New Institutional Clients Suffer Most From FX Downturn

The poor returns from currency investment this year may have damaged the appeal of the asset class to institutions such as pension funds, according to conference speakers.

  • 29 Oct 2004
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The poor returns from currency investment this year may have damaged the appeal of the asset class to institutions such as pension funds, according to conference speakers. Pension funds have been increasingly willing to allocate assets to active currency management, said bankers, but those funds which chose this year to invest in currencies may not have seen positive returns. Brian Strange, portfolio manager in the currency management group at JPMorgan Fleming Asset Management in London, said, "The people who have been hurt are the people we persuaded about a year ago." He added, "If it continues like the last six months, we're in trouble."

Dave Bamber, assistant county treasurer with responsibility for Clwyd Pension Fund, proved bankers' fears wrong, however. His fund allocated 4% of its assets to two different currency funds in April and in spite of flat returns for the first two months he reported positive returns over the last three months.

  • 29 Oct 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Citi 59,389.63 191 8.32%
2 JPMorgan 58,294.01 209 8.16%
3 Barclays 49,613.60 160 6.95%
4 Bank of America Merrill Lynch 42,095.04 147 5.90%
5 Deutsche Bank 38,720.01 140 5.42%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 6,045.16 4 18.58%
2 BNP Paribas 1,742.18 7 5.36%
3 Credit Agricole CIB 1,539.94 8 4.73%
4 MUFG 1,257.24 4 3.87%
5 SG Corporate & Investment Banking 1,165.08 6 3.58%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 UBS 998.25 3 13.45%
2 Citi 693.55 2 9.34%
3 Morgan Stanley 572.72 3 7.72%
4 Bank of America Merrill Lynch 509.34 3 6.86%
5 Jefferies LLC 409.89 4 5.52%