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(Alliance News) - Wealth manager St James's Place said Tuesday that new business inflows and funds under management remain "robust", despite a volatile market environment.
Funds under management stood at GBP112.58 billion on May 31, up 6.4% from GBP105.83 billion at the same time last year. Net inflows during the first five months of 2020 were GBP3.85 billion, up from GBP3.71 billion. Net inflows for May totalled GBP670 million, down from GBP730 million.
St James's Place said fund under management benefited from the retention of existing client investments and a recovery in world stock markets. It said its annualised retention rate has improved to 96.4% so far in 2020, up from 95.9% a year ago.
"We remain encouraged by the inflows we are continuing to experience and expect June gross inflows to be similar to May, though the short to medium-term impact of COVID-19 and economic volatility on our flows remains uncertain," said Chef Executive Andrew Croft.
St James's Place shares were up 1.0% early Tuesday.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: up 0.4% at 6,267.73
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Hang Seng: up 1.0% at 24,761.64
Nikkei 225: closed up 0.5% at 22,549.05
DJIA: closed up 153.50 points, 0.6%, at 26,024.96
S&P 500: closed up 0.7% at 3,117.86
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GBP: up at USD1.2470 (USD1.2441)
EUR: up at USD1.1267 (USD1.1253)
Gold: down at USD1,750.51 per ounce (USD1,757.90)
Oil (Brent): up at USD42.90 a barrel (USD42.58)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Tuesday's Key Economic Events still to come
0930 BST UK CIPS-Markit flash UK purchasing managers' index
0930 CEST Germany flash PMI
1000 CEST EU flash PMI
0855 EDT US Johnson Redbook retail sales index
0945 EDT US flash manufacturing PMI
0945 EDT US flash services PMI
1000 EDT US new residential sales
1630 EDT US API weekly statistical bulletin
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UK Prime Minister Boris Johnson is to set out plans to allow pubs, restaurants, museums and cinemas to begin reopening in the latest easing of the coronavirus lockdown in England, PA reports. Johnson is publishing the government's keenly-awaited review of the two-metre social-distancing rule on Tuesday, amid widespread expectations it will be cut to one metre. He will brief the Cabinet on the proposals – due to take effect from July 4 – before setting out details in a Commons statement. The move follows intense pressure from some Tory MPs who have said easing the two-metre requirement is key to reopening the hard pressed hospitality sector. Many pubs and restaurants have warned that it would simply not be viable for them to operate as long as the rule remains in place.
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Global coronavirus infections topped nine million as the World Health Organization warned the pandemic is accelerating, and Saudi Arabia announced it would scale back the hajj Islamic pilgrimage next month. Europe has steadily eased its travel lockdowns in recent weeks, and France on Monday took its biggest step back to normality by allowing millions of children to return to school. But many parts of the world, including Latin America and South Asia, are only beginning to feel the full force of the pandemic, while other regions are being hit with second waves. "The pandemic is still accelerating," the WHO's director general Tedros Adhanom Ghebreyesus told a virtual health forum organised in the United Arab Emirates. Tedros said the greatest threat was not the virus itself, which has now killed over 470,000 people, but "the lack of global solidarity and global leadership."
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US President Donald Trump will prolong a ban on US employment permits to year-end and broaden it to include H-1B visas used widely in the tech industry, the White House said. A senior administration official told journalists the move would free up 525,000 jobs, making a dent in the high unemployment rate caused by the coronavirus pandemic. Trump had endlessly touted a strong economy, but now finds himself desperate for a political boost ahead of the November election. His executive order, signed Monday afternoon, will extend and widen the 60-day freeze Trump placed on new work permits for non-US citizens two months ago. The administration official said the new order would extend to the end of 2020 and include H-1B visas provided to 85,000 workers each year with special skills, many of them joining the US technology industry.
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BROKER RATING CHANGES
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SOCGEN CUTS CRH TO 'HOLD' (BUY)
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RBC RAISES SSE PLC TO 'SECTOR PERFORM' ('UNDERPERFORM') - TARGET 1,400 (1,150) PENCE
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BERENBERG INITIATES ADMIRAL GROUP WITH 'HOLD' - TARGET 2,566 PENCE
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BERENBERG INITIATES AVIVA WITH 'HOLD' - TARGET 477 PENCE
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BERENBERG INITIATES LEGAL & GENERAL WITH 'HOLD' - TARGET 263 PENCE
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COMPANIES - FTSE 100
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Boehringer Ingelheim Invest sold 27.2 million shares in Hikma Pharmaceuticals in an accelerated bookbuild announced after the market close on Monday. The placing at GBP23.00 per share was worth GBP625 million gross. Hikma itself will buy back another 12.8 million shares from Boehringer Ingelheim, after which the German pharmaceutical company will no longer have any Hikma stake, down from 16% previously.
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COMPANIES - FTSE 250
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Pork and poultry producer Cranswick said it is confident in its long-term prospects after reporting a strong set of annual results. For the financial year that ended March 28, revenue rose 16% to GBP1.67 billion from GBP1.44 billion the year before, and pretax profit increased 20% to GBP104.0 million from GBP86.5 million. Cranswick said a combination of new contract wins, strong export demand, an uplift in poultry revenue, and the pass-through of higher pig prices contributed to robust revenue growth across all categories. Cranswick said the average number of pigs processed each week during the recent year increased by 7.9% to 60,000 and reached record levels in March, due to ongoing export demand and increased retail demand during the early stages of the Covid-19 outbreak in the UK. The Hull-based firm lifted its full-year dividend by 8.1% to 60.4 pence from 55.9p in financial 2019, which it said reflects "30 years of unbroken dividend growth". CEO Adam Couch said: "There has been a positive start to trading in the new financial year, though we remain mindful of the uncertainty around the longer-term effects of the Covid-19 crisis and Brexit negotiations. Nonetheless, our outlook for the current year is unchanged and we have a solid platform from which to continue Cranswick's successful long-term development."
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COMPANIES - MAIN MARKET AND AIM
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Ted Baker confirmed that John Barton will assume the role of non-executive chair from July 1. Acting chair Sharon Baylay had confirmed that she would not seek re-election to the board at the company's annual general meeting on July 21. Barton is chair of budget airline easyJet.
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COMPANIES - GLOBAL
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Tokyo Disneyland and DisneySea will reopen from July 1 after a four-month suspension over coronavirus, its operators said Tuesday, as Japan gradually reopens its economy, including theme parks and professional sports. Oriental Land said the two resorts will resume operations to a limited number of visitors who bought online, reserved tickets. The parks will enforce rigorous social distancing measures and use of masks, while also checking guests' temperatures. Other Disney parks, including in California and Paris have already announced their reopening. Shanghai Disneyland resumed activities in May.
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Investment funds managing close to USD4 trillion in assets called on Brazil to halt deforestation of the Amazon in an open letter warning that biodiversity loss and carbon emissions from the practice posed a "systemic risk" to their portfolios. The managers from countries across Europe, Asia and South America expressed their fears that the government in Brasilia was using the COVID-19 crisis to push through environmental deregulation that could "jeopardise the survival of the Amazon". "We are concerned about the financial impact that deforestation and the violation of the rights of indigenous peoples may have on our clients and investee companies, by potentially increasing reputational, operational and regulatory risks," the letter said. Funds represented in the letter include Britain's LGPS Central, France's Comgest, and KLP, Norway's largest pension fund.
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Tuesday's Shareholder Meetings
US Solar Fund
Smart Metering Systems
EPE Special Opportunities
Savannah Resources
Henderson High Income Trust
Merchants Trust
Aberdeen New Thai Investment Trust
North Atlantic Smaller Companies
PV Crystalox Solar
Hill & Smith
Dignity
Oxford Biomedica
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By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
