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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.

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19 Apr 2016 18:28

India's HDFC to list up to 10 pct stake in life insurance JV

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19 Apr 2016 17:36

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7 Apr 2016 15:06

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1 Apr 2016 07:14

Standard Life gets green light to lift stake in HDFC

(ShareCast News) - Standard Life said it had obtained regulatory approvals to increase its stake in HDFC Life to 35% from 26% for £179m. The transaction is expected to complete within the next two weeks. "We are delighted that we have obtained the approvals necessary to increase our stake demonstra

1 Apr 2016 06:18

Standard Life Gets Approval To Increase Indian Joint Venture Stake

30 Mar 2016 08:41

BROKER RATINGS SUMMARY: Jefferies Adjusts Ratings On Retailers

24 Mar 2016 18:16

Second Premier Foods shareholder urges talks with McCormick

LONDON, March 24 (Reuters) - Paulson & Co, a top ten shareholder in Premier Foods, urged the company's board to engage in takeover discussions with McCormick, becoming the second sizeable shareholder to criticise the board for its refusal to enter talks with its U.S. suitor. Paulson, which

24 Mar 2016 13:28

Major Premier Foods shareholder slams board over handling of bids

LONDON, March 24 (Reuters) - Standard Life Investments on Thursday criticised the board of Premier Foods over its handling of takeover bids from U.S. rival McCormick & Co. and the purchase of a stake in the firm by Japan's Nissin Foods. The maker of Mr. Kipling cakes and Bisto gravy rejec

24 Mar 2016 09:32

BROKER RATINGS SUMMARY: JPMorgan Starts Countryside At Overweight

23 Mar 2016 09:13

HSBC Hires Former Standard Life Boss David Nish As Non-Executive

21 Mar 2016 18:26

Monday broker round-up

(ShareCast News) - Gulf Keystone: Canaccord downgrades to sell with a target price of 14p. B&M European: UBS reiterates buy, 350p target. Ascential: Goldman Sachs reiterates buy with a target price of 278p and Exane BNP Paribas stays at neutral with a target price of 250p. Premaitha Health: Panmur

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