What has happened in the global markets?
Seeing worldwide investment opportunities
Bo Knudsen, managing director with C WorldWide Asset Management, talks about how the firm identifies and assesses global investment opportunities
C WorldWide Asset Management (previously Carnegie Asset Management) was created in 1986 as part of the Carnegie Group. The company was spun out of Carnegie Investment Bank in 2009 and the name changed in 2017. C WorldWide is 80 percent-owned by private equity fund Altor Fund III and 20 percent-owned by employees.
Today, C Worldwide manages around $20 bn in global equities for institutional clients in the Nordic region, the UK, Canada and Australia. Its main portfolios are highly concentrated, with just 30 stocks held. The investment approach is bottom-up stock-picking and concentrates on stocks above $10 bn market cap, while the average market cap is nearer $100 bn. The focus is on companies generating free cash flow and earnings growth. In addition to the concentrated global equity strategy, the firm has an ethical and long/short version of the same strategy plus several more specialized strategies, including global healthcare.
Bo Knudsen is managing director and global portfolio manager at C WorldWide in Copenhagen, Denmark. He has worked with portfolio management of global equities since 1989. Prior to joining C WorldWide in 1994, he worked for five years as a global portfolio manager with Danske Capital in Copenhagen and ultimately held the position of head of international equity investments. In 1998 he joined Nordea Investment Management as executive director and head of equities, and rejoined C WorldWide in 2001 as global portfolio manager.
HOW DOES C WORLDWIDE FIT INTO THE DANISH INVESTMENT MANAGEMENT WORLD?
We’re in the growth or growth-at-a-reasonable-price camp. I see a global competitive landscape; there is a very well-developed institutional investor base in Denmark’s capital. Copenhagen and the Nordic region more generally are very globally oriented, which is why we look for companies worldwide, because local stock markets are limited in terms of market cap. We have a truly global perspective: early in my career I looked only at Danish equities but to understand Maersk, for example, you have to understand the world. Denmark is a small country, but we live off exports and international relations, so a global outlook is an important characteristic of the industry in the Nordics.
YOU HAVE ASSETS UNDER MANAGEMENT OF $20 BN. WHAT PROPORTION IS IN EQUITIES?
All of it. We have 73 percent in global equities and some Asian and Nordic strategies. The majority of our assets are segregated accounts.
WILL ASSETS UNDER MANAGEMENT GROW?
A healthy business is a growing business but our number one priority is our existing clients. We think we can further grow assets in our global strategy, but we will take up the dialogue with our existing clients as they have opinions about our capacity. We are selectively introducing new products that fit our core DNA. It is important to have a growing business to retain and attract employees.
WHAT IS THE DIFFERENCE BETWEEN THE C WORLDWIDE GLOBAL EQUITY FUND AND THE C WORLDWIDE GLOBAL EQUITIES ETHICAL FUND?
The ethical fund started back in 2000 – we were one of the first to focus on ethical investments. It was basically a negative screen but over the years we have integrated ESG into the way we operate. We have worked with GES International [now owned by Sustainalytics] since we launched the product. Quite early on in Scandinavia, there was a push for ethical investments and now there are strong tailwinds across the world supporting a more sustainable investment agenda. Many of our new segregated client relationships over the past five years have ethical constraints.
WHAT DOES THE C WORLDWIDE OFFICE IN SWEDEN DO? ARE ALL THE FUND MANAGERS BASED IN COPENHAGEN?
There are global fund managers in both Copenhagen and Stockholm, but Copenhagen is generally the first point of contact. A general invitation goes out as we have a shared calendar but global healthcare equities and Swedish equities are of particular interest to our investment colleagues in Stockholm.
ARE THERE ANY GEOGRAPHIC OR SECTOR SPLITS WITHIN THE GLOBAL EQUITIES TEAM?
All portfolio managers look at investments through a global lens because we want to have portfolio managers who can compare a Brazilian utility with a Swedish pharma company. These capabilities are best developed when you are exposed across sectors and geographies. At certain times in your career, you can have a particular focus or specialty, but we do not monopolize.
I tend to look more at financials, but I am obliged to include everyone as it is key to finding those 30 stocks we invest in, and we decide as a team. We highlight the pros and cons and have a collegiate approach. The better educated we are and the more globally aware we are, the better decisions we can make. Not that many firms out there have our cumulative experience.
HOW MANY STOCKS DO YOU HAVE IN YOUR INVESTMENT UNIVERSE?
We look at stocks under $10 bn and have a universe of 700 names that we think are interesting and have unique characteristics. We use both quantitative and strategic screens to help our analysis. The particular characteristics we look for are better identified by industry and company-specific knowledge so we look for companies that have strong tailwinds – a strong leading position in their industry, for example, and a sustainable position in the company’s competitive landscape. A company of interest would likely have a higher return on capital and return on equity as a result of its strategic positioning.
HOW DO YOU INCORPORATE ESG INTO YOUR INVESTMENT PROCESS?
ESG is fully integrated into our investment process. We prefer companies with a long-term orientation and sustainable business model, and ESG is a natural part of that analysis. It should be called GES because governance is the driving force of ESG. Good corporate governance, driven by management with a long-term orientation, motivates the right social and environmental priorities.
ARE THERE ANY SECTORS YOU CAN’T INVEST IN?
We can invest in tobacco in our core portfolio but not in our ethical portfolios. We do not invest in companies that have a significant proportion of their sales in defense-related products. All our institutional clients have restrictions around defense.
DO YOU VOTE YOUR PROXY?
We do if we are permitted to do so by our clients.
WHAT IS YOUR AVERAGE HOLDING PERIOD?
Usually more than four years.
WHAT IS YOUR ACTIVE SHARE?
It has never been less than 90 percent and is currently about 95 percent
BUYBACKS OR DIVIDENDS?
We like companies that pay back either through buybacks or dividends. Although we like both, we prefer dividends, which have a more direct obligation and are a good discipline.
WHAT IS YOUR AVERAGE POSITION, AND YOUR LARGEST?
Our average position is around 3 percent and our largest is 8 percent.
CAN YOUR DISCUSS SOME OF YOUR EUROPEAN HOLDINGS?
Unfortunately, there is a problem in the world with diabetes. Novo Nordisk is the global leader in innovative products that help treat both diabetes and obesity, and that will be a driver in the future. Novo is treating diabetes in a more efficient way and the underlying business is growing. Plus it has the best technology/solution and is coming up with interesting new product launches.
Nestlé is a stock we have held for 30 years. We like the long product cycles of the core products Nestlé sells. We also think the company is good at adapting to the big changes in the consumer goods sector and adapting to the needs of the millennial consumer. Nestlé is planning to be in business for another 100 years and we like the true long-term orientation of the way it conducts its business.
CAN YOU DISCUSS SOME OF YOUR US HOLDINGS?
Home Depot is a very well-run company that is now enjoying tailwinds as the US housing market normalizes. We experienced the biggest downturn in US housing since WWII during the financial crisis and saw a big fall in activity, but now we are seeing house prices moving up and activity growing. We expect a continued normalization of the housing market, and Home Depot is exposed to that. It is very focused, with disciplined capital allocation, generating free cash flow and paying back shareholders.
Visa is enjoying the move from cash payments to electronic payments and is well exposed to this generational shift. It has the relationships borne out of the banking system and has the global reach and brand. It’s also bigger than Mastercard (more than double the size) by number of transactions and so has scale benefits – being a big platform is an advantage.
YOU RECENTLY ADDED AMERICAN TOWER. WHY WAS THAT?
It’s a platform company owning 170,000 communication sites across the world. To be able to transport data in this digital society, you need a physical network of antennas where mobile operators can rent space on the towers. And American Tower isn’t just in the US – it has a very strong position in India and other countries. With the boom in global data traffic, it is much more lucrative for a mobile operator to rent space with others rather than setting up and maintaining its own sites, and American Tower benefits from this need for mobile operators to cut costs and be efficient.
DO YOU HAVE TO MEET WITH MANAGEMENT BEFORE YOU BUY A STOCK?
We meet management as we think governance is key. We don’t just emphasize meeting with management, however – we also talk with people who know the company well, independent analysts across the board who have experience and history with management. We do not invest in many companies, so we have a rigorous due diligence process. Focus is our strength.
HOW DO YOU PREFER TO MEET MANAGEMENT?
We like to see managers in different environments as we also want to evaluate what they do. The key is long-term capital allocation. You can meet a very charismatic CEO, but it is not enough; you need to evaluate his or her actions. Success in investing is also evaluating how the firm allocates capital, so that it creates shareholder value over the next five to 15 years.
HAS MIFID II AFFECTED YOU?
Yes it has, and we embrace the increasing levels of transparency it has brought. We do not know about all the consequences yet – it is early days.
WHAT ARE SOME OF THE BEST COMPANIES AT IR?
There is so much great work going on out there, particularly among larger-cap names. Japanese company Hoya is a bit unusual. Japan is on a journey when it comes to improving investor relations and Hoya has been very good at explaining its complex business in the last 12 months.
DO YOU HAVE ANY TIPS FOR COMPANIES ABOUT HOW THEY SHOULD COMMUNICATE WITH C WORLDWIDE?
Take the long-term strategic perspective. We can read about the last quarter ourselves so we only want to hear about it from you in the strategic sense of whether the latest developments support the strategy – so give us a five to 10-year perspective.
WHY SHOULD CORPORATES TARGET C WORLDWIDE?
Because we are long term and take large positions. Gill Newton is a partner at Phoenix-IR, an independent investor relations consulting firm that also operates CorporateAccessNetwork
This article originally appeared in the Summer 2019 issues of IR Magazine and Corporate Secretary
Related session at the Global IR Forum in Paris
Capital markets go global: Changes impacting investment funds and where IR should focus its targeting efforts Hear top-level economic briefings about where investment funds are flowing and what factors impact investor sentiment in different geographies. These presentations will be followed by a panel discussion about roadshow opportunities for investor relations with discussions based around exclusive data from the latest global roadshow research report.
Find out more about the global forum here.
Investor targeting series: When to market in Asia
Sherritt International is a Canada-based resource company, specializing in nickel and cobalt. Joe Racanelli joined as director of investor relations in August 2017 and quickly took the senior management team out on the road
How have your first six months been with Sherritt International?
We’ve had a whirlwind of activity since I joined, and I’ve experienced a couple of positive things. The share prices of commodity companies are sometimes impacted by the cyclical nature of the industry. I joined just before we started to see some recovery in nickel prices, and now there’s a better appreciation of nickel in the fast-growing market.
That was one of the reasons why we did some marketing in November 2017. We took advantage of this trend with three consecutive days of marketing in Hong Kong, Singapore and Sydney. It was extremely well received. The appetite for Sherritt, nickel and cobalt was there. This has led to us announcing a $132 mn capital-raise, which just closed.
When was the last time Sherritt International had been out to Asia?
The company hadn’t been to that part of the world in almost four years. Going out to Asia is a significant investment for a company in Toronto – you’re looking at a week away from your day-to-day activities.
Our decision was driven by a couple of factors: in Europe and Asia, much more so than in North America, there is a conversation about electric vehicles. China has now set a target for 10 percent of sales of new vehicles produced to be electric by 2019, which is driven by the need for cleaner air. Those kinds of developments are causing people to look at electric vehicles, and you need nickel and cobalt to make them.
How did you organize your marketing efforts in Asia?
We collaborated with a Toronto-based broker; it’s the first real marketing for Sherritt in some time. We’re covered by around four or five analysts and we’ve done marketing with them in the past, but in the last two years the marketing has been almost non-existent. Dealers didn’t think there would be much interest, but after this Asia trip we started getting a lot of calls.
You were marketing in some countries where investors’ holding disclosures aren’t as strict as they are in North America. What challenges did that pose?
In Asia we met with a couple of companies that had holdings and we had to ask them point-blank what their holdings were – and they were reticent to say. It’s important to work with your broker in those situations to get a better understanding; their client is both the issuer and the investor.
For a Toronto-based company, it must be grueling to visit Hong Kong, Singapore and Sydney in one week. How did you manage it?
To be honest, it was adrenaline. We flew out on Sunday and got to Hong Kong on Monday. We had our first meeting at 7.00 am on Tuesday, followed by a full day of meetings. Then we flew to Singapore on Tuesday night and had a full day of meetings on Wednesday. Then we had an overnight flight to Sydney.
That said, adrenaline definitely helps, but the good thing for us was that it was me, our CEO and our head of sales. The energy levels weren’t always 100 percent for all of us, but we backed each other up. And as an IR person in that situation, it’s particularly important to make sure your CEO is in a good place and not glossing over key details of the story.
The Global Investor Relations Forum
Alternatives prove to be big in Japan
Japan-based investors seek greater diversification and higher yields
Looking back to the Bank of Japan’s adoption of negative interest rates in 2016, this move proved to be the spur for many investors in the country to seek more diversification and higher yields by investing in alternative assets, according to a study by London-based financial data company Preqin.
Two thirds of Japan-based investors now allocate to at least one alternative asset class, with almost six in 10 investing in private equity and a third investing in hedge funds.
Investors are primarily focused on local investments in private capital, with the largest proportions targeting the Far East; by contrast, hedge fund investors generally take a global approach.
Increasingly, however, Japan-based investors are also seeking to allocate to North America and the rest of Asia-Pacific in search of diversification.
In most asset classes, investors are also more favorable toward strategies higher up the risk/return curve, indicating that they are looking to alternatives to provide yield, not simply protect capital.
Moreover, investment activity in the next 12 months does not look set to be equal across asset classes. Ninety-six percent of private equity investors intend to make fresh investments in the coming year, compared with just 54 percent of hedge fund and private debt investors, and 41 percent of natural resources investors.
The majority – 71 percent – of investors have already established ESG policies in their mandates or are planning to include them within the next five years.
The report reveals that there are currently 303 Japan-based investors active in alternative assets, second only to China (450) within Asia-Pacific.
Compared with the rest of Asia-Pacific, Japan-based investors are more active in private equity, hedge funds and private debt, but less active in real estate and real assets.
Jie Sin Chia, head of Asia products at Preqin, says in a statement: ‘A persistent low-interest environment set by the central bank and stagnant growth in recent years have put enormous pressure on Japan-based investors as they look to meet their returns targets. Alternative assets have long been a part of the investment landscape in Japan, but the industry’s ability to offer diversification and long-term yield have brought them to the forefront of investors’ minds.
‘While they are clearly looking for opportunities to allocate to the rest of Asia, North America and Europe, in most asset classes investors remain primarily focused on domestic opportunities. We are likely to see this shift if the low-interest and slow-growth environment remains in place.’
Dubai’s stock market has success on the road
Listed companies hold 81 one-on-one meetings with international institutions managing $3.2 tn
As part of an ongoing approach to attract wider global investor interest to its market, the Dubai Financial Market (DFM) has revealed that its international investors roadshow in New York last week saw a sizable participation from international institutions.
The stock exchange says the event enabled listed companies to hold 81 one-on-one meetings with senior representatives of 35 international institutions managing approximately $3.2 tn in assets.
Nine DFM and Nasdaq Dubai listed companies took part in the event: real estate company Emaar Properties, mall developer Emaar Malls, Emaar Development – the build-to-sell property development business of Emaar Properties – international courier company Aramex, Dubai-based property developer DAMAC Properties, sharia finance group Dubai Islamic Bank, leading regional bank Emirates NBD, Dubai port operator DP World and DFM Company, the DFM’s holding company.
The roadshow attracted 21 new institutions taking part for the first time, and the number of meetings for each participating company significantly increased, reaching 19 meetings for some issuers.
Essa Kazim, chairman of the DFM, says: ‘The roadshow’s ability to attract new institutions as well as the significant increase in the number of meetings for participating companies underline [the] institutions’ confidence in DFM’s lucrative and diversified opportunities and its status as the preferred gateway to the rapidly growing economies in the UAE and the region. The DFM has diversified listed securities for leading companies in the UAE as well as dual-listed companies from other countries in the region.’
During the roadshow, the DFM was keen to promote that it maintains a strong presence of foreign and institutional investments with more than 11,000 institutions registered on the market, including 64 new institutions during the first quarter of 2019.
Foreign investors are indeed maintaining their presence, with 53.3 percent of trading and stock purchases of AED680 mn ($185 mn) during the first quarter of 2019.
Abdulfattah Sharaf, UAE CEO of HSBC Bank Middle East, adds: ‘After a strong start to 2019, emerging markets are firmly in focus at the moment and markets such as the UAE stand out for their ease of access, range of trading products and robust regulatory regime.
‘As the only international bank with a DFM license and a proud partner of its roadshow for many years, we were delighted the response to this year’s event was one of the best yet.’
Malaysian stocks receive upgrading boost
Malaysia offers ‘safety’ in current global environment, note banks
Malaysian stocks have received a much-needed upgrade from leading banks as the US-China trade war continues, leading investors to look elsewhere in the region for opportunities.
Swiss financial behemoth UBS recently upgraded Malaysia to ‘overweight’ from ‘neutral’ just after HSBC reported it had also upgraded the country to ‘neutral’ from ‘underweight’.
It comes at an opportune time: Malaysia’s stock benchmark, the Kuala Lumpur Composite Index, has lost around 5 percent so far this year and the country is currently one of the worst-performing Asian emerging markets.
Much of the negative sentiment comes from the uncertainty caused by Prime Minister Mahathir bin Mohamad’s ruling alliance Pakatan Harapan’s election victory in May 2018 and the coalition’s economic plans.
Given the tensions between the US and Chin, however, and the potential of this situation to upset global growth, Malaysia is being seen in a different light.
‘We think the economy looks resilient, with domestic demand strong and manufacturing growth holding up,’ HSBC observes in its report. ‘Low earnings growth is a concern but we see limited further downside. Valuations, while not as attractive as other markets in the region, are not particularly expensive. The market has strong defensive qualities, which should reduce downside risks if trade tensions escalate.’
That view is shared by UBS, which says Malaysia fits the bill as a market that’s ‘defensive’ and offers ‘safety’ in the current tumultuous global environment.
Three reasons to be optimistic about China
A number of important issues are converging to set China on a path to becoming the leading global financial center
The on-off nature of the US-China trade war has raised many questions about China’s trade and capital market environment, but there are three good reasons to be positive about the region.
First, avoiding the noise of the Donald Trump-Xi Jinping trade negotiations and taking a longer-term time horizon, things look pretty positive for the Chinese market. An eye-watering $1.5 tn of investment is expected to flow into China over the next 10 years, according to research from law firm Linklaters, accelerated by the newly signed Foreign Investment Law, which increases the scope for foreign investors’ Chinese M&A and investment strategies. The Linklaters projection is more than triple the level of the previous 10 years.
The law, signed in mid-March, takes effect on January 1, 2020, replacing three older laws governing foreign invested bodies and foreign investments in China. It promises equal treatment and intellectual property protection for foreign invested entities. Last year’s shortened ‘negative list’ – cutting restrictions for foreign investment – also sent a strong positive message to international market participants at a time when international investors and companies are developing their Chinese market experience.
Second, Morgan Stanley recently published a report predicting that China’s stock market capitalization could reach $27 tn by 2027. This is going to be significantly helped by MSCI’s decision to extend China’s weighting in its indexes, which will increase the weight of China A shares in its indexes from 5 percent to 20 percent in a three-step process. This decision follows a wide-ranging consultation with a large number of international institutional investors, from which the proposal gained overwhelming support.
According to Remy Briand, managing director and chairman of the MSCI Index Policy Committee, ‘Stock Connect [the collaboration between the Hong Kong, Shanghai and Shenzhen stock exchanges] has proven to be a robust channel to access A shares. The successful implementation of the initial 5 percent inclusion of China A shares has been a positive experience for international institutional investors and has fostered their appetite to further increase their exposure to the mainland China equity market.’
In addition, Briand notes the strong commitment by Chinese regulators to continue to improve market accessibility. This is evidenced by, among other things, the significant reduction in trading suspensions in recent months – another critical factor that has won the support of international institutional investors.
Third, this positive outlook is reinforced by the high level of CEOs in China who are more optimistic about global growth over the next 12 months than their global counterparts, according to PwC’s 22nd Annual Global CEO Survey China Report. Altogether, 73 percent of CEOs in mainland China believe global economic growth will improve, compared with 42 percent globally. China is the only economy among the major territories surveyed that is more optimistic this year than last and, given the many potential pitfalls that could hit the global economy in the near future, this seems to be a big leap of faith.
The outlook is grounded in hard reality, however. CEOs in China are confident of revenue growth despite the global economic slowdown. More than a third (35 percent) of mainland Chinese business leaders feel ‘very confident’ in their company’s prospects for revenue growth over the next 12 months, while a higher proportion (47 percent) are ‘confident’ about their company’s growth prospects over the next three years.
In short, what we may well be witnessing in China is the beginning of a developing environment that will ultimately lead the country to become – some way down the road – world’s most important global financial system.
THE GLOBAL TOP 50
The Global Top 50 is our global ranking of IR excellence. The ranking is a celebration of the world’s best investor relations programs according to surveys of analysts and investors – the announcement of the global top 50 will take place on the evening of the IR Magazine Global Forum & Awards 2019.
China-Belarus agreement aims to boost capital markets in both countries
Arrangement upgrades Belt and Road Initiative
The Shenzhen Stock Exchange (SZSE) and the Belarusian Currency and Stock Exchange (BCSE) have signed a memorandum of understanding (MOU) to boost their capital markets and upgrade the Belt and Road Initiative co-operation between China and Belarus.
Belarus is a so-called ‘hub state’ along the Belt and Road and an important economic and trading partner of China in the Eurasian region.
This development will deepen the partnership between China and Belarus and aims to boost trade and the economy as the two countries face new opportunities in technological innovation.
In recent years, the capital markets in China and Belarus have been strengthening communication and co-operation and actively exploring ways to facilitate the financing of enterprises in the two countries.
The BCSE is the only stock exchange in Belarus and offers a full range of services including issuance, trading, clearing, settlement, information products and technical support to stocks, foreign exchange, currency and futures.
According to the MOU, the two parties will establish a China-Belarus capital market co-operation mechanism on the basis of SZSE’s V-Next platform, leverage SZSE’s channel advantage and experience in innovation and entrepreneurship, and establish an effective financing mechanism for enterprises and investment institutions on both sides.
In addition, information display, market cultivation, joint research and product innovation will provide a platform for market players in the two countries to meet their demands for multi-level co-operation and better serve the co-ordination of the economic and social development strategies of both countries.
SZSE also says it will continue to serve the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area Strategy, further promote co-operation with global stock exchanges and continuously improve the cross-border investment and financing service system.
Also, an accompanying document to the MOU notes that the Great Stone Industrial Park – Belarus’ new approach to attract future investment targeting high-tech industries – has played a leading role in the joint building of the Belt and Road.
UK funds see May decline in outflows
Outflows of £476 mn down from £5.8 bn investors withdrew in January
Last month was something of an unpredictable month for global stock markets, so it should come as no surprise to see UK equity funds suffer outflows from investors in Morningstar’s monthly flow data – but the good news is that it is a relatively smaller withdrawal.
Overall, UK funds saw outflows in May, but Morningstar analyst Bhavik Parekh puts the total outflow of £476 mn ($604 mn) from the sector in context by contrasting it with the massively higher £5.8 bn investors withdrew in January, or the £5.4 bn they withdrew in March.
The Aviva Investors Developed World ex-Equity Fund – which tracks companies on the FTSE Developed ex-UK Index – suffered the biggest outflows of nearly £2 bn.
At the other end of the scale, the four-star-rated AI North American Equity Index Fund – which follows companies in the FTSE North America Index, with Microsoft, Apple and Amazon being the top three holdings – saw £1.3 bn of new investment.
The next most popular fund, the money market Federated Short-Term Sterling Prime – which invests in high-quality sterling-denominated short-term debt companies, with the top three holdings being Barclays Capital Securities, Lloyds Bank and Standard Chartered Bank – brought in £442 mn, with its latest inflows being part of a positive long-term trend. ‘The Federated Short-Term Sterling Prime Fund has been one of the main drivers of the growth in money market funds in recent months,’ Parekh says, noting that the fund size is now close to £5 bn.
Despite the ongoing Brexit crisis and political uncertainty, investors backed the UK All Companies sector – UK listed companies focused on capital growth – above any other, with £372 mn of inflows. Despite recent unpopularity, UK equity income funds – which seek out high-yielding companies – also saw a rebound, with £135 mn of new investor money.
The least popular sector was targeted absolute return – funds that aim to deliver positive returns in any market conditions – with more than £1 bn of outflows. Investors also pulled £302 mn out of global emerging markets and £252 mn out of Japan. Other categories snubbed by investors include European smaller companies, UK smaller companies, China and Europe ex-UK.
Parekh says the strong US dollar has made emerging market funds unpopular, but funds focused on China performed well in the first quarter after a terrible end to 2018.
Passives also played a big part in May’s inflows. BlackRock saw the biggest inflows among fund families in May, with £1.1 bn of new money, while Vanguard, another big name in the passive sector, attracted £678 mn.
Governance briefing: The changing nature of disclosure, transparency and shareholder rights This year has seen a surge in corporate governance-related reforms and advocacy efforts across many markets. We examine the collective direction of these reforms and what IR can do to stay ahead of a growing trend in governance.
Find out more about the global forum here.
IR Magazine Global Forum & Awards
The biggest global gathering of IR professionals Paris, October 2-3
Key speakers at this year's global forum include:
