK May BRC retail sales 2 1 -2.4 US May PPI 1 0.4 -0.4
forecasts a similar decline for Tesco, EARNINGS UK Apr Trade balance 3 -10 -10
which is due to report on its first-quarter Halma FY 30.92p (28.47p)
WEDNESDAY
sales later this month. Shareholder meetings: Carrefour, Dignity, Verona China May Agg. financing 3 1,125 1,050 Mkt* = market consensus estimates. Prev*= previous actual
According to the latest industry data Pharma; Trading and sales update: Home Retail France Apr Industrial prod. 1 0.3 -0.3 Units*; 1 = % change on previous period, 2 = % change on same
France Apr Manuf. prod. 1 n/a 0.3 period in previous year, 3 = national currency bn, 4 = annualised
from Kantar Worldpanel, the consumer UK Apr Industrial prod. 1 0.1 0.5 quarterly % change, 5 = 000s, NSA=not seasonally adjusted,
research group, Sainsbury’s sales fell 1 per FRIDAY 12 UK Apr Trade balance 1 0.1 0.4 SA=seasonally adjusted. See more at ft.com/economic-calendar
cent in the four weeks to May 24, the Trading and sales update: Japan Tobacco
 fm
THE AUTHORITY ON GLOBAL FUND MANAGEMENT | FINANCIAL TIMES | Monday June 8 2015

Regulation
Three Swedish banks
accused of ‘closet
tracking’
PAGE 3

One-third of The big picture

Endangered female fund managers
BlackRock
takes another
investors swipe at
Pimco
expect Grexit CHRIS NEWLANDS AND DAVID
RICKETTS

BlackRock, the world’s largest fund

‘Everyone is looking at contagion [risk]’
MADISON MARRIAGE
One-third of large investors expect a
Greek exit from the eurozone as nego-
tiations between Athens and its credi-
tors over a desperately needed €7.2bn
bailout package deteriorate.
According to a poll of 78 institu-
tional investors, including interna-
tional pension funds, private banks
and intermediaries, 34 per cent
believe Greece will leave the euro-
zone before the end of May next year.
The poll was carried out by GAM,
the Swiss fund house, at a client event
last month attended by Jean-Claude
Trichet, the former president of the
European Central Bank. It demon-
strates the concern among large
investors about Greece’s commit-
ment to the eurozone.
Julius Baer, the Swiss private bank,
has set the probability of a Greek exit
at 50 per cent. Christian Gattiker, the
bank’s chief strategist, said this is
most likely if Greece defaults on its
debt repayments, triggering another
general election and potentially a ref-
erendum on eurozone membership.
Athens’ unexpected decision last
week to delay a scheduled €300m
loan repayment to the International
Monetary Fund has exacerbated
fears about Prime Minister Alexis
Tsipras’ ability to secure a bailout.
Saker Nusseibeh, chief executive of
London-based Hermes Investment
Management, said: “Is it possible that
if Greece does not get a deal it might
exit? It is possible. The prime minis-
ter is under pressure from his own
party to be tougher [with creditors].
You cannot exclude the possibility he
might hold a snap referendum [on EU
membership].”
Investors are worried about “conta-
gion risk” if Greece leaves the euro-
zone — the threat of heightened vola-
tility across European bond and
equity prices, particularly in Spain,
Portugal and Italy.
Mr Nusseibeh said: “The euro is
meant to be forever. If one [country]
exits, the rest can follow. The worry is
that a Greek exit might lead to a fur-
ther sell-off of eurozone bonds. The
effect could be profound. This [risk]
is very much on our monitors.”
Mr Gattiker agreed: “What we are
looking at and what everyone is look-
ing at is contagion [risk] across the
eurozone. We do not see any conta-
gion into Portuguese or Spanish debt
yet. That is where we would start to
continued on page 7
Just 184 of America’s 7,000 US mutual funds are run by women
and the number of female portfolio managers running money in the
US has fallen every year for the past six years. It is not just a US
problem. Only 7 per cent of UK funds are managed or co-managed
by women PAGE 6 Luke Macgregor/Reuters
company, has taken a potshot at rival
investment house Pimco as part of its
plea to regulators that funds should
not be classified as “too big to fail”.
In response to a consultation proc-
ess on whether large funds and asset
managers should be designated as
systemically important, BlackRock
cited the absence of market disrup-
tion following the surprise departure
of Pimco’s founder Bill Gross last year.
Pimco’s flagship Total Return fund,
which was run by Mr Gross, suffered
$2.1bn of outflows in the month fol-
lowing his exit. In two years the fund
has lost $183bn of assets.
Pimco’s outflows to “multiple man-
agers” are “a good example of the abil-
ity to transition large amounts of
[assets] from one manager to another
without market disruption”, Black-
Rock wrote in its response to the
Financial Stability Board, the body
thatco-ordinatesfinancial regulators.
“Large outflows from . . . the Pimco
Total Return fund and the large con-
comitant inflows to other funds serve
as a prime example of the level of sub-
stitutabilityamongfunds.”
Thecommentsreinforcethosegiven
to the US Financial Stability Oversight
Council,markingthethirdtimeBlack-
RockhastakenaswipeatPimco.
David Ricketts is associate editor on
Ignites Europe, an FT news service
2 | FTfm FINANCIAL TIMES Monday 8 June 2015

NEWS

INSIDE Exchange traded fund assets Oil price

View from the US
An international
pass $3tn mark for the first time
renminbi will create a
‘Chinese world’, says
John Dizard INVESTMENT STRATEGY
PAGE 8 Low-cost products
Comment win favour at expense
David Oakley asks of active managers
what happened to
CHRIS FLOOD
Super Mario
PAGE 8
Exchange traded fund assets
have passed the $3tn mark for
Governance
Hedge funds may not be the first time as low-cost
index-tracking ETFs continue
so incompatible with to win favour at the expense of
environmental, social active managers.
and governance issues, Investors continued to pour
says the UN PRI’s cash into ETFs. Global inflows
Fiona Reynolds reached $127.6bn in the first
PAGE 10
five months of 2015, up 34 per
cent on the same period in
Viewpoint 2014 and on track to surpass
A zombie scheme is 2014’s record inflows of
haunting the Pension $339.7bn.
Deborah Fuhr, managing
Protection Fund, partner of ETFGI, the consul-
says John Ralfe tancy that provided the data,
PAGE 11 said the consistency of the ETF
Investment strategy industry’s long-term growth
was remarkable.
The popularity of hedge “It took the ETF industry 19
funds among large years to reach $1tn in assets,
institutional investors [another four] years to surpass
shows no sign of abating the $2tn mark and then just
despite widespread [two] years to hit the $3tn
dissatisfaction with asset milestone,” she said.
The milestone comes as
high fees and poor Pimco’s Total Return fund
performance
ceded its crown as the world’s
PAGE 12 largest bond fund to Van-
guard’s passive Total Bond
Market Index fund, illustrat-
ing the shift in sentiment from
active to passive management.
Low-cost ETFs continue to win favour at the expense of active managers — Brendan McDermid/Reuters
sive investing strategies has
gathered pace in recent years
thanks in part to central banks
flooding financial markets
with money and suppressing
volatility. But while total assets
jumped, fears that the dec-
ades-long bull market in fixed
income is nearing exhaustion
were mirrored in outflows
from US and European bond
ETFs.
European-listed bond ETFs
registered net outflows of
$0.6bn in May, their first
monthly redemptions since
September 2014, while US
Monthly flows can be varia-
ble but the outflows were con-
centrated in supposedly safe
US and eurozone government
bond ETFs where liquidity
conditions have become more
volatile. US high-yield ETFs
also experienced net outflows
of just over $1bn in May.
Mario Draghi, the European
Central Bank president, last
week warned investors that
they would have to “get used”
to volatility in debt markets in
an era of ultra-low interest
rates.
BlackRock, the world’s larg-
far in 2015, up 48 per cent on
last year, while Vanguard’s
ETF inflows are $36.7bn, an
increase of 33 per cent.
The inflows of Deutsche
Asset and Wealth Manage-
ment, the fifth-largest pro-
vider globally by assets,
neared $18.7bn, more than
double its inflows for the
whole of 2014.
The best-performing ETF so
far this year has been the Wis-
dom Tree European hedged
equity fund, which tracks
eurozone shares and hedges
out the impact of the euro.
erodes
sovereign
funds
ELEANOR DUNCAN
Sovereign wealth funds had
their best ever year in 2014 in
terms of asset increases, but
the falling oil price is expected
to slow the future growth of
these funds substantially.
The assets held by sovereign
wealth funds, created to safe-
guard money for state
expenses, increased by a
record $1tn in 2014, taking
total assets to a high of $7.1tn.
But with the growth of sover-
eign wealth funds tied closely
to the price of oil — 60 per cent
of their assets originate from
commodity exports — asset
growth is predicted to slow in
2015, according to figures from
TheCityUK, the financial lob-
bying group.
Assets of sovereign wealth
funds grew by 12 per cent on
average in the previous five
years, but the lobby group pre-
dicted asset growth would
decelerate to just 4 per cent in
2015.
$7.1 tn
Total assets held by sovereign
wealth funds in 2014
Oil prices fell from $115 a
barrel last June to a six-year
low of $45 a barrel in January.
Prices have since returned to
around $60 a barrel.

fm
JUNE 8 2015
Editor Chris Newlands
Tel: +44 (0)20 7775 6382
e-mail: chris.newlands@ft.com
Reporter Chris Flood
Tel: +44 (0)20 7873 3892
e-mail: chris.flood@ft.com
Reporter Sophia Grene
Tel: +44 (0)20 7873 4685
e-mail: sophia.grene@ft.com
Reporter Madison Marriage
Tel: +44 (0)20 7873 3817
e-mail: madison.marriage@ft.com
Production Jearelle Wolhuter
Tel: +44 (0)20 7873 4872
e-mail: jearelle.wolhuter@ft.com
Advertising manager
Rachel Padhiar
Tel: +44 (0)20 7873 3564
e-mail: rachel.padhiar@ft.com
FINANCIAL TIMES
Number One Southwark Bridge
London SE1 9HL
+44 (0)20 7873 3000
©The Financial Times Limited 2015.
Reproduction of the contents of FTfm in
any manner is not permitted without the
publisher’s prior consent. “FINANCIAL
TIMES” and “FT” are registered Trade
Marks and Service Marks of the Financial
Times Limited
The rise of exchange traded
funds and other so-called pas-
The week
C Bill Gross has been reunited
with a bond mandate he ran at
Pimco before his move to
Janus Capital last year.
The veteran bond manager
is to take over as adviser to the
$272m Old Mutual Total Return
USD Bond fund that he
managed for 12 years while at
Pimco.
Mr Gross described Old
Mutual as “an old friend that
always had faith in me at Pimco
and that has now expressed
confidence in me at Janus”.
C John Paulson, the hedge
fund manager, has donated
$400m to Harvard University,
its largest gift ever. The money
will go towards expanding the
listed bond ETFs saw net with-
drawals of $0.7bn.
Harvard School of Engineering
and Applied Sciences, which
will be renamed in his honour.
Mr Paulson was the world’s
largest gold investor at one
time and his fortune is
estimated at $11.2bn. His
donation eclipses the $350m
given to Harvard’s School of
Public Health last year by
Gerald Chan, a Hong Kong
property tycoon.
C The flagship fund of Odey
Asset Management has lost
almost one-fifth of its value
after bets on smaller
companies and currencies went
sour for one of London’s oldest
hedge funds.
In a letter to investors,
Crispin Odey said: “April was
bloody . . . nobody likes being
wrong. Nobody likes looking
foolish.”
Odey last week dismissed a
est fund company, has gath-
ered net inflows of $44bn so
bid for one of its investments,
Plus500, a London-listed Israeli
spread betting company, as
“opportunistic” after a £460m
takeover offer from Playtech,
the gambling software
company.
C Vanguard, the US fund giant,
has decided to move early to
include onshore Chinese stocks
within its flagship $50bn
emerging markets ETF.
Vanguard made its move
ahead of an
expect
About $13bn has flowed into
the fund so far this year.
ed avalanche of overseas
investment as China liberalises
its financial markets.
MSCI, a rival index provider,
is due to announce this week
whether it will add China to its
emerging markets index.
C Elliott Associates, the
activist US hedge fund best
known for its battles with the
Argentine government, has
launched an attack on
Samsung, the vast South
Korean conglomerate.
Elliott is trying to block a
merger between Samsung’s
construction business and
Cheil Industries that it claims
will only benefit the
controlling Lee family.
The merger “significantly
undervalued” Samsung C&T
and was “not in the best
interests of shareholders”,
said Elliott.
Nick Tolchard, chairman of
the global sovereign group at
Invesco, the US fund house
that conducted a study of 59
sovereign funds with $7tn in
assets, agreed the fall in the
price of oil has created “fund-
ing challenges” for sovereign
investors.
He added that these chal-
lenges were worse for North
American SWFs than their
emerging market equivalents.
The majority (80 per cent) of
North American SWFs are
forecasting a decline in fund-
ing this year, with the remain-
ing 20 per cent expecting it to
remain the same.
“The timing of the fall in oil
prices has been particularly
challenging for state govern-
ments in North America and
Canada, with reduced reve-
nues from oil producers hav-
ing driven down state taxation
income at the same time as
state expenses are rising
sharply as a result of the baby-
boom generation retiring,” Mr
Tolchard said.
 FINANCIAL TIMES Monday 8 June 2015 FTfm | 3

NEWS

Three Swedish banks accused of ‘closet tracking’

REGULATION
Index hugging alleged
at Nordea, SEB and
Handelsbanken
MADISON MARRIAGE
Three of Sweden’s four largest
banks have been accused of
mis-selling funds to retail
investors as the scrutiny on
funds that charge high fees for
active management but mimic
an index intensifies.
Carl Rosen, chief executive
of the Swedish Shareholders’
Association, told FTfm he is
“100 per cent certain” Nordea,
Handelsbanken and SEB are
guilty of selling funds that
could be classed as “closet
trackers”.
His association, which rep-
resents 67,000 retail investors
in Sweden, has been at the
heart of a legal dispute with the
asset management arm of
domestic lender Swedbank
this year.
The association filed a legal
claim against Swedbank
Robur in December for alleg-
edly selling closet trackers to
investors, demanding SKr7bn
($830,000) in compensation
for the 3,000 investors that
signed up to the claim.
Mr Rosen said the SSA is now
considering taking legal action
against the other three banks.
“There are four big banks in
Sweden and all four have done
the same thing. They cannot
produce alpha and they charge
toomuch,”he said.
He referenced three funds
sold by the banks — SEB Sver-
ige, Handelsbanken Sverige-
fond and Nordea Alfa — that
‘There are four big banks
in Sweden. They cannot
produce alpha and
they charge too much’
were mentioned in a book on
closet tracking by Joel Dahl-
berg, the Swedish journalist
who first highlighted the con-
cerns about Swedbank.
Swedbank, which manages
€70bn on behalf of 3m Swed-
ish investors, has denied its
funds are closet trackers.
These vehicles have been
widely condemned by aca-
demics, consumer groups and
senior industry figures for mis-
leading investors into paying
higher fees than necessary.
Maria Rengefors, head of
Nordea Investment Funds in
Sweden, said the suggestion
that her bank sold closet track-
ers was “absolutely not cor-
rect”.
She added: “Nordea firmly
believes in active manage-
ment, but offers both actively
and passively managed funds
to the Swedish market. Our
actively managed funds are
indeed active and have an
active share [a measure of how
much a fund diverges from its
benchmark] of 66 per cent on
average.”
The Norwegian regulator
admonished Nordea last
month for selling a fund that
closely followed its benchmark
but was “offered and priced as
anactivelymanaged fund”.
A spokesperson for Han-
delsbanken, which cut the fees
on its Sverigefond in April by
40 basis points to 1 per cent,
said that its actively managed
funds “have been and are
actively managed”.
Peter Branner, head of the
asset management arm of SEB,
said: “We have noticed that
[the SSA] has filed a complaint
to [the Swedish consumer
board] concerning a specific
fund from another fund com-
pany in Sweden. No formal
complaint has been raised
against SEB as far as we are
aware.”
The controversy around
closet tracking has intensified
this year after the Swedish gov-
ernment became the first in
Europe to launch a formal
investigation into the practice.
The European Securities
and Markets Authority said
last year that it was “gathering
information” on the extent of
the problem, while the Norwe-
gian and Danish regulators
Nordea denies closet-tracking accusations — Tomi Setala/Bloomberg have also begun examining it.

FUND FOCUS

Jupiter’s absolute return is on a bearish footing

Fund manager says portfolio constructed to weather serious market volatility

James Clunie, Jupiter’s absolute
return fund manager, has
shifted his fund into a bearish
footing in a bid to find stocks
with attractive valuations.
The manager runs the
Jupiter Absolute Return fund,
which can take both traditional
long positions, betting that
shares will rise, as well as short
bets that shares will fall in value.
He says the £214m portfolio
consists of just 61 long positions
sset Management
and 84 short trades, reflecting
his concerns about the outlook
for the markets.
“I am finding more short
ideas than I am long,” he says. “I
would not be surprised if the
fund went net short in the
coming months.”
Most of his ideas on the short
side are emerging from the US,
primarily on the back of
disappointing company
earnings.
Mr Clunie says the type of
companies he has been
shorting tend to have an
industrial and global focus and
are typically suffering from the
slowdown across emerging
markets or as a result of the
headwind of a stronger dollar.
Despite the rally in the US,
with the S&P 500 up 65 per
cent over the past three years, In contrast to the exuberance
Mr Clunie feels the markets are in the US, the fund manager
overly optimistic. says the outlook for the UK is
He cites a recent report by more grounded in reality.
the British Coal Staff “I can find decent and fairly
Superannuation Scheme, the valued stocks,” he says. Mr
pension fund, which said that, Clunie is running long positions
based on historical analysis of in the likes of BP, the oil group,
the US market, there was a two- and Alent, the speciality
thirds chance of it making less chemicals manufacturer. His
than 3.5 per cent per annum biggest shorts are Diageo, the
over the next five years. drinks maker, and Glencore, the
“On this basis, we believe it is miner and commodities trader. Asset Management
Asse
sensible to hold t Man
positions agement
that While Europe represents “a
aim to benefit from individual small number of longs and
stock price movements, rather shorts”, the manager has 11 per
than that of the equity market cent of assets invested in Japan,
as a whole,” he says. all of which are exclusively long
positions.
Jupiter Absolute “In Japan there is a lot of extra
Return fund cash flow. I can find a series of
Performance under James companies that are fully
Clunie's management deleveraged, where balance
sheets look solid,” he says.
Jupiter Absolute 8
Return fund Since Mr Clunie took over the
Libor GBP 6 fund in September 2013, it has
three months delivered a total return of just 5
benchmark 4 per cent but he argues he has
2 constructed the portfolio to
endure serious market volatility.
0 “If the market fell 15 per cent,
I believe the portfolio could hold
-2 its own,” he says.
Aug 14 Jun
2013 2015 Philip Scott writes for
Source: FE Analytics
Investment Adviser
4 | FTfm
Nomura’s
Mr Watanabe
is feeling
lucky
KUNIO WATANABE
The chief executive of the
Japanese fund house is
positive about Abenomics
MADISON MARRIAGE
K
unio Watanabe, the
recently appointed chief
executive of Nomura Asset
Management, the Japa-
nese fund house, gives off
the relaxed air of someone who found
himself in the right place at the right
time.
The Tokyo-born executive had the
good fortune to take the helm of the
investment arm of Nomura, the Japa-
nese bank, in March last year, just
before the government unveiled
some of the most exciting changes for
domestic asset managers in decades.
Mr Watanabe — a Nomura lifer who
joined the bank after completing his
university studies in the late eighties
— admits his move into the group’s
¥50tn ($355bn) asset management
division happened by chance.
Speaking from his company’s City
of London headquarters on a brief
visit to the UK, the 52-year-old says:
“Six years ago I was lucky, and trans-
ferred from Nomura Securities to
Nomura AM. I don’t know [why]. Top
management made the decision and I
just followed.”
His appointment five years later as
chief executive of the division came
out of the blue. “It was a big surprise
— the biggest surprise of my life,” says
the chief executive, who adds that
there were no celebrations when he
received the news due to the “big
pressure” he felt.
The surprises did not end there. Six
months into his role, the Government
Pension Investment Fund, the world’s
biggest retirement fund,with$1.3tnof
assets, made the unexpected
announcement that it would cut its
exposure to bonds significantly in
favourofdomestic and foreignstocks.
Three of the country’s biggest pen-
sion funds and two of its largest insti-
tutions — Japan Post Insurance and
Japan Post Bank — are now planning
similar changes to their asset alloca-
Born 1963
Total pay Undisclosed
(Nomura’s seven executive officers
collectively earned $11.3m in 2014)
Education 1985 BA in economics,
Keio University, Tokyo
1989 Diploma in business studies,
London School of Economics and
Political Science
1990 MBA, University of Warwick
Career 1985-87 Retail division,
Nomura Securities
1990-97 Manager, financial
institutions department, Nomura
Securities
1997-99 Head of equity division,
Nomura Bank (Switzerland)
2004-06 Managing director,
Nomura Securities
2006-09 Co-president, Nomura
International (Hong Kong)
2009-14 Various senior managing
director roles, Nomura AM
2014 to present President and
chief executive, Nomura AM
FACE TO FACE
tion, potentially putting lucrative
investment mandates worth billions
of dollars up for grabs.
Nomura Asset Management has
already benefited from these shifts; in
February the company emerged as
one of three domestic fund houses
selected by the GPIF to manage
money on its behalf, with Nomura
chosen to run two mandates.
Mr Watanabe highlights another
government-led initiative that forms
part of Prime Minister Shinzo Abe’s
economic reform programme: a push
to expand the defined contribution
pension system greatly.
From 2017, workers will be able to
transfer their pension savings when
they change jobs. DC plans will also
become accessible to a much wider
pool of citizens, including govern-
ment employees and homemakers.
Asset managers are simultaneously
eyeing big windfalls from Japanese
retail investors, who have been
encouraged by the government to
invest in domestic stocks through
Nippon Individual Savings Accounts,
which were introduced last year. A
junior version of the so-called Nisas
will launch for under-18s from 2016.
“Strengthening the asset manage-
ment industry is one of the core ele-
ments of Abenomics,” he says. “Psy-
chologically this is very positive.”
He is equally enthused by the cor-
porate governance reforms taking
place among the country’s biggest
companies, in particular the launch
of an index, the JPX-Nikkei 400, in
2014. The index weights companies
by operating profits and return on
equity in addition to market capitali-
sation, encouraging businesses to
reduce their large cash piles and
return more cash to shareholders.
In addition, the Tokyo Stock
Exchange published a corporate gov-
ernance code in March, stating that
the biggest 1,888 companies in Japan
should have at least two independent
board directors. The code, which
entered into force this month, is not
legally enforceable but companies
that have not met the target must
provide an explanation.
Some investors have expressed
concern that companies are respond-
ing with superficial changes but Mr
Watanabe remains positive.
“I believe the governance pro-
gramme is working,” he says. “One-
third of listed companies’ return on
equity is above 10 per cent. Top man-
agement of those companies are defi-
nitely paying attention to capital effi-
ciencies. Rome was not built in a day,
so it takes time.”
FINANCIAL TIMES Monday 8 June 2015
Nomura
Asset Management
Founded 1959
Assets under management
$355bn (March 31 2015)
Employees 1,430
Headquarters Tokyo
Ownership Wholly owned
subsidiary of Nomura Holdings
The government has sought the
support of Japan’s investor commu-
nity by asking them to sign up to a
stewardship code, which encourages
institutions to disclose how they vote
at annual general meetings and to
take a more active approach to ques-
tioning company management.
Mr Watanabe admits that after
signing up to the code, Nomura AM
found itself in a potentially awkward
situation. The fund group had no
external directors, making it difficult
to push for outsiders on company
boards without seeming hypocritical.
He says: “As an asset management
company we are supposed to engage
with the companies we are investing
in. They might ask us [about our]
governance. We needed to manage
this conflict of interest, so we
appointed two independent directors
within the asset management divi-
sion.”
The two new outsiders are Rikio
Nagahama, former chief executive of
Diam, a $140bn Japanese fund house,
and Akiko Kimura, a lawyer at AMT,
a Tokyo law firm, and the second
woman to join Nomura AM’s panel of
nine board members.
While the changes in Japan have
occupied a lot of Mr Watanabe’s time
over the past 12 months, he is also
hoping to improve the company’s
image among overseas investors, who
account for 30 per cent of the group’s
assets.
“We are not well known in the City.
Branding is an issue we need to
improve,” he says.
This is partly behind his visit to
London, his favourite city. It followed
a trip to Mexico and Chile, where Mr
Watanabe met several pension funds
as part of his international charm
offensive.
More intriguing, perhaps, is the
company’s goals in the US market,
where Nomura decided to close its
mutual fund business, Nomura Part-
ners Funds, in 2014. Mr Watanabe
denies that the closure of this subsidi-
ary is a sign that Nomura AM is pull-
ing back from US retail investors.
He says: “We closed down Nomura
Partners, but that does not mean we
are giving up on the US retail busi-
ness. The US [represents] 50 per cent
of the total [asset management] mar-
ket, so we cannot give up on it.”
 Asset Management
et Management
6 | FTfm
The
endangered
female fund
manager
The number of women who choose a
career in asset management remains
stubbornly low, writes Chris Newlands
T
he belief that female
fund managers are an
endangered species on
the verge of extinction
has been reinforced by
findings showing women run just 2
per cent of fund management assets
in the US.
According to research from Morn-
ingstar, the data provider, women are
much more likely to become doctors,
lawyers or accountants than portfolio
managers. Just 184 of America’s 7,000
US mutual funds are run by women.
Worse still, further digging by the
research house reveals the number of
female portfolio managers running
money in the US has fallen every year
for the past six years, despite contin-
ued efforts to try and bring more
women into frontline asset manage-
ment.
Laura Pavlenko Lutton, a director
of manager research for Morningstar,
says: “More women in the US are
making their own investment deci-
sions than ever before, yet the ranks
of professional female fund managers
remain exceedingly small.”
The Morningstar data also provides
a gender breakdown of US portfolio
managers for the 20 largest fund
groups, something fund management
companies have long been reluctant
to disclose.
At the end of 2014, FTfm asked the
10 largest independent fund houses
in the US and Europe to provide infor-
mation on how many women they
employ and at what level.
Only one fund company shared
that information: Aberdeen Asset
Management. The remaining nine
groups declined (BlackRock, Van-
guard, Fidelity Investments, Franklin
Templeton and Capital Group in the
US, and Schroders, Union Invest-
ment, Lombard Odier and Pictet
Asset Management in Europe).
The Morningstar report shows that
Dodge & Cox leads the way in terms of
gender diversity: a quarter of its
money managers are women. Frank-
lin Templeton is next, at 14.7 per cent,
followed by JPMorgan (13.6 per cent).
Vanguard, Fidelity and T Rowe Price
are at or below average, while Lord
Abbett is last among the industry’s
largest companies, with just one
female fund manager.
Erin Davis, senior banking analyst
at Morningstar, says: “The bigger
firms fared better than the average,
but clearly there are a lot of fund com-
panies out there with no female fund
managers at all.”
She adds: “Investors are losing out
as a result of this. A more diverse
management produces better
results.”
It is not just a US problem.
Research released from the UK shows
that just 7 per cent of UK funds are
managed or co-managed by women,
a figure unchanged from the previous
year. And in Germany only 86 of 1,021
fund managers are women (8 per
cent), according to data put together
by Fondsfrauen, a career network for
female money managers.
Jason Hollands, managing director
of business development and com-
munications at Tilney Bestinvest, the
Newton’s Helena Morrissey
THE BIG PICTURE
8,500 699
The number of The number of
female CFA female fund
charter holders managers
in the US in the US
It is a man’s world
Sexism rife in
asset management
The finding that women are much
more likely to become doctors,
lawyers or accountants than
portfolio managers comes as
women battle a culture of sexism
in the fund market.
One in five women in asset
management has suffered sexual
harassment at work, according to a
survey of 730 fund industry staff
conducted by FTfm at the end of
last year.
The global survey of both men
and women found that another
third of female asset management
staff had experienced sexist
behaviour at work on a weekly or
monthly basis and that 15 per cent
had felt pressured to exploit their
sexuality at work.
broker that collated the UK results,
says: “Front-office positions continue
to be male dominated and dramati-
cally out of line with the proportion of
women graduating from universi-
ties.”
Morningstar addresses some of the
potential causes of the problem, cit-
ing a “leaky career pipeline” as one of
the main issues.
“The early-stage pipeline certainly
has grown more robust: women now
represent nearly 60 per cent of all
The findings cast doubt on the
common assumption that asset
management represents the softer
side of financial services.
According to figures published by
Opportunity Now, the diversity
campaign group, in October, just
over a tenth of women working in
banking and financial services said
they had suffered sexual
harassment.
Saker Nusseibeh, chief executive
of Hermes Investment
Management, said the FTfm
findings were of “enormous
concern. Making the workplace an
unwelcoming environment for 50
per cent of the possible talent pool
is value destructive and stupid.”
One of the 488 female
respondents to the survey, who
asked to remain anonymous,
referred to sexist abuse by clients,
managers and colleagues as
“routine”.
FINANCIAL TIMES Monday 8 June 2015
bachelor’s and masters degree recipi-
ents,” the data provider says. “But the
pipeline starts to narrow as relatively
few women attend business school. In
2013, 37 per cent of MBAs went to
women. By contrast, women earned
47 per cent of law degrees and medi-
cal degrees.”
That pipeline narrows further in
finance, with less than 17 per cent of
America’s almost 51,000 chartered
financial analysts being women. The
US has a lower percentage of female
CFA charter holders than other coun-
tries with large financial centres,
including Australia (18 per cent), the
UK (19 per cent), Hong Kong (27 per
cent) and Singapore (31 per cent).
“Looking at these numbers puts
into context the underrepresentation
of women in the ranks of US mutual
fund managers,” says Morningstar.
“With fewer women available, based
on education and credentials, the tal-
ent pool is dominated by men.
“That said, there are far more
women CFA charter holders (about
8,500) than there are women fund
managers (699), so there is room to
grow the number of female fund
managers in the short term.”
Helena Morrissey, chief executive
of BNY Mellon subsidiary Newton
and a leading activist for gender
equality in the workplace, adds: “The
lack of progress is very disappointing,
but sadly not a surprise. As an indus-
try we need to do a better job explain-
ing what we actually do, including our
social purpose, so that new types of
people might be attracted to fund
FINANCIAL TIMES Monday 8 June 2015 FTfm | 7

THE BIG PICTURE

Managers by gender for largest fund families One-third of ment staff are holding weekly
meetings to discuss this risk
that [Greece] will cobble
something together and get
“Contagion risk in the event of
a failure is low. In our view
Total
fund
Women Women fund
fund managers investors and how to position portfolios,
according to Keith Wade, the
the bailout it needs, but ulti-
mately it may end up leaving
there would be limited broader
marketdamage,”he said.
managers managers %
expect Grexit group’s chief economist.
Ideas under consideration
the eurozone, as it faces years
of being uncompetitive. Unless
Barry Norris, founding part-
ner of Argonaut Capital, the
Dodge & Cox 24 6 25
include shorting the euro to there is a very generous deal UK asset manager, agreed:
Franklin Templeton 129 19 14.7 continued from page 1 protect against currency vola- that writes off a lot of the debt, “There is a real danger that
worry and put major hedges in tility, or buying put options, it will be difficult for Greece to Greece overplays its hand,
JPMorgan 140 19 13.6
place [if Greece defaults].” which allow the holder to sell a continue [to remain part of the leading to the ECB withdraw-
Principal Funds 82 11 13.4 Schroders, the UK’s second- security at a set price within a economic bloc].” ing liquidity support to the
largest fund house, has esti- specified time, to protect the Ewen Cameron Watt, chief banks and Greece exiting the
PIMCO 39 5 12.8 mated there is a 40 per cent group’s European equity investment strategist at Black- euro. This would be a tragedy
Dimensional Fund Advisors 8 1 12.5 probability Greece will leave exposure. Rock, the world’s biggest fund for Greece, but not, I believe,
the eurozone. Senior invest- Mr Wade said: “It is possible house, was more sanguine. for the rest of Europe.”
BlackRock 107 13 12.2
American Funds 83 10 12.1
Janus 51 6 11.8
Goldman Sachs 86 10 11.6
Columbia 166 18 10.8
OppenheimerFunds 57 6 10.5
John Hancock 179 18 10.1
Vanguard 132 13 9.9
Invesco 114 10 8.8
Fidelity Investments 252 21 8.3
MFS 58 4 6.9
T. Rowe Price 74 5 6.8
Wells Fargo Advantage 113 7 6.2
Lord Abbett 29 1 3.5

Source: Morningstar

Are women choosing management.”

‘more rewarding
careers’ than asset
management? — Nick
Lowndes; Simon Dawson/Bloomberg
Asset Managementofficer of Aberdeen, told FTfm in Feb-
‘The lack of
progress is very retirement
disappointing, sions.
but sadly not
a surprise’
Other explanations for the decline
include the argument that, since the
onset of the financial crisis, women
have been put off more than men by
the tarnished image of the market.
One FT commentator says: “I think
this [the decline in female fund man-
agers] is because women are smarter
and choose more rewarding careers;
careers that are not in secular
decline.”
Anne Richards, chief investment Asset Management
ruary: “The reputational hit that
financial services took in the crash is
more likely to have caused some
women to throw in the towel. On
average, women appear to place more
importance on feeling that their job
has a clear value to society.
“I believe fund management has
such value, but that has obviously
been a tougher sell in recent years.”
Morningstar, however, believes the
situation will improve as the eco-
nomic power of women grows. In the
US, for example, women are expected
to control half of private wealth by
2020, roughly $22tn of assets.
“Some of this will come from inher-
itances, particularly as baby boomers
age, but income for women is expand-
ing as well. Women who work outside
the home are more likely to share in
decision-making and
exhibit more confidence in their deci-
“As women control more wealth, it
is reasonable to expect to see more
women among the fund managers
investing those savings.”
8 | FTfm
Whatever happened to Super Mario Draghi?
COMMENT
David
Oakley
W
hatever happened to
Super Mario?
This was the man
who saved the euro
with his pledge to do
everything in his power to protect the
currency in July 2012, launched
quantitative easing in January to
spark rallies in equities and bonds
and raised hopes that the eurozone
was finally on course for economic
revival.
But last week Mario Draghi, presi-
dent of the European Central Bank,
was anything but super, as far as some
investors were concerned, as he
prompted one of the biggest sell-offs
in German bonds with a warning that
markets would have to “get used” to
volatility.
Like all central bankers, Mr Draghi
is at the mercy of events that are diffi-
cult to predict, something his prede-
cessor, Jean-Claude Trichet, would
have sympathy with. He was the cen-
tral banker who notably raised inter-
An international renminbi will create a ‘Chinese world’
T
he headline currency
story of this year is about
the negotiations between
Greece and the “institu-
tions”. Much less noticed
are the negotiations between China,
which is about a hundred times larger
than Greece, and the legacy financial
powers over the degree to which the
renminbi becomes more internation-
ally usable.
While renminbi internationalisa-
tion is a process, not an event, an
announcement is being orchestrated
for September. At the time of the
IMF/World Bank annual meetings,
the IMF board will announce that
China will be included as a “partici-
pant” in the provision of Special
Drawing Rights.
The significance of the September
announcement will be in the details of
its conditionality, which will be
China’s commitments to the timing
and scope of its capital account liber-
alisation. The SDR’s status as a cur-
est rates in July 2008, only for Leh-
man Brothers to collapse two months
later, forcing him to reverse policy in
the most dramatic way.
In Europe, Greece is the unpredict-
able factor as the country plays a
highly dangerous game of chicken
with the EU over bailout loans.
Yet, it is not Europe or Greece that
some investors are worrying about. It
is the world’s two biggest economies
— the US and China — that are trou-
bling them.
In the US, the spectre of interest
rate rises, the first in a decade, threat-
ens to destabilise markets and create
more volatility.
Despite hardening expectations
that the US Federal Reserve will raise
rates this year, there remains a big
divergence between the central bank
and the markets over when policy
will be tightened. This suggests that
some market participants will be
taken by surprise when the decision
to increase rates is finally made,
prompting a potential sell-off in
bonds that could unsettle the equity
and foreign exchange markets too.
According to the Fed’s so-called dot
plot chart, last produced in March, an
overwhelming majority of the central
bank’s open market committee, who
will make the decision on when to
rency is something of a pretence sup-
ported by 17 pages of rules in the IMF’s
ArticlesofAgreement,sincenotmuch
in the way of trade or capital flows are
actuallycleared orsettled.
Usually an IMF diktat is about one
faction in a country trying to use the
IMF’s authority to impose an interna-
tionalisation policy on another fac-
tion. In this case, the People’s Bank of
China wants uncompetitive indus-
tries and poorly run local govern-
ment entities to shrink or go under so
capital can flow to newer industries.
The PBoC has been clear on its wishes
for years. What has changed is that it
now has the backing of President Xi
Jinping.
As far as the PBoC is concerned, the
more ambitious the liberalisation the
SDR announcement requires, the bet-
ter. High on the list of capital controls
to be loosened or eventually dis-
carded will be the rules governing
what China calls the Qualified For-
eign Institutional Investor Scheme.
This is a quota, now about $125bn, for
a list of large foreign institutions that
are allowed to buy shares in mainland
China-listed companies and domestic
renminbi bonds directly.
The withering away of the QFII
scheme and other similar rules for
foreign investment partnerships, is
OPINION
Mario Draghi, president of the ECB
tighten policy, think rates should be
at least 0.5 per cent by the end of the
year. This includes Janet Yellen, its
chairman, say some investors. Rates
are currently in a corridor between
Greece is the
unpredictable factor
as the country plays a
highly dangerous
game of chicken with the
EU over bailout loans
very important and not yet fully
grasped by most portfolio managers.
One who has been working on ways to
position for this evolution is Robert
Lloyd George, who has lived in Hong
Kong since 1981, and is probably best
known in the market for his epony-
mous management company.
Lloyd George’s newest vehicle is the
Argos Lloyd George Advisory Bam-
boo fund, which is long only, unlever-
aged and not currency hedged. The
concept is to find cross-sectoral rela-
tive value across Asia and south east
Asia.
As Lloyd George sees it: “The open-
ing of the capital account and the
effects that will have on Hong Kong,
Taiwan,andtosomedegreeSingapore
will be to create a ‘Chinese world’. It
will create a single capital market, in
which Hong Kong will be the biggest
winner. The idea that Shanghai is tak-
ing over is not happening. Hong Kong
will be the leading financial centre,
just as London has become for
Europe. Hong Kong [shares] are
about half the price of Shanghai, and
Taipei isevencheaper.”
It is not only a question of the rela-
tive value of balance sheets and
income statements within this quasi
currency-area, but the underdevel-
opment of mainland China’s financial
— Boris Roessler/EPA
zero and 0.25 per cent.
In contrast, the market thinks rates
will be 0.35 per cent by the end of the
year, according to Fed fund futures,
with rates only reaching 0.5 per cent
by March 2016. This suggests market
participants think the Fed might
widen the corridor from zero to 0.35
per cent before the year is out, but not
go the whole hog with a 0.25 percent-
age point hike to 0.5 per cent.
If the market is wrong and the Fed
goes for the latter as the dot plots
indicate, then a lot of investors are
likely to be caught out, which would
‘The opening of [China’s]
capital account will be to
create a “Chinese world”.
It will create a single
capital market’
sector relative to other areas of
Greater China. The PBoC is trying to
create and staff an industry that can
compete on a global scale, but that
will take a long time, and there is a lot
of value to create, or capture, in the
meantime.
The PBoC, with the firm encour-
agement of the present Xi govern-
ment, is broadening its network of
bilateral clearing agreements with
other central banks. This is leading to
a rapid increase in the proportion of
the country’s foreign trade that is set-
FINANCIAL TIMES Monday 8 June 2015
almost certainly lead to a damaging
bout of volatility.
In China, worries centre around the
bubble-like equity markets and the
expansion of credit. At close to 200
per cent of gross domestic product,
this looks dangerously high. A credit
crisis in China grows ever more possi-
ble as the markets continue to scale
new heights.
The Shenzhen stock index has dou-
bled this year. Yet instead of damping
down this exuberance, the Chinese
are fuelling it with rate cuts, presum-
ably to help raise valuations among
hard-pressed state enterprises. The
problem with this policy is that valua-
tions in other sectors are extremely
high.
If the Chinese bubble bursts, that
will have big implications for emerg-
ing markets and the world economy.
In foreign exchange markets, the Aus-
tralian dollar and the Brazilian real
would take aparticularhammering.
If the US or China or both cause dis-
ruption over the summer, it would
make the turbulence caused by Mr
Draghi last week seem like a minor
squall and underline that the powers
of central bankers are limited.
David Oakley is the FT’s
investment correspondent
tled in renminbi.
This reinforces the significance of
the SDR participation. The central
banks of countries with more condi-
tional access to international markets,
such as Turkey and Iceland, have
agreed currency clearing with the
PBoC. The SDR will lend multilateral
legitimacytothose arrangements.
The US administration is very sup-
portive of China’s move to create an
internationalised currency, and
appreciates the fact that China has
not used devaluation to offset a
decline in some of its industries’ com-
petitiveness.
Lori Heinel, chief portfolio strate-
gist of State Street Global Advisors,
says: “The place we tend to think
about [renminbi internationalisa-
tion] the most has been how it relates
to Chinese holdings of our fixed
income securities. If they have their
own place as a reserve currency, what
implications would it have for their
need to hold dollar-denominated
treasuries and agencies? They may
purchase less [of those], let maturi-
ties run off and not replace them.”
Perhaps the US Government will
have to make a value case for its
bonds and not treat them as an infi-
nitely expandable set of forced loans.
Just like they do in other countries.

Hedge funds warm to
responsible investment
VIEWPOINT
Fiona
Reynolds
A
re hedge funds incom-
patible with environ-
mental, social and gov-
ernance issues? On the
face of it, yes, they would
seem unlikely candidates for embrac-
ing ESG considerations.
However, not all hedge funds are
created equal and not all have a short-
term horizon. Some funds use long/
short equity or merger and acquisi-
tion styles, which make them well
suited to ESG strategies.
More importantly, demand from
investors is upping the ante when it
comes to funds using ESG considera-
tions in their investment decisions.
We have seen a growing appetite on
the part of our signatories to under-
stand how responsible investment
relates to all asset classes. A recent
study from Unigestion, the Swiss
asset manager, found that the propor-
tion of hedge fund managers incorpo-
rating ESG grew from 25 to 40 per
cent between 2011 and 2014.
At a recent event jointly organised
by the PRI and the Alternative Invest-
ment Management Association,
which was hosted at the London
offices of Man Group, the hedge fund
company, speakers were keen to dis-
pel the myth that hedge funds and
responsible investment cannot be
aligned.
“There is a [view] of our industry
that hedge funds and responsible
investment should not go together in
the same sentence, let alone the same
room,” Mark Jones, co-chief execu-
tive at Man GLG, a subsidiary of Man
Group, said at the event. “As the
industry has matured and [become]
institutionalised, we the asset manag-
ers have become increasingly respon-
sive to the requests from the asset
owner side — we do owe our ultimate
duties to you.”
Although some managers balk at
the idea of incorporating ESG into the
hedge fund sector because of per-
ceived difficulties, Kathryn Graham,
head of strategy co-ordination at the
Universities Superannuation
Scheme, the £40bn UK pension fund,
felt the same ESG criteria used for
other asset classes can be applied suc-
cessfully to hedge funds.
There was also a clear consensus
among participants that responsible
investment, although still regarded
sceptically by some managers, is here
OPINION
Forty per cent of hedge funds use ESG principles in
investment decisions — Probal Rashid/LightRocket via Getty Images
to stay. “Investors do care [about
responsible investment],” said Jiri
Krol, deputy chief executive and head
of government and regulatory Affairs
at AIMA. “And it is not an issue that is
going away. It is important for our
industry to understand these issues.”
While there has undoubtedly been
progress across the alternative
investment market in terms of the
importance of ESG, the hedge fund
sector still has a long way to go in this
area. Our expectation is that accept-
ance of ESG will continue to grow
steadily, fuelled by pressure from
investors for their managers to
include such criteria when choosing
portfolio positions, as well as
demands from leading pension funds,
many of which do not invest in hedge
funds because of their lack of compli-
ance with ESG criteria.
For example, PFZW, the €178bn
Dutch pension fund for healthcare
workers, cited sustainability con-
cerns among its reasons for with-
drawing roughly €4bn from hedge
funds last year.
For now, the fact that adoption of
ESG principles is becoming more
widespread among hedge funds is a ‘Investors
sign that responsible investment has
moved firmly into the mainstream. do care
And as William Bryant, a portfolio about
analyst at Albourne Partners, the
consultancy, put it at Man Group’s responsible
offices: “[T]oday’s best practice in investment.
responsible investing will be market
standard in a few years’ time.” It is not an
issue that is
Fiona Reynolds is managing
director of the Principles for going away’
Responsible Investment
FINANCIAL TIMES Monday 8 June 2015
Zombie scheme haunts the Pension Protection Fund
VIEWPOINT
John
Ralfe
S
hould the new chief execu-
tive of the UK pensions reg-
ulator take a tougher line
on approving the restruc-
turing of company pension
schemes?
The regulator’s approvals of con-
troversial restructurings such as UK
Coal in 2012 and Kodak in 2013, cer-
tainly allowed the Pension Protection
Fund, the pensions lifeboat, to avoid
large hits, but only by bending the
regulator’s own rules. They are noth-
ing, however, compared with the
extraordinary Trafalgar House Pen-
sion Trust deal in 2006, which is still
unfinished business for the regulator.
Like many UK schemes, Trafalgar
House, with 25,000 members, is in
deficit to the tune of £300m as of
March 2014, with assets of £1.6bn and
liabilities of £1.9bn. But unlike other
plans, it is a “zombie scheme”. No
employer is standing behind it mak-
ing cash contributions to plug the def-
icit. Its legal sponsor is the pension
trustee company, itself owned by the
scheme, with no income or cash flow.
To plug the deficit, the trustees are
betting on investment outperform-
ance in high-risk assets. Although 40
per cent of assets are in bonds and
swaps to match liabilities, 60 per cent
are in equities, private equity, hedge
funds and property. The trustees aim
to plug the deficit by 2024 by making
an average annual return of gilts plus
an astonishing 6 per cent.
The regulator’s 2006 approval
allowed the sponsor — the rump of
the engineering group, Trafalgar
House, bought by Kvaerner, the Nor-
way-based engineering company, and
then sold to a management buyout —
to abandon its pension obligations,
subject to paying just £101m into the
scheme by 2012. This was £200m less
than the deficit as calculated by
FRS17 accounting rules.
This 2006 deal was the first real test
of the new regulator’s powers and it
seemed to take us back to the bad old
days, when a company could just
walk away from its pension scheme.
OPINION
It prompted hard questions in parlia-
ment.
The trustees’ 2006 plan was to
clear the deficit through asset outper-
formance by 2014, but actual per-
formance has been poor. The scheme
would have done better simply hold-
ing all of its assets in passive long-
dated index-linked gilts. Meanwhile,
in the eight years from 2006 to 2014 it
has paid more than £100m in fees to
investment managers.
Despite the absence of a real spon-
sor, Trafalgar House is still eligible for
the Pension Protection Fund. When it
does inevitably enter the PPF, its defi-
cit will be paid by other companies
through a higher levy. To add insult to
injury, its 2014 PPF levy is just
£200,000, down from £1.2m in 2012.
In 2006 the architect and public
face of this game of “heads we win,
tails the PPF loses” was Ros Altmann,
the new UK pensions minister; she
was a Trafalgar House trustee
between 2007 and 2010 and again
from 2014.
In 2006, the regulator also
approved a “zombie” deal for Poles-
tar, the printing group. The trustee
company became the sponsor and
Ros Altmann, the new UK
pensions minister
planned to plug its deficit through
high-risk investment bets. In 2011,
however, the trustees wound up the
scheme after the regulator told them
to “crystallise the position” and
warned the trustee company it would
use its powers to wind up the scheme
if they did not.
The regulator’s report on Polestar
concluded that “under any reasona-
FTfm | 11
ble scenario the scheme could never
expect to pay the benefits promised
to its membership [and] in the
absence of an employer that could
make payments to the scheme, the
PPF was . . . exposed to a growing
deficit”.
It added: “The regulator would not
expect any scheme to take excessive
investment risk, unsupported by the
employer covenant, and to the detri-
ment of younger scheme members
and the PPF.”
All of this applies verbatim to Tra-
falgar House. It is inconceivable it will
be able to pay its pension promises, it
has no sponsoring employer, it is tak-
ing huge investment risk and the
eventual hit to the PPF is increasing.
As with Polestar, the regulator
should tell the trustees to “crystallise
the position” and warn them it will
wind it up if it does not. If the pen-
sions regulator chooses not to do this,
it should produce a detailed public
explanation of why it is prepared to
let this extraordinary arrangement
continue.
John Ralfe is an independent
pension consultant
12 | FTfm FINANCIAL TIMES Monday 8 June 2015

NEWS

Hedge funds remain a popular choice

INVESTMENT STRATEGY
Institutional investors still
loyal despite dissatisfaction
with fees and performance
CHRIS FLOOD
The popularity of hedge funds among
large institutional investors shows no
sign of abating despite widespread
dissatisfaction with high fees and
poor performance.
According to Preqin, the data pro-
vider, assets run on behalf of the 10
largest institutional investors in
hedge funds worldwide stood at
$183bn at the end of June, an increase
of almost 10 per cent over the previ-
ous 12 months.
The jump comes despite Calpers,
the largest US public pension fund,
announcing in September that it was
dumping all of its hedge fund invest-
ments.
Several other US pension funds
have also reduced or exited their
hedge fund investments, including
the Los Angeles Fire and Police Pen-
sions system, the Firefighters’ Retire-
ment System of Louisiana and the
San Diego County Employees Retire-
ment Association.
“Calpers is a bellwether. Other
institutional investors, whether they
agree with Calpers’ decision or not,
will stop and think about what they
are doing,” says Bruce Keith, chief
executive of InfraHedge, the $15bn
managed accounts platform owned
by State Street.
The Preqin data suggest otherwise.
The three largest investors in hedge
funds, the Abu Dhabi Investment
Authority, China Investment Corpo-
ration, the sovereign wealth funds,
and APG, the Dutch pension fund,
have all ploughed more money into
Preqin’s data hedge funds in an effort to keep the
suggest that percentage share of assets they allo-
average cate to hedge funds the same.
allocations to Two large Canadian pension pro-
hedge funds by viders, CPPIB and Ontario Teachers'
public pension Pension Plan, also appear to have
plans rose in increased their allocations.
both 2013 and The findings are supported by
2014 — Photofusion/ research from Paamco, a $9.5bn Cali-
UIG via Getty Images
fornia-based fund of hedge funds.
It looked at the annual reports of
the 25 US companies with the largest
corporate pension plans and found
that most allocations to hedge funds
have remained stable over recent
years.
“The conventional wisdom that
says US [corporate] pension plans are
reducing exposure to hedge funds is
wrong,” says Jane Buchan, chief exec-
utive of Paamco.
Preqin’s data suggest that average
allocations to hedge funds by public
pension plans as well as sovereign
wealth funds rose in both 2013 and
2014, even as investors scaled back
their return expectations.
In 2012, public pension plans said
they expected hedge funds could
deliver annualised returns of 6.2 per
cent. By last year, those expectations
had fallen to 5.4 per cent. Sovereign
wealth funds’ return expectations are
even more conservative, at just 4.4
per cent a year.
Chris Redmond, global head of
credit at Towers Watson, the consul-
tancy, says a fundamental question
for institutional investors is whether
or not hedge funds are genuinely add-
ing value.
“The frequent answer is no,” he
says, adding that large numbers of
hedge funds are simply repackaging
betas (market exposures) that could
be accessed more cheaply and effi-
ciently through other vehicles.
“But there is a select group that are
delivering and whose value added is
commensurate with their fees. The
challenge remains picking the right
managers,” says Mr Redmond.
Mr Keith adds that scale in hedge
fund investing is also a big issue.
“There are fewer large-scale pen-
sion plans in Europe than in the US,
Canada or Australia. It is more chal-
lenging for smaller players to build
hedge fund allocations that can have
a meaningful impact on their overall
portfolios,” he says.
If an investor does not have enough
scale or in-house expertise to run a
hedge fund portfolio, they tend to
outsource to funds of hedge funds,
where they pay even higher fees.
But Ms Buchan adds that the strong
10 % performance of US equity and bond
The increase markets over the past three years has
(to $183bn) in meant many pension plans are over-
assets run on weight in bonds and equities,
behalf of the prompting them to rebalance their
10 largest
institutional portfolios. This has led to greater
investors in hedge inflows into hedge funds, particularly
funds over the from pension plans.
12 months to the Mr Keith agrees, saying that the
end of June current low-growth, low-yield envi-
ronment has prompted many institu-
tional investors to increase their risk
appetite.
“But it is vital for institutions to
retain control over their hedge fund
investments through bespoke man-
dates that provide them with reliable,
timely information about their expo-
sures,” he says.

Top 10 largest institutional investors by capital allocated to hedge funds

Latest available* 12-months earlier
Capital Total Hedge fund Capital Total Hedge fund
allocated AuM allocation allocated AuM allocation
to hedge ($bn) (%) to hedge ($bn) (%)
funds ($bn) funds ($bn)

1 Abu Dhabi Investment Authority Sovereign wealth fund UAE 58 773 7.5 47 627 7.5
2 China Investment Corporation Sovereign wealth fund China 26 650 4 23 575.2 4
3 APG Asset manager Netherlands 21.3 484.9 4.4 21.1 480.4 4.4
4 Ontario Teachers' Pension Plan Public pension fund Canada 12.9 126.6 10.2 11.1 128.2 8.7
5 Future Fund Sovereign wealth fund Australia 12.1 92.3 13.1 13.2 90.7 13.6
6 CPP Investment Board Public pension fund Canada 11.2 195.6 5.7 10.4 218.7 4.7
7 New Jersey State Investment Council Public pension fund US 11.1 78.6 14.1 12 76.8 12.3
8 University of Texas Investment Management Co Endowment plan US 10.6 35.7 29.7 8.8 30.3 29
9 Teacher Retirement System of Texas Public pension fund US 10.6 132 8 10.3 120 8.6
10 GIC Sovereign wealth fund Singapore 9.6 320 3 9.6 320 3

* Various year ends

Source: Preqin
FINANCIAL TIMES Monday 8 June 2015
Activist animals sought for governance jungle
THE LAST WORD
John
Plender
A
re institutional investors
really up to the job of
holding management to
account and promoting
good corporate perform-
ance? This question, which goes to the
heart of what is commonly called the
stewardship agenda, is prompted by
debates at last week’s annual confer-
ence in London of the International
Corporate Governance Network,
whose membership has $26tn under
management.
There is no doubting these institu-
tional investors’ financial clout, but
when it comes to stewardship the
issues are commitment and compe-
tence. Many of the animals in today’s
global financial jungle are not com-
mitted. High-frequency traders,
short sellers, conventional fund man-
agers whose business models are anti-
thetic to engagement — these are non-
starters in holding company manage-
ment to account. In fact, the number
of those that do engage is relatively
small and it can be difficult for them
to exercise their voting power over
the foreign equities that constitute a
growing share of most portfolios. In
some countries, such as the US, share-
holders anyway have limited legal
rights to change boards.
At the same time the record on
stewardship is hardly impressive. A
new survey by Britain’s Chartered
Management Institute has revealed
an old reality, namely “an unaccepta-
ble discrepancy between pay and per-
formance”, as the CMI puts it. The
same is true of the US and many other
countries. Absurd pay awards repre-
sent a monumental failure of stew-
ardship by institutional investors and
their fund managers.
The problem of short-termism has
been debated continuously since the
ICGN was founded in the mid-1990s.
It reflects seriously distorted incen-
tive structures. A rock solid certainty
is that this blight will continue to pre-
occupy governance experts for the
OPINION
The financial crisis raised serious questions about whether shareholder
interest is really aligned with public interest — Mario Tama/Getty Images
foreseeable future.
Then there is the financial crisis,
which raised serious questions about
whether shareholder interest is really
aligned with public interest. Inves-
A new survey [has] tors were, after all, complicit in exces-
sive risk taking by the banks.
revealed ‘an unacceptable The trouble is that stewardship is
discrepancy between the only game in town. As Robert
Monks, the veteran US shareholder
pay and performance’ activist told the ICGN, we cannot
expect anything from the politicians.
FTfm | 13
“Corporations can lobby more effec-
tively, can hire better lawyers to con-
trol the process of converting laws
into public policy and can commit
almost limitless corporate funds to
turning the political process in their
favour,” he says. So it has to be the
shareholders who do the job and
those shareholders, he adds, need to
have skin in the game.
The difficulty in dispersed owner-
ship systems such as the US and UK is
that so few conventional institutions
with long-term horizons have such a
stake. The recent rise of maverick
shareholder activists is welcome. Yet
many of the activists have a narrowly
financial, short-term focus. Their
demands are too often for the reshuf-
fling of a company’s portfolio of busi-
nesses. They are less good at offering
convincing alternatives on strategy.
All of which highlights the advan-
tages of continental Europe’s empha-
sis on controlling ownership and two-
tier voting. Where there are proper
regulatory restraints on abusive relat-
ed-party transactions, this block-
holder model provides an interesting
answertomyopeningquestion.
14 | FTfm FINANCIAL TIMES Monday 8 June 2015

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
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
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
or type of holder.
Buying price: Also called offer price. The price
at which units in a unit trust are bought by
investors. Includes manager’s 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
manager’s/operator’s name is the time of the
unit trust’s/OEIC’s 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
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
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 do not price on
Fridays.
Other explanatory notes are contained in the
last column of the FT Managed Funds Service.
Prospectus data, price histories, charges and
risk analytics on the funds within these pages
is available online at www.ft.com/funds.

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Property 2785.80 2932.40 -4.00 - Allz RiskMaster Defensive A Acc 109.51 - 0.40 0.00 Arisaig Asia Consumer Fund Limited $ 65.51 - -0.24 0.00 Artisan Global Value Fund Class I USD Acc $ 16.70 - -0.09 0.00

ACPI Global UCITS Funds Plc (IRL) Security 1477.00 1554.70 0.00 - Allz RiskMaster Defensive C Acc 111.47 - 0.42 0.00 Arisaig Global Emerging Markets Consumer Fund $ 10.72 - -0.03 0.00 Artisan US Value Equity Fund Class I USD Acc $ 11.84 - -0.10 0.00 Barclays Investment Funds (CI) Ltd (JER)
www.acpishard.com 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Regulated Selective 2050.40 2158.30 1.70 - Allz RiskMaster Growth A Acc 124.27 - 0.08 0.00 Arisaig Global Emerging Markets Consumer UCITS € 12.18 - -0.04 0.00 FCA Recognised
ACPI Emerging Mkts FI UCITS Fund USD A $ 115.15 - -0.44 0.00 Bond Funds
Sterling Bond F £ 0.45 - 0.00 2.53
Formerly Hill Samuel Life Assurance Ltd Allz RiskMaster Growth C Acc 127.56 - 0.09 0.00 Arisaig Global Emerging Markets Consumer UCITS STG £ 11.48 - -0.05 0.00 Ashmore Sicav (LUX)
ACPI Global Credit UCITS Funds USD A $ 13.92 - 0.00 0.00 100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 2 rue Albert Borschette L-1246 Luxembourg
Managed Ser A (Life) 1618.00 1712.20 -7.90 - Allz RiskMaster Moderate A Acc 122.32 - 0.19 0.00 Arisaig Latin America Consumer Fund $ 22.67 - -0.06 0.00 FCA Recognised
ACPI Global Fixed Income UCITS Fund USD A $ 151.03 - 0.05 0.00 Ashmore SICAV Emerging Market Debt Fund $ 99.03 - -0.43 9.17
Managed Ser A (Pensions) 1088.00 1145.30 -6.50 - Allz RiskMaster Moderate C Acc 124.63 - 0.20 0.52 Baring Fund Managers Ltd (1200)F (UK)
Q ACPI India Fixed Income UCITS Fund USD A $ 9.97 - -0.04 - Ashmore SICAV Emerging Market Frontier Equity Fund $ 157.63 - 1.21 0.89 Dealing and Enquiries 020 7214 1004
Fund Information: www.barings.com
Formerly Target Life Assurance Ltd Allz Sterling Total Return Fund A Inc 148.63 - 0.52 2.93
ACPI India Fixed Income UCITS Fund USD A3 $ 85.10 - -0.35 0.00 Ashmore SICAV Emerging Market Total Return Fund $ 86.68 - -0.35 6.87 Authorised Inv Funds
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603
Dynamic Capital Growth Acc 679.40 717.60 -1.60 1.20
Managed (Life) 1637.80 1724.00 -8.80 - Allz Sterling Total Return Fund C Inc 149.31 - 0.53 3.59
ACPI International Bond UCITS Fund USD A $ 17.95 - 0.03 0.00 Ashmore SICAV Global Small Cap Equity Fund $ 149.78 - -2.01 0.00
Dynamic Capital Growth Inc 274.60 290.00 -0.70 1.21
Managed Growth (Life) 527.00 554.80 -4.00 - Allz Total Return Asian A Acc 701.67 - 1.87 1.25
Ashmore SICAV Local Currency Fund $ 86.80 - -0.42 0.30
Eastern Acc GBP 731.00 - 5.90 0.00
Managed (Pensions) 6527.40 6871.00 -42.20 - Allz Total Return Asian C Inc 647.06 - 1.74 1.21 Artemis Fund Managers Ltd (1200)F (UK)
ACPI Select UCITS Funds PLC (IRL) 57 St. James's Street, London SW1A 1LD 0800 092 2051 EM Mkts Corp.Debt USD F $ 101.63 - -0.29 7.65
Regulated Authorised Inv Funds Eastern Inc GBP 717.40 - 5.90 0.00
Managed Growth (Pensions) 650.40 684.60 -5.80 - Allz UK Corporate Bond A Inc 104.79 - -0.78 3.87
ACPI Balanced UCITS Fund USD Retail $ 14.50 - -0.03 0.00 Artemis Capital R ACC 1313.77 1388.86 -15.46 1.18 EM Mkts Loc.Ccy Bd USD F $ 85.67 - -0.37 6.27
Europe Select Inc GBP 2660.00 - -43.00 0.58
additional fund prices can be found on our website Allz UK Corporate Bond C Inc 105.55 - -0.23 3.47
ACPI Balanced UCITS Fund EUR Retail € 10.96 - -0.02 0.00 Artemis European Growth R Acc 256.63 271.07 -3.38 1.12
European Growth Inc 1088.00 1146.00 -11.00 1.32
Allz UK Equity Income A Inc 294.85 - -1.99 4.35
ACPI Balanced UCITS Fund GBP Retail £ 11.06 - -0.03 0.00 Artemis European Opps R Acc 77.49 81.80 -0.96 0.79
German Growth Acc GBP 604.60 - -6.20 0.28
Allz UK Equity Income C Inc 105.77 - -0.72 2.93
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Emg Mkts I GBP Acc 92.81 - 0.18 -
German Growth Inc GBP 556.60 - -5.80 0.28
Allianz UK Growth A Acc 4638.31 - -24.78 1.53
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Artemis Global Emg Mkts I GBP Dist 92.81 - 0.18 -
Strategic Bond Inc 117.90 123.90 0.10 1.90
Allianz UK Growth C Acc 107.58 - -0.57 1.22
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Alceda Fund Management S.A. Artemis Global Energy R Acc 28.47 30.15 -0.13 0.00 Aspect Capital Ltd (UK)
www.alceda.lu Other International Funds Global Growth Inc 396.50 417.60 -1.70 0.00
FCA Recognised Allianz UK Unconstrained C Acc 106.37 - -0.55 0.68
ACPI Focused Equity UCITS Fund $ 13.63 - -0.04 0.00 Artemis Global Growth R Acc 191.62 202.29 -0.71 0.77 Aspect Diversified USD $ 389.79 - 0.00 0.00
AC Opp - Aremus Fund EUR A € 110.29 - 0.21 0.00 Japan Growth Acc 142.90 150.40 0.20 0.25
Allianz UK Unconstrained A Acc 220.88 - -1.15 0.79
Artemis Global Income R Acc 99.86 105.47 -0.59 3.60 Aspect Diversified EUR € 234.91 - 0.00 -
AC Risk Parity 7 Fund EUR A € 121.53 - -0.35 0.00 Korea Acc 288.60 305.90 2.70 0.00
Allianz UK Index C Acc 1875.43 - -16.44 2.73
Abbey Life Assurance Company Limited (UK) Artemis Global Income R Inc 82.57 87.21 -0.49 3.71 Aspect Diversified GBP £ 119.60 - 0.00 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 AC Risk Parity 12 Fund EUR A € 146.56 - -0.69 0.00 Multi Asset A Acc ... C 162.20 - -0.20 1.43
Allianz UK Index C Inc 1312.89 - -11.52 2.28
additional fund prices can be found @ www.abbeylife.co.uk Artemis Global select R Acc 72.48 76.51 -0.17 0.00 Aspect Diversified CHF SFr 112.65 - 0.00 0.00
Insurances AC Risk Parity 17 Fund EUR A € 93.34 - -0.95 0.00 Multi Asset A Inc ... C 155.20 - -0.20 1.44
Life Funds Allianz UK Mid Cap A Acc 4122.54 - -43.69 0.79
Artemis High Income R Inc 81.00 86.25 -0.03 5.64 Aspect Diversified Trends USD $ 112.50 - -0.25 0.00
Prop. Acc. Ser 2 1514.20 1593.90 -2.20 - ACQ Risk Parity Bond Fund EUR A € 100.25 100.25 -0.31 0.00 UK Growth Inc 257.90 272.60 -2.30 1.28
Allianz UK Mid Cap Fund C Acc 4197.17 - -44.39 1.50
Artemis Income R Inc 214.11 226.88 -1.97 4.07 Aspect Diversified Trends EUR € 112.91 - -0.24 0.00
Selective Acc. Ser 2 1602.70 1687.10 0.60 - Charity Fund
Allianz US Equity A Acc 417.68 - -0.38 0.00
Artemis Income R Acc 358.79 380.19 -3.30 3.96 Aspect Diversified Trends GBP £ 116.50 - -0.27 0.00 0800 032 6347 (charity enquiries)
American Ser. 4 1693.70 1782.80 -1.10 - Targeted Return Fund Acc 149.90 150.80 -0.50 3.09
Allianz US Equity C Acc 193.33 - -0.17 0.63
Artemis Monthly Dist R Inc 63.87 67.73 -0.09 4.58
Custodian Ser. 4 496.40 522.50 0.30 - Targeted Return Fund Inc 117.40 118.00 -0.30 3.16
Yield expressed as CAR (Compound Annual Return)
Artemis Pan-Euro Abs Ret GBP 106.77 - -0.24 - Atlantas Sicav (LUX)
Equity Ser. 4 585.70 616.60 -2.70 - All transactions to Ser A units the sell price will be used
Regulated
Artemis Strategic Assets R Acc 81.84 86.69 -0.16 0.00 American Dynamic $ 3633.63 - -14.73 0.00
European Ser 4 602.30 634.00 -1.00 - Allianz Global Investors GmbH(1200) F (UK) Baring International Fd Mgrs (Ireland) (IRL)
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 Amundi Funds (LUX)
American One $ 3349.64 - -14.57 0.00 Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
Authorised Inv Funds 5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Artemis Strategic Bond R M Acc 84.34 89.50 0.12 3.95
Fixed Int. Ser. 4 876.00 922.10 7.60 - FCA Recognised
OEIC www.amundi-funds.com
Bond Global € 1407.38 - -2.30 0.00 ASEAN Frontiers A GBP Inc £ 119.29 - 1.38 0.53
Allianz BRIC Stars A Acc 157.35 - -0.05 1.09 FCA Recognised Artemis Strategic Bond R M Inc 55.14 58.51 0.08 4.02
Intl Ser. 4 453.60 477.50 -1.10 - Bd. Euro Corporate AE Class - R - EUR € 18.61 - 0.00 0.00
Eurocroissance € 932.48 - -8.59 0.00 Asia Growth A GBP Inc H £ 49.52 - 0.54 0.00
Allianz BRIC Stars C Acc 168.22 - -0.04 1.99 Artemis Strategic Bond R Q Acc 84.43 89.59 0.12 3.96
Japan Ser 4 386.90 407.20 -1.70 - Bd. Global AU Class - R - USD $ 25.86 - 0.02 0.00
Far East $ 767.23 - -8.15 0.00 Australia A GBP Inc £ 69.97 - 0.11 1.83
Allianz Brazil Fund A Acc 57.15 - 0.32 0.37 Artemis Strategic Bond R Q Inc 55.38 58.76 0.08 4.04
Man. Ser. 4 1704.70 1794.40 -4.00 - Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00
Baring China Bond Fund $ 10.34 - -0.01 0.00
Allianz Brazil Fund C Acc 58.63 - 0.33 1.48 Artemis UK Growth R Acc 459.56 486.84 -3.15 0.54
Money Ser. 4 524.20 551.80 0.00 - Eq. Emerging World AU Class - R - USD $ 94.64 - -0.65 0.00
BLME Asset Management (LUX) Baring Emerging Markets Corporate Debt Fund $ 9.51 - -0.03 0.00
Allz Continental European A Acc 931.54 - -10.83 0.18 Artemis UK Smaller Cos R Acc 1105.56 1191.38 -1.07 0.50
Prop. Ser. 4 1080.30 1137.10 -1.30 - BLME Sharia'a Umbrella Fund SICAV SIF
Eq. Greater China AU Class - R - USD $ 687.29 - -4.21 0.00
Regulated Baring European Opportunities Fund Class A EUR Acc € 13.66 - -0.11 0.00
Allz Continental European C Acc 150.52 - -1.75 0.96 Artemis UK Special Sits R Acc 531.95 565.55 -3.79 1.57
Custodian Ser 5 477.20 502.40 0.30 - Income Fund - Share Class A Acc $ 1138.59 - -0.54 0.00
Eq. Latin America AU Class - R - USD $ 420.32 - -3.44 0.00
Baring Global Mining Fund - Class A GBP Inc £ 5.14 - -0.03 0.44
Allz European Eq Inc A Inc 135.86 - -1.68 3.62 Artemis US Abs Ret I Acc 101.71 - -0.07 -
International Ser 5 436.10 459.10 -1.00 - Income Fund - Share Class B Acc $ 1158.45 - -0.54 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.84 - -0.03 0.00
Dynamic Emerging Markets A GBP Acc F £ 10.12 - 0.04 0.00
Allz European Eq Inc A Acc 189.04 - -2.33 3.79 Artemis US Equity I Acc 113.39 - 0.57 -
Managed Ser 5 1638.90 1725.20 -3.80 - Income Fund - Share Class C Acc $ 1007.36 - -0.49 0.00
Eastern Europe A GBP Inc £ 44.60 - -0.02 1.56
Allz European Eq Inc C Acc 106.35 - -1.31 3.56 Artemis US Select I Acc 114.41 - 0.72 -
Money Ser 5 513.30 540.30 0.00 - Income Fund - Share Class D Dis $ 1001.16 - -0.47 0.77
The Antares European Fund Limited
Emerging Mkt Debt LC A GBP Hedged Inc £ 8.19 - -0.02 6.52
Allz European Eq Inc C Inc 100.15 - -1.23 3.36 Other International Artemis US Select I Inc 102.18 - 0.64 -
Property Ser 5 1038.60 1093.20 -1.20 - Income Fund - Share Class G Acc £ 1077.91 - -0.51 0.00
AEF Ltd Usd (Est) $ 669.23 - 0.26 -
Emerging Opportunities A GBP Inc H £ 20.56 - 0.14 0.00
Allianz EcoTrends A Acc 92.96 - -0.57 0.00 Artemis US Smlr Cos I Acc 121.78 - 0.61 -
Pension Funds Income Fund - Share Class M Acc € 1014.87 - -0.48 0.00
AEF Ltd Eur (Est) € 671.81 - 0.18 0.00
American 1953.60 2056.40 -5.10 - Glb Emerging Markets A GBP Inc H £ 20.88 - 0.14 0.00
Allianz EcoTrends C Acc 97.83 - -0.60 0.00 Artemis US Ex Alpha I Acc 115.66 - 0.41 -
Income Fund - Share Class W DisA$ 1032.69 - -0.40 -
Equity 5210.80 5485.00 -32.50 - Glb Resources A GBP Inc H £ 12.84 - -0.10 0.30
Allianz Gilt Yield Fund C Inc 163.31 - 1.45 1.93 Gl Sukuk Fund - Share Class A Acc $ 1229.59 - -0.79 0.00
Arbiter Fund Managers Limited (LUX)
European 1226.30 1290.80 -3.50 - FCA Recognised High Yield Bond A GBP Hedged Inc H £ 6.87 - -0.01 6.60
Allianz Gilt Yield Fund I Inc 168.88 - 1.50 1.93 Artisan Partners Global Funds PLC (IRL)
Arbiter Global Emerging Markets Fund Class A USD $ 113.42 - -1.08 0.00 Gl Sukuk Fund - Share class B Acc £ 1096.00 1096.00 -0.71 0.00
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Fixed Int. 1599.10 1683.30 15.30 - Hong Kong China A GBP Inc £ 726.07 - 0.89 0.47
Allianz Japan A Acc 552.11 - -1.15 0.00 Tel: 44 (0) 207 766 7130
Arbiter Global Emerging Markets Fund Class B GBP £ 104.42 - -1.22 - FCA Recognised
International 970.20 1021.20 -2.90 - Artisan Partners Global Funds plc India Fund - Class A GBP Inc £ 14.51 - 0.17 0.00
Allianz Japan C Acc 124.68 - -0.26 0.23
Artisan Emerging Markets I USD Acc $ 7.94 - -0.06 0.00 Bank of America Cap Mgmt (Ireland) Ltd (IRL)
Japan 410.20 431.80 -2.00 - Regulated Latin America A USD Inc H $ 33.05 - -0.42 0.18
Allz RiskMaster Conservative A Acc 117.06 - 0.28 0.00 Global Liquidity USD $ 1.00 - 0.00 0.22
Arisaig Partners Artisan Global Equity Fund Class I USD Acc $ 15.72 - -0.17 0.00
Managed 4439.00 4672.70 -10.60 - Other International Funds MENA A GBP Inc F * £ 14.20 - -0.21 0.55
Allz RiskMaster Conservative C Acc 118.86 - 0.29 0.67
Arisaig Africa Consumer Fund Limited $ 15.68 - -0.01 0.00 Artisan Global Opportunities I USD Acc $ 12.63 - -0.08 0.00
FINANCIAL TIMES Monday 8 June 2015 FTfm | 15

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Brown Advisory US Small Cap Blend Fund USD B $ 12.46 - -0.11 0.00 Candriam Bonds Credit Opportunities € 189.28 - -0.24 0.00

Baring International Fd Mgrs (Ireland) (IRL) Brown Advisory US Flexible Equity Fund USD B $ 11.26 - -0.08 0.00 CG Asset Management Limited (IRL) Candriam Bds Euro Conv. Classic Cap € 3435.31 - -3.15 0.00 Cavendish Asset Management Limited (1200)F (UK) Clareville Capital Partners LLP
Regulated Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Chelsea House, Westgate, London W5 1DR Other International Funds
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 00 353 1 434 5098 Candriam Bds Euro Corp ExFin Cap € 161.82 - 0.13 0.00 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Pegasus Fund Ltd A-1 GBP £ 59.92 - 0.16 0.00
FCA Recognised Authorised Inv Funds
Capital Gearing Portfolio Fund Plc £ 26742.57 26742.57 186.43 0.62 Cavendish Opportunities Fund B Class 1110.00 - -1.00 1.37 Pegasus Fund Ltd A-2 GBP £ 151.95 - 0.41 0.00
CAF Financial Solutions (UK) Candriam Bds Euro Gov.Cl.Cap € 2223.54 - 3.21 0.00
Kings Hill, West Malling, Kent 03000 123 222
Barings (Luxembourg) (LUX) Property & Other UK Unit Trusts CG Portfolio Fund Plc Candriam Bds Euro High Yield Cap € 995.80 - -2.71 0.00 Cavendish Opportunities Fund A Class 1104.00 - -1.00 0.60 Pegasus Fund Ltd A-1 EUR € 25.67 - 0.07 0.00
FCA Recognised CAF UK Equitrack Inc Fd 74.49 74.49 -0.65 3.10 Real Return Cls A £ 170.82 170.82 2.73 2.34
Russia A GBP Inc F £ 26.61 - -0.73 0.00 Candriam Bds Euro High Yield R Cap € 110.33 - -0.30 0.00 Cavendish Opportunities Fund C Acc 1145.00xd - -1.00 1.20 Pegasus Fund Ltd A-1 USD $ 27.51 - 0.07 0.00
CAF UK Equitrack Acc Fd 103.70 103.70 -0.90 3.10 Dollar Fund Cls D £ 132.23 132.23 2.57 1.59

Candriam Bds Euro Long Term Cap € 7662.56 - 17.74 0.00 Cavendish Worldwide Fund B Class 325.10 - -0.20 0.75 Pegasus Fund Ltd A-2 USD $ 149.60 - 0.36 0.00
FP CAF Alternative Strategies A Class Acc 111.87 - -0.01 0.41 Capital Value Fund Cls V £ 130.54 130.54 0.91 0.27

Candriam Bds Euro Sh.Term Cap € 2073.93 - -1.99 0.00 Cavendish Worldwide Fund A Class 324.70 - -0.20 0.07 Pegasus Fund Ltd B-1 GBP £ 193.33 - 0.52 0.00
FP CAF Alternative Strategies A Class Inc 111.32 - -0.01 0.46
Candriam Bds International Cap € 986.06 - 0.47 0.00 Cavendish Worldwide Fund C Acc 332.40xd - -0.20 0.80 Pegasus Fund Ltd B-2 GBP £ 148.22 - 0.40 0.00
FP CAF Fixed Interest A class Acc 113.45 - -0.24 2.96
Candriam Bds USD Cap $ 919.37 - 2.22 0.00 Cavendish AIM Fund B Class 163.40 - 0.60 0.37 Pegasus Fund Ltd B-1 EUR € 162.19 - 0.41 0.00
FP CAF Fixed Interest A class Inc 100.83 - -0.21 3.00
Barmac Asset Management Ltd (UK) Cavendish AIM Fund A Class 158.80 - 0.60 0.00 Pegasus Fund Ltd B-1 USD $ 173.45 - 0.42 0.00
Candriam Total Return Bond Cap € 133.83 - -0.66 0.00
40 Dukes Place, London, EC3A 7NH
FP CAF Fixed Interest B class Acc 113.93 - -0.24 2.96
Authorised Corporate Director - Capita Financial Managers
Cavendish Asia Pacific Fund B Class 184.50 - 0.70 1.31
Dealing: 0845 922 0044 Canada Life Investments (UK)
FP CAF Fixed Interest B class Inc 101.13 - -0.21 3.00
Authorised Inv Funds 1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180
Cavendish Asia Pacific Fund A Class 183.70 - 0.70 0.60 CMI Asset Mgmt (Luxembourg) SA (LUX)
Retail Accumulation 2 117.84 - -0.11 0.00 Authorised Inv Funds
FP CAF International Equity A Class Acc 147.61 - -0.63 0.69 23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311
Asia Pacific B Acc 978.65 - 0.16 0.79
Cavendish Asia Pacific Fund C Acc 189.70 - 0.70 1.30 FCA Recognised
Retail Income 2 116.56 - -0.13 0.00
FP CAF International Equity A Class Inc 143.72 - -0.61 0.70 CMI Global Network Fund (u)
Balanced B Acc 151.61 - -0.76 0.88
Cavendish European Fund B Class 147.10 - -1.70 1.19 Regional Equity Sub Funds
The Castleton Growth Fund Ret Acc F 114.23 - -0.11 0.00
FP CAF UK Equity A Class Acc 155.74 - -1.16 1.99 CMI Continental Euro Equity € 30.83 - -0.22 0.82
Corporate Bond B Inc 208.00 - 1.03 4.01
Capita Asset Services (UK) Cavendish European Fund A Class 145.50 - -1.70 0.35
The Castleton Growth Fund Ret Inc F 114.74 - -0.12 0.00
FP CAF UK Equity A Class Inc 143.14 - -1.07 2.01 40 Dukes Place, London EC3A 7NH CMI Pacific Basin Enhanced Equity $ 45.35 - -0.23 2.26
European B Acc 261.27 - -3.18 0.00
Order Desk 08459 220044 Switchboard 0870 607 2555 Cavendish Japan Fund B Class 164.00 - -0.30 0.74
FP CAF UK Equity B Class Acc 155.74 - -1.16 1.99 Authorised Inv Funds Single Country Equity Sub Funds
Global Bond B Inc 92.73 - 0.32 2.69 CMI Japan Enhanced Equity F ¥ 4808.25 - -25.36 0.72
CF Heartwood Cautious B Acc 130.90 - 0.07 0.34 Cavendish Japan Fund A Class 162.70 - -0.30 0.00
BlackRock (JER)
Regulated FP CAF UK Equity B Class Inc 143.13 - -1.06 2.01
Global Equity B Acc 618.36 - -1.68 1.60 CF Heartwood Cautious Income B Inc 113.93 - -0.05 2.10 CMI UK Equity £ 12.69 - -0.11 1.97
BlackRock UK Property £ 39.73 - 0.10 3.65 Cavendish North American Fund B Class 196.10 - -0.20 0.57

Global Equity Income B Inc 125.72 - -0.90 3.99 CF Heartwood Growth B Acc 151.89 - -0.29 0.63 CMI US Enhanced Equity F $ 80.02 - -0.73 0.55
Blackrock UK Long Lease £ 1050.16 - 1.05 0.00 Cavendish North American Fund A Class 190.40 - -0.20 0.00

Global High Yield Bond B Inc 100.95 - -0.21 4.63 CF Heartwood Balanced Income B Inc 118.04 - -0.16 2.43 Index Tracking Sub Funds
BLK Intl Gold & General $ 4.98 5.25 -0.07 0.00 Cavendish Technology Fund B Class 286.70 - -0.10 0.09
Euro Equity Index Tracking € 20.72 - -0.15 1.82
Global Infrastructure B Acc 119.94 - -0.42 1.22 CF Heartwood Balanced B Acc 130.50 - -0.09 0.50 Cavendish Technology Fund A Class 273.40 - -0.10 0.00
Japan Index Tracking ¥ 880.64 - -4.13 0.79
Global Resource B Acc 93.60 - -0.82 0.11 CF Heartwood Defensive Multi Asset Fund B Accumulation 110.79 - 0.10 0.01 Cavendish UK Balanced Income Fund B Class 145.70 - -0.30 5.12
CCLA Investment Management Ltd (UK) UK Eqty Index Tracking £ 16.26 - -0.14 2.72
Japan B Acc 53.71 - -0.05 0.60 CF JM Finn Gbl Opps A Acc 277.02 - -1.11 1.54
Senator House 85 Queen Victoria Street London EC4V 4ET Cavendish UK Balanced Income A Class 138.90 - -0.20 5.37
Authorised Inv Funds US Eqty Index Tracking $ 58.96 - -0.52 0.76
The Public Sector Deposit Fund Portfolio III B Acc 108.29 - 0.19 2.06 CF Richmond Core 200.39 - -0.72 0.00 Cavendish UK Select Fund B Class 166.90 - -1.60 1.69
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.49 Managed Sub Funds
Portfolio IV B Acc 110.78 - -0.03 2.15 CF Seneca Diversified Growth A ACC 227.93 - -0.24 1.27 Global Bond £ 1.43 - 0.01 0.89
BlueBay Asset Management LLP (LUX) Cavendish UK Select Fund A Class 166.70 - -1.60 0.92
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.29
Regulated
Portfolio V B Acc 112.26 - -0.25 1.29 CF Seneca Diversified Growth B ACC 134.44 - -0.14 2.18 Global Network Mgd Global Mxd £ 2.32 - 0.00 0.20
BlueBay EmMkt B-USD $ 291.76 - -0.78 0.00
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.34
Portfolio VI B Acc 113.44 - -1.01 1.37 CF Seneca Diversified Growth N ACC 133.27 - -0.14 1.88 Global Equity £ 2.58 - -0.02 0.02
BlueBay EmMktCrp B-USD $ 166.64 - -0.93 0.00 Cedar Rock Capital Limited (IRL)
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.39 Regulated
Portfolio VII B Acc 112.27 - -1.61 1.09 CF Seneca Diversified Income A INC 91.74 - -0.25 5.45 Bond Sub Funds
BlueBay EmMktSel B-USD $ 151.90 - -0.47 0.00 Cedar Rock Capital Fd Plc $ 357.91 - -9.38 0.00
The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.29 CMI Euro Bond F € 45.50 - 0.06 1.82
North American B Acc 851.09 - -1.64 0.99 CF Seneca Diversified Income B INC 108.60 - -0.30 5.05
BlueBay EmMkLocCy B-USD $ 144.74 - -0.49 0.00 Cedar Rock Capital Fd Plc £ 368.23 - 2.27 0.00
CMI UK Bond £ 7.94 - 0.07 2.10
Strategic Return B Acc 102.09 - -0.05 - CF Seneca Diversified Income N INC 107.63 - -0.29 5.05
BlueBay GlblConv I-USD $ 196.88 - -0.60 0.00 Cedar Rock Capital Fd Plc € 339.84 - 3.86 0.00
CCLA Investment Management Ltd (UK) CMI US Bond $ 13.15 - 0.04 1.55
Senator House 85 Queen Victoria Street London EC4V 4ET Total Return B Acc 106.60 - -0.29 2.80
BlueBay GlblHgYd B-USD $ 134.10 - -0.10 0.00 Investment Adviser - DSM Capital Partners
Property & Other UK Unit Trusts The Westchester $ 27.89 - -0.25 0.00 Currency Reserve Sub Funds
CBF Church of England Funds UK Equity B Inc 115.98 - -1.15 1.39 CMI Euro Currency Reserve € 24.93 - 0.00 0.65
BlueBay HgYield B-EUR € 340.17 - -0.04 0.00 Charles Schwab Worldwide Funds Plc (IRL)
Investment Inc 1391.55 1406.95 6.33 3.78
The Westchester Class 1 GBP Acc £ 19.72 - -0.03 0.00 Regulated
UK Equity & Bond Income B Inc 241.96 - -1.67 4.23 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 CMI Stlg Currency Reserve £ 4.93 - 0.00 0.96
BlueBay HgYieldCp B-EUR € 144.05 - -0.01 0.00
Investment Acc 2806.91 2837.95 12.79 -
The Westchester Class 2 GBP Acc £ 19.75 - -0.03 0.00
UK Equity Income B Inc 432.65 - -4.07 4.03 CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50
BlueBay InvGr B-EUR € 171.62 - -0.17 0.00
Global Equity Inc 163.37 165.17 0.58 4.31
Investment Adviser - Morant Wright Management Limited
UK Government Bond B Inc 46.55 - 0.38 2.13 CMI Access 80% Gu F € 5.67 - -0.01 0.00
BlueBay InvGEurGv B-EUR € 147.18 - -0.06 0.00 CF Morant Wright Japan A 281.74 - -1.58 0.00 Chartered Asset Management Pte Ltd
Global Equity Acc 236.29 238.91 0.84 -
Other International Funds
BlueBay InvGEurAg I-EUR € 147.84 - -0.14 0.00 CF Morant Wright Japan A Inc 277.58 - -1.55 0.00 CAM-GTF Limited $ 331445.92 331445.92 -5418.77 0.00
UK Equity Inc 155.98 157.54 0.19 4.05

CF Morant Wright Japan B 299.04 - -1.67 0.50 CAM GTi Limited $ 741.85 - 21.46 0.00 Cohen & Steers SICAV (LUX)
BlueBay InvGLibor B-EUR € 125.89 - -0.08 0.00
UK Equity Acc 228.23 230.53 0.28 - Regulated
Raffles-Asia Investment Company $ 1.98 1.98 0.09 6.54 European Real Estate Securities € 22.3597 - 0.1032 1.13
HighIncomeLoan H-EUR € 195.11 - 0.01 0.00 CF Morant Wright Japan B Inc 281.99 - -1.58 0.52
Fixed Interest Inc 164.48 165.14 -0.34 3.96
Europ.RealEstate Sec. IX € 29.4344 - 0.1358 0.00
CF Morant Wright Nippon Yield ACC A 286.49 - -0.87 2.00
Fixed Interest Acc 493.88 495.86 -1.04 -
Candriam Investors Group (LUX)
CF Morant Wright Nippon Yield ACC B 296.34 - -0.90 2.00
Gbl RealEstate Sec. I $ 10.9748 - -0.0410 1.18
BONHOTE Property Fund Inc 128.21 132.51 1.29 6.51 FCA Recognised
Other International Funds Candriam Eqts L Australia Cap A$ 1012.38 - -3.05 0.00 Gbl RealEstate Sec. IX $ 12.8499 - -0.0480 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6798.00 - -103.00 2.23 CF Morant Wright Nippon Yield Fund A Inc 251.50 - -0.77 2.04
Property Fund Acc 226.37 233.95 2.29 -
Candriam Eqts L Sust World Cap € 294.62 - -2.66 0.00
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10430.00 - -42.00 0.87 CF Morant Wright Nippon Yield Fund B Inc 260.23 - -0.79 2.04

Candriam Bds Euro Cap € 1120.06 - 0.72 0.00 Cheyne Capital Management (UK) LLP (IRL)
CCLA Fund Managers Ltd (UK) Regulated
Senator House 85 Queen Victoria Street London EC4V 4ET Candriam Bds Euro Infl Linked Cap € 141.05 - 0.30 0.00 Cheyne Convertibles Absolute Return Fund € 1399.94 - -2.45 0.00
Braemar Group PCC Limited (GSY)
Property & Other UK Unit Trusts
Regulated
COIF Charity Funds (UK) Candriam Qt-Eqts Europe Cap € 2453.37 - -19.30 0.00 Cheyne European Real Estate Bond Fund € 112.47 - -0.03 0.00
UK Agricultural Class A £ 1.27 - 0.00 0.00
Investment Inc 1283.32 1297.52 -3.51 3.58
Candriam Qt-Eqts USA Cap $ 2437.83 - -23.54 0.00 Cheyne Global Credit Fund € 121.46 - -0.11 0.00 Comgest SA (LUX)
UK Agricultural Class B £ 1.39 - 0.00 0.00
Investment Acc 12093.69 12227.45 -33.08 - 17 square Edouard VII - 75009 Paris, www.comgest.com
FCA Recognised
Student Accom Class B £ 0.55 - -0.17 0.00 Castle Fund Administrators Limited (GIB) Comgest Europe F SFr 5954.56 - 22.30 0.00
Ethical Invest Inc 199.38 201.58 -0.60 3.68
932 Europort, Gibraltar GX11 1AA
Candriam Investors Group (BE) Tel: +350 200 40466 Cheyne Capital Management (UK) LLP
Ethical Invest Acc 251.39 254.17 -0.77 - FCA Recognised www.castlefundadministrators.com Other International Funds
Candriam Sust Euro Bonds Cap € 355.00 - 0.46 0.00 Other International Funds Cheyne European Event Driven Fund € 141.35 - -7.91 0.00
Global Equity Inc 155.62 157.34 -0.83 4.33 Inspirato Fund No. 2 PCC Limited Comgest SA (FRA)
Candriam Sust North America Cap $ 41.42 - -0.33 0.00 Inspirato Fund No. 2 PCC Limited - Cell A £ 102092.55 - 447.01 0.00 17 square Edouard VII - 75009 Paris
Cheyne European High Yield Fund € 136.21 - 2.45 0.00
FCA Recognised
Global Equity Acc 225.11 227.59 -1.21 -
Comgest Magellan € 22.28 - -0.24 0.00
Candriam Sust World Cap € 27.32 - -0.24 0.00 Inspirato Fund No. 2 PCC Limited - Cell B £ 103544.11 - 1090.65 0.00 Cheyne Malacca Asia Equity Fund Class A $ 1449.88 - -36.38 0.00
Fixed Interest Inc 133.82 134.36 -1.74 4.11
Inspirato Fund No. 2 PCC Limited - Cell C $ 105166.37 - 1984.57 0.00 Cheyne Multi Strategy Liquid Fund $ 128.75 - 0.36 -
Brown Advisory Funds plc (IRL)
http://www.brownadvisory.com Tel: 020 3301 8130 Fixed Interest Acc 751.62 754.64 -9.77 -
Comgest AM International Ltd (IRL)
FCA Recognised Candriam Investors Group Inspirato Fund No. 2 PCC Limited - Cell D £ 110432.40 - 2631.77 0.00 Cheyne Real Estate Credit Holdings Fund £ 145.60 - 0.85 0.00
46 St Stephen's Green, Dublin 2, Ireland
Brown Advisory US Equity Growth Fund USD B $ 22.44 - -0.21 0.00 Property Inc 110.26 113.96 0.06 5.79 Other International Funds
FCA Recognised
Candriam Eqts L Emerging Mkts Cap € 729.33 - -5.94 0.00 The Global Financial Infrastructure Fund £ 99607.39 - -392.61 - Cheyne Real Estate Debt Fund Class A1 £ 131.59 - 0.22 0.00 Comgest Gth Asia Pac ex Jap DIS F $ 8.80 - -0.05 0.11
Brown Advisory US Equity Value Fund USD B $ 12.76 - -0.10 0.77 Property Acc 240.43 248.49 0.14 -
Candriam Eqts L Euro 50 Cap € 585.68 - -4.55 0.00 The Global Technology Infrastructure Fund £ 99489.30 - -510.70 -
Asset Management
Cheyne Total Return Credit Fund - December 2017 Class $ 202.64 - 0.65 0.00 Comgest Gth Emerging Mkt DIS F $ 34.97 - -0.31 0.39
Brown Advisory US Flexible Equity SRI Fund USD B $ 15.14 - -0.11 0.05 Local Authorities Property Fd (LAMIT) (UK)
Property 274.76 295.14 2.73 4.81 Candriam Eqts L Europe Cap € 1026.36 - -6.66 0.00 The London, Key Cities & Counties Social Infrastructure Fund £ 99369.30 - -630.70 - Cheyne Total Return Credit Fund December 2019 $ 146.94 - 13.56 - Comgest Gth Europe DIS F € 21.00 - -0.11 0.00
Brown Advisory American Fund USD B $ 16.21 - -0.13 0.17
Candriam Eqts L Japan Cap ¥ 23239.00 - -106.00 0.00
Comgest Gth GEM PC DIS F € 13.67 - -0.05 0.13
Brown Advisory US Smaller Companies Fund USD B $ 17.56 - -0.16 0.00
16 | FTfm FINANCIAL TIMES Monday 8 June 2015

FTfm

)XQG %LG 2IIHU ' <LHOG )XQG %LG 2IIHU ' <LHOG )XQG %LG 2IIHU ' <LHOG )XQG %LG 2IIHU ' <LHOG )XQG %LG 2IIHU ' <LHOG )XQG %LG 2IIHU ' <LHOG

&)(FOHFWLFD$JULFXOWXUH$*%3$FF     /)*OREDO%RQG)G é     ,QGH[:RUOG3$FF e     )LGHOLW\3DWK)LQGHU)UHHGRP$FFFOHDQ e    

&RQVLVWHQW8QLW7VW0JW&R/WG) 8. &)(FOHFWLFD$JULFXOWXUH$86'$FF      /)*OREDO(TXLWLHV é     -DSDQ e     )LGHOLW\3DWK)LQGHU)UHHGRP$FFFOHDQ e    
32%2;&KHOPVIRUG(VVH[&0-%
'HDOLQJ &OLHQW6HUYLFHV &)(FOHFWLFD$JULFXOWXUH&(85$FF é     /)(T0HQD)XQG é     -DSDQ6PDOOHU&RPSDQLHV e     )LGHOLW\3DWK)LQGHU)UHHGRP$FFFOHDQ e    
$XWKRULVHG,QY)XQGV
&RQVLVWHQW87,QF     &)(FOHFWLFD$JULFXOWXUH&*%3$FF     /)*UHHN*RYHUQPHQW%RQG é     0RQH\%XLOGHU$VVHW$OORFDWRU e     )LGHOLW\3DWK)LQGHU,QFRPH,QFRPHFOHDQ e    

&RQVLVWHQW87$FF     'RGJH &R[:RUOGZLGH)XQGV ,5/ &)(FOHFWLFD$JULFXOWXUH&86'$FF      /),QFRPH3OXV      0RQH\%XLOGHU%DODQFHG e     )LGHOLW\3DWK)LQGHU,QFRPH*URVV,QFRPHFOHDQ e    
'XNH6WUHHW6W-DPHV/RQGRQ6:<%1
3UDFWLFDO,QYHVWPHQW,QF     ZZZGRGJHDQGFR[ZRUOGZLGHFRP
/)*UHHN&RUSRUDWH%RQG é     0RQH\%XLOGHU'LYLGHQG e     )LGHOLW\3DWK)LQGHU,QFRPH,QFRPHFOHDQ e    
)&$5HFRJQLVHG
3UDFWLFDO,QYHVWPHQW$FF     'RGJH &R[:RUOGZLGH)XQGVSOF*OREDO%RQG)XQG
(85$FFXPXODWLQJ&ODVV é    
(GLQEXUJK3DUWQHUV/LPLWHG ,5/ /))2)%DODQFHG%OHQG é     0RQH\%XLOGHU*URZWK e     )LGHOLW\3DWK)LQGHU,QFRPHJURVV e    
0HOYLOOH6WUHHW(GLQEXUJK(GLQEXUJK(+'-
'HDOLQJ)D[RQO\ /))2)(TXLW\%OHQG é     0RQH\%XLOGHU*URZWK,6$ e     )LGHOLW\3DWK)LQGHU,QFRPH*URVV,QFRPHFOHDQ e    
(85$FFXPXODWLQJ&ODVV+ é    
)&$5HFRJQLVHG
(GLQEXUJK3DUWQHUV2SSRUWXQLWLHV)XQG3/& /))2)*ORE(PHUJLQJ0NWV é     0RQH\%XLOGHU,QFRPH e     )LGHOLW\3DWK)LQGHU,QFRPH,QFRPHFOHDQ e    
(85'LVWULEXWLQJ&ODVV é     (XURSHDQ2SSRUWXQLWLHV,(85 é    

/))2)'\QDPLF)L[HG,QF é     0RQH\%XLOGHU,QFRPH*URVV e     ,QVWLWXWLRQDO2(,&)XQGV

(85'LVWULEXWLQJ&ODVV+ é     (XURSHDQ2SSRUWXQLWLHV,*%3 e    
$PHULFD e    
/))2)5HDO(VWDWH é     0XOWL$VVHW$GYHQWXURXV$$FF e    
*%3'LVWULEXWLQJ&ODVV e     (XURSHDQ2SSRUWXQLWLHV,86'     
(PHUJLQJ0DUNHWV e    
&RURQDWLRQ)XQG0DQDJHUV
0XOWL$VVHW$OORF$GYHQWXURXV$$FF e    
ZZZFRURQDWLRQFRP *%3'LVWULEXWLQJ&ODVV+ e     (XURSHDQ2SSRUWXQLWLHV$(85 é    
(XURSH e    
(QTXLULHVFRURQDWLRQIXQGV#FRURQDWLRQFR]D
2WKHU,QWHUQDWLRQDO)XQGV 0XOWL$VVHW$OORF6WUDWHJLF$$FF e    
86'$FFXPXODWLQJ&ODVV      *OREDO2SSRUWXQLWLHV,86'     
*OREDO(TXLW\)XQGRI)XQGV&ODVV$      )LGHOLW\3UH5HWLUHPHQW%RQG)XQG e    
0XOWL$VVHW$OORF'HI*URVV$ e    
'RGJH &R[:RUOGZLGH)XQGVSOF*OREDO6WRFN)XQG *OREDO2SSRUWXQLWLHV,*%3 e    
*OREDO(PHUJLQJ0DUNHWV&ODVV$      *OREDO)RFXV e    
86'$FFXPXODWLQJ6KDUH&ODVV     
0XOWL$VVHW$OORF'HI1HW$ e    
*OREDO2SSRUWXQLWLHV,(85 é    
$OO$IULFD      ,QGH[/LQNHG%RQG e    
*%3$FFXPXODWLQJ6KDUH&ODVV e    
),/,QYHVWPHQW6HUYLFHV8./LPLWHG) 8. 0XOWL$VVHW$OORF*URZWK$ e    
*OREDO2SSRUWXQLWLHV$*%3 e     7RQEULGJH5G7RQEULGJH71'=
$IULFD)URQWLHUV      ,QGH[/LQNHG%RQG*URVV e    
*%3'LVWULEXWLQJ6KDUHFODVV e     &DOOIUHH3ULYDWH&OLHQWV
0XOWL$VVHW'HIHQVLYH e    
3DQ(XURSHDQ2SSRUWXQLWLHV,(85 é     %URNHU'HDOLQJV
7RS6RXWK$IULFD&D\PDQ,VODQGV      ,QGH[/LQNHG%RQG)XQG*URVV,QF e    
(85$FFXPXODWLQJ6KDUH&ODVV é     $XWKRULVHG,QY)XQGV
0XOWL$VVHW'HIHQVLYH*URVV e    
8QLW7UXVW
-DSDQ e    
'RGJH &R[:RUOGZLGH)XQGVSOF,QWHUQDWLRQDO6WRFN)XQG &DVK$FFXP8QLWV    
86'$FFXPXODWLQJ6KDUH&ODVV      0XOWL$VVHW*URZWK e    
/RQJ%RQG e    
&DVK)XQG e    
(85$FFXPXODWLQJ6KDUH&ODVV é     0XOWL0DQDJHU%DODQFHG e    
/RQJ%RQG*URVV e    
*URVV$FFXP&DVK e    
'RGJH &R[:RUOGZLGH)XQGVSOF866WRFN)XQG 0XOWL$VVHW2SHQ*URZWK$$FF e    
86'$FFXPXODWLQJ6KDUH&ODVV      /RQJ%RQG)XQG*URVV,QF e    
0RQH\%XLOGHU&DVK,6$ e    
0XOWL$VVHW2SHQ6WUDWHJLF$$FF e    
()*+HUPHV
&UªGLW$QGRUU¢$VVHW0DQDJHPHQW /8; *%3$FFXPXODWLQJ6KDUH&ODVV e     ',)&7KH*DWH%XLOGLQJ:HVW:LQJ/HYHO32%2;'XEDL8$( 0RQH\%XLOGHU*OREDO e    
3DFLILF([-DSDQ e    
ZZZFUHGLWDQGRUUDFRP 0XOWL$VVHW2SHQ6WUDWHJLF$,QF e    
&RQWDFW7HOHSKRQH(PDLO$0VDOHV#()*+(50(6FRP
)&$5HFRJQLVHG 3DQ(XURSHDQ e    
*%3'LVWULEXWLQJ6KDUH&ODVV e     2WKHU,QWHUQDWLRQDO)XQGV 2(,&)XQGV
&UHGLLQYHVW6,&$90RQH\0DUNHW(XU, é     0XOWL$VVHW6WUDWHJLF e    
7KH()*+HUPHV(J\SW)XQG      $PHULFDQ e    
(85$FFXPXODWLQJ6KDUH&ODVV é     5HGXFHG'XUDWLRQ8.&RUSRUDWH%RQG e    
&UHGLLQYHVW6,&$90RQH\0DUNHW8VG$      2SHQ:RUOG$$FF e    
0LGGOH(DVW 'HYHORSLQJ$IULFD)XQG)LQDO      $PHULFDQ6SHFLDO6LWV e    
5HGXFHG'XUDWLRQ8.&RUSRUDWH%RQG*URVV e    
&UHGLLQYHVW6,&$9)L[HG,QFRPH(XU é     0XOWL$VVHW,QFRPH$*URVV$FF e    
6DXGL$UDELD(TXLW\)XQG 65     $VLD3DFLILF2SV:$FF e    
5HGXFHG'XUDWLRQ8.&RUSRUDWH%RQG,QF e    
&UHGLLQYHVW6,&$9)L[HG,QFRPH8VG      0XOWL$VVHW,QFRPH$*URVV,QF e    
)LGHOLW\$VLDQ'LYLGHQG)XQG$$FFXPXODWLRQ e    
5HGXFHG'XUDWLRQ8.&RUS%RQG*URVV,QF e    
&UHGLLQYHVW6,&$96SDQLVK9DOXH é     0XOWL$VVHW,QFRPH$1HW$FF e    
(OHFWULF *HQHUDO) 8. )LGHOLW\$VLDQ'LYLGHQG)XQG$,QFRPH e    
6WXDUW+RXVH6W-RKQ
V6WUHHW3HWHUERURXJK3('' 6HOHFW(PHUJLQJ0DUNHWV(TXLWLHV e    
&UHGLLQYHVW6,&$9,QWHUQDWLRQDO9DOXH é     2UGHUV (QTXLULHV 0XOWL$VVHW,QFRPH$1HW,QF e    
&KLQD&RQVXPHU e    
'UDJRQ&DSLWDO*URXS $XWKRULVHG,QY)XQGV 6HOHFW(XURSHDQ(TWV e    
&UHGLLQYHVW6,&$9%LJ&DS9DOXH é     FR0H/LQK3RLQW1JR'XF.H'LVWULFW+R&KL0LQK&LW\9LHWQDP $XWKRULVHG&RUSRUDWH'LUHFWRU&DUYHWLDQ&DSLWDO0DQDJHPHQW 6RXWK(DVW$VLD e    
(PHUJLQJ$VLD e    
)XQGLQIRUPDWLRQGHDOLQJDQGDGPLQLVWUDWLRQIXQGV#GUDJRQFDSLWDOFRP (OHFWULF *HQHUDO1HW,QFRPH$     6HOHFW*OREDO(TXLWLHV e    
&UHGLLQYHVW6,&$986$PHULFDQ9DOXH      2WKHU,QWHUQDWLRQDO)XQGV 6SHFLDO6LWXDWLRQV e    
(PHUJ(XU0LG(DVW $IULFD+ e    
9LHWQDP(QWHUSULVH,QY9(,/1$9      6RXWK(DVW$VLD e    
&UHGLLQYHVW6,&$96XVWDLQDELOLW\ é     6WUDWHJLF%RQG e    
(QKDQFHG,QFRPH$FF e    
9LHWQDP*URZWK)XQG9*)1$9      (QQLVPRUH6PDOOHU&RV3OF ,5/ 6WHUOLQJ&RUH3OXV%RQG*U$FFXP e    
.HQVLQJWRQ&KXUFK6W/RQGRQ:/'
(QKDQFHG,QFRPH,QF e     6WUDWHJLF%RQG*URVV e    
9LHWQDP3URSHUW\)XQG93)1$9      )&$5HFRJQLVHG
6WHUOLQJ&RUH3OXV%RQG,QF e    
'DQWUXVW0DQDJHPHQW*XHUQVH\/WG *6< (QQLVPRUH(XURSHDQ6POU&RV1$9 e    
(XURSHDQ,QF e     7DUJHW e    
5HJXODWHG 8. e    
'DQWUXVW,,/LPLWHG NU     (QQLVPRUH(XURSHDQ6POU&RV1$9 é    
(XURSHDQ e     7DUJHW*URVV e    
'60&DSLWDO3DUWQHUV)XQGV /8; 8.$JJUHJ%RQG*U$FFXP e    
ZZZGVPVLFDYFRP
(XURSHDQ2SSRUWXQLWLHV e     7DUJHW e    
5HJXODWHG
8.$JJUHJDWH%RQG,QF e    
'$9,6)XQGV6,&$9 /8; *OREDO*URZWK,$FF é     (QQLVPRUH(XURSHDQ6POU&RV+HGJH)G
([WUD,QFRPH e     7DUJHW e    
5HJXODWHG 2WKHU,QWHUQDWLRQDO)XQGV
8.&RUSRUDWH%RQG e    
'DYLV9DOXH$      1$9 é    
([WUD,QFRPH*URVV e     7DUJHW e    
8.&RUSRUDWH%RQG*URVV e    
'DYLV*OREDO$      (FFOHVLDVWLFDO,QY0JW/WG) 8.
*OREDO'LYLGHQG$FF e     8.6HOHFW e    
32%R[6ZLQGRQ61%*
8.&RUSRUDWH%RQG)XQG*URVV,QF e    
$XWKRULVHG,QY)XQGV (TXLQR[)XQG0JPW*XHUQVH\/LPLWHG *6<
$PLW\8.&OV$,QF     5HJXODWHG *OREDO'LYLGHQG,QF e     8.*URZWK e    
(TXLQR[5XVVLDQ2SSRUWXQLWLHV)XQG/LPLWHG      8.*LOW%RQG e    
$PLW\8.&OV%,QF     *OREDO)RFXV e     8.6PDOOHU&RPSDQLHV e    
8.*LOW*URVV e    
+LJKHU,QFRPH&OV$,QF     *OREDO+LJK<LHOG)XQG$*URVV$FF e     :HDOWK%XLOGHU$$FF e    
(XURQRYD$VVHW0DQDJHPHQW8.//3 &<0 8./RQJ&RUS%RQG e    
+LJKHU,QFRPH&OV%,QF     5HJXODWHG *OREDO+LJK<LHOG)XQG$*URVV,QF e     )LGHOLW\3DWK)LQGHU
'HXWVFKH$VVHW0DQDJHPHQW8./WG /8; 6PDOOHU&RV&OV2QH6KDUHV(VW é     )LGHOLW\3DWK)LQGHU)RXQGDWLRQ*URVV$FFFOHDQ e     8./RQJ&RUS%RQG*URVV e    
7HOZZZGZVFRXN 8.(TXLW\*URZWK&OV$,QF     *OREDO+LJK<LHOG)XQG$1HW$FF e    
)&$5HFRJQLVHG 6PDOOHU&RV&OV7ZR6KDUHV(VW é     )LGHOLW\3DWK)LQGHU)RXQGDWLRQ$FFFOHDQ e     8./RQJ&RUSRUDWH%RQG)XQG*URVV,QFRPH e    
'HXWVFKH,QYHVW,$IULFD*%35',QF e     8.(TXLW\*URZWK&OV%,QF     *OREDO+LJK<LHOG)XQG$1HW,QF e    
6PDOOHU&RV&OV7KUHH6KDUHV(VW é     )LGHOLW\3DWK)LQGHU)RXQGDWLRQ$FFFOHDQ e     8.6SHFLDOLVW e    
'HXWVFKH,QYHVW,&KLQHVH(T*%35',QF e     $PLW\%DODQFHG)RU&KDULWLHV$,QF     *OREDO3URSHUW\$FF e    
6PDOOHU&RV&OV)RXU6KDUHV(VW é     )LGHOLW\3DWK)LQGHU)RXQGDWLRQ$FFFOHDQ e     5HWDLO6KDUH&ODVVHV
'HXWVFKH,QYHVW,&RQY*%35'+,QF e     (PHUJLQJ0DUNHWVUHWDLO e    
$PLW\(XURSHDQ)XQG&OV$,QF     *OREDO3URSHUW\:,QF e    
)LGHOLW\3DWK)LQGHU)RXQGDWLRQ$FFFOHDQ e    
'HXWVFKH,QYHVW,*OREDO$JULE*%3/''6,QF e     (XURSH/RQJ7HUP*URZWK e    
$PLW\(XURSHDQ)XQG&OV%,QF     *OREDO6SHFLDO6LWV e    
)LGHOLW\3DWK)LQGHU)RXQGDWLRQ$FFFOHDQ e    
'HXWVFKH,QYHVW,7RS$VLD*%35',QF e     ^ `&$51HWLQFRPHUHLQYHVWHG
$PLW\*OREDO(TXLW\,QFIRU&KDULWLHV$,QF     ,QGH[(PHUJLQJ0DUNHWV3$FF e    
)LGHOLW\3DWK)LQGHU)RFXVVHG*URVV$FFFOHDQ e    
$PLW\,QWHUQDWLRQDO&OV$,QF     ,QGH[(XURSHH[8.3$FF e    
)LGHOLW\3DWK)LQGHU)RFXVVHG$FFFOHDQ e     ),/)XQG0DQDJHPHQW /8;
'LVFUHWLRQDU\8QLW)XQG0QJUV) 8. DUXU$OEHUW%RUVFKHWWH%3//X[HPERXUJ
$PLW\,QWHUQDWLRQDO&OV%,QF     ,QGH[-DSDQ3$FF e    
3RXOWU\/RQGRQ(&5-5 (XUREDQN)XQG0DQDJHPHQW&RPSDQ\/X[HPERXUJ6$ )LGHOLW\3DWK)LQGHU)RFXVHG$FF&OHDQ e     3KRQH
$XWKRULVHG,QY)XQGV 5HJXODWHG 5HJXODWHG
$PLW\6WHUOLQJ%RQG)XQG$,QF     ,QGH[3DFLILFH[-DSDQ3$FF e     &KLQD&RQVXPHU$*%3 e    
'LVF,QF     /)$EVROXWH5HWXUQ é     )LGHOLW\3DWK)LQGHU)RFXVVHG$FFFOHDQ e    
$PLW\6WHUOLQJ%RQG)XQG%,QF     ,QGH[8.$$FF e     &KLQD)RFXV$*%3 e    
'R$FFXP     /)%DODQFHG$FWLYH)XQG521521     )LGHOLW\3DWK)LQGHU)RFXVVHG$FFFOHDQ e    

,QGH[8.3$FF e     *OREDO)LQDQFLDO6HUYLFHV$*%3 e    

/)&DVK)XQGé é     )LGHOLW\3DWK)LQGHU)RFXVVHG$FFFOHDQ e    

(FOHFWLFD$VVHW0DQDJHPHQW 8.
/)&DVK)XQG521 521    
,QGH[86$$FF e     *OREDO+HDOWK&DUH$*%3 e    
'XNHV3ODFH/RQGRQ(&$1+ )LGHOLW\3DWK)LQGHU)UHHGRP*URVV$FFFOHDQ e    
2UGHUGHVN6ZLWFKERDUG ,QGH[863$FF e    
/)(T(PHUJLQJ(XURSH é     *OREDO,QGXVWULDOV$*%3 e    
$XWKRULVHG&RUSRUDWH'LUHFWRU&DSLWD)LQDQFLDO0DQDJHUV )LGHOLW\3DWK)LQGHU)UHHGRP$FFFOHDQ e    
$XWKRULVHG,QY)XQGV
,QGH[:RUOG$$FF e     *OREDO,QIODWLRQ/LQNHG%G$*%3+GJ e    
&)(FOHFWLFD$JULFXOWXUH$(85$FF é     /)(T)OH[L6W\OH*UHHFH é     )LGHOLW\3DWK)LQGHU)UHHGRP$FFFOHDQ e    
 FINANCIAL TIMES Monday 8 June 2015 FTfm | 17

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Global Real Asset Securities £ 1.51 - -0.02 0.00 Frk Mutual Gbl Disc $ 18.54 - -0.10 0.00 GAM Star Flexible Gbl Port GBP Ac £ 13.11 - -0.04 0.00 Global Growth Fund 2100.86 2195.98 -3.31 0.00

Global Technology A-GBP £ 0.26 - 0.00 0.00 Frk Natural Resources Fd F $ 7.75 - -0.12 0.00 GAM Star GAMCO US Equity Acc F $ 14.44 - -0.16 0.00 HPB Assurance Ltd Global Technology A Acc 957.60 - -1.50 0.00
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Global Telecomms A-GBP £ 0.29 - 0.00 0.99 Frk Real Return Fd F $ 10.42 - -0.02 0.00 GAM Star Global Rates USD Acc F $ 12.88 - 0.04 0.00 International Insurances Multi-Manager Absolute Return A Acc 138.50 - -0.10 0.30
Holiday Property Bond Ser 1 £ 0.50 - 0.00 0.00
India Focus A-GBP £ 4.43 - 0.00 0.00 Frk Strategic Income Fd $ 14.78 - -0.01 0.00 GAM Star Global Selector USD Acc F $ 14.69 - -0.04 0.00 Multi-Manager Active A Acc 182.60 - -0.80 0.00
Holiday Property Bond Ser 2 £ 0.60 - 0.00 0.00
Latin America A-GBP £ 1.61 - -0.02 0.19 Franklin Templeton Investment Funds (LUX) Frk Technology $ 11.41 - -0.09 0.00 GAM Star Japan Eqty USD Acc F $ 13.84 - -0.05 0.33 Multi-Manager Distribution A Inc 132.50 - -0.40 3.17
8A rue Albert Borschette / L-1246 Luxembourg
www.franklintempleton.co.uk UK freephone 0 800 305 306
Frk U.S. Focus Fund $ 17.51 - -0.19 0.00 GAM Star Keynes Quant Strat USD Acc F $ 12.38 - 0.00 0.00 Multi-Manager Diversified A Acc 80.10 - -0.13 2.22
FCA Recognised Hamon Investment Group
Class A Dis Other International Funds
Findlay Park Funds Plc (IRL)
Frk Gbl R.Estate (USD) A Dis $ 9.78 - -0.04 2.39
Frk US Equity $ 25.65 - -0.28 0.00 GAM Star Local EM Rates and FX USD Acc $ 11.59 - -0.04 0.00 Multi-Manager Global Select Acc 189.70 - -0.40 0.00
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Asian Market Leaders - USD $ 29.98 - -0.04 0.00
FCA Recognised Frk US Opportunities $ 12.57 - -0.12 0.00 GAM Star North of South EM Equity Acc F $ 12.01 - -0.10 0.02 Multi-Manager Income & Growth A Acc 157.60 - -0.50 2.09
Frk High Yield $ 6.82 - -0.01 5.20 Asian Market Leaders - GBP £ 15.28 - -0.03 0.00
American Fund USD Class $ 81.30 - -0.56 0.00
Frk US Sml Mid Cap Gth F $ 20.53 - -0.22 0.00 GAM Star Technology USD Acc F $ 16.88 - -0.11 0.00 Multi-Manager Income & Growth A Inc 146.40 - -0.40 2.12
Frk Euro Gov. Bond € 11.15 - -0.02 1.03 Greater China - USD $ 14.38 - -0.06 0.00
American Fund GBP Hedged £ 44.28 - -0.31 0.00
Frk Wrld Perspective Fd $ 20.31 - -0.16 0.00 GAM Star US All Cap Eqty USD Acc F $ 14.27 - -0.13 0.00 Multi-Manager Managed A Acc 238.00 - -1.30 0.40
Frk Euro High Yield € 6.73 - -0.01 4.47 Greater China - GBP £ 5.92 - -0.03 0.00
American Fund GBP Unhedged £ 53.05 - -0.35 -
Tem Africa $ 10.58 - -0.07 0.00 GAM Star Worldwide Eqty USD Acc F $ 3524.52 - -25.21 0.34 Multi-Manager Managed A Inc 233.70 - -1.20 0.39
Frk Euro Liquid Reserve € 4.36 - 0.00 0.00 Selected Asian P'folio $ 54.22 54.23 -0.60 0.00
Latin American Fund USD Class $ 14.58 - -0.19 0.00
Tem Asian Sml Comp Fd $ 41.05 - -0.21 0.00 Sterling Bond Acc 195.73 204.52 1.04 2.79
Frk Euro Short Dur Bond Fd € 10.16 - 0.00 0.00
Latin American Fund GBP Unhedged £ 9.52 - -0.10 -

Frk Europ Corp Bond Fd € 11.36 - 0.00 1.65

Tem BRIC $ 14.64 - -0.04 0.00 GYS Investment Management Ltd (GSY) Sterling Bond Inc 61.38 64.13 0.33 2.83
Regulated Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Taurus Emerging Fund Ltd $ 224.24 228.82 -9.41 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Tem China $ 26.28 - -0.13 0.00 Strategic Bond A Inc 128.40 - 0.10 5.43
Frk European Total Return € 10.12 - -0.02 1.28 Enquiries 0117 90090000
www.hl.co.uk
Tem Eastern Europe € 19.74 - -0.15 0.00 Authorised Inv Funds UK & Irish Smaller Companies A Acc 557.90 - -0.60 0.05
Frk Global Aggr.Inv.Grd Bond Fd $ 10.41 - 0.00 0.00
Hargreaves Lansdown Funds
Tem Emerging Mkts Sml Comp Fd $ 10.79 - -0.08 0.00 Generali International Limited Unit Trust UK Absolute Return A Acc 147.40 - -0.50 0.00
Frk Global Aggregate Bond Fd $ 9.88 - 0.00 1.17
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
HL Multi-Manager Special Situations Trust A Acc 279.29 293.98 -0.55 0.38
Tem Euroland € 20.94 - -0.18 0.00 International Insurances UK Alpha A Acc 118.60 - -1.10 0.93
Fleming Financial Trust Investment Fund Limited (NZ) Frk Global Income Fd $ 10.31 - -0.02 5.20 Global Multi-Strategy Managed $ 5.04 5.43 0.00 0.00
HL Multi-Manager Special Situations Trust M Acc 279.29 293.98 -0.55 0.38
Incorporated in New Zealand, Reg No 5141841
Tem European EUR € 22.74 - -0.17 0.00 UK Equity Income & Growth A Inc 650.10 - -3.60 3.38
Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand Frk Income $ 12.53 - -0.07 3.24 UK Multi-Strategy Managed £ 5.07 5.46 0.01 0.00
www.fftinvestmentfund.com HL Multi-Manager Income & Growth Trust A Acc 171.52 180.45 -1.29 3.69
info@fftinvestmentfund.com Tem Frontier Mkts Fund $ 18.57 - -0.07 0.00 UK Index A Acc 521.60 - -4.50 2.35
Frk US Government $ 9.44 - 0.02 1.99 EU Multi-Strategy Managed € 3.08 3.32 -0.04 0.00
Other International Funds HL Multi-Manager Income & Growth Trust M Acc 171.52 180.45 -1.29 3.69
Fleming FT Investment Fund Tem Growth (Euro) € 16.93 - -0.06 0.00 UK Property A Acc 193.08 203.24 0.05 4.04
Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00 Global Bond USD $ 3.54 3.81 0.01 0.00
Fleming Fund $ 3.83 3.93 0.01 - HL Multi-Manager Income & Growth Trust A Inc 105.04 110.50 -0.78 3.79
Tem Korea $ 5.72 - -0.03 0.00 UK Property A Inc 97.68 102.81 0.03 4.16
Frk US Low Duration Fd $ 9.91 - 0.00 0.46
HL Multi-Manager Income & Growth Trust M Inc 105.03 110.50 -0.79 3.79
Tem Thailand $ 19.69 - 0.08 0.00 UK Tracker A Acc 234.60 - -2.10 2.09
Frk US Total Return $ 11.34 - 0.02 1.28 Genesis Asset Managers LLP
HL Multi-Manager Balanced Managed Trust A Acc 191.15 201.06 -0.46 0.93
Other International Funds
US Growth A Acc 783.90 - 0.00 0.00
Tem Asian Bond $ 13.40 - -0.05 2.83 Emerging Mkts NAV £ 5.93 - -0.06 0.00
HL Multi-Manager Balanced Managed Trust M Acc 191.15 201.06 -0.46 0.93
Tem Asian Growth $ 31.85 - 0.01 0.29
Frontier Capital (Bermuda) Limited
Other International HL Multi-Manager Equity & Bond Trust A Inc 112.41 118.13 -0.47 2.30
Commercial Property-GBP Class £ 71.42 - -0.53 -
First State Investments (UK) (1200)F (UK)
Tem Emerging Markets $ 31.92 - -0.25 0.27 Guardian (UK)
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151 HL Multi-Manager Equity & Bond Trust M Inc 112.41 118.13 -0.47 2.30
23 St Andrew Square, Edinburgh, EH2 1BB Global Real Estate-GBP C Class £ 45.26 - -0.50 -
enquiries@firststate.co.uk Tem Emg Mkts Balanced AQdis $ 7.56 - -0.05 2.68 Insurances
Guardian Assurance HL Multi-Manager Equity & Bond Trust A Acc 150.61 158.28 -0.64 2.26
Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Authorised Funds Tem Emg Mkts Bd $ 16.70 - -0.07 6.65 Equity S-GH Class B £ 13.14 - -0.11 -
Asia Pacific A Shares 1018.50 - 7.97 0.01 HL Multi-Manager Equity & Bond Trust M Acc 150.62 158.28 -0.63 2.26
Managed Fund Bond £ 23.96 24.96 -0.17 -
Hermes Investment Funds Plc (IRL)
Tem Global $ 36.69 - -0.26 0.43 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Asia Pacific Leaders A Shares 501.89 - 2.93 0.22 HL Multi-Manager Strategic Bond Trust A Acc 167.93 173.11 -0.65 1.74
FCA Recognised
Tem Global (Euro) € 20.38 - -0.12 0.33 Choices Wth-Pfts Lg-tm 318.40 335.20 0.00 -
Hermes Abs Return Credit Fund Class F Acc £ £ 0.99 0.99 -0.01 -
Asia Sustainability A Shares 375.26 - 4.04 0.32 HL Multi-Manager Strategic Bond Trust M Acc 167.93 173.11 -0.65 1.74
Tem Global Balanced $ 23.60 - -0.12 0.61 Choices Wth-Pfts St-tm 270.00 284.20 0.00 -
Hermes Abs Return Credit Fund Class R Acc € € 1.94 1.94 -0.01 -
Emerging Markets Bond A Accumulation £ 1.20 - 0.00 4.77 HL Multi-Manager Strategic Bond Trust A Inc 141.00 145.35 -0.55 1.76
Fundsmith LLP (1200)F (UK)
Tem Global Bond $ 20.74 - -0.05 2.09 Choices Managed 637.98 671.56 -5.43 -
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Hermes Active UK Inflation Fund Class F Acc £ 1.26 1.26 0.02 0.00
Emerging Markets Bond A Income £ 1.06 - 0.00 4.92 HL Multi-Manager Strategic Bond Trust M Inc 141.01 145.35 -0.54 1.76
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Tem Global Bond (Euro) € 10.29 - -0.05 2.89 Authorised Inv Funds Choices Equity 730.73 769.19 -7.67 -
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.71 1.71 0.02 0.00
Global Agribusiness Fund A Accumulation 139.32 - -1.01 0.00 Fundsmith Equity T Acc 209.79 - -0.73 1.06 HL Multi Manager Emerging Markets A Acc 96.11 99.05 -1.07 0.00
Freedom With Pfts Long-Tm 218.70 230.20 0.00 -
Tem Global Equity Income A(Mdis) $ 10.57 - -0.08 3.91
HL Multi-Manager European A Acc 105.26 108.49 -0.17 0.14 Asset Management
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.73 3.73 0.06 0.00

Asset Management
Global Emerging Mkts A Shares 615.18 - 2.52 0.60 Fundsmith Equity T Inc 199.71 - -0.70 1.07

Asset Management
Freedom With Pfts Short-Tm 196.80 207.10 0.00 -
Global Emerging Mkts Leaders A Shares 433.64 - 1.57 0.55
Tem Global High Yield Fd F
Asset Management
$ 9.34 - -0.02 4.73

Freedom Managed 368.86 388.27 -2.55 -

HL Multi-Manager UK Growth A Acc 107.13 110.44 -0.60 0.17
Hermes Global Emerging Markets Fund Class F Acc £ 1.31 1.31 0.01 0.00

Tem Global Income $ 14.69 - -0.07 1.66 Hermes Global Emerging Markets Fund Class R Acc € 3.31 3.31 0.04 0.00
Global Emerging Mkts Sustainability A Acc 243.40 - 0.50 0.72 GAM Limited (2300)F (UK)
Freedom Equity 421.81 444.01 -3.56 -
Asset Management
Tem Global Smaller Cos $ 35.89 - -0.34 0.00 GAM Sterling Management Limited Hermes Global Equity Fund Class F Acc £ 1.58 1.58 0.00 0.00
Global Listed Infrastructure Acc 179.89 - 0.27 2.83 12 St James's Place London SW1A 1NX. 0800 919 927 Haussmann
Internet: gam.com Corp Pens Mananged 225.22 225.22 -1.92 - Other International Funds
Tem Global Total Return $ 17.49 - -0.05 3.44 Hermes Global Equity Fund Class R Acc € 4.14 4.14 0.00 0.00
Authorised Inv Funds Haussmann Cls A $ 2818.38 - 17.55 0.00
Global Listed Infrastructure Inc 142.16 - 0.21 2.89
GAM Funds OEIC Corp Pens Equity 238.55 238.55 -2.50 -
Tem Latin America $ 48.57 - -0.15 0.91 Hermes Global ESG Equity Fund Class F Acc £ 1.22 1.22 0.00 0.00
GAM Global Diversified Acc 4202.97 - -8.46 0.00 Haussmann Cls C € 2471.77 - 14.25 0.00
Global Opportunities A Shares 300.53 - -0.29 0.19

Asset Management
Class A Acc Corp Pens Fixed Interest 291.31 291.31 -2.90 -
GAM North American Gwth Acc 3328.85 - -53.13 0.00 Hermes Global High Yield Bond Fund Class F Acc £ 1.12 1.12 -0.01 0.00
Haussmann Cls D SFr 1314.25 - 7.47 0.00
Global Property Securities A Accumulation 170.29 - 0.23 1.87 Frk Biotech Discovery $ 36.69 - -0.37 0.00

GAM UK Diversified Acc 2007.18 - -15.02 0.99

Corp Pens Index Linked Asset Management 333.90 333.90 -3.19 - Asset Management
Hermes Global High Yield Bond Fund Class R Acc € 2.92 2.92 -0.01 0.00
Global Property Securities A Income 133.96 - 0.18 1.90 Frk Brazil Opportunities Fd $ 10.20 - -0.04 0.00
Corp Pens Deposit 190.55 190.55 0.00 -
Hermes Global Small Cap Fund Class F Acc £ £ 1.02 1.02 -0.01 -
Global Resources A Shares 230.79 - -1.20 0.75 Frk Euro S-Term Money Mkt Fd € 1011.74 - -0.03 0.00
Heartwood Wealth Management Limited (IRL)
Corp Pens Protector 340.68 340.68 -7.66 - Regulated
Hermes Global Small Cap Fund Class R Acc € € 2.01 2.01 0.00 -
GAM Limited (IRL) Heartwood Caut Multi Asset B Acc 143.31 - -0.37 0.00
Greater China Growth A Shares 597.57 - 4.05 0.37 Frk Euroland Fund € 21.00 - -0.17 0.00
FCA Recognised
Corp Pens UK Index Tracker £ 2.06 2.06 -0.02 -
GAM Fund Management Ltd Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.03 1.03 0.00 -
Indian Subcontinent A Acc 339.10 - 3.93 0.00 Frk European Growth € 16.59 - -0.10 0.00 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Guardian Linked Life Assurance Ltd
GAM Star Fund Plc Henderson Global Investors (UK) Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.04 1.04 0.00 0.00
Worldwide Equity Fund A Accumulation £ 1.30 - 0.00 0.04 Frk European Sml Mid Cap Gth € 37.46 - -0.04 0.00 Managed Acc £ 18.61 19.59 -0.13 -
GAM Star Asia-Pacific Eqty USD Acc F $ 13.59 - -0.07 0.67 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.35 1.35 -0.02 0.00
Worldwide Equity Fund A Income £ 1.32 - 0.00 0.02 Frk Gbl Equity Strategies Fd $ 11.75 - -0.07 0.00 Equity Acc £ 34.31 36.12 -0.29 -
GAM Star Asian Eqty USD Ord Acc F $ 16.68 - -0.15 0.00 Authorised Inv Funds
Asia Pacific Capital Growth A Acc 763.60 - 3.50 0.83 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.32 1.32 -0.02 1.67
Frk Gbl Fundamental Strat Fd $ 13.53 - -0.06 0.00 Fixed Interest Acc £ 16.78 17.66 -0.14 -
GAM Star Balanced GBP Acc £ 10.92 - -0.04 0.00
Asian Dividend Income Inc 97.63 103.03 0.33 5.70 Hermes Sourcecap EU Alpha Fund Class R Acc € 3.26 3.26 -0.04 0.00
International Acc £ 13.59 14.30 -0.07 -
Foord Asset Mgt (Guernsey) Ltd (GSY) Frk Global Conver.Securities $ 12.04 - -0.09 0.00 GAM Star Cap.Appr.US Eqty USD Inc F $ 19.01 - -0.18 0.00
Regulated Cautious Managed A Acc 245.70 - -0.80 3.07 Hermes Sourcecap EX UK Fund Class F Acc £ 1.40 1.40 -0.03 0.00
Foord International Trust $ 36.75 - 0.20 0.00 Frk Global Growth $ 14.71 - -0.14 0.00 International S-NA Acc £ 6.98 7.35 -0.04 -
GAM Star Cat Bond USD Acc $ 12.40 - 0.00 0.00
Cautious Managed A Inc 154.20 - -0.50 3.13 Hermes Sourcecap EX UK Fund Class R Acc € 3.30 3.30 -0.04 0.00
Frk Global Gth & Val $ 26.18 - -0.22 0.00 International S-PA Acc £ 4.22 4.44 -0.02 -
GAM Star Cautious GBP Acc £ 10.86 - -0.03 0.00
China Opportunities A Acc 961.40 - 1.40 0.34 Hermes UK Small & Mid Cap Fund Class F Acc £ 1.65 1.65 -0.01 0.00
Franklin Templeton International Services Sarl (IRL) Frk Global Sml Mid Cap Gth $ 31.51 - -0.11 0.00 International S-EU Acc £ 3.40 3.58 -0.02 -
GAM Star China Equity USD Acc F $ 29.37 - -0.05 0.38
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Emerging Markets Opportunities A Acc 153.50 - 0.90 0.40 Hermes UK Small & Mid Cap Fund Class R Acc € 4.95 4.95 -0.02 0.00
Other International Funds Frk Gold and Precious Mtls Fd F $ 3.89 - -0.08 0.00 Managed S-PR Acc £ 7.07 7.44 -0.05 -
GAM Star Cont European Eqty GBP Acc F £ 3.67 - -0.03 0.00
Franklin Emerging Market Debt Opportunities Fund Plc
European Growth A Acc 174.20 - -2.30 0.74 Hermes US SMID Equity Fund Class F Acc £ 1.65 1.65 -0.01 0.00
Franklin Emg Mkts Debt Opp CHFSFr 17.98 - 0.14 6.42 Fixed Interest S-IL Acc £ 6.34 6.67 -0.05 -
Frk India $ 31.70 - 0.02 0.00 GAM Star Cred Opportunities GBP Acc £ 13.03 - 0.00 3.98
European Selected Opportunities A Acc 1340.00 - -16.00 0.46 Hermes US SMID Equity Fund Class R Acc € 3.53 3.53 0.00 0.00
Franklin Emg Mkts Debt Opp EUR € 12.80 - 0.17 6.42 Deposit Accum £ 4.45 4.68 0.00 -
Frk Japan Fd ¥ 976.33 - 3.62 0.00 GAM Star Defensive GBP Acc £ 11.23 - -0.04 0.00
European Special Situations A Acc 94.66 - -0.29 1.05
Franklin Emg Mkts Debt Opp GBP £ 10.63 - 0.09 6.31 Guardian Pensions Management Ltd
Frk K2 Alt Strat Fd $ 10.60 - -0.02 - GAM Star Discretionary FX USD Acc F $ 12.98 - 0.00 0.00
Pens. Managed Acc. £ 24.10 25.37 -0.20 -
Franklin Emg Mkts Debt Opp SGD S$ 23.17 - 0.29 6.23
Fixed Interest Monthly Income A Inc 22.14 23.22 0.00 5.53 Hermes Property Unit Trust (UK)
Frk MENA Fund $ 7.23 - -0.01 0.00 GAM Star Dynamic Gbl Bd USD Acc H $ 10.18 - 0.01 1.51 Property & Other UK Unit Trusts
Pens. Equity Acc. £ 36.80 38.74 -0.39 -
Global Care Growth A Inc 211.80 - -1.30 0.11 Property £ 5.50 5.84 0.04 4.07
Franklin Emg Mkts Debt Opp USD $ 17.98 - 0.12 6.23
Frk Mutual Beacon $ 73.56 - -0.56 0.00 GAM Star Emerg. Market Rates USD Acc F $ 11.53 - -0.01 0.00
Global Equity Income A Inc 50.76 - -0.30 3.65
Frk Mutual European EUR € 26.06 - -0.13 0.00 GAM Star European Eqty USD Acc F $ 24.45 - -0.17 0.00
 18 | FTfm FINANCIAL TIMES Monday 8 June 2015

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Global Equity (acc) F 501.14 - -2.53 0.46 Balanced Risk 8 No Trail Acc 112.75 - -0.13 0.41 Tactical Bond (No Trail) Inc F 120.81 - 0.10 1.45 Invesco USD Reserve A $ 87.02 - 0.00 0.00 Fusion Balanced Acc 57.27xd - -0.20 0.00

Impax Asset Management (IRL) Global Equity (inc) F 457.08 - -2.31 0.46 Balanced Risk 10 No Trail Acc 116.57 - -0.18 0.54 UK Aggressive (No Trail) Acc F 181.31 - -1.66 2.12 Fusion Balanced Inc 57.26xd - -0.19 0.00
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FCA Recognised Global Equity Income Acc F 124.59 - -0.72 3.10 Corporate Bond (No Trail) Acc F 163.81 - 0.37 3.83 UK Aggressive (No Trail) Inc F 152.56 - -1.40 2.16 Invesco Global Asset Management Ltd (IRL) Fusion Conservative Acc 56.14xd - -0.17 0.00
Env Mkts (Ire) Stl A £ 2.35 - -0.02 0.00 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
Global Equity Income Inc F 103.86 - -0.60 3.18 Corporate Bond (No Trail) Inc F 117.84 - 0.26 3.92 UK Enhanced Index (No Trail) Acc F 414.41 - -3.76 3.29 FCA Recognised Fusion Conservative Inc 56.02xd - -0.17 0.00
Env Mkts (Ire) Euro A € 2.19 - -0.02 0.00 Invesco Stlg Bd A QD F £ 2.62 - 0.01 3.44
Gbl Financial Capital Acc 88.97 - -0.19 4.28 Distribution (No Trail) Acc F 169.81 - -0.50 4.07 UK Enhanced Index (No Trail) Inc F 263.29 - -2.38 3.37 Fusion Growth Acc 59.27xd - -0.25 0.00
Env Mkts (Ire) USD A $ 1.89 - -0.01 0.00 Invesco Asian Equity A $ 7.07 - -0.03 0.46
Gbl Financial Capital Inc 76.40 - -0.16 4.41 Distribution (No Trail) Inc F 114.38 - -0.34 4.14 UK Growth (No Trail) Acc F 158.18 - -1.49 2.14 Fusion Growth Inc 59.27xd - -0.25 0.00
Invesco ASEAN Equity A $ 101.70 - -0.19 0.38
Gbl Financial Cap Acc Gross 92.63 - -0.19 4.79 Emerging Countries (No Trail) Acc F 170.18 - 0.50 0.98 UK Growth (No Trail) Inc F 129.43 - -1.21 2.18 Fusion Growth + Acc 61.45xd - -0.29 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL) Invesco Bond A $ 26.77 - -0.07 2.35
www.invil.mu Gbl Financial Cap Inc Gross 76.57 - -0.16 4.97 Emerging Countries (No Trail) Inc F 160.40 - 0.47 0.98 UK Smaller Companies Equity (No Trail) Acc F 280.26 - -1.53 1.00 Fusion Growth + Inc 61.46xd - -0.28 0.00
Other International Funds Invesco Continental Eurp Small Cap Eqty A $ 208.16 - -4.79 0.00
NAV £ 7.57 - 0.00 0.00
Global Opportunities Acc F 102.05 - -0.31 0.44 Emerging European (No Trail) Acc F 74.63 - -0.53 3.26 UK Smaller Companies Equity (No Trail) Inc F 261.55 - -1.43 1.02 Fusion Income Acc...C 55.06xd - -0.20 2.50
Invesco Emerging Markets Equity A $ 39.74 - -0.21 0.00
Global Smaller Cos Acc F 1791.46 - -1.97 0.00 Emerging European (No Trail) Inc F 68.03 - -0.48 3.36 UK Strategic Income (No Trail) Acc F 742.36 - -6.47 3.25 Fusion Income Inc...C 52.64xd - -0.19 2.60
Invesco Emerging Markets Bond A $ 21.10 - -0.04 4.63
Intrinsic Value Investors (IVI) LLP (IRL)
Global Smaller Cos Inc F 1713.70 - -1.88 0.00 European Equity (No Trail) Acc F 156.25 - -1.99 2.60 UK Strategic Income (No Trail) Inc F 556.54 - -4.85 3.33 Global Allocation Acc 54.82 - -0.13 0.64
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Invesco Continental European Equity A € 9.25 - -0.09 0.18
FCA Recognised
IVI European Fund EUR € 18.57 - -0.16 0.00 Global Targeted Rets Acc 56.44 - -0.16 0.29 European Equity (No Trail) Inc F 131.97 - -1.69 2.67 US Equity (No Trail) Acc F 236.82 - 0.25 0.03 Global Allocation Inc 54.47 - -0.12 0.64
Invesco Gilt A £ 14.68 - 0.14 1.53

IVI European Fund GBP £ 18.50 - -0.17 0.98 High Income Acc F 827.54 - -8.28 3.30 European Equity Income (No Trail) Acc F 158.87 - -1.74 3.34 Global Bond exUK Acc 247.40 - 0.50 0.72
Invesco Global Small Cap Equity A NAV $ 130.56 - -1.59 0.00
High Income Inc F 464.78 - -4.65 3.38 European Equity Income (No Trail) Inc F 123.01 - -1.35 3.42 Global Bond exUK Inc 195.30 - 0.40 0.72
Invesco Global High Income A NAV $ 12.81 - -0.04 5.10
High Yield Fund Acc 110.01 - -0.06 4.56 European High Income (No Trail) Acc F 168.06 - -0.67 3.26 Global Bond Opport. Acc 50.35xd - -0.04 -
Invesco Gbl R/Est Secs A GBP F F £ 7.80 - 0.02 0.88
High Yield Fund Acc (Gross) 127.75 - -0.07 4.53 European High Income (No Trail) Inc F 123.43 - -0.50 3.31 Global Bond Opport. Inc 49.93xd - -0.04 -
Invesco Global Health Care A $ 140.18 - -1.04 0.00
High Yield Fund Inc 44.49 - -0.02 4.67 Invesco Perpetual High Yield Fund acc (No trail) 227.48 - -0.12 4.54 Invesco (LUX) Global Eq Income £ hdg Acc... C 69.63xd - -0.55 3.77
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 Invesco Global Select Equity A $ 14.20 - -0.18 0.00
FCA Recognised
Invesco Fund Managers Ltd (UK) High Yield Fund Inc (Gross) 44.55 - -0.03 4.67 Invesco Perpetual High Yield Fund inc (No trail) 171.37 - -0.09 4.65 Global Eq Income £ hdg Inc ... C 50.54xd - -0.40 3.87
Invesco Management SA Invesco Jap Eqty Core A $ 1.97 - -0.02 0.00
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Invesco Active Multi-Sector Credit Fund A € 2.96 - -0.01 0.00
Dealing: 0800 085 8571 Hong Kong & China Acc F 541.23 - -0.73 0.64 European Opportunities (No Trail) Acc F 177.43 - -2.76 0.67 Global Eq Income Acc... C 72.80xd - -0.44 3.74
Investor Services: 0800 085 8677 Invesco Japanese Equity A $ 19.42 - -0.17 0.00
www.invescoperpetual.co.uk Invesco Asia Balanced A dist $ 15.67 - -0.04 3.43
Income & Growth Acc F 979.38 - -8.49 3.47 European Opportunities (No Trail) Inc F 168.38 - -2.62 0.68 Global Eq Income Inc ... C 63.88xd - -0.38 3.84
Authorised Inv Funds Invesco Korean Equity A $ 33.13 - -0.17 0.00
INVESCO PERPETUAL Funds Invesco Asia Consumer Demand Fund A income $ 14.16 - -0.03 0.18
Income & Growth Inc F 434.55 - -3.77 3.56 European Smaller Companies (No Trail) Acc F 231.55 - -3.19 0.46 Global Equity Acc 1045.00 - -2.00 0.15
Asian Acc F 485.76 - 1.49 0.79 Invesco PRC Equity A $ 64.27 - -0.46 0.00
Invesco Asia Infrastructure (A) $ 14.24 - 0.03 1.37
Income Acc F 3207.77 - -30.24 3.09 Global Balanced Index (No Trail) Acc F 160.00 - -0.66 1.70 Global Equity Inc 77.69 - -0.10 0.14
Asian Inc F 436.29 - 1.34 0.79 Invesco Pacific Equity A $ 53.42 - -0.44 0.16
Invesco Asia Opportunities Equity A $ 114.64 - -0.50 0.00
Income Inc F 1811.74 - -17.08 3.16 Global Bond (No Trail) Acc F 135.90 - 0.44 1.42 Global Financials Acc 777.20 - -4.60 0.80
Asian Equity Income Acc F 65.68 - 0.29 3.85 Invesco Global Technology A $ 16.08 - -0.12 0.00
Invesco Balanced Risk Allocation Fund A € 15.30 - -0.02 0.00
Japan Acc F 334.42 - -1.44 0.28 Global Bond (No Trail) Inc F 123.57 - 0.39 1.43 Global Financials Inc 44.20 - -0.26 0.81
Asian Equity Income Inc F 55.96 - 0.25 3.97 Invesco UK Eqty A £ 8.88 - -0.08 1.22
Invesco Capital Shield 90 (EUR) A € 12.25 - 0.01 0.00
Japanese Smlr Cos Acc F 66.73 - 0.22 0.00 Glbl Distribution Acc (No Trail) 108.52 - -0.30 3.52 Global High Yield Bd Mth Inc C 39.24xd - -0.08 6.24
Balanced Risk 6 Acc 53.62 - -0.06 0.00
Invesco Emerging Europe Equity Fund A $ 8.51 - -0.13 0.00
Balanced Risk 8 Acc 55.47 - -0.07 0.00
Latin America Acc F 123.98 - 0.22 1.26 Glbl Distribution Inc (No Trail) 104.58 - -0.28 3.59
Asset Management
Global High Yield Bd Acc C 101.60xd - -0.20 6.17

et Management
Asset Management Asset Management
Invesco Emerging Local Currencies Debt A Inc $ 7.73 - -0.04 6.36
Latin America Inc F 104.27 - 0.18 1.27 Global Equity (No Trail) acc F 220.73 - -1.11 0.94 Global High Yield Bd Inc C 39.38xd - -0.08 6.26
Balanced Risk 10 Acc 57.36 - -0.09 0.12
Invesco Emerging Mkt Quant.Eq. A $ 11.03 - -0.05 0.00
Managed Growth Acc F 170.59 - -0.85 0.76 Global Equity (No Trail) inc F 206.57 - -1.04 0.95 Global Property Secs Acc 57.85 - -0.21 0.72
Childrens Acc F 436.05 - -5.71 1.60
Invesco Energy A $ 22.86 - -0.30 0.00
Managed Growth Inc F 142.02 - -0.70 0.76 Global Equity Income (No Trail ) Acc F 257.15 - -1.49 3.09 Global Property Secs Inc 50.15 - -0.18 0.72
Corporate Bd Acc (Gross) F 206.32 - 0.46 3.57 Invest AD
Invesco Euro Corporate Bond Fund (A) € 17.31 - 0.00 0.00 Client services: +971 2 692 6101 clientservices@InvestAD.com
Managed Income Acc F 166.07 - -0.70 2.95 Global Equity Income (No Trail) Inc F 214.36 - -1.25 3.16 Income Acc 50.69xd - 0.02 -
Corporate Bd Inc (Gross) F 89.26 - 0.20 3.67 Other International Funds
Invesco Euro Inflation Linked Bond A € 15.42 - 0.09 0.00 Invest AD - Iraq Opportunity Fund $ 65.75 - 1.26 0.00
Managed Income Inc F 102.55 - -0.43 3.01 Global ex UK Core Equity Index ( No Trail) Acc F 176.63 - -0.50 1.25 Income Inc 48.28xd - 0.02 -
Corporate Bond Acc F 184.23 - 0.41 3.59
Invesco Euro Reserve A € 322.89 - 0.00 0.00 Invest AD - Emerging Africa Fund $ 1123.64 - -3.56 0.00
Money Acc F 90.09 - 0.00 0.23 Global ex UK Enhanced Index ( No Trail) Acc F 206.75 - -0.62 1.65 Japan Acc 290.90 - 1.20 0.00
Corporate Bond Inc F 89.15 - 0.20 3.67
Invesco European Bond A € 7.03 - 0.01 0.00 Invest AD - GCC Focus Fund $ 1777.58 - 2.26 0.00
Money Acc (Gross) F 95.19 - 0.00 0.23 Gbl Fin Cap No Trail Acc 180.91 - -0.38 4.27 Japan Inc 70.02 - 0.28 0.00
Distribution Acc F 110.93 - -0.33 4.08
Invesco European Growth Equity A € 25.11 - -0.16 0.00
Monthly Income Plus Acc F 301.11 - -0.31 4.58 Gbl Fin Cap No Trail Inc 155.38 - -0.33 4.40 Multi-Asset Inc Mth Inc 66.34xd - -0.24 3.68
Distribution Acc (Gross) F 126.48 - -0.37 4.06
Invesco Global Absolute Return Fund A Class € 11.48 - -0.02 0.00
Monthly Income Plus Acc (Gross) F 352.45 - -0.35 4.56 Global Opportunities (No Trail) Acc F 262.02 - -0.80 0.91 Multi-Asset Inc Acc... C 87.20xd - -0.31 3.68
Distribution Inc F 65.63 - -0.20 4.16
Invesco Global Bond A Inc $ 5.50 - -0.02 0.97
Monthly Income Plus Inc F 112.88 - -0.11 4.68 Global Smaller Companies (No Trail) Acc F 261.15 - -0.28 0.37 Multi-Asset Inc Inc... C 66.59xd - -0.24 3.77
Distribution Inc (Gross) F 65.64 - -0.19 4.16
Invesco Global Equity Income Fund A $ 62.10 - -0.88 0.00
Monthly Income Plus Inc (Gross) F 113.01 - -0.11 4.68 Global Smaller Companies (No Trail) Inc F 251.19 - -0.27 0.37 Multi-Asset Macro Acc 63.20 - 0.02 0.00
Emerging Countries Acc F 260.22 - 0.76 0.49

Asset Management
Invesco Global Inc Real Estate Sec A dist $ 9.38 - -0.04 2.18 JPMorgan Asset Mgmt (1200)F (UK)

Asset Management
Pacific Acc F 1078.24 - -0.26 0.34 Global Targeted Rets (No Trail) Acc 113.84 - -0.32 0.83 60 Victoria Embankment, London EC4Y 0JP Multi-Asset Macro Inc 63.20 - 0.02 0.00
Emerging Countries Inc F 236.75 - 0.69 0.49
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Invesco Global Inv Grd Corp Bond A Dist $ 11.74 - 0.03 3.02
Pacific Inc F 990.34 - -0.24 0.34 High Income (No Trail) Acc F 176.56 - -1.77 3.28 Authorised Inv Funds Multi-Manager Growth Acc 746.90 - -1.80 0.45
Emerging European Acc F 35.95 - -0.26 2.68 JPM Retail OEIC (A class unless stated)
Invesco Global Leisure A $ 36.86 - -0.20 0.00 America Equity Acc 60.49 - 0.08 0.00
Tactical Bond Acc F 69.35 - 0.06 0.95 High Income (No Trail) Inc F 132.17 - -1.32 3.37 Multi-Manager Growth Inc 697.10 - -1.70 0.45
Emerging European Inc F 33.64 - -0.24 2.74
Invesco Global Smaller Comp Eq Fd A $ 58.90 - -0.86 0.00 America Equity Inc 60.49 - 0.08 0.00
Tactical Bond Inc F 60.35 - 0.05 0.96 Hong Kong & China (No Trail) Acc F 214.17 - -0.28 1.08 Natural Resources Acc 471.80 - -4.40 0.09
European Equity Acc F 886.88 - -11.35 2.12
Invesco Global Structured Equity A $ 47.73 - -0.31 0.72 Asia Acc 131.00 - 0.40 0.29
Tactical Bond Acc (Gross) F 71.87 - 0.06 0.95 Income & Growth (No Trail) Acc F 230.06 - -1.99 3.45 Natural Resources Inc 33.41 - -0.31 0.09
European Equity Inc F 750.37 - -9.60 2.16
Invesco Global Total Ret.(EUR) Bond Fund A € 13.39 - 0.01 0.00 Asia Inc 72.71 - 0.22 0.29
Tactical Bond Inc (Gross) F 60.40 - 0.05 0.96 Income & Growth (No Trail) Inc F 186.25 - -1.61 3.55 New Europe Acc 145.60 - 0.20 2.49
European Equity Income Acc F 77.29 - -0.85 3.35
Invesco Gold & Precious Metals A $ 4.82 - -0.06 0.00 Cautious Managed Rt Acc 67.48xd - 0.04 0.12
UK Aggressive Acc F 220.87 - -2.03 1.63 Income (No Trail) Acc F 175.88 - -1.65 3.08 New Europe Inc 34.64 - 0.04 2.45
European Equity Income Inc F 59.82 - -0.66 3.43
Invesco Greater China Equity A $ 51.40 - -0.33 0.00 Cautious Managed Rt Inc 59.37xd - 0.03 0.12
UK Aggressive Inc F 183.94 - -1.69 1.65 Income (No Trail) Inc F 130.77 - -1.23 3.15 Portfolio Acc 207.50xd - -1.40 0.63
European High Income Acc F 81.72 - -0.33 3.26
Invesco India Equity A $ 53.63 - 0.58 0.00 Diversified Real Ret Acc 52.73 - 0.15 1.05
UK Growth Acc F 599.36 - -5.64 1.66 Japan (No Trail) Acc F 158.55 - -0.68 0.72 Sterling Corporate Bond Acc 82.38xd - 0.41 2.39
European High Income Inc F 60.02 - -0.24 3.32
Invesco Japanese Equity Adv Fd A ¥ 4091.00 - -13.00 0.00 Diversified Real Ret Inc 51.48 - 0.15 1.04
UK Growth Inc F 380.26 - -3.58 1.69 Japanese Smaller Companies (No Trail) Acc F 169.62 - 0.58 0.00 Sterling Corporate Bond Inc 52.05xd - 0.26 2.40
European Opportunities Inc F 82.95 - -1.29 0.16
Invesco Japanese Value Eq Fd A ¥ 1348.00 - -4.00 0.00 Emerging Mkts Acc 148.90 - 0.70 0.70
UK Smaller Cos Equity Acc F 862.72 - -4.73 0.55 Latin American (No Trail) Acc F 119.62 - 0.22 1.92 Strategic Bond Acc 69.30xd - -0.03 2.86
European Opportunities Acc F 84.94 - -1.32 0.16
Invesco Latin American Equity A $ 7.25 - -0.05 0.00 Emerging Mkts Inc 64.02 - 0.30 0.70
UK Smaller Cos Equity Inc F 665.33 - -3.65 0.55 Latin American (No Trail) Inc F 109.24 - 0.20 1.94 Strategic Bond Inc 58.00xd - -0.02 2.87
European Smlr Cos Acc F 188.96 - -2.61 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1073.00 - 1.00 0.00 Emrg Mkts Inc Acc... C 55.62xd - 0.46 4.00
UK Strategic Income Acc F 187.30 - -1.64 3.26 Managed Growth (No Trail) Acc F 206.44 - -1.02 1.18 UK Active Index + E Acc 291.90 - -2.50 2.94
Global Bd Acc (Gross) F 128.67 - 0.41 1.17
Invesco Pan European Equity A EUR Cap NAV € 20.87 - -0.19 0.00 Emrg Mkts Inc Inc... C 50.03xd - 0.41 4.12
UK Strategic Income Inc F 140.41 - -1.22 3.34 Managed Growth (No Trail) Inc F 189.84 - -0.94 1.19 UK Active Index + E Inc 55.05 - -0.47 2.94
Global Bd Inc (Gross) F 79.71 - 0.26 1.18
Invesco Pan European High Income Fd A € 14.26 - -0.03 1.89 Europe Acc 1081.00 - -14.00 1.44
US Equity Acc F 569.93 - 0.59 0.00 Managed Income (No Trail) Acc F 198.68 - -0.83 2.94 UK Dynamic Acc 163.50 - -1.60 1.31
Global Bond Acc F 121.04 - 0.39 1.17
Invesco Pan European Small Cap Equity A € 22.65 - -0.21 0.00 Europe Inc 62.24 - -0.77 1.44
Invesco Perpetual Funds (No Trail) Managed Income (No Trail) Inc F 164.54 - -0.69 3.00 UK Dynamic Inc 134.90 - -1.30 1.32
Global Bond Inc F 79.66 - 0.26 1.18
Asian (No Trail) Acc F 203.12 - 0.63 1.26
Invesco Pan European Structured Equity A € 17.31 - -0.10 0.00 Eur Dynamic exUK Acc 166.50 - -2.10 0.79
Monthly Income Plus (No Trail) Acc F 173.29 - -0.17 4.57 UK Eq & Bond Inc Acc ... C 143.10xd - -0.70 3.22
Glbl Distribution Acc 53.98 - -0.15 3.98
Asian (No Trail) Inc F 184.69 - 0.57 1.28
Invesco UK Eqty Income A £ 32.08 - -0.30 0.00 Eur Dynamic exUK £ hdg Acc 189.90 - -1.80 0.69
Monthly Income Plus (No Trail) Inc F 111.01 - -0.11 4.67 UK Eq & Bond Inc Inc ... C 84.63xd - -0.42 3.29
Glbl Distribution Acc (Gross) 54.49 - -0.14 3.98
Asian Equity Income (No Trail) Acc F 134.15 - 0.60 3.84
Invesco UK Investment Grade Bond A £ 0.98 - 0.01 2.91 Eur Dynamic exUK Inc 76.44 - -0.95 0.78
Pacific (No Trail) Acc F 199.58 - -0.05 0.77 UK Higher Inc Acc ... C 927.50 - -8.40 3.78
Glbl Distribution Inc 52.02 - -0.14 4.00
Asian Equity Income (No Trail) Inc 114.31 - 0.50 3.95
Invesco US Structured Equity A $ 21.85 - -0.18 0.00 Eur Smaller Cos Acc 468.60 - -7.00 0.00
Pacific (No Trail) Inc F 189.43 - -0.04 0.84 UK Higher Inc Inc ... C 552.10 - -5.00 3.90
Glbl Distribution Inc (Gross) 52.02 - -0.14 4.00
Balanced Risk 6 No Trail Acc 109.02 - -0.11 0.15
Invesco US Value Eq Fd A $ 33.74 - -0.26 0.00 Eur Smaller Cos Inc 60.95 - -0.90 0.00
Tactical Bond (No Trail) Acc F 141.68 - 0.12 1.44 UK Managed Equity Acc 68.67xd - -0.61 2.00
FINANCIAL TIMES Monday 8 June 2015 FTfm | 19

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

UK Managed Equity Inc 58.03xd - -0.53 2.02 Diversified Income B Inc 106.57 - -0.10 4.96 Emerging Markets Acc 258.60 - 1.60 1.59 Convertible Bd Asia PA F $ 15.49 - -0.07 0.00 Vantage 3000 (EUR) MA € 10.65 - -0.02 0.00 (Accum Units) 6910.33 - -32.53 4.23

UK Smaller Cos Acc 373.30 - -0.60 0.00 Diversified Growth A Acc 136.07 - -0.44 2.41 Emg Mkts Inc 228.70 - 1.40 1.60 Emerg. Consumer (CHF) PA SFr 12.81 - -0.09 0.00 PrivilEdge M&G Property Portfolio A Acc 128.84 135.62 0.02 3.73
Inc.Pt.RMB Dt.CNH PA CNH 102.20 - 0.03 -
UK Smaller Cos Inc 72.49 - -0.12 0.00 Ethical Cautious Managed A Acc 168.08 - -0.52 1.68 European Alpha Acc 669.60 - -7.90 0.77 Emerg. Consumer (EUR) PA € 12.92 - -0.09 0.00 Property Portfolio A 119.87 126.17 0.01 3.81
Inc.Pt.RMB Dt.SH CHF PA SFr 10.16 - -0.01 -
UK Strategic Eq Inc Acc ... C 156.30xd - -1.10 3.37 Ethical Cautious Managed A Inc 139.56 - -0.43 1.70 European Alpha Inc 616.50 - -7.30 0.72 Emerg. Consumer (USD) PA $ 12.92 - -0.09 0.00 Property Portfolio X 119.86 119.86 0.00 3.80
Inc.Pt.RMB Dt.SH EUR PA € 10.21 - -0.01 -
UK Strategic Eq Inc Inc ... C 102.90xd - -0.80 3.48 Ethical Corporate Bond A Acc 194.74 - 0.90 3.19 European Smaller Cos Acc 429.20 - -5.60 0.46 Emerg.Eq. Risk Par.(EUR) PA € 8.90 - -0.09 0.00
Inc.Pt.RMB Dt.USD PA $ 10.27 - 0.00 -
UK Strategic Gth Acc 113.90 - -1.30 1.15 Ethical Corporate Bond A Inc 111.24 - 0.51 3.18 Global Equity Income Acc 141.50 - -0.60 5.25 Emerg. Eq. Risk Par.(USD) PA $ 7.02 - -0.06 0.00 M & G (Guernsey) Ltd (GSY)
Jenn. US Eq.Opp. USD PA $ 10.35 - -0.08 - Regulated
UK Strategic Gth Inc 106.30 - -1.10 1.17 Ethical Equity A Acc 179.77 - -1.75 1.01 Global Equity Income Inc 98.81 - -0.41 5.41 Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.03 - -0.02 0.00 The M&G Offshore Fund Range
Neubrg.Berman US Core PA $ 14.64 - -0.16 0.00 Corporate Bond 1317.00 1357.73 6.32 3.04
US Acc 732.10 - -1.00 0.00 High Yield Bond A Acc 117.93 - -0.27 3.68 Managed Bal Inc 141.90 - -0.70 1.83 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.49 - -0.07 0.00
Sands US Growth PA € 14.15 - -0.11 0.00 Global Basics 2505.93 2583.43 -8.95 0.00
US Inc 101.30 - -0.20 0.00 High Yield Bond A Inc 54.40 - -0.12 3.68 UK Income Acc 1222.00 - -9.00 4.04 Emerg.Loc.Cur.Bd.Fdt PA € 11.60 - -0.10 0.00
Sands US Growth PA $ 17.15 - -0.14 0.00 Global Leaders 3517.15 3663.69 -19.29 1.15
US Equity Income Acc ... C 122.20xd - 0.00 2.00 Investment Grade Bond A Acc 158.62 - 0.69 3.05 UK Income Inc 615.00 - -4.40 4.12 Emerg.Loc.Cur.Bd.Fdt PA $ 9.09 - -0.07 0.00
Will.Blair Gbl. Ldrs PA € 16.20 - -0.13 0.00 Global High Yield Bond 1000.79 1031.75 -0.99 4.14
US Equity Income £ hdg Inc ... C 101.90xd - -0.80 2.12 Investment Grade Bond A Inc 116.93 - 0.51 3.06 UK Omega Acc 217.80 - -2.10 0.41 Euro BBB-BB Fdt PA SFr 15.69 - -0.01 0.00
Will.Blair Gbl. Ldrs PA $ 13.63 - -0.09 0.00 Global Macro Bond Fund 11264.00 11612.38 77.86 0.97
US Equity Income Inc ... C 104.80xd - 0.00 2.03 Sterling Corporate Bond A Acc 69.10 - 0.02 2.90 UK Omega Inc 208.10 - -2.10 0.45 Euro BBB-BB Fdt PA € 12.44 - 0.00 0.00
North American Dividend Fund 164.69 171.56 -0.21 0.54
US Select Acc 114.50 - 0.00 0.00 Sterling Corporate Bond A Inc 31.05 - 0.01 2.89 UK Smaller Cos Inc 1807.00 - -8.00 0.80 Euro BBB-BB Fdt PA £ 10.97 - 0.00 0.00
Lothbury Property Trust (UK) Optimal Income Fund 143.01 147.43 0.08 2.16
US Select Inc 113.10 - 0.00 0.00 Strategic Bond A Acc 181.96 - 0.92 2.10 Euro BBB-BB Fdt PA $ 17.64 - -0.01 0.00 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Property & Other UK Unit Trusts Recovery Fund Limited 'A' Participating Shares 11425.58 11901.65 -74.79 0.57
US Smaller Cos Acc 407.10 - -0.40 0.00 Strategic Bond A Inc 121.30 - 0.60 2.10 Lloyds Investment Fund Managers Limited (1000)F (JER) Euro Credit Bd PA F € 12.91 - 0.01 0.00 Lothbury Property Trust GBP £ 1701.80 1823.15 9.22 3.34
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Recovery Fund Limited 'I' Participating Shares 11474.13 11590.03 -75.91 1.32
US Smaller Cos Inc 106.70 - -0.10 0.00 UK Equity Absolute Return A Acc 119.46 - -0.19 0.00 Other International Funds Euro Government Fdt PA € 12.35 - 0.03 0.00
Lloydstrust Gilt £ 12.0800 - 0.1300 2.58 Strategic Corporate Bond Fund 133.18 138.73 0.36 2.78
UK Equity A Acc 239.57 - -2.70 1.12 Euro Inflation-Lk Fdt PA € 11.92 - 0.03 0.00
Lloyds Investment Funds Limited UK Growth 1639.27 1707.58 -15.35 0.94
Euro High Income € 1.6470 - 0.0050 3.03
JPMorgan Charity Funds (UK) UK Equity Income A Acc 208.20 - -1.76 4.27 Euro Resp.Corp. Fdt PA € 18.24 - 0.01 0.00
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175
Property & Other UK Unit Trusts UK Equity Income A Inc 163.84 - -1.38 4.40 European £ 8.1120 - -0.0420 1.32 Europe High Conviction PA € 12.14 - -0.08 0.00
UK Equity Fund for Charities I...C £ 2.937350 2.948450 -0.026390 3.30
High Income £ 0.8756xd - 0.0048 5.06 M & G Securities (1200)F (UK)
UK Opportunities A Acc 175.76 - -1.89 0.97 Eurozone Small&Mid Caps PA € 52.85 - -0.26 0.00
PO Box 9039, Chelmsford, CM99 2XG
Bond Fund for Charities £ 1.346870 1.353060 0.009900 3.69
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
UK Smaller Companies A Acc 275.04 - -1.91 0.26 International £ 4.3950 - -0.0200 1.12 Fdmt.Eq.L/S SH Sd EUR PA € 10.95 - 0.00 - Authorised Inv Funds
Charifund Inc 1510.83 - -10.57 4.44
North American £ 16.3200 - -0.0600 0.16 Fdmt.Eq.L/S SH Sd USD PA $ 10.95 - -0.01 -
Majedie Asset Management LTD (UK)
Charifund Acc 20281.70 - -141.96 4.31 www.majedie.com
Sterling Bond £ 1.4790 - 0.0100 3.59
Kames Capital Investment Portfolios ICVC (UK) Gbl.Gvt.Fdmt PA € 10.47 - -0.01 0.00
Authorised Inv Funds
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA M&G Corporate Bond A Acc 62.20 - 0.30 3.08 Global Equity X Acc GBP £ 1.16 - -0.01 -
0800 45 44 22 www.kamescapital.com UK £ 7.4060 - -0.0550 1.45 Gbl.Gvt.Fdmt.(CHF) PA SFr 22.12 - -0.01 0.00
Authorised Funds
M&G Corporate Bond A Inc 39.56 - 0.19 3.08 Global Focus X Acc GBP £ 1.17 - -0.01 -
Property Income B Acc 114.46 - -0.08 - Lloyds Gilt Fund Limited Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.49 - 0.01 0.00
GAM Lloyds Gilt Fund Quarterly Share £ 1.2550 - 0.0140 2.05
funds@gam.com, www.jbfundnet.com M&G Dividend A Inc 64.44 - -0.64 3.99 UK Equity X Acc 152.81 - -2.29 2.59
Property Income B Inc 108.79 - -0.08 - Gbl.5B Fdmt (EUR) PA € 11.79 - -0.01 0.00
Regulated Monthly Share £ 1.2050xd - 0.0130 2.05
JB BF ABS-EUR B € 105.49 - -0.01 0.00 M&G Dividend A Acc 625.86 - -6.29 3.86 UK Focus X Acc 169.31 - -1.60 2.03
Gbl.5B Fdmt (CHF) PA SFr 10.16 - 0.00 0.00
Lloyds Money Fund Limited
JB BF Abs Ret Def-EUR B € 112.52 - 0.00 0.00 M&G Episode Growth X Inc 53.79xd - -0.09 1.84 UK Income X Inc 164.70 - 0.31 4.13
Kames Capital VCIC (IRL) Sterling Class £ 52.5730 - 0.0000 0.13
Gbl.5B Fdmt SH (USD) PA $ 11.06 - 0.00 0.00
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
JB BF Abs Ret EM-USD B $ 119.07 - -0.20 0.00 FCA Recognised M&G Episode Income A Acc 142.86xd - -0.22 3.45 UK Smaller Companies A Acc 267.26 - -1.26 1.58
Lloyds Multi Strategy Fund Limited
Generation Global (CHF) PA F SFr 13.22 - -0.12 0.00
Absolute Return Bond B GBP Acc 1077.65 - -0.09 - Conservative Strategy £ 1.1000xd - 0.0090 1.97
JB BF Abs Ret-EUR B € 132.12 - 0.02 0.00 M&G Episode Income A Inc 120.87xd - -0.19 3.52
Generation Global (EUR) PA F € 20.66 - -0.19 0.00
Eq Market Neutral B Acc 1022.16 - -1.57 - Growth Strategy £ 1.5330xd - -0.0070 1.32

Asset Management
JB BF Abs Ret Pl-EUR B € 131.01 - 0.04 0.00 M&G Extra Income A Inc 751.44xd - -4.08 4.30
Majedie Asset Management LTD (IRL)
Generation Global (USD) PA F $ 15.88 - -0.13 0.00 FCA Recognised
Eq Market Neutral Plus B Acc 1035.27 - -3.27 - Aggressive Strategy £ 1.9190xd - -0.0180 0.00
JB BF EM Corporate-USD B $ 109.37 - -0.14 0.00 M&G Extra Income A Acc 6096.67xd - -33.12 4.18 US Equity Z Acc GBP £ 1.29 - -0.01 -
Global Energy (USD) PA F $ 8.81 - -0.15 0.00
High Yield Global Bond A GBP Inc 544.71 - -1.32 3.45 Global USD Growth Strategy $ 1.4830 - -0.0100 0.00
JB BF EM Infl Link-USD B $ 91.60 - -0.22 0.00 M&G Global Basics A Inc 680.93 - -2.43 0.27 Tortoise Z Acc GBP £ 1.03 - -0.01 0.00
Golden Age (CHF) PA F SFr 22.89 - -0.17 0.00
High Yield Global Bond B GBP Inc 1131.70 - -2.74 3.95 Dealing Daily
JB BF EM Inv Grade-USD B $ 101.30 - -0.25 0.00 M&G Global Basics A Acc 1027.94 - -3.67 0.27
Golden Age (EUR) PA € 15.51 - -0.11 0.00
Investment Grade Global Bd A GBP Inc 560.71 - 1.55 2.27
JB Emerging (EUR)-EUR B € 338.89 - -1.07 0.00 M&G Global Dividend Fund A Acc 207.01 - -0.99 3.07
Golden Age (USD) PA F $ 21.56 - -0.15 0.00
Kames Global Equity Income B GBP Acc 1161.21 - -4.76 -
JB Emerging (USD)-USD B $ 412.38 - -1.34 0.00 M&G Global Dividend Fund A Inc 165.72 - -0.79 3.13
Sh.T- Money Mkt EUR PA € 112.37 - 0.00 0.00
Kames Global Equity Income B GBP Inc 1118.82 - -4.58 -
JB BF Local EM-USD B $ 276.30 - -1.31 0.00 M&G Glbl Emrgng Mkts A Acc 215.00 - 0.91 0.80
Sh.T- Money Mkt CHF PA SFr 129.09 - 0.00 0.00
Strategic Global Bond A GBP Inc 1107.92 - 1.42 1.13
JB BF Total Ret-EUR B € 99.74 - -0.23 0.00 Lombard Odier Funds (Europe) S.A (LUX) M&G Glbl Emrgng Mkts A Inc 207.72 - 0.89 0.80 MFS Investment Funds (LUX)
www.loim.com Sh.T- Money Mkt GBP PA £ 10.26 - 0.00 0.00 FCA Recognised
Strategic Global Bond B GBP Inc 628.35 - 0.83 1.63
Regulated Blend.Research Gb.Eq.Fd. € 106.09 - -1.04 -
JB EF Abs Ret Eur-EUR B € 119.75 - 0.00 0.00 M&G Global Macro Bond Fund A Acc 107.93xd - 0.75 0.97
Lombard Odier Funds Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00
Absolute Ret Bond (EUR) PA € 12.10 - 0.00 0.00 Blend.Research Gb.Eq.Fd. £ 104.67 - -1.11 -
JB EF Euro Value-EUR B € 209.97 - -2.58 0.00 M&G Global Macro Bond Fund A Inc 75.00xd - 0.52 0.97
Sw.Fr.Bd(For) PA SFr 23.87 - -0.04 0.00
Kleinwort Benson Bank (UK)
Blend.Research U.S.Core Eq.Fd. ¥ 10874.00 - -75.00 -
Absolute Ret Bond (USD) PA $ 17.75 - 0.01 0.00 M&G Global High Yield Bond X Inc 50.90xd - -0.05 4.17
JB EF Japan-JPY B ¥ 19201.00 - -118.00 0.00 14 St. George Street, Mayfair, London W1S1FE
Dealing and enquiries: 0800 024 2400 Sw.Fr.Credit Bd(For) PA SFr 13.75 - -0.02 0.00
All Roads (CHF) PA SFr 17.87 - -0.04 0.00 Blend.Research Gb.Eq.Fd. $ 105.66 - -0.88 -
JB EF Luxury B-EUR B € 233.56 - -1.48 0.00 Authorised Inv Funds M&G Global High Yield Bond X Acc 118.36xd - -0.11 4.16
Unit Trust Manager/ACD - Host Capital Tactical Alpha (CHF) PA SFr 10.27 - 0.01 0.00
HC KB Capital Growth A Acc 169.39 - -0.73 1.36 All Roads (USD) PA $ 11.33 - -0.03 0.00 Em.Mk.Eq.Fund Euro € 120.67 - -1.41 0.00
JB Ms EF Special Val. EUR/A € 152.57 - -1.24 0.71 M&G Managed Growth X Inc 82.45xd - -0.20 0.63
Tactical Alpha (EUR) PA € 10.54 - 0.01 0.00
HC KB Capital Growth A Inc 158.62 - -0.67 1.38 All Roads (GBP) PA £ 11.56 - -0.03 0.00 Em.Mk.Eq.Fund Sterling £ 104.20 - -1.30 0.00
JB Strategy Balanced-CHF/B SFr 155.34 - -0.55 0.00 M&G Optimal Income A Inc 144.32 - 0.08 2.17
Tactical Alpha (USD) PA $ 15.12 - 0.01 0.00
HC KB Enterprise Equity Income A Inc 116.30 - -0.81 3.78 All Roads (EUR) PA € 11.50 - -0.02 0.00 Em.Mk.Eq.Fd.US Dollar $ 103.98 - -1.06 0.00
JB Strategy Balanced-EUR € 161.68 - -0.56 0.00 M&G Optimal Income A Acc 189.21 - 0.10 2.17
Technology PA € 14.24 - -0.18 0.00
HC KB Enterprise Equity Income A Acc 169.00 - -1.17 3.69 Alpha Japan (EUR) PA F € 12.52 - 0.03 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 8778.00 - -52.00 5.99
JB Strategy Balanced-USD/B $ 135.49 - -0.44 0.00 M&G Recovery GBP A Inc 132.40 - -0.88 0.90
Technology PA $ 21.62 - -0.27 0.00
HC KB Endeavour Multi Asset Balanced A Acc 135.49 - -0.52 0.81 Alpha Japan (CHF) PA F SFr 15.69 - 0.04 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 10993.00 - -31.00 5.71
JB Strategy Growth-CHF/B SFr 96.69 - -0.56 0.00 M&G Recovery GBP A Acc 296.23 - -1.97 0.89
Wld Gold Expertise PAF SFr 11.82 - -0.20 0.00
HC KB Endeavour Multi Asset Balanced A Inc 128.76 - -0.50 0.81 Alpha Japan (JPY) PA F ¥ 1485.00 - 3.00 0.00 Gb.Conc.Eq.Fd.Euro € 280.41 - -2.69 0.00
JB Strategy Growth-EUR € 122.84 - -0.72 0.00 M&G Strategic Corp Bond A Inc 73.40xd - 0.20 2.83
Wld Gold Expertise PA € 9.40 - -0.15 0.00
HC KB Enterprise Fixed Income A Acc 123.15 - 0.22 3.44 Alpha Japan (USD) PA F $ 17.98 - 0.04 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 172.03 - -1.78 0.00
JB Strategy Inc-CHF/B SFr 122.60 - -0.31 0.00 M&G Strategic Corp Bond A Acc 104.78xd - 0.28 2.81
Wld Gold Expertise PA $ 12.42 - -0.21 0.00
HC KB Enterprise Fixed Income A Inc 110.68 - 0.19 3.44 Alternative Beta PA F SFr 119.64 - -0.43 0.00 Gb.Conc.Eq.Fd.Sterling £ 260.75 - -2.69 0.00
JB Strategy Inc-EUR/B € 164.75 - -0.33 0.00 M&G Global Leaders GBP A Inc 202.45 - -1.11 1.35
LO Selection
Alternative Beta PA F € 80.53 - -0.28 0.00 Balanced (CHF) PA F SFr 109.87 - -0.47 0.00 Gb.Conc.Eq.Fd.US $ 200.24 - -1.62 0.00
JB Strategy Inc-USD/B $ 151.26 - -0.31 0.00 M&G Global Leaders GBP A Acc 472.32 - -2.59 1.33

Alternative Beta PA F $ 120.43 - -0.42 0.00 Balanced (EUR) PA F € 129.52 - -0.58 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 189.60 - -1.56 0.00
M&G UK Inflation Lnkd Corp Bnd A Acc 114.49 - -0.20 0.32

Commodities (CHF) PA SFr 5.98 - -0.05 0.00 Conservative (CHF) PA F SFr 105.43 - -0.21 0.00 Gb.Eq.Euro Hdg Fd. € 268.87 - -2.22 0.00
M&G UK Inflation Lnkd Corp Bnd A Inc 112.84 - -0.21 0.32

Commodities (EUR) PA € 6.04 - -0.06 0.00 Conservative (EUR) PA F € 116.36 - -0.25 0.00 Gb.Eq.Fund Euro € 290.60 - -2.56 0.00

Lazard Fund Managers Ltd (1200)F (UK) Commodities (USD) PA $ 6.23 - -0.05 0.00 Global Allocation (GBP) PA F £ 10.28 - -0.02 0.00 M & G Securities Ltd (UK)
Gb.Eq. Fd Euro IRE T € 183.75 - -1.62 0.00
Mellon House Ingrave Rd Brentwood Essex CM15 8TG
Property & Other UK Unit Trusts
Dealing: 0870 6066408, Info: 0870 6066459 Convertible Bd P A € 17.66 - -0.05 0.00 Growth (CHF) PA F SFr 115.42 - -0.64 0.00 Gb.Eq.Fd.Sterling UK T £ 215.59 - -2.06 0.00
Kames Capital ICVC (UK) Charibond 123.92 - 0.60 5.22
Authorised Inv Funds
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
Lazard Investment Funds (OEIC) Retail Share Class Gb.Eq.Fd.US Dollar $ 327.72 - -2.41 0.00
0800 45 44 22 www.kamescapital.com Convertible Bd Asia PA F SFr 14.47 - -0.07 0.00 Growth (EUR) PA F € 141.73 - -0.90 0.00 (Accum Units) 3573.48 - 17.35 5.22
Developing Markets Acc 82.00 - 0.41 0.02
Authorised Funds
Diversified Income B Acc 113.76 - -0.11 4.82 Convertible Bd Asia PA F € 15.39 - -0.07 0.00 Vantage 1500 (EUR) MA € 10.39 - -0.01 0.00 NAACIF 78.99 - -0.37 4.36 Gb.Eq.Fund Sterling £ 213.38 - -2.04 0.00
Developing Markets Inc 81.01 - 0.41 0.15
20 | FTfm FINANCIAL TIMES Monday 8 June 2015

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Gb.Val.Ex-Jap.Fd.USD $ 122.04 - -0.82 0.00 American Growth Fund Class AA (HKD) FHK$ 10.7625 - -0.0489 - Far East Growth A Inc 179.04 - 0.61 1.67 MEMO - MEMV Series $ 117.28 - -0.07 0.00 Morant Wright Sakura Fund Euro Acc Hedged € 14.88 - -0.09 0.00

Gb.Val.Ex-Japan Fd.Yen ¥ 14940.00 - -57.00 0.00 Asian Equity Fund Class A F $ 3.4762 - -0.0081 0.36 Global 189.83 199.83 -0.59 0.00 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1517.26 - -8.94 0.00 Natixis International Funds (UK)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Low Volatility Gb.Eq.Fd. € 103.03 - -0.87 - Asian Equity Fund Class AA F $ 1.1188 - -0.0026 0.00 Global Bond Inc 139.14 147.23 0.57 3.17 Morant Wright Sakura Fund Dollar Acc Hedged $ 14.88 - -0.08 0.00 Authorised Funds
H2O MultiReturns Fund N/A (GBP) $ 12.66 12.66 0.00 1.75
Low Volatility Gb.Eq.Fd. £ 101.65 - -0.94 - Asian Small Cap Equity Fund Class AA F $ 2.4537 - -0.0116 0.00 High Yield Fixed Interest 74.99 79.57 -0.06 5.95 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.81 - -0.09 0.00
H2O MultiReturns Fund I/A (GBP) £ 1.28 - 0.00 1.92
Low Volatility Gb.Eq.Fd. $ 102.61 - -0.71 - Asian Small Cap Equity Fund Class AA (HKD)HK$ 9.9281 - -0.0457 - Multi Cap Income A Inc 162.11 - -0.88 4.15
Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.11 - 0.00 -
China Value Fund Class A F $ 10.3740 - -0.0352 0.59 Nano-Cap Growth A Acc 101.5688 111.7100 0.1994 - Emerging Markets Managed Accounts PLC (IRL)
info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.11 - -0.01 -
Regulated
MFS Meridian Funds SICAV (LUX) China Value Fund Class AA F $ 3.2497 - -0.0111 0.40 Special Situations A Acc 1140.67 1207.06 -5.07 0.28
Milltrust ASEAN A $ 97.24 - -2.01 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.98 - 0.00 4.42
Regulated
Absolute Return A1 € 19.98 - -0.07 0.00 Dragon Growth Fund Class A F $ 2.4021 - -0.0209 0.52 UK Multi-Cap Growth A Inc 235.79 249.51 -2.03 0.42
Milltrust India A $ 130.02 - 0.43 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.06 - 0.00 4.58
Asia ex-Japan A1 $ 25.61 - -0.28 0.00 Dragon Growth Fund Class AA HKDHK$ 11.6268 - -0.1000 0.49 UK Micro Cap Growth A 459.84 486.60 -0.50 0.00 Morgan Stanley Investment Funds (LUX)
Milltrust Latin America A $ 84.87 - -3.46 0.00 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.40 - 0.00 0.27
Bond A1 $ 10.43 - 0.02 0.00 www.morganstanleyinvestmentfunds.com
Emerging Eastern Europe Fund Class AA F $ 1.4240 - -0.0312 0.46 US Multi-Cap Income 319.99 - -0.16 0.17
Milltrust Keywise China Fund $ 155.17 - -0.55 0.00 FCA Recognised Loomis Sayles US Equity Leaders I/A (GBP) £ 1.38 - 0.01 0.47
US Advantage A F $ 56.22 - -0.68 0.00
China Equity Fd A1 $ 11.53 - -0.13 0.00 Emerging Eastern Europe Fund Class A F $ 3.3163 - -0.0726 0.82 MFM - Third Party Funds
Junior Oils 102.78 108.76 1.51 0.00
Asian Equity A F $ 47.92 - -0.13 0.00
Continental European Eqty A1 € 18.48 - -0.09 0.00 European Growth Fund Class A F $ 11.1634 - -0.3294 1.14
Junior Gold C Acc 27.32 - -0.40 0.00
Ministry of Justice Common Investment Funds (UK) NatWest (2230)F (UK)
Property & Other UK Unit Trusts Asian Property A F $ 19.54 - -0.22 0.00 PO Box 23873, Edinburgh EH7 5WJ**
Emer Mkts Debt Lo Curr Fd A1 $ 12.37 - -0.07 0.00 European Growth Fund Class AA F $ 0.8077 - -0.0238 0.55
The Equity Idx Tracker Fd Inc 1420.00 1420.00 -5.00 2.54 Enquiries: 0800 085 5588
MFM Artorius Fund 147.72 - -1.31 0.18
Asian Property AX F £ 11.90 - -0.02 0.53 Authorised Inv Funds
Emerging Markets Debt A1 $ 33.80 - -0.08 0.00 Global Contrarian Fund Class AA F $ 0.9617 - -0.0160 0.00
Distribution Units Series 1(Minimum initial investment 16375,000)
MFM Bowland 152.63 165.00 3.59 0.00
Diversified Alpha Plus A F € 31.98 - -0.19 0.00 United Kingdom Equity Index Fund £ 13.43 - -0.16 2.55
Emerging Markets Eq.A1 $ 11.73 - -0.11 0.00 Global Property Fund Class AA F $ 1.0185 - -0.0121 0.73
MFM Hathaway Inc 107.23 112.28 -0.32 1.37
Emerg Europ, Mid-East & Africa Eq A F € 70.79 - -0.25 0.00 UK Specialist Equity Inc £ 20.29 - -0.18 0.39
European Concentrated A1 € 18.67 - -0.07 0.00 Global Property Fund Class AA (HKD)HK$ 9.5711 - -0.1127 -
MFM SGWM Managed A Acc 128.07 - -1.02 0.15
Emerging Markets Debt A F $ 78.22 - -0.22 0.00 Contl Europe Spec Equity £ 16.98 - -0.02 0.00
European Core Eq A1 € 32.12 - -0.13 0.00 Global Resources Fund Class AA F $ 0.8078 - -0.0058 0.00
MFM Techinvest Special Situations Acc 119.89 - 1.44 0.08
Emerging Markets Domestic Debt AX F £ 11.47 - -0.03 5.53 US Spec Equity Fund £ 13.98 - -0.13 0.00
European Res.A1 € 33.82 - -0.16 0.00 Greater China Opportunities Class AA $ 1.1751 - -0.0073 -
MFM Techinvest Technology Acc 394.51 - 10.29 0.00 Mirabaud Asset Management (LUX)
Emerging Markets Equity A F $ 37.77 - -0.19 0.00 Japan Specialist Fund £ 10.07 - -0.02 0.00
European Smaller Companies A1 € 51.35 - -0.21 0.00 Healthcare Fund Class AA F $ 1.9858 - -0.0295 0.00 www.mirabaud.com, marketing@mirabaud.com
MFM UK Primary Opportunities A Inc 335.56 - -1.74 1.31 Regulated
Euro Bond A F € 15.50 - -0.03 0.00 Pacific Basin Specialist Equity Fund £ 24.93 - 0.03 0.58
European Value A1 € 36.75 - -0.04 0.00 India Equity Fund Class AA F $ 1.3584 - -0.0004 0.00 Mir. Conv. Bds Eur A EUR € 137.67 - -0.39 0.00
Slater Investments Ltd - Investment Adviser
Euro Corporate Bond AX F £ 21.89 - -0.21 1.77 UK Sovereign Bd Index Fund £ 10.77 - 0.06 2.59
Global Conc.A1 $ 37.53 - -0.33 0.00 International Growth Fund Class A F $ 4.8236 - -0.0804 0.13 MFM Slater Growth 391.71 415.61 -1.76 0.11 Mir. Conv. Bds Glb A USD $ 116.98 - -0.22 0.00

Euro Strategic Bond A F € 43.07 - -0.14 0.00 UK Specialist Equity Income Fund £ 10.31 - -0.08 3.58
Global Credit Fund $ 10.50 - 0.01 0.00 International Growth Fund Class AA F $ 1.1076 - -0.0185 0.00 MFM Slater Income A Inc 160.50 - -0.19 3.59 Mir. - Eq Asia ex Jap A $ 197.19 - -1.09 0.00

European Currencies High Yield Bd A F € 22.03 - -0.02 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.09 - 0.01 3.08
Global Energy Fund A1 $ 14.30 - -0.21 0.00 Japanese Growth Fund Class A F $ 3.5123 - -0.0543 0.58 MFM Slater Recovery 168.03 178.28 -0.41 0.10 Mir. - Eq Glb Emrg Mkt A USD $ 103.64 - -0.17 0.00

European Equity Alpha A F € 47.47 - -0.67 0.00 Inflation Lkd Sov Bd Fund £ 12.41 - 0.10 0.68
Global Equity A1 $ 47.63 - -0.40 0.00 Japanese Growth Fund Class AA F $ 0.9035 - -0.0139 0.00 Mir. - Eq Global Focus A USD $ 104.34 - -0.49 0.00

European Property A F € 34.20 - -0.46 0.00 Global Emerg Mkts Equity Fund £ 12.72 - 0.03 0.47
Global Equity A1 € 26.82 - -0.24 0.00 Latin America Equity Fund Class AA F $ 0.8558 - -0.0125 1.50 Marlborough International Management Limited (GSY) Mir. -Eq Spain A € 28.60 - -0.40 0.00
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Eurozone Equity Alpha A F € 12.29 - -0.23 0.00 Series 2 (Investment Management customers only)
Global High Yield Fund $ 25.92 - -0.05 0.00 Russia Equity Fund Class AA F $ 0.4412 - -0.0084 0.00 FCA Recognised Mir. - Eq Swiss Sm/Mid A SFr 321.42 - -0.43 0.00
United Kingdom Equity Index Fund £ 13.42 - -0.16 3.00
Marlborough North American Fund Ltd £ 31.34 31.66 0.29 0.00
Global Bond A F $ 38.35 - -0.40 0.00
Global High Yield Fund € 16.76 - -0.04 0.00 Taiwan Equity Fund Class AA F $ 1.6938 - 0.0112 0.19 Mir. - Glb High Yield Bds A $ 111.60 - -0.17 -
UK Specialist Equity Inc £ 20.44 - -0.18 1.64
Marlborough Tiger Fund Ltd F £ 29.38 29.67 0.23 0.00
Global Brands A F $ 95.77 - -2.10 0.00
Global Multi-Asset A1 $ 16.38 - -0.10 0.00 Turkey Equity Fund Class AA F $ 0.7938 - -0.0110 0.00 Mir. - Glb Eq High Income A USD $ 106.34 - -1.01 0.00
Contl Europe Spec Equity £ 17.79 - -0.02 0.57
Global Convertible Bond A F $ 44.47 - -0.22 0.00
Global Res.A1 $ 27.34 - -0.25 0.00 US Bond Fund Class AA F $ 1.2119 - -0.0017 3.89 Mir. - Glb Strat. Bd A USD $ 107.24 - -0.15 0.00
US Spec Equity Fund £ 14.54 - -0.14 0.15
Martin Currie Fund Management Ltd (1200)F (UK)
Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125 Global Property A F $ 28.32 - -0.47 0.00
Global Total Return A1 € 17.75 - -0.09 0.00 U.S. Bond Fund Class AA Inc F $ 0.9919 - -0.0014 - Mir. Opp.- Activ.Strategies I $ 108.99 - 3.23 -
Authorised Inv Funds Japan Specialist Fund £ 10.66 - -0.02 0.50
Martin Currie Investment Funds (OEIC) Indian Equity A F $ 35.58 - 0.22 0.00
Inflation-Adjusted Bond A1 $ 14.05 - 0.05 0.00 US Bond Fund Class AA (HKD) HK$ 9.9069 - -0.0135 - Mir. Opp. -Emerg. Mkt HO $ 112.98 - 0.00 0.00
Class A (Retail) Pacific Basin Specialist Equity Fund £ 24.81 - 0.04 1.15
Asia Pacific 123.90 - 0.40 1.04 Latin American Equity A F $ 47.08 - -0.57 0.00
Japan Equity A1 $ 10.72 - -0.05 0.00 U.S. Bond Fund Class AA (HKD) IncHK$ 9.8616 - -0.0129 - MirAlt Sicav-Diversified A Cap. $ 114.35 - -0.34 0.00
UK Sovereign Bd Index Fund £ 10.93 - 0.06 2.59
China 130.70 - -0.50 0.00 Short Maturity Euro Bond A F € 20.46 - -0.01 0.00
Latin American Equity Fd A1 $ 14.63 - -0.11 0.00 U.S. Special Opportunities Fund Class AA F $ 0.9263 - -0.0021 7.00 MirAlt Sicav-Europe A dis € 72.44 - -1.12 0.00
UK Specialist Equity Income Fund £ 11.07 - -0.09 3.55
Emerging Mkts 206.70 - 1.10 0.01 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Limited Maturity A1 $ 14.05 - 0.00 0.00 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - MirAlt Sicav - North America A dis $ 167.08 - 1.76 0.00
Global Spec Inv Grade Bd Fund GBP £ 10.22 - 0.01 3.08
European Equity Income A acc 361.10 - -4.40 3.33 US Growth A F $ 67.18 - -0.61 0.00
Prudent Wealth Fd A1 $ 14.53 - -0.03 0.00 U.S. Special Opportunities Fund Class AA Inc $ 0.9243 - -0.0021 - Inflation Lkd Sov Bd Fund £ 12.53 - 0.10 0.68
Global Alpha 142.60 - -0.60 0.27 US Growth AH F € 46.37 - -0.42 0.00
Research Bond A1 $ 16.63 - 0.04 0.00 US Small Cap Equity Fund Class AA F $ 1.1693 - -0.0082 0.00 Global Emerg Mkts Equity Fund £ 12.28 - 0.03 0.65
Global Equity Income Inc 107.70 - -0.50 3.84 US Growth AX F £ 44.16 - 0.05 0.00
UK Equity A1 £ 8.51 - -0.08 0.00 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2718 - -0.0068 0.06 The initial charge you will pay will depend on the amount you invest
Global Equity Income acc 138.70 - -0.60 3.75 US Property A F $ 65.86 - -0.45 0.00 **Address and Telephone number for series 1 only
US Conc.Growth A1 $ 15.64 - -0.19 0.00

Japan Alpha 111.40 - 0.30 0.05

US Government Bond A1 $ 17.00 - 0.04 0.00 Manulife Global Fund Montello Real Estate Opportunity Fund (LUX)
Other International Funds 101 New Cavendish Street,London W1W 6XH
North American 267.20 - 0.00 0.00 Regulated Morgens Waterfall Vintiadis.co Inc
Value A1 $ 22.49 - -0.21 0.00 Asia Total Return Fund Class AA $ 0.9945 - -0.0014 -
Montello Real Estate Opportunity Fund II £ 1109.40 - 8.60 0.00 Other International Funds
European Equity Income A Inc 318.00 - -3.80 3.41 Phaeton Intl (BVI) Ltd (Est) $ 449.28 - 5.10 0.00
Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.9701 - -0.0128 -

MMIP Investment Management Limited (GSY) Asia Total Return Fund Class AA Inc $ 0.9489 - -0.0013 3.18 New Capital Fund Management Ltd (IRL)
Regulated Morant Wright Japan Fund PLC (IRL)
Leconfield House, Curzon Street, London, W1J 5JB
Multi-Manager Investment Programmes PCC Limited
Marwyn Asset Management Limited (CYM) FCA Recognised
Asia Value Dividend Equity Fund Class AA F $ 1.8674 - -0.0064 0.00 FCA Recognised
Regulated MW Japan Fund PLC A $ 26.26 - -0.33 -
European Equity Fd Cl A Initial Ser € 2638.52 2649.11 13.06 0.00 New Capital UCITS Funds
Marwyn Value Investors £ 509.98 - 4.82 0.00
Asia Value Dividend Equity Fund Class AA Inc $ 1.1448 - -0.0041 - Asia Pac Bd USD Inst Inc $ 95.62 - -0.59 3.08
MW Japan Fund PLC B $ 26.54 - -0.34 -
Japanese Equity Fd Cl A Initial Ser ¥ 365209.00 366439.00 12499.00 0.00
Strategic Income Fund Class AA F $ 1.0822 - -0.0017 4.42 Asia Pac Bd USD Ord Inc $ 97.45 - -0.59 2.37
MW Japan Fund PLC C $ 104.74 - -0.73 -
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1364.73 1368.76 19.53 0.00
McInroy & Wood Portfolios Limited (UK) Natixis International Funds (Lux) I SICAV (LUX)
Asia Pac Eq EUR Ord Inc € 105.21 - -0.75 2.71
Easter Alderston, Haddington, EH41 3SF 01620 825867 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Pacific Basin Fd Cl A Initial Ser $ 2509.01 2524.35 115.12 0.00
Authorised Inv Funds FCA Recognised
Marlborough Fd Managers Ltd (1200)F (UK) Balanced Fund Personal Class Units 3999.60xd - -1.20 1.81 Harris Global Equity R/A (USD) $ 282.04 282.04 -2.08 0.00 Asia Pac Eq GBP Ord Inc £ 108.96 - -0.75 3.06

Asset Management
UK Equity Fd Cl A Series 01 £ 2340.54 2364.75 44.05 0.00 Morant Wright Funds (Ireland) PLC (IRL)
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500

Diversified Absolute Rtn Fd USD Cl AF2 $ 1625.50 - -25.51 0.00

www.marlboroughfunds.com
Authorised Inv Funds
Income Fund Personal Class Units 2474.10 - 1.10 2.78
FCA Recognised
Morant Wright Fuji Yield EUR Acc Hedged € 12.11 - -0.03 - Asset Management
Harris Concentrated US Equity H-N/A (GBP) £ 154.30 154.30 -1.50 0.00 Asia Pac Eq USD Ord Inc $ 109.66 - -0.77 2.51
Asset
Balanced 160.69 169.88 -0.36 0.05 Asia Pac Eq USD Inst Acc $ 113.80 - -0.79 0.00
Emerging Markets Fund Personal Class Units 1778.60 - 5.80 2.19 Morant Wright Fuji Yield EUR Dist Hedged € 12.04 - -0.04 - Harris Concentrated US Equity R/D (GBP) £ 109.15 109.15 -1.31 31.71
Diversified Absolute Return Stlg Cell AF2 £ 1646.26 - -23.87 0.00
Bond Income 50.75 53.70 0.09 4.51 Asia Pac Eq USD Inst Inc $ 122.62 - -0.85 3.10
Smaller Companies Fund Personal Class Units 3710.60 - -27.60 1.67 Morant Wright Fuji Yield GBP Acc Hedged £ 12.32 - -0.04 - Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.23 100.23 -0.06 1.61

Cash 50.14 - 0.00 0.48 Dyn Europ Eq EUR Ord Inc € 179.61 - -1.03 1.07
Morant Wright Fuji Yield GBP Dist Hedged £ 12.10 - -0.04 -
Manek Investment Mgmt Ltd (1000)F (UK)
P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Cautious Inc 86.03 90.54 -0.28 1.57 Dyn Europ Eq GBP Ord Inc £ 191.32 - -1.09 1.60
Meridian Fund Managers Ltd Morant Wright Fuji Yield USD Acc Hedged $ 12.05 - -0.05 - Natixis International Funds (Dublin) I plc (IRL)
Authorised Inv Funds
Other International Funds Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Growth Fd Acc 60.45 64.09 -0.03 0.00 Defensive A Inc 116.41 - 0.00 0.97 Dyn Europ Eq USD Ord Inc $ 179.75 - -1.04 1.10
Global Gold & Resources Fund $ 193.87 - 10.01 - Regulated
Morant Wright Fuji Yield USD Dist Hedged $ 12.20 - -0.05 -
Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.58 13.58 -0.03 1.07
Emerging Markets 249.67 - 0.57 1.52 Global Energy & Resources Fund $ 47.41 - 4.80 - China Equity EUR Ord Acc € 186.68 - -1.36 0.00
Morant Wright Fuji Yield YEN Acc ¥ 1236.78 - -4.24 -
Loomis Sayles High Income R/D (USD) $ 9.60 9.60 -0.05 12.85
Manulife Global Fund (LUX) ETF Global Growth A 155.40 - -1.57 0.00 China Equity GBP Ord Acc £ 192.87 - -1.42 0.00
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg Morant Wright Fuji Yield B YEN Acc ¥ 1091.05 - -3.73 -
Loomis Sayles Multisector Income R/D (GBP) £ 13.71 13.71 -0.06 4.28
www.manulife.com.hk ETF Commodity A 80.72 - -0.51 0.00 Metage Capital China Equity USD Ord Acc $ 189.23 - -1.40 0.00
FCA Recognised Morant Wright Fuji Yield YEN Dist ¥ 1223.16 - -4.20 -
Other International Funds
American Growth Fund Class A F $ 30.3298 - -0.1327 0.00
European Multi-Cap 270.46 - -2.59 0.20 MGS -Master Series (Est) $ 226.61 - 2.15 - China Equity USD Inst Acc $ 193.63 - -1.43 0.00
Morant Wright Sakura Fund Sterling Acc Hedged £ 14.92 - -0.09 0.00
American Growth Fund Class AA F $ 1.7233 - -0.0076 0.00
Extra Income 82.16 86.94 -0.37 4.11 MEMO - Master Series $ 494.19 - -0.49 0.00 Global Val.Cr.Fd GBP Ord Inc £ 115.34 - -0.32 3.74
FINANCIAL TIMES Monday 8 June 2015 FTfm | 21

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Global Val.Cr.Fd USD Inst Acc $ 125.21 - -0.35 0.00 CF Odey Opus Fund I Acc 180.65 - -1.31 0.24 Orbis Optimal (US$) $ 75.85 - -0.09 0.00 Pictet-European Equity Selection-I EUR F € 663.93 - -4.78 0.00 Emerging Markets Curr.Fd- Inst Acc $ 12.54 - -0.06 0.00 GEM Growth I USD $ 9.92 - -0.10 0.00

Global Val.Cr.Fd GBP Ord Acc £ 180.64 - -0.50 0.00 CF Odey Opus Fund I Inc 176.88 - -1.28 0.24 Orbis Optimal (Euro) € 26.00 - -0.08 0.00 Pictet-European Sust Eq-I EUR F € 251.38 - -1.94 0.00 Euro Bond - Inst Acc € 22.34 - 0.00 0.00 GEM Income I USD $ 10.98 - -0.08 0.00

Global Val.Cr.Fd USD Ord Acc $ 169.77 - -0.47 0.00 CF Odey Absolute Return Fund Euro Hedged € 1.76 - -0.02 0.00 Orbis Optimal (Yen) ¥ 1087.00 - -2.00 0.00 Pictet-Global Bds Fundamental I USD $ 120.13 - -0.12 0.00 Euro Credit - Inst Acc € 14.61 - 0.00 0.00 Global Alpha I USD $ 13.42 13.42 -0.10 0.00

Global Val.Cr.Fd EUR Ord Acc € 158.58 - -0.44 0.00 CF Odey Absolute Return Fund US Dollar Hedged $ 1.63 - -0.02 0.00 Orbis Japan Equity (US$) $ 50.10 - 0.36 0.00 Pictet-Global Bonds-I EUR € 157.81 - -0.26 0.00 Euro Income Bond - Inst Acc F € 13.03 - -0.02 0.00 Global Convertible I USD $ 11.91 11.91 -0.04 0.00

Swiss Select Equity Inst Acc SFr 121.60 - -0.09 0.00 CF Odey Absolute Return R 295.62 - -4.41 0.00 *Orbis Prices as of June 4th Pictet-Global Emerging Currencies-I USD F $ 99.86 - -0.24 0.00 Euro Long Average Duration - Inst Acc € 21.09 - 0.07 0.00 Global Insurance I GBP £ 3.86 - -0.04 0.00

Swiss Select Equity Ord Acc SFr 120.64 - -0.09 0.00 CF Odey Absolute Return I 305.07 - -4.54 0.00 Pictet-Global Emerging Debt-I USD F $ 353.80 - -0.34 0.00 Euro Low Duration Fund Inst Acc € 11.29 - -0.02 0.00 Global Technology I USD $ 23.67 - -0.18 0.00
Orbis Sicav (LUX)
US Growth USD Ord Acc $ 210.76 - -1.98 0.00 CF Odey Portfolio Fund Class P Institutional Acc 108.32 - -0.49 - Regulated Pictet-Global Megatrend Selection-I USD F $ 240.53 - -2.09 0.00 Euro Real Return - Inst Acc € 13.24 - -0.11 0.00 Healthcare Blue Chip Fund I USD Acc $ 11.36 11.36 -0.05 -
Orbis Japan Equity (Yen) ¥ 4901.00 - 36.00 0.00
US Growth EUR Ord Acc € 201.61 - -1.87 0.00 CF Odey Portfolio Fund Class P Retail Acc 107.85 - -0.51 - Pictet-Greater China-I USD F $ 541.60 - -3.12 0.00 Euro Short-Term Inst Acc € 12.29 - -0.01 0.00 Healthcare Opps I USD $ 41.85 - -0.35 0.00
Orbis Japan Equity (Euro) € 32.43 - 0.22 0.00
US Growth GBP Ord Acc £ 211.31 - -1.99 0.00 CF Odey Portfolio Fund I Acc 153.55 - -0.77 0.06 Pictet-Health-I USD $ 303.23 - -2.47 0.00 Euro Ultra Long Duration - Inst Acc € 28.06 - 0.12 0.00 Income Opportunities B2 I GBP Acc £ 1.77 1.77 -0.01 0.00
Orbis Asia ex-Japan - Investor Shares $ 23.22 - -0.52 0.00
US Growth USD Inst Acc $ 193.90 - -1.81 0.00 CF Odey Portfolio Fund I Inc 151.11 - -0.76 0.06 Pictet-High Dividend Sel I EUR F € 159.77 - -1.60 0.00 Global Advantage - Inst Acc $ 12.37 - -0.01 0.00 Japan Alpha I JPY ¥ 234.54 234.54 -2.08 0.00
Orbis Global Equity - Investor Shares € 162.15 - -5.01 0.00
Wealthy Nat Bd EUR Inst Inc € 112.29 - -0.47 3.81 CF Odey Portfolio Fund R Acc 149.44 - -0.75 0.00 Pictet-India Index I USD $ 100.95 - -0.07 0.00 Global Advantage Real Return Fund Inst Acc $ 9.09 - -0.01 0.00 Japan I JPY ¥ 2325.28 - -14.89 0.00

Wealthy Nat Bd GBP Inst Inc £ 116.13 - -0.48 3.68 CF Odey Portfolio Fund R Inc 149.18 - -0.76 0.00 Pictet-Indian Equities-I USD F $ 460.02 - -0.09 0.00 Global Bond - Inst Acc $ 27.55 - 0.01 0.00 North American I USD $ 17.86 17.86 -0.15 0.00
Oryx International Growth Fund Ltd
Wealthy Nat Bd EUR Ord Inc € 111.51 - -0.47 3.54 Other International Funds Pictet-Japan Index-I JPY F ¥ 17686.84 - -83.82 0.00 Global Bond Ex-US - Inst Acc $ 19.09 - -0.01 0.00 UK Absolute Equity I GBP £ 11.53 11.53 -0.04 -
NAV (Fully Diluted) £ 5.95 - 0.19 0.00

Wealthy Nat Bd GBP Ord Inc £ 116.68 - -0.49 3.44 Odey Asset Management LLP (CYM) Pictet-Japanese Equities Opp-I JPY F ¥ 10573.77 - -53.72 0.00 Global Fundam.Index StocksPLUSInst Acc $ 12.15 - -0.12 0.00
Regulated
Wealthy Nat Bd USD Ord Inc $ 113.74 - -0.48 3.40 OEI MAC Inc A £ 356.49 - 27.78 0.00 Pictet-Japanese Equity Selection-I JPY F ¥ 16093.32 - -106.49 0.00 Global High Yield Bond - Inst Acc $ 20.43 - -0.05 0.00 Polar Capital LLP (CYM)
Regulated
New Capital Alternative Strategies OEI Mac Inc B £ 200.17 - 18.41 0.00 Pictet-LATAM Index I USD $ 64.65 - -0.41 0.00 Global Investment Grade Credit - Inst Income $ 12.35 - 0.02 3.49 ALVA Convertible A USD $ 129.60 - 1.41 0.00
All Weather Fd USD Cls $ 122.01 - 0.47 0.00
OEI MAC Inc USD $ 1910.18 - 145.33 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 124.50 - -0.11 0.00 Global Investment Grade Credit Fund Inst Acc € € 11.48 - 0.00 0.00 European Conviction A EUR € 158.59 - -1.91 0.00
All Weather Fd EUR Cls € 109.95 - 0.36 0.00
Odey European Inc EUR € 826.49 - 59.65 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 367.85 - -7.44 0.00 Global Investment Grade Credit Fund Inst Acc $ $ 16.58 - 0.02 0.00 European Forager A EUR € 177.78 - -0.72 0.00
Permal Investment Mgmt Svcs Ltd
All Weather Fd GBP Cls £ 118.39 - 0.45 0.00
www.permal.com
Odey European Inc A GBP £ 316.27 - 22.85 0.00 Pictet-Premium Brands-I EUR F € 163.32 - -1.27 0.00 Global Multi-Asset - Inst Acc $ 15.28 - 0.01 0.00
Other International Funds
Tactical Opps USD Cls $ 175.57 - -5.88 0.00 Offshore Fund Class A US $ Shares
Odey European Inc B GBP £ 179.47 - 12.96 0.00 Investment Holdings N.V. $ 5796.04 - 132.91 0.00 Pictet-Quality Global Equities I USD $ 137.34 - -1.08 0.00 Global Real Return - Inst Acc $ 18.01 - 0.07 0.00 Polunin Capital Partners Ltd
Tactical Opps EUR Cls € 147.09 - -5.26 0.00 Other International Funds
Odey European Inc USD $ 380.39 - 27.15 0.00 Pictet-Russia Index I USD $ 54.84 - -1.45 0.00 Income Fund Inst Acc $ 12.31 - -0.03 0.00 Emerging Markets Active $ 45.96 - 2.02 -
Macro Holdings Ltd $ 4221.87 - 14.66 0.00
Tactical Opps GBP Cls £ 165.53 - -5.09 0.00
Giano Capital EUR Inc € 4569.06 - -154.60 0.00 Pictet-Russian Equities-I USD F $ 47.45 - -1.41 0.00 Inflation Strategy Fund Inst Acc $ 9.49 - -0.04 0.00 Luxcellence Em Mkts Tech $ 1112.27 - 10.04 0.00
Fixed Income Holdings N.V. $ 399.94 - 1.69 6.03

Pictet-Security-I USD F $ 207.52 - -1.99 0.00 Low Average Duration - Inst Acc $ 14.76 - 0.00 0.00 Polunin Developing Countries $ 921.27 929.10 -8.21 0.00
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00

Odey Asset Management LLP (IRL) Pictet-Select-Callisto I EUR € 107.22 - 0.11 0.00 PIMCO EqS Emerging Markets Fund Inst Acc $ 9.15 - -0.07 0.00 Polunin Discovery - Frontier Markets $ 1463.07 - 10.10 -
FCA Recognised
Odey Pan European EUR R € 357.95 - -0.90 0.00 Pictet-Small Cap Europe-I EUR F € 1129.33 - -10.44 0.00 PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 16.65 - -0.08 0.00 Polunin Small Cap $ 1503.33 1522.12 -0.38 0.00

Odey Allegra European EUR O € 275.89 - -1.54 0.00 Pictet-ST.MoneyMkt-I € 140.53 - 0.00 0.00 PIMCO EqS Pathfinder.Fd Inst Acc F $ 15.02 - -0.08 0.00
Northwest Investment Management (HK) Ltd
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Odey Allegra International EUR O € 185.00 - -0.24 0.00 Pictet-ST.MoneyMkt JPY I USD ¥ 101554.06 - -0.84 0.00 Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.19 - -0.04 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY)
Other International Funds Regulated
Northwest $ class $ 2524.44 - 175.73 0.00 Odey Allegra Developed Markets USD I $ 134.17 - -1.64 0.00 Monument Growth 02/06/2015 £ 487.73 493.29 -2.31 1.00
Pictet Asset Management (Europe) SA (LUX) Pictet-ST.MoneyMkt-ICHF SFr 124.79 - -0.01 0.00 StocksPLUS{TM} - Inst Acc $ 23.76 - -0.20 0.00
15, Avenue J.F. Kennedy L-1855 Luxembourg
Northwest Warrant $ class $ 2845.65 - 562.86 0.00 Odey Atlas Fund GBP I S £ 1.29 - -0.01 0.00 Tel: 0041 58 323 3000 Pictet-ST.MoneyMkt-IUSD $ 135.00 - 0.01 0.00 Total Return Bond - Inst Acc $ 26.96 - 0.04 0.00
FCA Recognised
Odey Giano European Fund EUR R € 115.59 - 0.26 0.00 Pictet-Absl Rtn Fix Inc-HI EUR € 107.04 - -0.20 0.00 Prusik Investment Management LLP (IRL)
Pictet-Timber-I USD F $ 160.30 - -1.28 0.00 UK Corporate Bond - Inst Acc £ 17.10 - 0.02 0.00
Enquiries - 0207 493 1331
Odey Naver Fund EUR I € 127.46 - -0.05 0.00 Pictet-Absl Rtn Glo Div-I EUR F € 127.21 - -0.52 0.00 Regulated
Pictet Total Ret-Agora I EUR € 110.72 - 0.02 - UK Long Term Corp. Bnd Inst-Inst Acc £ 18.87 - 0.06 0.00 Prusik Asian Equity Income B Dist $ 170.34 - -0.68 4.37

Odey Odyssey USD I $ 170.39 - -0.01 0.00 Pictet-Agriculture-I EUR F € 204.41 - -1.92 0.00
Pictet Total Ret-Corto Europe I EUR € 134.61 - -0.39 0.00 UK Real Return - Inst Acc £ 22.57 - 0.24 0.00 Prusik Asia A $ 210.26 - -0.49 0.00

Odey Orion Fund EUR I € 131.89 - -0.97 0.00 Pictet-Asian Equities Ex Japan-I USD F $ 233.06 - -0.38 0.00
Pictet Total Ret-Divers Alpha I EUR € 105.31 - -0.13 0.00 UK Sterling Long Average Duration - Inst Acc £ 21.11 - 0.23 0.00 Prusik Asian Smaller Cos A $ 168.23 - -0.76 0.00
Oasis Crescent Management Company Ltd Odey Swan Fund EUR I € 92.40 - 0.92 0.00 Pictet-Asian Local Currency Debt-I USD F $ 153.38 - 0.00 0.00
Other International Funds Pictet Total Ret-Kosmos I EUR € 109.36 - 0.15 0.00 UK Sterling Low Average Duration - Inst Acc £ 14.07 - 0.00 0.00
Oasis Crescent Equity Fund R 9.71 - 0.02 0.00
Odey European Absolute Return GBP S £ 94.88 - -0.07 0.00 Pictet-Biotech-I USD F $ 909.75 - -7.53 0.00
Pictet Total Ret-Mandarin I USD $ 127.39 - -0.12 0.00 Unconstrained Bond - Inst Acc $ 12.25 - -0.01 0.00
Purisima Investment Fds (UK) (1200)F (UK)
40 Dukes Place, London EC3A 7NH
Pictet-Brazil Index I USD $ 53.45 - -0.29 0.00
Pictet-US Equity Selection-I USD $ 195.07 - -1.66 0.00 US Fundam.Index StocksPLUS Inst Inc $ 12.83 - -0.13 0.00 Order Desk 08459 220044, Enquiries: 0870 607 2555
Oasis Global Mgmt Co (Ireland) Ltd (IRL) Authorised Inv Funds
Odey Wealth Management (CI) Ltd (IRL) Pictet-CHF Bonds I CHF SFr 503.15 - 0.30 0.00
Regulated Pictet-US High Yield-I USD F $ 148.91 - -0.23 0.00 US High Yield Bond Fund Inst Acc $ 28.39 - -0.07 0.00 Authorised Corporate Director - Capita Financial Managers
www.odey.com/prices Global Total Fd PCG A 169.11 - -0.72 0.34
Oasis Global Investment (Ireland) Plc
FCA Recognised Pictet-China Index I USD $ 137.86 - -0.11 0.00
Oasis Crescent Global Short Term Income Fund $ 1.00 - 0.00 0.36 Pictet-USA Index-I USD F $ 184.05 - -1.60 0.00
Odey Opportunity EUR I € 219.45 - -0.91 0.00
Global Total Fd PCG B 167.79 - -0.72 0.12
Pictet-Clean Energy-I USD F $ 97.13 - -1.15 0.00
Oasis Global Equity $ 28.66 - -0.19 0.22 Pictet-USD Government Bonds-I F $ 627.48 - 2.02 0.00
Global Total Fd PCG INT 165.80 - -0.72 0.00
Pictet-Digital Communication-I USD F $ 260.92 - -2.31 0.00
Oasis Crescent Global Investment Fund (Ireland) plc Pictet-USD Short Mid-Term Bonds-I F $ 129.28 - 0.04 0.00
Oasis Crescent Global Equity Fund $ 29.18 - -0.18 0.00
Omnia Fund Ltd
Other International Funds Pictet-Eastern Europe-I EUR F € 310.18 - -6.47 0.00
Estimated NAV $ 1016.81 - 2.86 0.00 Pictet-USD Sov.ST.Mon.Mkt-I $ 102.55 - 0.01 0.00
Oasis Crescent Global High Equity Balanced Fund $ 9.99 - -0.05 0.00 Purisima Investment Fds (CI) Ltd (JER)
Pictet-Em Lcl Ccy Dbt-I USD F $ 166.77 - -0.58 0.00 Platinum Capital Management Ltd Regulated
Pictet-Water-I EUR F € 279.65 - -2.88 0.00
Oasis Crescent Variable Balanced Fund £ 10.61 - -0.07 - Other International Funds PCG B 171.72 - -1.48 0.00
Pictet-Emerging Markets-I USD F $ 563.35 - -3.05 0.00 Platinum All Star Fund - A (Est) $ 119.12 - - -
OasisCresGl Income Class A $ 11.04 - 0.00 2.47 PCG C 169.48 - -1.46 0.00
Pictet-Emerging Markets Index-I USD F $ 255.08 - -1.00 0.00 Platinum Global Dividend Fund - A (Est) $ 64.94 - - -
Pimco Fds: Global Investors Series Plc (IRL)
OasisCresGl LowBal D ($) Dist $ 12.19 - -0.05 0.00 PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
Pictet-Emerging Corporate Bonds I USD $ 108.12 - -0.13 0.00 http://gisnav.pimco-funds.com/ Platinum Global Dividend UCITS Fund $ 74.12 74.12 -0.42 6.61
OasisCresGl Med Eq Bal A ($) Dist $ 12.46 - -0.07 0.04 Dealing: +44 20 3640 1000 Putnam Investments (Ireland) Ltd (IRL)
Pictet-Emerging Markets High Dividend I USD $ 112.21 - -0.60 0.00 PIMCO Funds: +44 (0)20 3640 1407 Platinum Arbitrage Opportunities Fund Ltd Class A $ 83.29 - - - Regulated
Optima Fund Management
Oasis Crescent Gbl Property Eqty $ 9.58 - -0.01 2.14 FCA Recognised Putnam New Flag Euro High Yield Plc - E € 1044.65 - -2.11 4.71
Other International Funds
Pictet-Emerging Markets Sust Eq I USD $ 95.48 - -0.93 0.00 Asia Local Bond Fund - Inst Acc $ 9.89 - -0.08 0.00 Platinum Essential Resources UCITs Fund $ 6.76 6.76 -0.04 -
JENOP Global Healthcare Fund Ltd $ 16.76 - 0.27 0.00

Pictet-Environmental Megatrend Sel I EUR € 165.90 - -1.87 0.00 Capital Securities Inst Acc $ 14.90 - -0.04 0.00 Platinum Maverick Enhanced Fund Limited (Est) $ 101.48 - - 0.00
Optima Fd NAV $ 95.26 - 0.65 0.00
Rathbone Unit Trust Mgmt (1200)F (UK)
Pictet-EUR Bonds-I F € 546.63 - -0.62 0.00 Commodity Real Return Fund Inst Acc $ 7.35 - -0.07 0.00 Platinum Navigator Fund Ltd Class A (Est) $ 93.06 - - - PO Box 9948, Chelmsford, CM99 2AG
Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Pictet-EUR Corporate Bonds Ex Fin i EUR € 143.27 - -0.17 0.00 Credit Absolute Return Fund Inst Acc $ 11.55 - -0.02 0.00 Authorised Inv Funds
The Dorset Energy Fd Ltd NAV (Est) $ 43.09 - -1.34 0.00 Blue Chip Income Inc 157.09 162.20 -1.34 3.89
Pictet-EUR Corporate Bonds-I F € 199.08 - -0.18 0.00 Diversified Income - Inst Acc $ 19.79 - -0.02 0.00
Platinum Fd Ltd $ 94.75 - 1.06 0.00 Blue Chip Income Acc 228.09 235.32 -1.95 3.77
Odey Asset Management LLP (UK)
40 Dukes Place, London, EC3A 7NH Pictet-EUR Government Bonds I EUR € 154.60 - -0.03 0.00 Diversified Income Durat Hdg Fund Inst Acc $ 11.73 - -0.03 0.00
Platinum Fd Ltd EUR € 18.49 - 0.21 0.00 Ethical Bond Inc 91.47 93.43 0.24 5.07
Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Authorised Corporate Director - Capita Financial Managers Pictet-EUR High Yield-I F € 246.54 - -0.54 0.00 EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.71 - -0.12 0.00
Platinum Japan Fd Ltd (Est) $ 58.39 - 0.60 0.00 Ethical Bond Acc 171.73 175.09 0.45 4.94
Authorised Inv Funds
CF Odey Continental European R Acc 736.54 - -7.34 0.18 Pictet-EUR Short Mid-Term Bonds-I F € 136.85 - 0.00 0.00 Emerging Asia Bond Fund Inst Acc $ 10.16 - -0.06 0.00 Polar Capital Funds Plc (IRL)
Optima Partners Global Fd $ 15.03 - 0.12 0.00 Global Opportunities Acc 137.54 141.89 -0.61 0.11
Regulated
CF Odey Continental European I Acc 126.01 - -1.26 0.74 Pictet-EUR Short Term HY I EUR € 119.65 - -0.10 0.00 Emerging Multi-Asset Fund Inst Acc $ 8.86 - -0.03 0.00 Asian Financials I USD $ 320.70 320.70 -0.99 0.00
Optima Partners Focus Fund A $ 17.21 - 0.14 0.00 Income Inc 874.87 905.21 -6.38 3.81
CF Odey Continental European I Inc 121.10 - -1.21 0.73 Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.13 - 0.00 0.00 Emerging Local Bond - Inst Acc $ 12.03 - -0.06 0.00 Biotechnology I USD $ 19.12 19.12 -0.17 0.00
Income Acc 1329.54 1374.21 -9.68 3.65
CF Odey Opus R Inc 3936.93 - -28.59 0.00 Pictet-Euroland Index IS EUR € 140.40 - -1.16 0.00 Emerging Markets Bond - Inst Acc $ 39.46 - -0.12 0.00 European Income Acc EUR € 12.03 12.03 -0.09 -
Orbis Investment Management Ltd (BMU) Multi Asset Enhanced Growth Acc 130.23 - -0.24 0.00
Regulated
CF Odey Opus Fund A Accumulation 140.34 - -1.02 0.00 Pictet-Europe Index-I EUR F € 182.21 - -1.49 0.00 Emerging Markets Corp.Bd Fund Inst Acc F $ 13.66 - -0.02 0.00 Financial Opps I USD $ 13.38 - -0.04 1.80
Orbis Global Equity $ 183.79 - -1.37 0.00
22 | FTfm FINANCIAL TIMES Monday 8 June 2015

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Multi Asset Strategic Growth inc 153.39 - 0.04 1.32 European Growth 111.00 116.80 -1.50 0.89 Max 60% Shs Port Inc S 150.00 - -0.60 - Stenham Multi Strategy USD $ 122.00 - -0.40 -

Multi Asset Strategic Growth acc 161.76 - 0.05 1.31 Sustainable Leaders A 460.10 - -4.00 0.66 Eq Inc Port Acc Ret 305.00 - -2.70 - Smith & Williamson Investment Management (1200)F (UK) Stenham Quadrant USD A $ 396.06 - -4.89 -
25 Moorgate, London, EC2R 6AY 020 7131 8100
Multi Asset Total Return inc 128.04 - -0.06 1.80 UK Growth 503.70 530.20 -5.10 1.03 Eq Inc Port Inc Ret 240.90 - -2.20 - www.sandwfunds.com Stenham Trading Inc USD $ 114.61 - -1.41 -
Authorised Inv Funds
Multi Asset Total Return acc 139.77 - -0.07 1.78 UK Income With Growth 230.90 243.10 -1.20 4.23 European Growth Trust A Class 532.40 - -5.80 0.69 Stenham Universal USD $ 454.60 - -1.42 -
Managed Investments OEIC 2
Investments Inc Port Inc Ret 164.90 - 1.00 -
Recovery Inc 447.20 464.13 -2.34 2.18 US Growth 161.30 169.70 0.00 0.00 Santander Asset Management UK Limited (1200)F (UK) Far Eastern Income and Growth Trust A Class 428.20 - 0.60 3.04 Stenham Universal II USD $ 168.91 - -0.59 0.00
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Investments Inc Port Inc X 149.40 - 1.00 -
Authorised Funds Fixed Interest Trust A Class 122.40xd - 0.60 3.63
Recovery Acc 530.88 550.53 -2.78 2.15 Additional Funds Available
Santander Atlas Range
Please see www.cis.co.uk for details £ Gov Bond Inc Inst (gross) 175.00 - 1.50 -
Santander Atlas Port 3 Acc Ret 150.10 - -0.80 - Global Gold and Resource Trust A Class 160.80 - -1.20 0.00
Strategic Bond Ret Acc £ 1.18 1.20 0.00 3.80 Stratton Street Capital (CI) Limited (GSY)
£ Gov Bond Inc Inst 143.50 - 1.20 - Regulated
Santander Atlas Port 3 Inc Ret 104.40 - -0.60 - MM Endurance Balanced Fund A Class 221.70 - -0.50 1.14
Strategic Bond Ret Inc £ 1.06 1.08 0.00 3.84 Japan Synthetic Warrant Yen Class ¥ 1728.52 - 277.44 0.00
£ Gov Bond Acc Inst 143.50 - 1.20 -
Santander Atlas Port 3 Acc Inst 164.70 - -0.80 - MM Global Investment Fund A Class 2291.00 - 1.00 1.48 Japan Synthetic Warrant GBP Hedged Class £ 171.75 - 4.87 0.00
Strat Bond Inc Inst 185.00 - 0.20 -
Santander Atlas Port 4 Acc Ret 184.90 - -0.90 - North American Trust A Class 1765.00 - -1.00 0.00 Japan Synthetic Warrant USD Class $ 18.13 - 2.43 0.00
Managed Investments OEIC 3
Ruffer LLP (1000)F (UK) Santander Atlas Port 4 Inc Ret 133.60 - -0.60 - Oriental Growth Fund A Class 159.00 - 0.40 1.45
Div Inc Port Inc Ret 180.90 - -1.60 - Japan Synthetic Warrant USD Hedged Class $ 170.12 - 4.91 0.00
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0845 601 9610 Santander Atlas Port 4 Acc Inst 167.70 - -0.80 - UK Equity Growth Trust A Class 432.40 - -3.80 0.75
Corp Bond Acc Inst (gross) 211.80 - 2.40 - Renminbi Bond Fund AUD Cls A A$ 123.84 - 0.34 3.77
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers Santander Atlas Port 5 Acc Ret 199.70 - -1.00 -
Corp Bond Inc Inst 144.00 - 1.60 - UK Equity Income Trust A Class 236.60 - -1.60 4.32 Renminbi Bond Fund AUD Cls B A$ 125.79 - 0.35 3.51
CF Ruffer Investment Funds
CF Ruffer Gold Fund C Acc 88.42 - 0.15 0.00 Santander Atlas Port 5 Acc Inst 169.20 - -0.90 -
Corp Bond Acc Inst 144.30 - 1.60 - Renminbi Bond Fund CHF Cls A SFr 122.15 - 0.32 3.78

Robeco Asset Management (LUX) CF Ruffer Gold Fund O Acc 87.67 - 0.14 0.00 Santander Atlas Port 6 Acc Ret 275.70 - -1.40 -
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Multi-Manager OEIC Smith & Williamson Fd Admin Ltd (1200)F (UK) Renminbi Bond Fund CHF Cls B SFr 122.01 - 0.32 3.54
Bal Intl Track Acc Ret 274.80 - -2.00 - 25 Moorgate, London, EC2R 6AY 0141 222 1150
www.robeco.com/contact Equity & General C Acc 390.97 - 0.61 0.24 Santander Atlas Port 6 Acc X 196.80 - -1.00 - Authorised Inv Funds
FCA Recognised Renminbi Bond Fund CNH Cls A CNH 125.89 - 0.30 3.38
S&W Deucalion Fd (OEIC) 2187.00 - -10.00 0.18
Asia-Pacific Equities (EUR) € 147.95 - -1.14 0.00 Bond Mthly Inc Acc Ret 142.10 - -0.30 -
Equity & General C Inc 360.81 - 0.56 0.24 Santander Atlas Port 6 Acc Inst 169.10 - -0.90 -
Renminbi Bond Fund CNH Cls B CNH 125.71 - 0.30 3.14
S & W Magnum 394.80 417.40 -1.20 1.43
Chinese Equities (EUR) € 94.64 - 0.14 0.00 Bond Mthly Inc Inc Ret 92.18 - -0.21 -
Equity & General O Inc 359.75 - 0.55 0.00 Santander Atlas Port 7 Acc Ret 216.80 - -1.30 -
Renminbi Bond Fund Euro Cls B € 123.32 - 0.34 3.55
S & W Marathon Trust 193.80 205.10 -0.20 1.81
Em Stars Equities (EUR) € 193.45 - -2.25 0.00
Equity & General O Acc 387.68 - 0.59 0.00 Santander Atlas Port 7 Acc Inst 171.70 - -1.00 -
Renminbi Bond Fund GBP Cls B £ 125.13 - 0.34 3.35
Charity Value and Income Fund Acc 141.80 142.60 -1.20 4.31
Emerging Markets Equities (EUR) € 164.90 - -0.99 0.00
European C Acc 529.22 - 3.76 0.21 Santander Asset Management UK Limited (1200)F (UK)
Authorised Inv Funds 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Renminbi Bond Fund SGD Cls B S$ 124.09 - 0.35 3.32
Max 70% Shs Acc Ret 169.10 - -0.30 - Authorised Inv Funds Charity Value and Income Fund Inc 97.60 98.19 -0.82 4.43
Flex-o-Rente (EUR) € 109.22 - -0.24 0.00
European O Acc 524.81 - 3.70 0.00
Santander Premium Fund (OEIC) Renminbi Bond Fund USD Cls B $ 124.65 - 0.34 3.12
Max 70% Shs Inc Ret 143.20 - -0.20 - A Shares
Glob.Consumer Trends Equities (EUR) € 156.48 - -1.01 0.00
Japanese Fund C Acc 198.16 - -0.41 0.01 Europe (ex-UK) 289.90 - -3.20 -
Renminbi Bond Fund YEN Cls B ¥ 13772.92 - 37.76 0.00
High Yield Bonds (EUR) € 127.70 - -0.21 0.00
Investments Inc Acc Ret 153.80 - 1.00 - SMT Fund Services (Ireland) Limited
Japanese Fund O Acc 196.27 - -0.41 0.00 Japan Equities 162.70 - -0.40 - Regulated
Renminbi Bond Fund USD Cls A $ 171.74 - 0.48 3.36
Investments Inc Inc Ret 102.70 - 0.60 - Monthly Dividend High Yield $ 6.98 - -0.01 0.00
Lux -O- Rente (EUR) € 137.91 - 0.12 0.00
Pacific C Acc 349.35 - -1.93 0.40 Pacific Bas (ex-Japan) 562.70 - 0.80 -
Renminbi Bond Fund GBP Cls A £ 166.66 - 0.46 3.59
Equity Inc Inc Inst 253.90 - -2.30 - Daiwa Gaika MMF
New World Financials (EUR) € 57.10 - -0.53 0.00
Pacific O Acc 346.11 - -1.93 0.15 Sterling Bonds 262.30 - 1.40 - AU$ Portfolio A$ 0.01 - 0.00 -
Renminbi Bond Fund SGD Cls A S$ 164.24 - 0.45 3.56
Equity Inc Inc Ret 218.40 - -2.00 -
US Premium Equities (EUR) € 188.13 - -1.76 0.00
Total Return C Acc 414.28 - -1.38 1.35 UK Equities 273.70 - -2.60 - US$ Portfolio $ 0.01 - 0.00 -
Renminbi Bond Fund YEN Cls A ¥ 20371.24 - 56.15 0.00
N&P UK Gwth Inc Ret 169.90 - -1.50 -
US Premium Equities (USD) $ 210.80 - -1.95 0.00
Total Return C Inc 289.66 - -0.97 1.36 US Equities 268.80 - -0.10 - Canadian Dllr Pfolio C$ 0.01 - 0.00 -
Renminbi Bond Fund EUR Cls A € 113.33 - 0.31 3.79
Stckmkt 100 Track Gwth Acc Inst 97.65 - -0.83 -
Total Return O Inc 287.11 - -0.97 1.36 B Shares New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 -
Poland Geared Growth £ 0.51 - -0.02 0.00
Stckmkt 100 Track Gwth Acc Ret 180.30 - -1.50 - Pacific Bas (ex-Japan) 561.90 - 0.80 -
Royal Bank of Scotland (2230)F (UK) Total Return O Acc 410.77 - -1.39 1.34 Daiwa Bond Series
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072
UK Growth Acc Inst 290.50 - -2.70 - Monthly Dividend AUD Bd A$ 10.25 - 0.00 0.00
Authorised Inv Funds
Series 5 (Minumum Initial Investment £75,000)
UK Growth Acc Ret 337.60 - -3.10 - Saracen Fund Managers Ltd (1000)F (UK) Monthly Dividend EUR Bd € 10.59 - -0.01 0.00
United Kingdom Equity Index Fund £ 16.80 - -0.20 2.54
19 Rutland Square, Edinburgh EH1 2BB
UK Growth Inc Ret 224.60 - -2.10 - Dealing: 00 353 1 603 9921 Monthly Dividend CAD Bd C$ 10.27 - 0.04 0.00
UK Specialist Equity Inc £ 20.30 - -0.18 0.39
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Authorised Inv Funds Mthly Div US Preferred Secs $ 7.87 - 0.01 0.00
Contl Europe Specialist Fund £ 25.08 - -0.02 0.00 Managed OEIC
Saracen Growth Fd Alpha Acc £ 3.83 - -0.02 0.94
Glob Em Shs Port Acc Ret 175.50 - -1.30 - E.I. Sturdza Strategic Management Limited (GSY)
Daiwa Equity Fund Series
Japan Specialist Fund £ 15.24 - -0.03 0.00 Regulated
Saracen Growth Fd Beta Acc £ 6.10 - -0.03 1.41 New Major Economies $ 9.10 - -0.04 0.00
Max 70% Shs Port Acc Ret 262.90 - -0.90 - Nippon Growth Fund Limited ¥ 115796.00 - 2405.00 0.00
US Spec Equity Fund £ 18.89 - -0.18 0.00
Saracen Global Income & Growth Fund A - Acc £ 1.26 - -0.01 2.74
Max 70% Shs Port Acc X 188.80 - -0.60 - Strat Evarich Japan Fd Ltd JPY ¥ 106445.00 - -115.00 0.00
Pacific Basin Specialist Equity Fund £ 43.97 - 0.07 0.59 S W Mitchell Capital LLP (CYM)
Regulated Saracen Global Income & Growth Fund A - Dist £ 1.20 - -0.01 2.80 Standard Life Wealth (JER)
Max 70% Shs Port Acc S 152.60 - -0.50 - Strat Evarich Japan Fd Ltd USD $ 1062.73 - -0.61 0.00
S W Mitchell European Fund Class A EUR € 336.82 - 20.48 - PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
UK Sovereign Bd Index Fund £ 10.56 - 0.06 2.59
Saracen Global Income and Growth Fund -Acc £ 1.56 - -0.02 3.08 FCA Recognised
Investment Port Acc Ret 230.20 - 0.10 -
S W Mitchell Small Cap European Fund Class A EUR € 229.05 - 9.70 - Standard Life Offshore Strategy Fund Limited
Inflation Lkd Sov Bd Fund £ 12.65 - 0.10 0.68 Bridge Fund £ 1.6687 - -0.0039 2.39
Saracen Global Income and Growth Fund -Dist £ 1.41 - -0.01 3.17
Investment Port Acc X 163.20 - 0.10 - E.I. Sturdza Funds PLC (IRL)
The Charlemagne Fund EUR € 333.22 - 22.97 - Regulated
UK Specialist Equity Income Fund £ 10.28 - -0.09 3.58 Diversified Assets Fund £ 1.2083 - -0.0021 2.98
Saracen UK Income Fund - Acc £ 1.04 - -0.01 -
Max 50% Shs Port Acc Ret 248.70 - -0.20 - Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1253.40 - 6.97 0.00
Global Emerg Mkts Equity Fund £ 12.29 - 0.03 0.44 Global Equity Fund £ 1.9228 - -0.0045 1.26
Saracen UK Income Fund - Dist £ 1.04 - -0.01 -
Max 50% Shs Port Inc Ret 223.60 - -0.10 - Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1471.03 - 8.16 0.00
Global Spec Inv Grade Bd Fund GBP £ 9.93 - 0.01 3.08 S W Mitchell Capital LLP (IRL)
Regulated . Global Balanced Fund - Income Units £ 1.3808 - -0.0023 1.61
Max 50% Shs Port Acc X 180.00 - -0.10 - Nippon Growth (UCITS) Fund JPY Class A shares ¥ 115028.00 - 646.00 0.00
SWMC European Fund B EUR € 16543.90 - -154.10 0.00 For Save & Prosper please see Countrywide Assured
Series 6 (Investment Management Customers Only) Global Balanced Fund - Accumulations Units £ 1.5826
Asset Management
- -0.0027 1.59
United Kingdom Equity Index Fund £ 16.57 - -0.20 3.00
SWMC UK Fund B £ 12148.67 - -52.34 0.00
Max 50% Shs Port Acc S 150.70 - -0.10 -

Schroder Property Managers (Jersey) Ltd Global Fixed Interest Fund £ 1.0392 - -0.0003 3.36
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 96402.00 - 532.00 0.00
Ass
UK Specialist Equity £ 20.44 - -0.18 1.64 Max 100% Shs Port Acc Ret 293.60 - -0.40 - Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 93725.00 - 526.00 0.00
SWMC Small Cap European Fund B EUR € 14017.76 - -104.01 0.00 Other International Funds
Indirect Real Estate SIRE £ 127.74 133.58 0.40 2.51 Sterling Fixed Interest Fund £ 0.8550 - 0.0046 3.06
Contl Europe Specialist Fund £ 26.04 - -0.02 0.57 Max 100% Shs Port Acc X 210.90 - -0.30 - Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 62279.00 - 342.00 0.00
SWMC Emerging European Fund B EUR € 9535.77 - -112.94 0.00
UK Equity Fund £ 2.0535 - -0.0187 2.70
Japan Specialist Fund £ 16.01 - -0.03 0.50 Max 100% Shs Port Acc S 153.50 - -0.20 - Strategic China Panda Fund USD $ 2699.97 - -7.87 0.00

Scottish Friendly Asset Managers Ltd (UK)

US Spec Equity Fund £ 19.69 - -0.19 0.15 Enhanced Inc Inc Ins 217.90 - -1.70 - Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Strategic China Panda Fund Hedged EURO € 2625.39 - -7.82 0.00
Authorised Inv Funds
Pacific Basin Specialist Equity Fund £ 43.77 - 0.07 1.15 Enhanced Inc Inc Ret 206.70 - -1.60 - Managed Growth 238.00 - -1.10 0.00 Strategic China Panda Fund Hedged Sterling £ 2662.48 - -7.85 0.00

UK Sovereign Bd Index Fund £ 10.66 - 0.06 2.59 Enhanced Inc Inc X 175.20 - -1.40 - UK Growth 260.30 - -2.00 0.00 Strategic Euro Bond Accumulating Class CHFSFr 1003.79 - 1.89 0.00

Inflation Lkd Sov Bd Fund £ 12.52 - 0.10 0.68 Managed Investments OEIC Strategic Euro Bond Institutional Class EUR € 1023.51 - 2.02 0.00
RobecoSAM (LUX)
Max 30% Shs Port Acc Ret 156.50 - -0.10 - Stenham Asset Management Inc
Tel. +41 44 653 10 10 http://www.robecosam.com/
UK Specialist Equity Income Fund £ 11.07 - -0.09 3.55 Regulated SIA (SIA Funds AG) (LUX) www.stenhamassetmanagement.com Strategic Euro Bond Fund Accumulating Class Shares € 1149.38 - 2.26 0.00
RobecoSAM Sm.Energy/A £ 12.76 - -0.23 1.12 Max 30% Shs Port Acc X 156.50 - -0.10 - Regulated Other International Funds
Global Spec Inv Grade Bd Fund GBP £ 10.19 - 0.01 3.08 LTIF Alpha € 169.89 - -1.71 0.00 Stenham Asia USD $ 140.69 - 4.63 - Strategic Euro Bond Fund Distributing Class Shares € 1037.36 - 2.04 0.00
RobecoSAM Sm.Materials/A £ 134.44 - -1.65 1.82 Max 30% Shs Port Acc S 150.30 - 0.00 -
Global Emerg Mkts Equity Fund £ 12.28 - 0.03 0.63 LTIF Classic € 366.49 - -4.06 0.00 Stenham Credit Opportunities A Class USD $ 107.29 - 0.94 0.00 Strategic Global Bond RMB Acc CNY 1088.31 - -0.67 0.00
RobecoSAM Gl.Small Cap Eq/A £ 85.34 - -1.03 1.58 Max 30% Shs Inc Port Inc Ret 155.20 - 0.40 -
Address and telephone number for Series 5 only LTIF Natural Resources € 86.13 - -1.24 0.00 Stenham Emerging Markets USD B1 $ 109.76 - -0.49 0.00 Strategic Global Bond USD Acc $ 1044.76 - 0.28 0.00
RobecoSAM Sustainable Gl.Eq/B € 186.26 - -1.94 0.00 Max 30% Shs Inc Port Inc X 155.30 - 0.40 -
Stenham Gold USD $ 158.71 - 4.08 0.00 Strategic US Momentum and Value Fund $ 861.48 - -9.14 0.00
Royal London Unit Managers (CIS) (1200) F (UK) RobecoSAM S.HealthyLiv/B € 185.63 - -1.38 0.00 Max 30% Shs Inc Port Inc S 148.90 - 0.40 -
PO Box 105, Manchester M4 8BB 08457 464646 SIA (SIA Funds AG) (CH) Stenham Growth USD $ 220.81 - -1.15 - Strategic US Momentum and Value EUR Hedged Class EUR € 600.49 - -6.25 0.00
Authorised Inv Funds Max 60% Shs Port Acc Ret 272.60 - -1.20 - Other International Fds
RobecoSAM S.Water/A £ 174.79 - -2.01 2.14
CIS Sustainable Diversified Trust A £ 1.57 - 0.00 1.85 LTIF Stability Growth SFr 208.50 - -2.00 - Stenham Healthcare USD $ 184.90 - -4.43 0.00 Strategic US Momentum and Value CHF Hedged Class CHFSFr 600.79 - -6.42 0.00
Max 60% Shs Port Inc Ret 219.70 - -1.00 -
CIS Sustainable World Trust A 171.20 - -0.70 0.66 LTIF Stability Inc Plus SFr 185.20 - -1.80 5.42 Stenham Helix USD $ 31.00 - -73.66 -
Max 60% Shs Port Inc X 170.10 - -0.70 -
Corporate Bd Inc Tst 89.43 94.14 -0.29 4.06 Stenham Managed Fund USD $ 117.64 - -0.53 -
FINANCIAL TIMES Monday 8 June 2015 FTfm | 23

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

UBS Multi Asset Income B Inc (net) £ 0.51 - 0.00 3.63 Veritas Global Focus Fund D GBP £ 29.36 - -0.17 2.28 Winton Futures JPY Cls E ¥ 20173.05 - -862.54 0.00

Taube Hodson Stonex Ptnrs UT (1200)F (UK) UBS UK Equity Income B Inc Net £ 0.43 - 0.00 4.47 Veritas Global Focus Fund A GBP £ 28.31 - -0.16 2.08
50 Bank Street, Canary Wharf, London E14 5NT
Admin: 50 Bank Street, Canary Wharf, London E14 5NT Corporate Bond UK Plus B Inc Net £ 0.53 - 0.01 4.00 Veritas Global Focus Fund A EUR € 13.82 - -0.04 1.90
Dealing & Enquiries: 0870 870 8433
Authorised Inv Funds UBS Global Allocation (UK) B Acc £ 1.12 - 0.00 1.74 Veritas Global Focus Fund A USD $ 25.51 - -0.37 2.22
THS Growth & Value Funds
International Toscafund (CYM) UBS Global Enhanced Equity Income C Inc £ 0.49 - 0.00 - Veritas Global Focus Fund C GBP £ 30.57 - -0.18 0.00
IGV - Inc A 351.50 - -2.90 2.21 Regulated
Tosca $ 296.45 - 1.45 0.00
UBS US Growth Fund B Acc £ 1.48 - 0.00 0.00 Veritas Global Focus Fund C EUR € 24.84 - -0.06 0.00
IGV - Inc B 351.70 - -3.00 1.45
Tosca Mid Cap GBP £ 249.82 - 12.44 0.00
UBS Emerging Markets Equity Income B Inc £ 0.43 - 0.00 5.04 Veritas Global Focus Fund C USD $ 27.62 - -0.40 0.00
IGV - Acc X 430.10 - -3.60 1.72
Yuki International Limited (IRL)
Tosca Opportunity B USD $ 313.41 - 20.23 0.00
Veritas Global Equity Income Fund A GBP £ 156.57 - -1.09 4.20 Tel +44-20-7269-0207 www.yukifunds.com
IGV - Acc Y 460.30 - -3.90 0.00
Regulated
Unicapital Investments (LUX) Veritas Global Equity Income Fund A EUR € 216.36 - -0.74 3.57 Yuki Mizuho Umbrella Fund
IGV - Acc Z 427.70 - -3.60 1.46
Regulated Yuki Mizuho Japan Dynamic Growth ¥ 7511.00 - -23.00 0.00
Investments III € 27.41 - 0.58 0.00 Veritas Global Equity Income Fund A USD $ 123.81 - -1.94 4.33
European
Yuki Mizuho Japan Large Cap ¥ 7945.00 - -16.00 0.00
EGV - Acc S 287.50 - -3.00 -
Investments IV - European Private Eq. € 290.10 304.61 8.08 - Veritas Global Equity Income Fund C GBP £ 182.58 - -1.27 -
Yuki Japan Low Price ¥ 27741.00 - -4.00 0.00
EGV - Acc Z 287.50 - -3.00 0.54
Investments IV - Global Private Eq. € 428.48 449.91 0.00 - Veritas Global Equity Income Fund C EUR € 251.58 - -0.86 -
Yuki Japan Value Select ¥ 13660.00 - -31.00 0.00
Continental
CVG - Acc S 117.10 - -1.60 - Veritas Global Equity Income Fund C USD $ 143.48 - -2.25 -
YMR Umbrella Fund
Unicorn Asset Management Ltd (UK) Veritas Global Real Return Fund A USD $ 20.66 - -0.10 1.99 YMR N Growth ¥ 18271.00 - -53.00 0.00
CVG - Acc X 117.10 - -1.60 -
TreeTop Asset Management S.A. (LUX) PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Regulated Authorised Inv Funds Veritas Global Real Return Fund A GBP £ 11.52 - -0.06 1.97 Yuki Asia Umbrella Fund
TreeTop Convertible Sicav UK Growth A Inc 380.77 - -0.03 0.00 Yuki Japan Rebounding Growth Fund ¥ 25067.00 - 11.00 0.00
International A € 308.98 - -2.70 0.00
Veritas Global Real Return Fund A EUR € 12.18 - -0.06 0.16
The Hartford International Funds (IRL) Mastertrust A Inc F 372.80 - -0.52 0.00
Regulated
International B $ 398.36 - -3.47 0.00
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1575.35 - 0.24 0.00 Retail
UK Growth B Inc 382.70 - -0.03 0.24 Zadig Gestion (Memnon Fund) (LUX)
Veritas Asian Fund B USD $ 236.63 - -0.45 0.43
International C £ 133.81 - -1.17 0.00 FCA Recognised
UK Corporate Bond £ 1553.57 - 7.51 0.00
Mastertrust B Inc F 335.35 - -0.47 0.38 Memnon European Fund I GBP £ 117.98 - -0.95 0.00
Veritas Asian Fund B GBP £ 300.24 - 1.23 0.03
International D € 286.61 - -2.50 2.89
Gilt £ 1545.30 - 12.01 0.00
Outstanding British Cos A Acc F 250.62 - -0.53 0.43
Veritas Asian Fund B EUR € 257.12 - 1.85 0.00
Pacific A € 302.31 - -1.55 0.00
Global Eq (Ex Japan) Index Fund ¥ 1.43 - -0.01 0.00
Outstanding British Cos B Acc F 260.82 - -0.56 1.11
Veritas China Fund B GBP £ 164.29 - -0.55 0.00 Zebedee Capital Partners LLP (CYM)
Pacific B $ 383.70 - -1.95 0.00 Regulated
Global Eq (ex Japan) Class HJ4 ¥ 1.48 - -0.02 0.00 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
UK Smaller Cos A Inc F 441.67 - -0.69 0.08
Veritas China Fund B EUR € 170.87 - -0.47 0.00
TreeTop Global Sicav
Global Eq (ex Japan) Class JP5 ¥ 1.67 - -0.01 0.00 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Global Opp.A € 155.88 - -0.35 0.00 UK Smaller Cos B Inc F 433.49 - -0.66 0.77
Veritas Global Focus Fund B USD $ 18.40 - -0.26 1.61
Global Eq Ex Japan Index Fund (Hedge) ¥ 1.53 - -0.01 0.00 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Global Opp.B $ 155.70 - -0.42 0.00 UK Income A Acc F 262.08 - -0.13 4.34
Veritas Global Focus Fund B GBP £ 21.61 - -0.12 1.64
Gbl Govt Bond (Ex Japan) Index ¥ 1.38 - 0.01 0.00
Global Opp.C £ 194.37 - -0.89 0.00 UK Income A Inc F 240.94 - -0.12 4.49
Veritas Global Focus Fund B EUR € 16.45 - -0.03 1.52
Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.35 - 0.01 0.00
Sequoia Equity A € 148.41 - -1.31 0.00 UK Income B Acc F 277.30 - -0.13 4.31
Veritas Global Equity Income Fund B GBP £ 144.39 - -1.01 4.25
Japan Equity Index Fund ¥ 1.14 - -0.01 0.00
Sequoia Equity B $ 155.50 - -1.41 0.00 UK Income B Inc F 255.04 - -0.12 4.46
Veritas Global Equity Income Fund B EUR € 199.03 - -0.68 3.61
Japan Equity Class JP3 ¥ 1.38 - -0.01 0.00
Sequoia Equity C £ 173.34 - -1.95 0.00
Veritas Global Equity Income Fund B USD $ 123.04 - -1.93 4.38

Veritas Global Real Return Fund B USD $ 20.03 - -0.10 1.56

The National Investor (TNI)
www.tni.ae
Other International Funds
Veritas Global Real Return Fund B GBP £ 11.30 - -0.06 1.57
Money Market
TNI Blue Chip UAE Fund * AED 11.19 - 0.04 0.00 Veritas Global Real Return Fund B EUR € 13.03 - -0.06 1.39
Trusts and
TNI Funds Ltd (BMU)
MENA Hedge Fund $ 1007.72 - 13.56 0.00 Bank Accounts Gross
Veritas Asset Management LLP
Gross Net AER Int Cr
TNI Funds Plc (Ireland) Value Partners Hong Kong Limited (IRL) www.veritas-asset.com
MENA UCITS Fund * $ 1377.78 - 1.89 0.00 www.valuepartners.net, fis@vp.com.hk Other International Funds
Troy Asset Mgt Ltd (UK) Regulated Real Return Asian Fund USD (Est) € 325.36 - 11.78 0.00 CCLA Investment Management Ltd
40 Dukes Place, London EC3A 7NH Value Partners Classic Equity Fund USD Z Unhedged $ 13.48 - -0.01 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
Order desk: 0845 608 0950, Enquiries 0845 608 0950 Real Return Asian Fund GBP (Est) £ 345.91 - 12.16 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Authorised Inv Funds Value Partners Classic Equity Fund CHF HedgedSFr 14.33 - -0.01 0.00
ACD Capita Financial Mgrs
Real Return Asian Fund EUR (Est) $ 341.22 - 11.94 0.00 CCLA Fund Managers Ltd
Trojan Investment Funds Value Partners Classic Equity Fund EUR Hedged € 14.55 - -0.01 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
Spectrum Fund 'O' Acc 165.82 - -0.24 0.22
COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Value Partners Classic Equity Fund GBP Hedged £ 14.79 - -0.01 0.00
Spectrum Fund 'O' Inc 161.76 - -0.24 0.22
Waverton Investment Funds Plc (1600)F (IRL)
The Resolution Fund (1200) (UK) Value Partners Classic Equity Fund GBP Unhedged £ 15.07 - -0.24 0.00 waverton.investments@citi.com
Tel 0870 870 8434 Spectrum Income Fund 'O' Acc 100.27 - -0.42 -
FCA Recognised
Authorised Inv Funds Value Partners Classic Equity USD Hedged $ 16.74 - -0.01 0.00 Waverton Asia Pacific A USD $ 20.85 - -0.01 0.99
Global Fixed Income D Acc F 103.00 - 0.10 2.58 Spectrum Income Fund 'O' Inc 100.27 - -0.42 -
Value Partners Health Care Fund RMB Class Z UnhedgedCNY 10.44 - -0.10 - Waverton European Fund A Eur € 18.51 - -0.11 0.49 Data Provided by
Global Fixed Income D Inc F £ 1.00 - 0.00 2.63 Trojan Fund O Acc 255.42 - -0.34 0.55
Value Partners Health Care Fund HKD Class A UnhedgedHK$ 10.38 - -0.10 - Waverton Global Bond Fund Cls A $ 9.17 - -0.02 5.33
Global Yield B Acc F 119.80 - -0.20 2.13 Trojan Fund O Inc 212.57 - -0.28 0.55
Value Partners Health Care Fund USD Class A Unhedged $ 10.42 - -0.10 - Waverton Global Equity Fund A GBP £ 14.61 - -0.05 0.35
Global Yield B Inc F 112.00 - -0.20 2.16 Trojan Global Equity O Acc 212.23 - -0.70 0.89
Waverton UK Fund A GBP £ 13.71 - -0.15 1.74
Global Balanced B Acc F 132.80 - -0.40 1.22 Trojan Global Equity O Inc 182.05 - -0.61 0.90

Veritas Asset Management LLP

Global Balanced B Inc F 127.20 - -0.40 1.23 Trojan Income O Acc 272.54 - -2.61 3.60
(IRL)
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Waverton Equity Fund A GBP £ 15.86 - 0.04 0.00
www.morningstar.co.uk
Veritas Funds Plc Waverton Sterling Bond Fund A GBP £ 9.85 - -0.01 5.31 Data as shown is for information purposes only. No
Global Growth B Acc F 142.50 - -0.60 0.67 Trojan Income O Inc 175.35 - -1.68 3.71 www.veritas-asset.com offer is made by Morningstar or this publication.
+353 1 635 6799
Global Growth B Inc F 133.20 - -0.60 0.63 FCA Recognised
Institutional
WA Fixed Income Fund Plc (IRL)
UBS Global Asset Mgmt Fds Ltd (UK) Veritas Asian Fund A USD H $ 338.40 - -0.61 0.60
Global Equity Fund B Acc F 136.70 - -0.90 0.30 Regulated
21 Lombard Street, London, EC3V 9AH European Multi-Sector € 117.41 - 0.05 0.00
Client Services 0800 587 2113, Client Dealing 0800 587 2112 Veritas Asian Fund A GBP H £ 408.41 - 1.84 0.44
Global Equity Fund B Inc F £ 1.36 - -0.01 0.30
www.ubs.com/retailfunds
Authorised Inv Funds Veritas Asian Fund A EUR H € 349.70 - 2.55 0.37
UK Income Focus B Inc F 66.20 - -0.40 2.38
OEIC
Global Emerg Mkts Eqty B Acc £ 1.43 - 0.00 1.45
Winton Capital Management
Veritas China Fund A USD $ 166.18 - -0.67 0.00 Other International Funds
UK Income Focus B Acc F 87.80 - -0.50 2.33
Winton Futures USD Cls B $ 1027.49 - -43.43 0.00
Global Optimal B Acc £ 1.05 - -0.01 0.78 Veritas China Fund A GBP £ 171.50 - -0.64 0.00
UK Balanced B Inc F 70.50 - -0.30 1.91
Winton Futures EUR Cls C € 288.90 - -11.85 0.00
UBS UK Opportunities Fund B Acc £ 0.95 - -0.01 2.45 Veritas China Fund A EUR € 165.94 - -0.62 0.00
UK Balanced B Acc F 77.40 - -0.40 1.88
Winton Futures GBP Cls D £ 315.73 - -12.86 0.00
US Equity B Acc £ 1.56 - 0.00 0.25 Veritas Global Equity Income Fund D USD $ 128.50 - -2.01 4.31
UK Growth B Acc F 79.40 - -0.50 1.52
Winton Futures GBP Cls F £ 121.78 - -4.96 0.00
UBS Asian Consumption Fund - B Acc £ 0.59 - 0.00 0.45 Veritas Global Equity Income Fund D EUR € 222.43 - -0.76 3.55
UK Growth B Inc F 87.10 - -0.60 1.53
Winton Evolution USD Cls F $ 1758.24 - -100.39 0.00
UBS S&P 500 Index C Acc £ 0.53 - -0.01 - Veritas Global Equity Income Fund D GBP £ 163.16 - -1.14 4.18
UK Equity B Acc F 90.00 - -1.00 2.22
Winton Evolution EUR Cls H € 1386.04 - -76.67 0.00
UBS Targeted Return B Acc £ 1.28 - -0.01 1.19 Veritas Global Focus Fund D USD $ 26.47 - -0.38 2.64
UK Equity B Inc F 82.20 - -0.90 2.25
Winton Evolution GBP Cls G £ 1408.28 - -77.53 0.00
UBS Sterling Corporate Bond Indexed Fund 51.48 - 0.78 3.27 Veritas Global Focus Fund D EUR € 23.75 - -0.06 2.40
24 | FTfm
Movers &
shakers
C The Financial Conduct
Authority has hired Mark
Steward (pictured) as
enforcement director from the
Hong Kong Securities and
Futures Commission. The UK
financial regulator has also
appointed Barbara Frohn, a
managing director of Banco
Santander, as director of risk
and compliance oversight.
C The $46bn Maryland State
Retirement and Pension
System has appointed Andrew
Palmer as chief investment
officer. Mr Palmer previously
worked at the Tennessee Office
of the Treasurer, which
oversees the $43bn Tennessee
Consolidated Retirement
System.
C Antti Savilaakso has moved
to MSCI, the indices and
analytics provider, as European
head of ESG research from
Nordea, the Nordic financial
services group, where he was
director of responsible
investments.
C Neuberger Berman, the
$251bn US investment
manager, has formed an Italian
private equity team after
partnering with Intesa
Sanpaolo, the bank. Marco
Cerrina Feroni and Fabio Canè,
who led Intesa Sanpaolo’s
private equity business, have
joined along with Stefano
Bontempelli, who rejoins after
previously working in
Neuberger’s European private
equity team.
C Northern Trust has hired
Heidi Sandoval as an
institutional wealth strategist
for its foundation and
institutional advisers’ group.
She previously worked at BNY
Mellon.
Jane Goodland has joined
Old Mutual Wealth
FINANCIAL TIMES Monday 8 June 2015
NEWS
THE LAST WORD
INSIDE AND QUOTE OF THE WEEK
John Plender
When it comes to
stewardship, the issues
ONLINE
Jane Buchan,
chief executive
of Paamco
are commitment and ‘The conventional
competence. Many wisdom that says VIDEO
of the animals in US [corporate] pension Japan’s equities rush
today’s global financial plans are reducing The country’s biggest
jungle are not exposure to hedge pension funds are shifting
committed funds is wrong’ towards equities
C Andrew Jones has moved to PAGE 13 PAGE 12 VIDEO.FT.COM/FTFM
F&C Investments as director of
consultant relations. He joined
F&C, part of BMO Global Asset
Management, from Insight
Investments.
C Jane Goodland has joined to
Old Mutual Wealth as head of
responsible business, a newly
created role. Ms Goodland joins
the wealth management arm of
Old Mutual, the £351.4bn
insurance group, from Towers
Watson, the consultancy.
C Busy times at Schroders, the
$474.3bn asset manager, which
is expanding its global fixed
income multi-sector team. Paul
Grainger joins as a senior
portfolio manager from
Wellington Management while
Mads Nielsen takes on the role
of quantitative strategist after
moving from GLG Partners,
part of Man Group, the hedge
fund. Schroders has also
acquired a three-strong team:
David Gottlieb, Vincent
Messina, and Whitney Tindale
from Third Wave Asset
Management, a hedge fund
they founded together in 2014.
C Three hires for Twelve
Capital, the Swiss insurance-
related investment specialist.
Marcus Rivaldi and William
Hardcastle have joined as
analysts from Morgan Stanley
and Bank of America Merrill
Lynch, respectively. Ulrich Beck
will take responsibility for
sourcing deals in the insurance
private debt team after moving
from KPMG.
C Kames Capital has
appointed Hugh Henderson-
Cleland as product manager
for the property team. Mr
Henderson-Cleland joins the
£55.4bn Edinburgh-based fund
company from Ingenious
Investments.
C Walker Crips, the UK
stockbroker and wealth
manager, has hired Alison
Pickup as a senior investment
portfolio manager. She
previously worked at Brewin
Dolphin.
C Alex Searle is moving to
Sarasin & Partners to lead
product strategy. He joins from
Aberdeen Asset Management.

Monday June 8 2015
Tech leaders shake up industry
The internet has
changed the buying
habits of the rich,
writes Rachel Sanderson
T
he clearest indicator of the
changes to the luxury
industry in the digital age
comes from the largest deal
struck in the sector so far
this year, the tie-up between the
Richemont-owned ecommerce plat-
form Net-a-Porter and Italy’s Yoox.
Driving the agreement was not the
Swiss luxury conglomerate, but
Federico Marchetti, an Italian tech fash-
ion entrepreneur who founded Yoox at
the turn of the millennium. Yoox’s busi-
ness model is based on selling luxury
brands’ overstock items while keeping
the feel of exclusivity that companies in
the sector crave. The retailer now stocks
more than 30 luxury brands.
Mr Marchetti says the deal, which
makes him chief executive of an online
powerhouse with annual sales of €1.3bn
and 2m customers, is “the defining
achievement of my career”. The tie-up
defines the changing face of the busi-
ness. The industry traditionally shied
away from the internet because the
web’s democratisation of shopping
appeared to undermine its exclusive,
upmarket values.
But luxury brands seem to have
underestimated several factors, includ-
ing: how the internet has changed the
habits of the rich; the rise of the Chinese
as significant online shoppers; the dig-
ital know-how of millennials, who use
social media to track prices; falling
The Business of Luxury
Physical attractions: luxury outlets in Hong Kong, but are bricks and mortar stores still as relevant? — Thomas Lee/Bloomberg
advertising revenue at fashion maga-
zines; and the ubiquity of the internet
through smart devices. All indicate the
industry now needs to change rapidly.
Luca Solca, managing director and
head of luxury goods research at Exane
BNP Paribas, an investment company,
says online sales are just the tip of the
FT SPECIAL REPORT
www.ft.com/reports | @ftreports
iceberg in digital luxury: they accounted
for about 6 per cent of total luxury sales
in 2014. However, if you include digit-
ally driven in-store sales — when cus-
tomers have used the internet for
research before they visit a store — Mr
Solca says that digital accounts for a
quarter of retail revenues.
He adds that by 2020 luxury brands
will know almost all their clients by
name and that digital — either directly
or by influencing customers — will
represent 50 per cent of sales. In pure
ecommerce terms, sales will be two to
three times current levels, he says. “The
development of digital capabilities will
Inside
The price is wrong
How currency
fluctuations are
be a necessary condition for survival
and digital execution will define success
affecting the
or failure for luxury brands.” global market
Page 2
Opinion is still divided over how to
adapt to this mercurial consumer envi-
ronment. For example, in 2012 Kering Silicon Valley still not
formed a joint online venture with Yoox dressed for success
to market some of its brands, including
Investors have an online
Stella McCartney. Others, such as Ver-
sace and Brunello Cucinelli, have fashion blind spot
kept sole ownership of their sales — and Page 2
the big data that goes with them.
Groups such as Prada and Louis Seeking gold among
Vuitton, meanwhile, have sought to pre-
serve brand value by opening contem- the silver threads
porary art museums in cultural centres Big brand names are
such as Milan, Paris and Venice. Prada putting their
has also sponsored women directors at
the Venice Film Festival and collabo- faith in
rated with The Grand Budapest Hotel film the older
director and writer Wes Anderson on a consumer
movie short. Bottega Veneta and Page 2
Salvatore Ferragamo, on the other
hand, have focused on artisanship:
“Made in Italy”.
Nowhere is technological disruption
more evident than in the matter of
pricing. The internet has made it trans-
parently clear to consumers that the
same handbag is on sale in Beijing for a Economic outlook
higher price than in Paris.
Chanel, privately owned purveyor of Martin Wolf and guest
the $4,900 padded small classic flap economists debate the
bag, sent shudders through the industry prospects for growth in
in March by increasing the prices of
some of its handbags in Europe while the near future
cutting them in China. The move was Page 3
aimed at reducing a growing continental
gap, which had been caused by the China crisis
weakening euro, and meant the same What can be done to
bag could sell for 60-70 per cent more in
China than in Paris. woo back the Asian
But, in a global industry where heady customer?
Continued on page 4 Page 4
2 ★ FINANCIAL TIMES Monday 8 June 2015

The Business of Luxury

Currency swings The price of luxury: currency movements and share prices
Currency movements (trade weighted indices, rebased)
130
Silicon Valley is not
create market
Sterling
Euro
Swiss Franc
US $
120

110
dressed for success
100

inequalities 90

Jan
Burberry
Share price (pence)
Retail values Is it time to close the gap in
global pricing strategies? By Elizabeth Paton
80
THE TECH SCENE
Murad
21st century”, providing services to
more than 300 global independent
fashion boutiques: everything from
photographing clothing for websites,
processing payments and negotiating
2014 Jun
15 Ahmed shipping rates with couriers.
Customers pay the same price as
Richemont they would in-store. Farfetch takes a
Share price (SFr) 100
2000
José Neves is not impressed by Silicon
double-digit cut that is secured from
the boutique’s margin from each sale.
1800 90
Valley. The men — and they are almost Another online group in London,
1600 80 always men — who lead the tech world Wool and the Gang, sells knitwear. The
are notoriously badly dressed. company creates designs that can be
1400 70

A
price war is raging among
the world’s largest
luxury groups. Aggressive
currency headwinds have
battered parts of the indus-
try, inflating manufacturing costs and
spreading large pricing variations
among sales regions.
The gulf between prices for luxury
handbags, watches and jewellery in
Europe and in China is the widest it has
been for three years, according to
Sanford C. Bernstein, a research com-
pany, as weakness in the euro upsets the
pricing strategies of high-end brands.
The knock-on effect of the euro’s slide
and the stronger US dollar and Swiss
franc has led to the likes of Richemont,
Burberry and Chanel raising prices in
Europe, while cutting them in dollar-
denominated markets, including parts
of Asia. This is an effort to reduce a dis-
parity that has transformed the global
luxury retail landscape.
For example, Japan has seen an 83 per
cent rise in Chinese tourist numbers this
year, as has South Korea, as the widen-
ing price difference of up to 40 per cent
with mainland China sends shoppers to
new markets. Meanwhile, the US, the
world’s largest luxury market by sales,
has seen a fall in traveller spending, as
Chinese, Latin American and Russian
tourists stay away.
There are notable exceptions that are
resisting the currencies tide — at least
for now. Swatch Group said last month
that it would not change prices on the
basis of short-term currency swings,
and would rather lose on margins while
retaining market share.
Meanwhile, Kering and Hermès have
shied away from a levelling of prices,
saying that increasing them in Europe
would risk affecting domestic sales.
“We have a very strong French and
European customer base,” Axel Dumas,
chief executive of Hermès, said in
March. He said he expected sales this
year to grow 8 per cent in constant-cur-
rency terms.
“If we significantly increased our
prices at this juncture, that would mean
giving up on local customers, and that is
something we do not want to do.”
Given that many luxury consumers
buy products as long-term investments,
price stability has been considered a
core characteristic of the sector, with
any falls running the risk of eroding
‘We can’t get 20 per cent
back simply through
creativity, so the only thing
to do is to raise prices’
faith in the value and exclusivity of pur-
chases by core clientele.
But some executives insist that nar-
rowing the gap is essential if the indus-
try is to regain control over where and
how millions of customers choose to
spend their money.
“We need price equilibrium around
the world,” Jean-Claude Biver, president
of LVMH’s watch and jewellery division
and chief executive of Tag Heuer, said
this year. “If you have a 20 per cent price
difference between countries, there
are lots of clever people out there who
will take advantage of it by creating a
1200
Jan 2014 Jun
15
Kering (Gucci)
Share price (€) 200
180
160
140
120
Jan 2014 Jun
15
Source: Thomson Reuters Datastream
grey market, buying 100 watches in
one country then selling them in
another. We can’t get 20 per cent back
simply through creativity, so the only
thing to do is to raise prices to maintain
equilibrium.”
Some experts say brands such as Tag
Heuer and Montblanc have used the
currency fluctuations to revise their
current pricing approaches, which had
risen too far towards the market’s high
end, affecting sales.
They say the likes of Patek Philippe
and Cartier appear to be using shifts as a
chance for wholesale partners to ease
inventory levels.
But one industry watcher describes
Chanel’s price cuts as “drastic”. “I don’t
see other players following them,” he
says. “It potentially signals the over-
whelming exposure of their handbags
business to non-European consumers.
“If you have a little domestic business
in Europe, or sell predominantly to
60
Jan 2014 Jun
15
LVMH
Share price (€) 180
160
140
120
100
Jan 2014 Jun
15
Chinese tourists, then increasing prices
won’t hurt you. But for bigger European
brands such as Prada, Hugo Boss or
Gucci, it is a different story.”
The pressure on luxury brands may
ease, however, as the Chinese govern-
ment attempts to boost onshore con-
sumption by cutting tariffs on select
consumer goods from June 1, including
for luxury products.
This measure alone will not signifi-
cantly affect pricing, but luxury houses
hope it may force digitally-savvy
Chinese shoppers, aware that details of
global prices are a click away, to think
twice before spending abroad. And,
while the weaker euro is still a problem
for many European companies, sales
made abroad count for more when con-
verted back. The weak euro has also
given a huge boost to tourist flows into
western Europe. However, in spite of
this, few luxury brands are saying what
they think may lie over the horizon.
Investors and entrepreneurs resort to
a uniform of pale blue button-down
shirts and stonewashed jeans. And as
for the hoodie-clad programmers . . .
But the chief executive of Farfetch,
the online luxury fashion group, has a
bigger gripe. He believes that these
people have missed a golden
opportunity.
Mr Neves’ company was valued at
$1bn in its latest funding round,
making it one of Europe’s leading tech
start-ups.
He was shocked when speaking to
Californian tech investors about how
little interest they show in the
continent’s internet fashion companies.
“For these guys, fashion tech has
been a failure because they don’t know
these amazing companies in Europe,”
he says.
“For them, Amazon will eat the
world. They ask, why don’t all these
luxury labels sell to Amazon? I shrug
my shoulders and say, why don’t they
sell to Walmart?”
A failure to understand the
motivations of top fashion makers,
who care deeply about where their
goods are sold as they cultivate an elite
following, may explain why it has
taken so long for tech companies to
crack the luxury fashion sector.
But start-ups are starting to employ
innovative business models to exploit
this market and much of the activity is
around traditional fashion centres such
as New York, London, Paris and Milan,
where the world’s best designers and
fashion houses are clustered.
London-based Farfetch describes
itself as a “digital co-operative for the
seen on its site. Once it receives an
order, it sources production from its
“network of knitters”, a group of
enthusiastic people who knit items on
demand, so all its clients receive
original, handmade goods.
“Our makers produce the pieces in
their homes,” explains Lisa Rodwell,
Wool and the Gang’s chief executive.
“They are babysitters, mothers and
even commuters, who make extra
money in their downtime.”
José Neves
‘Investors think
Amazon will eat the
world . . . why don’t
luxury labels sell to
Amazon?’
But fashion technology companies
are not just quirky. They have become
big business. In March, Italian group
Yoox confirmed an all-share merger
with the UK’s Net-a-Porter.
The combination of two retailers
selling luxury clothing on the internet
will create one of the world’s largest
online outlets, with a combined value
of more than €3bn.
Meanwhile, Vente Privée, the Paris-
based online flash sales group, already
has a reported value of $3bn. It is a
price tag worthy of the outsized
personality of its founder Jacques-
Antoine Granjon.
He drives a pink Bentley in the
same colour as his company’s logo,
and sports V-neck shirts that reveal
a generous amount of chest hair
— a look that you are unlikely see in
Silicon Valley.

Campaign strategists fall for

the older woman – and man
Advertising
Fashion houses are turning
to more mature muses for
added cool — and extra
credit, says Andrea Felsted
When French luxury group Céline chose
80-year-old American writer Joan
Didion, author of The Year of Magical
Thinking, to be the face of its advertising
campaign, the buzz on social media
reached fever pitch.
Ms Didion is one of a batch of silver-
haired stars who have been picked to
front a fashion campaign, a trend that
underlines the luxury industry’s
increasing fascination with the older
muse. Yves Saint Laurent turned to 71-
year-old Joni Mitchell, while cosmetics
group Nars featured Charlotte Ram-
pling, 69, in a recent campaign. Marc
Jacobs, meanwhile, chose film star
Jessica Lange, 66, as the face of its cos-
metics brand and singer Cher, 69, to
front its 2015 autumn-winter collection.
And the trend is not confined to
womenswear and cosmetics. The singer
and record producer Quincy Jones, now
82, has become the face of Buscemi, the
expensive made-in-Italy trainers brand.
Neil Saunders, managing director of
Conlumino, the retail consultants, notes
a growing trend in the industry towards
celebrating beauty among older people.
“I think it’s seen as being almost cool
to take someone who is mature and
show how youthful they can be and how
good they can look. I think that is a thing
we are seeing much more of in fashion,”
he says. “ It’s a celebration of being old
but young at heart.”
Claudia D’Arpizio, a partner at Bain &
Co, a consultancy, and lead author of its
annual luxury report, says groups in the
sector have long been aware that in
mature markets the baby boomers are
the brands’ core customers.
In the past, brands sought to attract
older buyers with a younger image:
“Now it is different,” Ms D’Arpizio says.
“These people are more aware of them-
selves, so they don’t need this youngish
image.”
She adds that this generation is “age-
ing in a cool way”, so there is no need to
use images of younger people to draw
‘If I could turn back time’: Cher, 69,
fronts Marc Jacobs’ collection
them to brands. The fashion industry
typically takes trends to the extreme,
and the obsession with age could be yet
another fad. However, there are sound
economic reasons why bringing older
people to the fore makes sense.
According to Euromonitor, the
market research group, there were 5.3m
people in the world aged 65 or over who
had an annual gross income of $150,000
or more in 2014, which represents the
highest income group.
Fflur Roberts, head of luxury goods at
Euromonitor, a market researcher, says:
“While the challenges of this generation
are clear in terms of the growing burden
on governments for healthcare and pen-
sion provisions, as well as the labour
force — which will probably have to con-
In mature markets, the rich
are strongly concentrated
in the 45-65 age group
tribute higher taxation to fund this — an
expanding wealthy older population
also offers opportunities, especially for
the luxury goods industry.”
According to Euromonitor, the US has
the largest population of high income
earners aged 65 and above, reaching
2.2m in 2014, or 40 per cent of those
with annual incomes of $150,000 or
more.
In western Europe, people aged 65
and above make up the largest age
group with annual incomes of $150,000
or more. Euromonitor predicts that the
share of older people in the top income
bracket is expected to rise even further
to at least 2030, shaping consumption in
many luxury sectors.
Ms Roberts says the high proportion
of older people in the top income
bracket indicates significant opportu-
nity in a wide range of luxury goods sec-
tors, from fine wines, champagne and
luxury spirits to art and antiques.
Older consumers tend to be loyal to
their chosen luxury brands and gener-
ally know what they want, says Ms Rob-
erts. They are also prepared to pay for
quality products.
She adds: “While luxury goods and
services of premium quality are mark-
ers of status and success, products that
are potentially sound investments have
a greater pull factor for this age group.
Therefore, the demand for luxuries that
speak of heritage and craftsmanship is
huge among this consumer group.”
While wealthy older consumers are
most prominent in the US and western
Europe, Euromonitor says this demo-
graphic is also rising quickly in emerg-
ing markets.
China has the highest number of
wealthy older people among all the
emerging markets. However, Israel,
Kazakhstan, Indonesia and Uzbekistan
have also seen a robust expansion
of people aged 65 and above since
2009, offering significant scope for
luxury groups.
Ms Roberts says: “Recognising and
unleashing the potential of the silver
consumer is vital for many luxury
brands and retailers, given ageing
populations and the urgent need for
new avenues of growth. Elderly con-
sumers worldwide are still underserved,
even though a significant proportion of
their income is available for discretion-
ary spending, and they want to spend
rather than save.”
Ms D’Arpizio points out that, in
mature markets, wealthy people are
strongly concentrated in the 45-65 age
group. In Asia, wealthier individuals
tend to be 10-15 years younger.
However, she believes that the focus
on older people in fashion is not just
because of their spending power.
She says featuring older people also
helps emphasise a brand’s authenticity,
which is important when groups are
competing not only for growth but also
for market share.
“I don’t think it’s just the age point,”
Ms D’Arpizio says. “It is the experience
and values that these people bring to
the table.”
Monday 8 June 2015
Rates, exits and China dominate scene
Debate Martin Wolf
considers the challenges
facing global growth
with Gavyn Davies and
Willem Buiter, his
partners on a panel at
an FT conference today
W
hat can we expect of the
world economy over the
coming couple of years?
Looking into their crystal
balls are Willem Buiter,
chief economist of Citigroup, and Gavyn
Davies, former chief economist of Goldman
Sachs and now chairman of Fulcrum Asset
Management. Mr Buiter was, and Mr
Davies now is, a blogger for the Financial
Times.
Martin Wolf: What are your central
forecasts for the next two years?
Willem Buiter: Citi’s official forecasts are
for 2.7 per cent growth of global real
gross product for 2015 and then 3.5 per
cent for 2016, at market exchange rates.
One should add half a percentage point
for forecasts at purchasing-power-
parity exchange rates, comparable to
those of the International Monetary
Fund.
My view is that Citi’s 2016 forecast is
likely to turn out to have been
optimistic.
Gavyn Davies: I expect that the global
GDP growth rate will rise gradually,
taking inflation back to the targets set
by the central banks. The US might grow
slightly above its trend rate of 2.25 per
cent, while both the eurozone and China
might strengthen cyclically, though
China is slowing on a trend basis.
This means that the gap between the
growth rate in the US and the rest of the
developed world is likely to be much
smaller than it has been since 2008.
Both the Federal Reserve and the
Bank of England are likely to begin
raising short term interest rates. But the
European Central Bank and the Bank of
A Chinese hard landing
would not only be
damaging for China
Martin Wolf
Japan will maintain aggressively loose
policy. So, the overall stance of global
monetary policy is unlikely to tighten
very much. The threat of deflation will
gradually ease, and the ratios of
government debt to GDP, while
historically high, will not cause crises.
MW: What are your forecasts for the
European economy for 2015 and 2016?
WB: Citi forecasts for the eurozone are
1.5 per cent and 2.1 per cent,
respectively. Its forecasts for the UK are
2.6 per cent and 3 per cent. I am far less
optimistic because of the fear and
uncertainty created by a potential UK
departure from the European Union
(“Brexit”).
This will depress investment and
raise precautionary saving: 2.3 per cent
UK growth in 2015 and 2 per cent for
2016 are my best guesses.
GD: The prolonged process of economic
healing after the eurozone crisis is likely
to continue, allowing the eurozone to
grow at about 2 per cent, which is
somewhat above trend. The recovery
will have several sources: ECB easing,
repair of the banking system,
resumption of private capital flows
★ FINANCIAL TIMES
The Business of Luxury
inside the eurozone, less fiscal
tightening and a further improvement
in competitiveness in peripheral
economies.
Unemployment may fall slightly from
elevated levels. Trade imbalances inside
the eurozone may narrow, but the
chronic German trade surplus is likely
to remain in place. Economic reforms in
struggling economies will continue, but
not at an impressive pace.
The economic recovery, therefore,
will be mainly a cyclical event. It will
leave unaddressed many serious flaws
in the monetary union, including the
need for a genuine fiscal and banking
union, and more co-operation on trade
imbalances between Germany and
others. These issues could flare up again
in a renewed eurozone recession.
MW: Name one or two big risks and
indicate how they might play out.
WB: First, a Chinese hard landing:
growth according to the official —
inflated — data of 4 per cent, or less, for
at least a year, starting towards the end
of this year. This would knock a
percentage point, or so, off global
growth and cause very weak
commodity prices.
Second, Brexit, which would be much
Market disruption might be
exacerbated by a lack of
liquidity in bond markets
Gavyn Davies
‘Brexit’ could start
the unravelling of
European integration
Willem Buiter
scarier than Grexit (exit of Greece from
the eurozone). Brexit is not my central
scenario, but it is a material risk.
Brexit could start the unravelling
of the European integration that
started with the Coal and Steel
Community in 1951.
Short-term (over five to six years),
this would be very disruptive for the
UK. Brexit would be followed by Scoxit
(exit of Scotland from the UK and,
maybe, even of Wales and Northern
Ireland). I would favour Greater
London’s leaving the UK and rejoining
the European Union.
In the longer term, the UK is likely to
become a member of the European
Economic Area: so UK becomes
Iceland. If Brexit led to meaningful
reform of the EU, the impact for the
rump-EU could be manageable.
Without reform, centrifugal forces
could pull the EU apart.
GD: The first risk is that the markets
find they have to adjust much more
abruptly than expected to Fed
“normalisation” of monetary policy.
This could occur because of adverse
inflation shocks, or because the market
is mispricing the Fed’s true intentions,
mainly because it is underestimating
3
the Fed’s view of the equilibrium real
interest rate.
Market disruption might be
exacerbated by a lack of liquidity
in global bond markets and by a
herd-like rush for the exits by large
bond funds. That might place great
pressure on emerging-market
corporate dollar-denominated
debt, which has grown greatly in
recent years.
The second risk is a hard landing in Contributors
China. Deleveraging the credit bubble
in the shadow banking sector, while Rachel Sanderson
sustaining growth at an acceptable Milan correspondent
rate, is a challenging task. It is likely to
require flexible and unconventional Martin Wolf
policy responses, with a significant Chief economics commentator
shift of bad debts of the local
governments, for example, on to the Jamil Anderlini
central-government or central-bank Beijing bureau chief
balance sheets.
Although the Xi Jinping Elizabeth Paton
government has been reluctant to FT reporter
“reflate” the economy, it will probably
be forced to do so. Murad Ahmed
European technology correspondent
Martin Wolf concludes: The consensus
seems to be for a sustained, albeit Andrea Felsted
modest, recovery in the developed Senior retail correspondent
countries, with greater convergence of
performance among the major Isabel Gorst
economies. Interest rates are also likely Freelance writer
to start rising in the US and the UK. In all
probability, the world economy will Adam Jezard
weather that change successfully. Commissioning editor
Nevertheless, there are also
substantial risks. Among the most Steven Bird
important, particularly for the luxury Designer
industry, are the uncertainty created by
the UK’s referendum on membership of Andy Mears
the EU and, far more important, a Picture editor
Chinese hard landing. The latter would
not only be damaging for China. It For advertising details, contact:
would also damage the world. Victoria Roberts, +44 (0)20 7873 3226,
victoria.roberts@ft.com, or your usual FT
representative.
Join in the debate
To watch videos recorded at All editorial content in this report is
produced by the FT. Our advertisers have
the event in Monte Carlo, go to
www.ftbusinessofluxury.com. no influence over or prior sight of articles.
You can also keep up-to-date
with the latest from the All FT Reports are available at:
FT Business of Luxury Summit ft.com/reports
on Twitter at #FTLuxury
Follow us on Twitter: @ftreports
4 ★ FINANCIAL TIMES Monday 8 June 2015

The Business of Luxury

Tech leaders
Russians look point the
way forward
to tighten their for industry
belts after Continued from page 1
prices are linked to intangible values
such as status and desire, social media
has highlighted the vulnerability of the

buying spree once-niche European sector in an era

when the world wide web can expose
pricing policies in a click.
Erwan Rambourg, luxury analyst at
HSBC, says: “Blogs, forums, word-of-
mouth and travel are spreading
knowledge of brands and what consum-
ers should pay for them.
“This will probably force brand man-
Rouble trouble Regional entrepreneurs appeal to agers out of what has been a somewhat
complacent, by-default, thought proc-
national pride to boost sales, writes Isabel Gorst Shawl thing: Dmitri Gourji at his Moscow shop displaying products adorned with specially commissioned art — Alexandra Filatova ess of thinking Asian consumers could
be charged more.” (For more on this, see

W
hen the rouble
collapsed in December
2014, Dmitri Gourji
doubled the price of his
luxury wares and asked
the landlord at his central Moscow store
to reduce the rent. Before long the
Russian businessman was fielding calls
from furious customers threatening to
boycott his products.
“They really resented the price rise,”
he says. “They left us with no choice but
to reduce our margins and share the
pain.”
Economic and geopolitical tensions
weighing on the Russian economy have
taken the froth off this once-booming
market for luxury goods and changed
the way even rich Russians think about
money. The wealthy no longer shop
with abandon for costly fripperies.
Instead they are focusing on expensive,
one-of-a-kind items perceived as safe
investments, according to Euromonitor,
a London-based market researcher.
Aspiring middle-class Russians,
whose savings evaporated as the rouble
depreciated last year, have had to pare
back spending, but many diehard brand
addicts are still trawling elite malls and
VIP retail websites in search of bargains.
Foreign travel has been among the
first luxuries to go. Spending by Russian
tourists abroad fell 17 per cent in 2014
and continued to decline in the early
months of this year, says Global Blue, an
international tax refund group.
In Moscow, where there is usually a
big mark-up on imported luxury goods,
many retailers are slashing margins and
offering “European prices” in an effort
to perk up sagging sales.
President Vladimir Putin has pre-
sented the economic downturn and the
weak rouble as an opportunity for
domestic producers to see off competi-
tion from imported goods.
But, apart from fine vodka and caviar,
Russian has few luxury brands to its
name, a legacy of the communist era.
Mr Gourji set out to change that in 2007
when he launched his own jewellery and
accessory brand.
A former exclusive distribution
manager for luxury group Alfred
Dunhill in Russia, Mr Gourji has delved
into his country’s culture for inspiration
for his decorative cuff links, fountain
pens, earrings, leather bags and cash-
mere silk shawls.
“Luxury companies offering some-
thing special for the Russian market are
better placed to survive the crisis,” he
says, unfolding a shawl printed with a
painting he commissioned from artist
Sonya Utlina of acrobats performing at
Moscow’s legendary circus.
Playing to resurgent patriotism in
Russia, Cvstos, a Swiss luxury watch
maker, recently unveiled its “Proud to
be Russian” watch with the country’s
double-headed eagle emblazoned on its
face. The company has hired the
French-born actor Gérard Depardieu, a
celebrity in Russia, where he adopted
citizenship in 2013, to promote the
timepiece and other exclusive products
aimed at the Russian market.
Br and am bas s ad or s of M r
Depardieu’s ilk are not cheap, says
Sassoun Sirmakes, the chief executive of
Cvstos, in a promotional video. The
actor’s appointment to the Russian
marketing team was a seen by industry
insiders as a signal that Cvstos watches
were selling well.
Russian officials have forecast a soft
landing for the country’s economy, with
a 2.8 per cent contraction in GDP this
year followed by a mild recovery in
2016.
Adding to confidence is the fact that
the rouble has rallied this year, although
‘Luxury companies offering
something special for the
Russian market are better
placed to survive the crisis’
not far enough to compensate fully for
the disastrous depreciation of 2014.
However, unless geopolitical tensions
over Ukraine ease, Russia’s economic
growth — and consumer spending at the
luxury end of the market — are likely to
remain muted for the foreseeable
future, according to Deloitte Touche
Tohmatsu’s Global Powers of Luxury
Goods 2014 report.
What concerns international retailers
most is that falling living standards,
together with the Kremlin’s strident
anti-western propaganda, could prompt
Russian antipathy to US and European
goods.
That is unlikely to happen at the top
end of the Russian market, where
expensive western brands are seen as a
vital “uniform” that is a sign of member-
ship of the successful class, according to
Angela Sapovskaya, the Russian-born
founder and chief executive of Tri&Co, a
fashion group specialising in high-
quality cashmere products.
“Many Russians are ‘brand addicts,’
and will continue to spend on luxury
clothing even if it means living on
porridge, ” says Ms Sapovskaya.
With overall luxury goods sales
stagnant in 2014 and the outlook for the
future uncertain, some foreign brands
have dropped plans to open shops in
Russian regions and are concentrating
instead on the prosperous cities of
Moscow and Saint Petersburg, accord-
ing to Euromonitor.
Italy’s Salvatore Ferragamo, which
looks to Russian customers for the bulk
of its fur coat and shoe sales, has just
added two outlets to its Moscow net-
work, despite a slow start to the year.
Meanwhile, Italian luxury fashion
house Prada launched a flagship store in
Saint Petersburg in 2014.
One positive aspect of the currency
crisis for retailers is that sky-high rents
in Moscow are beginning to decline.
Property developers are struggling to
find tenants for newly completed shop-
ping centres in the capital, according to
Michael Rogozhin, managing director of
the retail department at CBRE, the
international commercial real estate
services company. Finding companies
wanting to take on locations in the city
has been challenging, he says: “You can
hardly imagine how tough it is.”
The landlords of store sites in the
prestigious streets around the Kremlin,
which are home to the likes of Chanel,
Gucci and Louis Vuitton’s flagship
stores, are less willing to compromise on
what they charge.
Mr Gourji visits his landlord once a
month to plead for reductions in his
euro-denominated rent. “You have to
cry if you want to survive,” he says.
below left.)
However, Chinese consumers are
increasingly aware they pay more and
feel “they have been taken advantage of
by western brands”, says Emmanuel
Hemmerle, a China business consultant
based in Shanghai.
The price gap has also fuelled an
off-market trade in luxury goods in
China. The daigou industry, where
Chinese buy luxury goods outside China
to resell at home, often on the internet,
is creating a grey market.
Claudia D’Arpizio, a partner at Bain &
Co, a consultancy, says that current
trends have put the spotlight on struc-
tural changes the industry has under-
gone over the past 15 years. They high-
light the need for companies to rethink
some of the main pillars of their
strategies.
Ideas under scrutiny include whether,
having spent many millions of euros on
store expansion in Asia over the past
five years in a race to open new outlets,
luxury companies now need to shrink
their physical networks and focus on the
internet.
Currency fluctuations, the challenge
of the internet and of attracting tourist
shoppers all add complexities and, says
Ms D’Arpizio, there is little evidence that
the industry knows how to control
them.

Gone are the gifts as Chinese

look to buy for themselves
Corruption clampdown
What can be done to woo
back Asian clients after the
anti-graft drive?
By Jamil Anderlini
To grasp how important Chinese con-
sumers have been for the global luxury
industry over the past decade and a half,
you just need to look at how badly sales
have been hit by a ferocious two-year
Communist party clampdown on cor-
ruption and conspicuous consumption.
The chief executive of one leading
Swiss watch company, who wishes to
remain anonymous, says that before the
anti-corruption campaign as many as 65
out of every 100 of his watches were sold
in China. Today, only 25 out of 100 are
bought by Chinese.
In 2000, Chinese consumers
accounted for less than 2 per cent of
global luxury spending in a worldwide
market in which 140m luxury consum-
ers spent some €130bn.
By the end of this year, there will be
more than 350m global luxury
consumers and Chinese will account for
more than 30 per cent of their €230bn
in purchases, according to Bain & Co’s
latest worldwide luxury markets
monitor.
But that startling rise has slowed
sharply in the past two years, after Presi-
dent Xi Jinping launched a campaign to
cleanse the Party and government of
rampant corruption.
For more than a decade, luxury goods
from top brands had been regarded as
favourite bribes for businesspeople to
curry favour with Party officials, who
wield enormous power over economic
activity in the authoritarian state.
As well as reducing overall purchases,
the anti-graft drive has changed the way
the Chinese consume luxury prod-
ucts. “Since the start of the campaign,
Chinese buyers have become much
more focused on buying for them-
selves, rather than for other peo-
ple,” says Stefano Canali, general
manager of luxury menswear
brand Canali.
He adds: “They are much
more demanding and want to
know a lot more about what they
are buying and why they should
spend their money on it.”
Thanks to currency movements, high
domestic luxury taxes and far greater
international mobility, they are also
choosing to buy luxury products
About 60 per cent of luxury abroad, rather than in the retail outlets
proliferating across China.
purchases are now made This is a problem for the purveyors of
outside the country and products such as French cognac, Swiss
watches and Italian handbags, who have
this flow is accelerating frantically expanded their store chains
in China in recent years.
People in the industry say several
large global luxury brands have closed
boutiques in some of their more remote
locations in China and this trend is
expected to continue.
“Western luxury retail in China is fad-
ing fast and I predict a lot more luxury
shops will have to close. There will be a
lot more pain to come in the next two or
three years,” says Sir David Tang,
columnist for FT Weekend and founder
of several luxury brands, including
Shanghai Tang, a fashion house.
Sir David points out that about 60 per
cent of Chinese luxury purchases are
now made outside the country and this
flow is accelerating as tech-savvy con-
sumers increasingly compare prices
online.
Because of very high luxury taxes,
greater costs for companies doing busi-
ness in China and aggressive pricing
strategies, luxury goods bought on the
mainland can be far more expensive
than the identical item bought in Hong
Kong, Japan or Europe.
While in 2000, most Chinese were
unable to even obtain a passport, let
Global tastes: alone a visa, today, countries are falling
China’s President over themselves to attract wealthy
Xi Jinping Chinese. At the same time, global travel
is easier and cheaper than ever, market
watchers point out.
Analysts note that exposure to foreign
tastes on a massive scale has helped to
shift Chinese preferences from the
desire for “bling” and ostentatious dis-
plays of wealth a couple of years ago to a
growing emphasis on understatement
and quality.
The rapid pace of change in China
makes it clear that the rich and easy
pickings that global luxury brands
enjoyed for so long in the country are
now mostly gone.
To succeed in this more austere
environment, analysts say, big
brands need to focus on quality and
working hard to attract the more
discerning Chinese consumer.
Brands must also understand that the
bulk of their sales will be made outside
the country, so high-profile Beijing and
Shanghai flagship stores will mostly
serve as expensive marketing tools.