Company briefs

Japan gaining allure for European fund groups

European fund groups are focusing on Japan, according to trends data from Morningstar.

Sixty per cent of respondents said the Japanese stock market would be 5 to 15 per cent higher in a year’s time. Over half of survey participants are overweight in Japanese equities, compared with their benchmark indices. Improvement in the domestic economy, increased private consumption and structural changes at the corporate level are cited as reasons behind this move.

The average Japanese large-cap equity fund is up 7.5 per cent in euro terms since the beginning of the year.

German hedge market attracts SYZ and Warburg

Warburg Invest, asset management arm of German private bank MM Warburg & CO, has agreed with SYZ, a Swiss private bank in Geneva, to develop, manage and distribute alternative investments in Germany. The aim is to launch funds of hedge funds and offer alternative management services to investors looking for tailor-made portfolios.

Private investors will be approached jointly by both parties and through third-party distribution networks.

DWS, using internal expertise from Deutsche Bank, has announced products to exploit recently passed German hedge funds regulations, but many international groups have been reluctant to take the plunge, citing inflexible legislation.

Prudential to use Protrust for Austrian sales assault

Prudential International Assurance has signed up Swiss distribution company Protrust Financial Services Group to manage a sales push into Austria. The two companies will create an Austrian version of the International Prudence Bond.

Prudential’s UK version, the Prudence Bond, has raised E18bn.