5 Jul 2016 14:16
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Don't have an account? Click here to register.UBS downgrades Standard Life due to GARS fund outflows
Tue, 24th Jan 2017 09:45
(ShareCast News) - UBS downgraded Standard Life to 'sell' from 'neutral' and lowered its price target to 310p from 320p on expected earnings pressures from increased outflows from Standard Life Investments.The Swiss bank changed its rating on its expectation that earnings pressure will emerge in 2017 on SLI due to increased asset outflows from its flagship £42bn Global Absolute Return Strategies (GARS) fund, which is sold on its aim to provide positive investment returns in all market conditions over the medium to long term.The insurer's share performance is strongly linked to flows and performance of GARS but the fourth quarter of 2016 is estimated to see net outflows increase to around £3bn (including a large UK outflow) compared to the £1.5bn the the third quarter last year.According to UBS analysts GARS outflows are being particularly caused by structural trends that will be difficult to reverse at least in the near-term.This includes current performance below its benchmark, fund size constraining scope for longer-term investment outperformance, pension consultants putting the fund on 'watch' and risks to industry multi-asset flows which could fall toward 2013 levels potentially.The total forecasted multi-asset outflows are £3.9bn for the full year 2016 and £6bn over the full year 2017 resulting in earnings growth of 4%, which is half that of consensus. The bank expects good progress on costs but feels falling revenue will put pressure on ratios.UBS is however positive on asset growth of 8% per annum to 2018 for UK Life and that the company's 24.1% stake in merged HDFC Life and Max Life could be a source of upside over the medium term.The earnings per share estimates for 2017 fell by 9% to 27.28p.Standard Life's share price fell by 2.76% to 341.47p at 1057 GMT on Tuesday.
More News
5 Jul 2016 11:27
Bank of England eases rules for banks to meet Brexit challenge
* BoE reverses capital buffer decision of March * Carney says move represents "major change" * More time for insurers to adjust to EU rules * Osborne to meet bank CEOs on Tuesday * Signs of UK economic weakness after Brexit vote (Adds Carney comment, background) By
Read more5 Jul 2016 10:02
UPDATE 1-Bank of England eases rules for banks to meet Brexit challenge
(Adds market reaction, background) By David Milliken and Huw Jones LONDON, July 5 (Reuters) - The Bank of England took steps on Tuesday to ensure British banks keep lending and insurers do not dump corporate bonds in the "challenging" period that is likely to follow the country's vote
Read more5 Jul 2016 09:30
UPDATE 2-Sterling skids to new 31-year low on Brexit fallout worries
By Jemima Kelly LONDON, July 5 (Reuters) - Sterling hit a fresh 31-year low against the dollar in risk-averse markets on Tuesday, as investors worried about the economic and financial fallout of Britain's vote to leave the European Union. The pound, the asset that has borne the brunt
Read more5 Jul 2016 09:12
Standard Life suspends trading of property fund after Brexit
(ShareCast News) - Standard Life Investments has suspended trading in its UK property fund after uncertainty surrounding markets in Britain after the country voted to leave the European Union last month. UK vote to leave EU led to volatile markets and international companies looking elsewhereThe sus
Read more5 Jul 2016 08:13
Sterling skids back towards 31-year low on Brexit fallout worries
By Jemima Kelly LONDON, July 5 (Reuters) - Sterling hit a 2-1/2-year low against the euro and traded less than a quarter-cent above a 31-year low against the dollar in risk-averse markets on Tuesday, as investors worried about the economic and financial fallout of Britain's vote to leave th
Read more5 Jul 2016 08:06
BUZZ-UK property companies fall on more signs of post-Brexit stress
** UK property companies and housebuilders fall after an asset write-down and suspension of a leading property fund cause concern ** Standard Life Investments has suspended trading in its unlisted UK real estate fund (one the country's largest) after previously writing down its value by 5 p
Read more4 Jul 2016 21:48
WRAPUP 4-Exit stage right: UKIP leader Farage announces surprise departure
* Farage, face of opposition to EU, steps down as UKIP boss * Two more Conservatives launch bids to become PM * Andrea Leadsom gets backing of Boris Johnson to be PM * Law firm starts action to demand Parliament say on Brexit * Labour deputy leader to hold emergency talks
Read more30 Jun 2016 13:37
Property funds try to protect themselves against Brexit fallout
* M&G, Standard Life Investments, Henderson all act * Some lower fund value, others move to weekly pricing * Broader market redemption pressure seen modest By Simon Jessop LONDON, June 30 (Reuters) - Some of Britain's biggest property funds have cut the estimated value of
Read more29 Jun 2016 18:09
Wednesday broker round-up
(ShareCast News) - Petrofac: Jefferies upgrades to buy with a target price of 835p and Societe Generale stays at buy with a target price of 921p. Thomas Cook: JP Morgan keeps at neutral with a 101p target. Standard Life: HSBC keeps at buy with a target price of 360p and Barclays reiterates equal-we
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