FiNETIK – Asia and Latin America – Market News Network

Asia and Latin America News Network focusing on Financial Markets, Energy, Environment, Commodity and Risk, Trading and Data Management

China: BlackRock – Can China´s Saver save the world?

  • China has experienced rapid credit-led growth in recent years. This growth has been an important contributor to global economic recovery.
  •  Many commentators anticipate that the rapid nature of Chinese credit growth, allied to a capital allocation process led by political direction and undertaken at highly subsidized rates of interest, will inevitably end in a credit bust.
  •  Further, these critics point to the opaque nature of China’s banking system, rapidly growing off-balance-sheet exposures and an overblown real estate sector as evidence of a fragile Sino financial system overdue for a crisis that will, in turn, cripple world growth and extended financial systems elsewhere.
  •  While we are sympathetic to much of the logic behind these fears, we believe that these concerns float on some flimsy analysis. As one example, we cite the mismatch between the oft-cited story of 65 million empty apartments nationwide in China and the inconvenient truth that market estimates indicate that only 60 million apartments have been completed in the last decade.
  •  More importantly, we believe that the “panda bears” overlook the fact that much of the expansion in China’s financial balance sheet has been quasi-fiscal lending and that such lending is backed and guaranteed by a system that is experiencing rapid growth in income and starting from a low level of overall debt.
  • Domestic savings rates are high — indeed, excessive at over 50% of GDP. While external capital has funded much of the rise in banking system liabilities over the last 12 months, China also runs a current account surplus, is largely domestically funded and lacks many of the vulnerabilities that undid Western credit systems in 2007–08.
  •  We agree that bad debt levels in China will rise — in fact, in a worst-case scenario, there could be as much as 7 trillion RMB of bad loans in the system at present, according to our estimates. But bank balance sheets are strong, profit growth is subsidized by fixed lending and deposit rates, and economic growth itself should be strong enough to absorb most reasonable estimates of losses without serious challenges to financial system stability.
  •  Bank deposits are the main source of domestic savings. We are confident that Beijing will seek to avoid social discontent arising from any threat to the security of deposits with vigor and resources that would make Western bailouts appear puny by comparison. Our concern is that savings growth rates will slow over the next few years and that deposit growth will be much more pedestrian than over the last decade. The recent consolidation of data on funding growth under the banner of Total Social Financing (TSF) presents a clearer picture of the efficiency of deposit mobilization in funding growth. Even allowing for shortcomings in methodology, the incremental growth per unit of financing — Financial Incremental Capital Output Ratio, or FICOR, as we term it — has deteriorated over the last decade.
  •  As a consequence of slower savings rates and reduced FICOR, we expect a slowdown in trend growth over the next few years to 7-8% rather than the 8-10% level of recent times. State-led capital allocation and rate fixing was a feature of both Korea and Japan in the past. In both cases, financial crisis arising from this policy mix was triggered by financial reform. We believe the same holds for China, but will take a number of years to unfold.

Read full report Can China´s Savers save the world

Source: BlackRock / Carral Sierra, 12.07.2011

Filed under: China, Market Data, Risk Management, , , , , , , , , , , , , , ,

China: BlackRock – Puede el ahorro de China salvar al mundo?

China ha experimentado en años recientes un rápido crecimiento impulsado por el crédito, el cual ha sido un factor importante en la recuperación económica global. Sin embargo:

  • Muchos analistas anticipan que la rápida condición del crecimiento chino gracias al crédito, junto con un proceso de distribución de capital dirigido por sus políticos y emprendido a tasas de interés altamente subsidiadas, inevitablemente derivará en una caída crediticia.
  • Estos comentarios señalan la naturaleza opaca del sistema bancario de China, una rápida exposición de las hojas de balance y un sector inmobiliario inflado, como la evidencia de un sistema financiero frágil susceptible a una crisis que, a su vez, afectará el crecimiento mundial y a otros sistemas financieros.

    Opiniones del BlackRock Investment Institute: ¿Puede el Ahorro de China Salvar al Mundo?

  • En la nueva publicación del BlackRock Investment Institute, “¿Puede el ahorro de China salvar al mundo? (Can China Savers Save the World?)”, los autores analizan las razones que están en la base de estos temores. Al respecto, afirman que esta inquietud podría estar basada en un análisis débil.
  • Asimismo, creen que los llamados “pandas” no consideran el hecho de que gran parte de la expansión de la balanza financiera de China se ha basado en préstamos casi fiscales y que tienen el respaldo y garantía de un sistema que experimenta un rápido crecimiento de su ingreso y cuenta con un nivel bajo de deuda.
  • En consecuencia, los autores sugieren que China no sufrirá un colapso financiero, sino a lo sumo un descenso en su potencial y en su tasa de crecimiento.

Adjunto te hacemos llegar el documento completo en inglés en formato PDF. En caso de cualquier duda adicional, quedamos a tu disposición.

Para leer el reporte completo click aqui.  Can China´s Savers save the world

Source: Black Rock / Carral Sierra, 12.07.2011

Filed under: China, News, Risk Management, , , , , , , , , , , , , ,

BlackRock Readies Colombia Index ETF in South America Expansion

BlackRock Inc. (BLK) is preparing to start a local exchange-traded fund in Colombia as the world’s largest money manager expands its operations in South America.

The fund will be denominated in Colombian pesos and will track the Colcap Index, said Axel Christensen, BlackRock’s managing director for South America excluding Brazil.

“We’re very close to starting a product in Colombia,” he said in an interview from London during a Chilean investment promotion event. “We are days away, we hope.”

IShares, the ETF fund business of New York-based BlackRock, also plans to start a local fund in Chile after regulatory changes that enable ETFs take effect next month, Christensen said. IShares already has local ETFs in Mexico and Brazil, Latin America’s two largest markets.

ETFs issue a fixed number of shares and trade throughout the day like stocks. Most are designed to passively track a benchmark equity index.

Source: Bloomberg, 27.06.2011 by James Attwood in Santiago at Jattwood3@bloomberg.net.

Filed under: Brazil, Colombia, Latin America, Mexico, , , , , , , , , ,

ETF Industry Highlights – April 2011 – BlackRock

Global ETF and ETP industry:

Record April net inflows with US$25.3 Bn.

Record YTD net inflows in the first four months with US$67.2 Bn through the end of April 2011.

The global ETF industry had 2,670 ETFs with 6,021 listings and assets of US$1,469.8 Bn, from 140 providers on 48 exchanges around the world at the end of April 2011. This compares to 2,189 ETFs with 4,354 listings and assets of US$1,113.1 Bn from 122 providers on 42 exchanges, at the end of April 2010.

The global ETF and ETP industry combined, had 3,819 products with 7,893 listings, assets of US$1,670.9 Bn from 176 providers on 52 exchanges around the world. This compares to 2,967 products with 5,453 listings, assets of US$1,295.1 Bn from 150 providers on 44 exchanges, at the end of April 2010.

United States ETF and ETP industry:

Record April net inflows with US$22.4 Bn.
Record YTD net inflows in the first four months with US$51.5 Bn through the end of April 2011.
The ETF industry in the United States had 972 ETFs and assets of US$997.3 Bn, from 29 providers on two exchanges at the end of April 2011. This compares to 839 ETFs and assets of US$764.0 Bn, from 28 providers on two exchanges at the end of April 2010.
US$22.4 Bn of net new assets went into United States listed ETFs/ETPs in April 2011. US$16.7 Bn net inflows went into equity ETFs/ETPs, of which US$9.8 Bn went into ETFs/ETPs tracking US equity indices and US$3.5 Bn went into ETFs/ETPs tracking emerging markets equity indices. Fixed income ETFs/ETPs saw net inflows of US$2.9 Bn, of which US$0.7 Bn went into corporate bond ETFs/ETPs and US$0.6 Bn went into Government bond ETFs/ETPs. Commodity ETFs/ETPs saw net inflows of US$1.8 Bn, of which US$2.4 Bn went into ETFs/ETPs providing exposure to precious metals, while ETFs/ETPs providing exposure to energy experienced US$0.9 Bn net outflows in April 2011.
Of the US$45.5 Bn of net new assets in United States listed ETFs in April 2011, Vanguard gathered the largest net inflows with US$13.2 Bn, followed by iShares with US$12.7 Bn net inflows, while Bank of New York had the largest net outflows with US$1.4 Bn in 2011 YTD.

European ETF and ETP industry:

The European ETF industry had 1,128 ETFs with 3,952 listings and assets of US$328.2 Bn, from 39 providers on 23 exchanges at the end of April 2011. This compares to 932 ETFs with 2,748 listings and assets of US$234.3 Bn from 36 providers on 18 exchanges, at the end of April 2010.
US$3.6 Bn of net new assets went into European listed ETFs/ETPs in April 2011. US$2.8 Bn net inflows went into equity ETFs/ETPs, of which US$1.6 Bn went into ETFs/ETPs providing emerging markets exposure while ETFs/ETPs providing broad European exposure saw net outflows of US$1.2 Bn. Fixed income ETFs/ETPs saw net outflows of US$0.4 Bn, of which money market ETFs/ETPs experienced US$0.3 Bn net outflows while high yield ETFs/ETPs saw net inflows of US$0.2 Bn. US$1.1 Bn net inflows went into commodity ETFs/ETPs, of which US$0.5 Bn went into ETFs/ETPs providing exposure to precious metals and US$0.4 Bn went into ETFs/ETPs providing broad commodity exposure.
Of the US$2.8 Bn of net new assets in European listed ETFs in April 2011, Source Markets gathered the largest net inflows with US$0.9 Bn, followed by db x-trackers with US$0.6 Bn net inflows, while iShares and Lyxor Asset Management had the largest net outflows with US$0.2 Bn.


Asia Pacific (ex-Japan) ETF industry:

The Asia Pacific (ex-Japan) ETF industry had 250 ETFs with 362 listings and assets of US$58.6 Bn, from 63 providers on 13 exchanges at the end of April 2011. This compares to 168 ETFs with 267 listings and assets of US$44.4 Bn, from 53 providers on 13 exchanges, at the end of April 2010.


Japan ETF industry:

The Japanese ETF industry had 84 ETFs with 88 listings and assets of US$29.4 Bn, from seven providers on three exchanges at the end of April 2011. This compares to 70 ETFs with 73 listings and assets of US$26.3 Bn from six providers on two exchanges, at the end of April 2010. There are 178 ETFs which have filed notifications in Japan.


Latin America ETF industry:

The Latin American ETF industry had 27 ETFs, with 407 listings and assets of US$10.4 Bn, from four providers on three exchanges at the end of April 2011. This compares to 21 ETFs, with 243 listings and assets of US$9.1 Bn from three providers on three exchanges, at the end of April 2010.


Canada ETF industry:

The Canadian ETF industry had 180 ETFs and assets of US$43.1 Bn, from four providers on one exchange at the end of April 2011. This compares to 134 ETFs and assets of US$33.0 Bn from four providers on one exchange, at the end of April 2010.

Source: BlackRock, Carral, May 2011

Filed under: Asia, Latin America, News, , , , , , , , , , ,

ETF Landscape: Industry Review – Q1 2011 – BlackRock

At the end of Q1 2011, the global ETF industry had 2,605 ETFs with 5,905 listings and assets of US$1,399.4 Bn  from 142 providers on 48 exchanges around the world. This compared to 2,131 ETFs with 4,133 listings and assets of  US$1,081.9 Bn from 123 providers on 42 exchanges at the end of Q1 2010.  ETF Industry Review_Q1-2011

Additionally, there were 1,119 other ETPs with 1,835 listings and assets of US$183.7 Bn from 58 providers on 23 exchanges. This compared to 718 ETPs with 1,025 listings and assets of US$153.6 Bn from 42 providers on 18 exchanges at the end of Q1 2010.

Combined, there were 3,724 products with 7,740 listings, assets of US$1,583.2 Bn from 178 providers on 52 exchanges around the world at the end of Q1 2011. This compared to 2,849 products with 5,158 listings, assets of US$1,235.4 Bn from 147 providers on 44 exchanges at the end of Q1 2010.

Below is a list of some upcoming events where we will be presenting:

Asia Trader and Investor Convention 2011, Singapore 07-08 May 2011
Complimentary passes are available
www.theatic.net

2nd Annual Inside ETFs – Europe Conference, Amsterdam, 05–06 May 2011
Complimentary passes are available for institutional investors.
www.indexuniverse.eu

Turkey Investment Summit, Istanbul, 09–11 May 2011
www.terrapinn.com

iShares Investment Konferenz, Frankfurt, 11 May 2011
www.ishares-events.com

22nd Annual Conference on Globalisation of Investment Funds, Boston,
15–18 May 2011
www.int-bar.org

ETF & Indexing Investments, New York, 16–18 May 2011
www.terrapinn.com

Factset Investment Process Symposium, Monaco, 23–25 May 2011
www.cvent.com

ASX ETF Institutional Conference, Sydney, 02 June 2011
www.asx.com.au

The 10th Annual Canada Cup of Investment Management, Toronto,
07–08 June 2011
Complimentary passes are being offered by IMN to attend this event to investment professionals at Pensions, Foundations, Endowments, Hedge Funds, Insurance Companies as well as for Registered Investment Advisors. Please contact Jackie Rubbo at jrubbo@imn.org.
www.imn.org

ETF & Indexing Investments, Madrid, 15–16 June 2011
www.terrapinn.com

The Mondo Visione Exchange Forum, London, 15–16 June 2011
www.mvexchangeforum.com

Africa Investment Summit, Johannesburg, South Africa 20–23 June 2011
www.terrapinn.com

European Cup of ETFs and Investment Management, London,
19–20 September 2011
Complimentary passes are being offered by IMN to attend this event to investment professionals at Pensions, Foundations, Endowments, Hedge Funds, Insurance Companies as well as for Registered Investment Advisors. Please contact Jackie Rubbo at jrubbo@imn.org.
www.imn.org

ETF & Indexing Investments, London, 17–19 October 2011
www.terrapinn.com

Please join ETF Network on Linkedin at www.linkedin.com.

Source: BlackRock, 06.05.2011

Filed under: Banking, News, Services, Wealth Management, , , , , , , , , , , , , , , , , , ,

ETF panorama: Aspectos Destacados del 1er Quartal 2011 BlackRock

La industria global de los ETFs mantiene la trayectoria ascendente con la que inició el año, si se comparan los 2,605 ETFs con activos por USD$1,399.4 millones al cierre del primer trimestre de 2011, con respecto de los 2,131 ETFs con activos por USD$1.082 mil millones en el mismo periodo de 2010.  _ETF  Reporte 1er Quartal 2011

En Latinoamérica el sector de ETFs cuenta con 26 ETFs, 405 listados y activos bajo administración por USD $10.2 mil millones, de ocho proveedores en tres bolsas, que se comparan con 21 ETFs, 231 listados y activos por USD$9.3 mil millones de tres proveedores en tres mercados que había a finales del primer trimestre de 2010.

Como sabes, los ETFs son instrumentos que siguen índices, listados y cotizados en mercados bursátiles, que proporcionan transparencia diaria al portafolio. El reporte da cobertura a los productos Exchange Traded Funds (ETFs) a escala global e incluye rankings de proveedores de ETFs e índices globales, en Estados Unidos, Europa, Japón, Asia, Latinoamérica, Medio Oriente y Africa.

Además, incluye comentarios respecto al impacto en los mercados de inversión global debido a acontecimientos como los disturbios en países de Oriente Medio y norte de Africa, así como desastres naturales como el terremoto y tsunami, y la consecuente catástrofe nuclear en Japón.

Adjunto te hacemos llegar el reporte completo en inglés, en formato PDF. En caso de cualquier duda adicional, quedamos a tu disposición.

Source: BlackRock- Carral Sierra, 06.05.2011

Filed under: Asia, Exchanges, Latin America, Library, News, Services, , , , , , , , , , , , , , , , , , , ,

ETF Landscape: Industry Highlights de February/Febrero 2011 – En/Sp – BlackRock

ETF – 02.2011 Report/Reporte

English

At the end of February 2011, the global ETF industry had 2,557 ETFs with 5,802 listings and assets of US$1,367.4 Bn, from 140 providers on 48 exchanges around the world. This compares to 2,091 ETFs with 3,998 listings and assets of US$1,001.9 Bn from 115 providers on 40  exchanges, at the end of February 2010.

We expect global AUM in ETFs and ETPs1to increase by 20–30% annually over the next three years, taking the global ETF/ETP industry to approximately US$2 trillion in AUM by early 2012. Considering ETFs separately, AUM should reach US$2 trillion globally by the end of 2012, US$1 trillion in the United States in 2011 and US$500 billion inEurope in 2013.

Taking ETFs and ETPs together, United States AUM should reach US$2 trillion in 2013, with European AUM reaching US$500 billion in 2012.

In Latin America, the ETF sector remains with 26 ETFs, 365 listings and assets of USD $10.2 billion of four providers on three Exchanges. Compares 20 ETS, 223 listings and assests of USD$ 9.3 billions and three providers  at three exchanges in february 2010.

Español:

El reporte ETF Landscape: Industry Highlights da a conocer la situación de los Exchange Traded Funds (ETFs) y Exchange Traded Products (ETPs) en el mes de febrero.

Se espera que los activos globales bajo administración de los ETFs y ETPs se incrementen de 20 a 30% anualmente durante los próximos tres años, llegando a aproximadamente USD $2 billones (trillion dollars) a principios de 2012.  A escala global, el sector de ETFs tuvo 2,557 ETFs con 5,802 listados y activos por USD $1,367.4 millones, de 140 proveedores en 48 mercados bursátiles en el mundo a finales de febrero de 2011, comparado con 2,091 ETFs con 3,998 listados y activos por USD $1,001.9 millones de 115 proveedores en 40 mercados a fines del mismo periodo del año pasado.

En Latinoamérica el sector de ETFs permanece con 26 ETFs, 365 listados y activos por USD $10.2 mil millones, de cuatro proveedores en tres bolsas, comparado con 20 ETFs, 223 listados y activos por USD$9.3 mil millones de tres proveedores en tres mercados a fines de febrero de 2010.

Source:BlackRock, March 10, 2011

Filed under: Asia, Australia, Brazil, Chile, China, Exchanges, Hong Kong, India, Indonesia, Japan, Korea, Latin America, Malaysia, Mexico, News, Services, Singapore, , , , , , , , , , ,

ETF Landscape: Industry Highlights de january/enero 2011 – En/Sp – BlackRock

At the end of January 2011, the global ETF industry had 2,501 ETFs with 5,701 listings and assets of US$1,334.6 Bn, from 138 providers on 47 exchanges around the world. This compares to 2,055 ETFs with 3,941 listings and assets of US$984.0 Bn from 114 providers on 40 exchanges at the end of January 2010.

We expect global AUM in ETFs and ETPs to increase by 20–30% annually over the next three years, taking the global ETF/ETP industry to approximately US$2 trillion in AUM by early 2012. Considering ETFs separately, AUM should reach US$2 trillion globally by the end of 2012, US$1 trillion in the United States in 2011 and US$500 billion in Europe in 2013.

Taking ETFs and ETPs together, United States AUM should reach US$2 trillion in 2013, with European AUM reaching US$500 billion in 2012.

ETF_industryhilight_Jan 2011 full report/reporte completo

Reporte en Español

El reporte ETF Landscape: Industry Highlights de enero 2011, presenta la situación de los Exchange Traded Funds (ETFs) y Exchange Traded Products (ETPs).

Se espera que los activos globales bajo administración de los ETFs y ETPs se incrementen de 20 a 30% anualmente durante los próximos tres años, llegando a aproximadamente USD$2 billones (trillion dollars) a principios de 2012.

A escala global, el sector de ETFs tuvo 2,501 ETFs con 5,701 listados y activos por USD$1,334.6 millones, de 138 proveedores en 47 mercados bursátiles en el mundo a finales de enero de 2011.

Por su parte, el sector de ETFs en Latinoamérica cuenta con 26 ETFs, con 365 listados y activos por USD$9.7 mil millones, de cuatro proveedores en tres bolsas, comparado con 17 ETFs, 220 listados y activos por USD$9.5 mil millones de tres proveedores en tres mercados a fines enero del año pasado.

Source: BlackRock/Carral Sierra, 14.02.2011

Filed under: Asia, Latin America, News, Services, , , , , , , , , ,

Financial Market Predictions for 2011 by BlackRock’s Bob Doll

US STOCKS WILL RECORD  3rd STRAIGHT YEAR OF DOUBLE DIGIT GAINS
Market Risks Will Be “To the Upside”
As Improving Economic Growth,
Consumer/Business Confidence Boost Stocks
US Real GDP Will Hit All Time High in ’11,
Marking Economy’s Transition from Recovery to Expansion
 Stocks Will Outperform Bonds and Cash as Flows to Equities Accelerate
 
 
New York, January 5, 2010 –- US stocks in 2011 will record a third straight year of double digit percentage returns, the first time this has occurred in more than a decade, according to Robert C. Doll, Chief Equity Strategist for Fundamental Equities at BlackRock, Inc. (NYSE: BLK). In the new year, risk assets in general and equities in particular will draw strength from continued improvement in US economic growth—in particular, a more sustainable growth path—coupled with improved business and consumer confidence, and a less hostile capital markets attitude in Washington, D.C., according to Doll. “By the close of 2011, the S&P 500 Index will be at 1,350-plus, a target that implies that the market will appreciate at least in line with corporate earnings,” Doll said. The S&P 500 Index closed out 2010 last Friday, Dec. 31, at 1,257, rising over 15% for the year. “Our expected gains for the equity markets for 2011 are not much different from what we expected for 2010,” he said. “What’s different for 2011 is that market risk will be more to the upside than was the case in 2010.” The possible upside factors include an acceleration in jobs gains, a surprise in real GDP, earnings exceeding expectations as occurred in 2010, and Washington D.C. beginning to address the nation’s fundamental debt and budget problems.

 On the other hand, Doll’s “what can go wrong?” list includes the possibility of credit problems resurfacing (including US housing, sovereign nations, and state and local governments), commodities price increases causing profit margin pressure, inflation fears, a greater than expected rise in interest rates, undue emerging markets tightening to curb asset bubbles, and currency and capital flow concerns leading to protectionist trade wars.

 Additionally, Doll indicated that the magnitude of the market return since the August 2010 lows (US stocks rose over 20% from mid August through the end of the year) means equity markets may have come too far, too quickly. “I do have a concern that the exceptionally strong returns we have seen over the last couple of months may mean that we ‘borrowed’ some of 2011’s returns in late 2010,’ Doll said.

 “The upside possibilities could lead to stock market appreciation of 10% to 20% more than we expect,” Doll said. “The downside issues could result in low double-digit percentage loss.”

 US Real GDP Hits All Time High in 2011
 Doll has been publishing his annual “10 Predictions” for the year ahead in the financial markets and the economy for over a decade.

 In 2011 the ongoing cyclical recovery will continue, Doll believes, but economic growth will continue to proceed at a less-than-normal pace due to the structural problems that continue to face most of the developed world.

 In the United States, although the recovery remains subpar, real GDP will move to new all time highs sometime during 2011’s first half, Doll said. “Real final sales will increase from around 2% to almost 4% as the impact of the government stimulus program and inventory restocking wanes,” he said. “The good news is that this kind of growth is more sustainable and therefore ‘higher quality.’

 “Hitting a new high for real GDP also means, of course, that the economy will have moved into a truly expansionary mode,” he said.

 In this environment, the Federal Reserve is unlikely to increase interest rates in 2011. “Assuming our growth outlook is correct, the Fed is likely to keep rates at near-zero through the year, although we think it’s possible that by the end of 2011 the futures curve may begin to price an increase into the markets,” Doll said.

 Unemployment Dips to 9 Percent

 Job growth also will improve as 2011 progresses, with unemployment falling to around 9% from the current 9.8% rate. “We believe the removal of the Bush tax cut uncertainties and the fears of a double dip recession as well as improved confidence will lead to more hiring,” Doll said.

 The likely employment trend in 2011 is historically associated with solid market performance, Doll said. “Compared with any other time, equity market returns have been most ebullient when unemployment rates have been high and falling,” he said.

 Stock On Pace to Outperform Bonds, Cash

 As they did in 2010, stocks will outperform both bonds and cash in 2011, Doll said.

 “Stocks pulled ahead of bonds in 2010’s fourth quarter, and we expect that trend to continue in 2011,” he said. “Interest rate risk will be to the upside, given accelerating economic and job growth, the revival of business capital investment, the likelihood that bonds inflows will slow, and fading deflation fears.”

 Because the recovery remains “sub par,” the Federal Reserve will likely remain accommodative, which will probably result in some further steepening of the yield curve, Doll believes. Equities are likely to take over from fixed income as the preferred asset class, both in terms of price appreciation and investor flows.

 US Markets Set to Continue Their Dominance

 In an outcome that surprised many, the United States was one of the world’s strongest markets, and US stocks outperformed the MSCI World Index in 2010—a trend Doll expects will be maintained in the new year. “Strong balance sheets and free cash flow income statements will likely lead to significant increases in dividends, share buybacks, merger and acquisition activity, and business reinvestment,” he said. “Companies delivering earnings with solid growth prospects will likely lead the way, as high intra-stock market correlations continue to fall.”

 At the same time, differences between developed and emerging markets will be less pronounced in 2011 than before, Doll believes. “The gap between higher growth rates in the developing world and the lower ones of the developed world will likely shrink somewhat in 2011, causing continued less differentiation in equity returns.”

 Predictions for 2011

 Here are Doll’s predictions for 2011 with his full commentary on the key trends.

 1.     US growth accelerates as US Real GDP reaches a new all time high.

Not only is US growth likely to be stronger in 2011 than it was in 2010, but more importantly, the quality of growth will improve. Economic growth in 2010 was based heavily on government stimulus and inventory rebuilding. Both of these factors will be less significant in 2011 than they were in 2010, meaning final demand is going to make up the slack. In particular, we believe that real final sales will increase from around 2% to almost 4%. This sort of growth is healthier for the economy and more sustainable. Additionally, we believe that economic growth in 2011 will be supported by an increase in money growth, a steeper yield curve and easing credit conditions. Nominal gross domestic growth in the United States already reached a new all time high in 2010, and we expect real GDP growth to also reach a new high at some point during the first half of 2011. Despite this outlook, however, we would caution that growth levels will still remain below trend.

2.     The US economy creates two to three million jobs in 2011 as unemployment falls to 9%.

We expect improved job growth as 2011 progresses, finally making some dent in the unemployment rate. Our prediction represents a clear acceleration over the 1 million plus number of new jobs that were created in 2010 and, in effect, would represent a doubling in the rate of jobs growth. It takes approximately 125,000 jobs per month to accommodate new entrants into the labor force and our view is growth will be noticeably higher than that, averaging 175,000 to 250,000 per month. We believe the removal of the Bush tax cut uncertainties and the fears of a double-dip recession as well as improved confidence will lead to more hiring. Leading indicators of hiring, including hours worked, productivity, initial jobless claims and profitability all point to more jobs. We note with interest that new hiring plans on the part of corporations have improved as well. Historically, equity market returns have been most ebullient when unemployment rates have been high and falling than at any other time.

 3.     US stocks experience a third year of double-digit percentage returns for the first time in over a decade as earnings reach a new all time high.

The last time the stock market had three annual double-digit percentage gains in a row was the late 1990s. Our view is a double-digit percentage return again for 2011 is certainly possible. We expect earnings growth to continue to be better than economic growth, stocks are reasonably inexpensive and confidence levels are improving. We are using a 1,350 target as a floor for our 2011 S&P 500 forecast, which is consistent with expected earnings gains. Our view is that the risks in 2011 are more to the upside when compared with the downside risks of 2010 meaning that, if anything, our 1,350 target may be overly conservative. Should business and consumer confidence levels continue to improve, if credit problems remain manageable and if politicians remain reasonably capital markets friendly, then we could see some valuation improvements, which could push market prices even higher. Regarding the earnings component of this prediction, operating earnings per share achieved an all time high of $91.47 for the S&P 500 in June 2007, and we believe corporate earnings will exceed that number sometime around the middle of 2011. We note that in recent months earnings revisions have again turned positive after faltering in mid 2010.

 4.     Stocks outperform bonds and cash.

While stocks did outperform bonds and cash in 2010, it wasn’t until the fourth quarter that stocks pulled ahead of bonds. We expect that environment to continue in 2011. Assuming that stocks have any sort of positive return in 2011, they will outperform cash investments, since short-term interest rates (and cash returns) are essentially stuck at just over 0%. The bigger question is bonds, but we believe that interest rates are likely headed higher given accelerating economic and jobs growth, the revival of business capital investment, the likelihood of bond fund inflows slowing and deflation fears fading. At present, there is still a wide gap between the S&P 500 earnings yield and BAA corporate bond yields in favor of stocks, and we expect that gap to close somewhat in 2011 as stocks outperform bonds.

 5.     The US stock market outperforms the MSCI World Index.

Before 2010, there was a multi-year pattern in which the MSCI World Index outperformed US stocks. In a surprise to many, that streak ended last year with US stocks beating the MSCI World Index in 2010 by nearly 400 basis points. We think 2011 will mark the second year of US outperformance. Compared with the rest of the world, the United States is benefitting from more fiscal and monetary stimulus, and has a more innovative economy and better earnings growth prospects, all of which should help US stock market performance. We also expect that emerging market economies will perform well, but that the gap between emerging and developed economies is likely to narrow in 2011 (which should also help US stocks on a relative basis). In other markets, we expect Europe will continue to struggle with credit and sovereign funding issues and Japan’s secular growth problems will likely remain.

 6.     The US, Germany and Brazil outperform Japan, Spain and China.

2010 was a year in which geographic allocations played an important role in determining investors’ overall portfolio returns, and we think 2011 will see a continuation of this trend. From our perspective, we favor markets that have evidence of accelerating economic momentum and low levels of inflationary threats. We also prefer to avoid markets that are facing significant credit risks. As a result, we are predicting that a basket of US, German and Brazilian stocks would outperform a basket of Japanese, Spanish and Chinese stocks. As we indicated in our fifth prediction, there are a host of reasons to favor US stocks, including its improving quality and quantity of economic growth. Germany is exhibiting strength in manufacturing and exports and Brazil is benefitting from a rapidly growing middle class and solid consumer spending levels. On the other side of our equation, Japan is suffering from persistently slow growth and Spain has a troubled banking system and ongoing credit woes. Regarding China, we expect economic growth will remain strong, but that market is in the midst of a tightening cycle designed to combat inflation—an environment that does not bode especially well for market performance.

 7.     Commodities and emerging market currencies  outperform a basket of the dollar, euro and yen.

As long as global growth is at least reasonably strong (as it was in 2010), commodities prices should appreciate in 2011. We believe that oil could top $100 per barrel at some point during the year due to better macro demand and continued inventory declines and since gold is “the only currency without debt,” gold prices are likely to move higher over the course of the year (albeit at a slower pace and more irregularly than it has over the past couple of years. Additionally, industrial commodities such as copper should benefit from continued global growth and urbanization in emerging markets. As we indicated earlier, we expect the growth differential between emerging market countries and developed markets will narrow in 2011, but we remain preferential toward emerging market currencies over a basket of the dollar, euro and yen.

 8.     Strong balance sheets  and free cash flow lead to significant increases in dividends, share buybacks, mergers & acquisitions and business reinvestment.

Corporations in America are doing very well. Balance sheets are strong and income statements are showing high levels of free cash flow. This backdrop led to high levels of M&A activity and business reinvestment in 2010, and in the year ahead we are calling for double-digit increases in dividends, buybacks, M&A and business reinvestment. We believe the key to getting this prediction right is for business confidence to improve, signs of which became evident toward the end of 2010. In addition we would argue that unlocking the 2+ trillion dollars of cash on corporate balance sheets is a significant key to better and more sustained US GDP growth.

 9.     Investor flows move from bond funds to equity funds.

Should the economic and market backdrop play out as we expect, we should see fixed income flows slow and equity fund flows pick up materially in 2011. This would reverse a multi-year trend in which investors have been embracing bond funds and shunning equity funds. Indeed, we began seeing this reversal happen in the fourth quarter of 2010 when equities began to noticeably outperform fixed income. Flows tend to follow prices, and we would expect that during the course of this year, we will see a noticeable slowdown in bond fund flows and the switch into equity funds. The “era of fear” that we have seen in equities in the last couple of years is in contrast to the “era of greed” we saw in the late 1990’s.

 10.  The 2012 Presidential campaign sees a plethora of Republican candidates while President Obama continues to move to the center.

Election seasons  seem to grow longer every cycle, and already there appears to be a long list of potential GOP presidential candidates. While it is impossible to know exactly who will run, our view is that many will declare their intention to run for president during 2011. Meanwhile, after a very difficult election for President Obama in November of last year, his move toward the political center is likely to continue as  he attempts to be more business- and capital markets friendly. It is clear that elections are decided by independents and the President needs to increase his support within the independent ranks significantly in order to have a chance for reelection.

 The 2010 Scorecard

 In 2010, risk assets continued the choppy advance they began in 2009. “The S&P 500 ended the year up a double-digit percentage and close to our 1,250 target, as US stocks outpaced most developed markets and many important emerging markets,” Doll said.

 Real GDP growth continued in a positive direction but remained subpar compared with most recoveries. In the United States, jobs growth was not strong enough to reduce the unemployment rate.  Inflation remained a non-issue in the developed world but began to rear its ugly head in some emerging economies. Government deficit spending and debt levels continued to haunt investors but corporate financial health remained remarkably strong both in balance sheet and income statement terms. “Corporations produced fantastic earnings gains despite mediocre economic growth,” Doll noted.

 “To sum it up, although we missed on a couple of the predictions made one year ago, most did come to pass,” he said.

 1.     The US economy grows above 3% in 2010 and outpaces the G-7.

Score = Correct

Although final fourth-quarter growth numbers will not be available for a while yet, economists are currently revising their estimates upward, and it looks like GDP will have grown in the fourth quarter by around 3%. Also, it is looking like US growth for all of 2010 should just clear the 3% hurdle. Among other G-7 countries, other than Canada, no other country’s growth level will surpass that of the United States.

2.     Job growth in the United States turns positive early in 2010, but the unemployment rate remains stubbornly high.

Score = Correct

It would have been almost impossible to have phrased this prediction any better, since this exactly described what happened on the labor market front in 2010. Employment growth did turn positive toward the end of the first quarter, but gains were not strong enough to lower the unemployment rate.

 3.     Earnings rise significantly despite mediocre economic growth.

Score = Correct

When we made this prediction at the beginning of the year, our point was that earnings improvements would outpace the broader improvements in the overall economy, and that is exactly what came to pass. In many ways, the degree to which corporate America weathered slow levels of economic growth, ongoing credit issues and a still-troubled financial system was quite a surprise.

 4.     Inflation remains a non-issue in the developed world.

Score = Correct

While there have been some inflationary concerns in areas of the developing world, for the developed markets, deflationary pressures persisted through 2010. We acknowledge that in the years ahead, inflation may become a concern given high deficits and some of the structural problems facing the United States, but such an environment is not likely to develop in the near future.

 5.     Interest rates rise at all points on the Treasury curve, including fed funds.

Score = Incorrect

This is a prediction that we will have to mark in the “incorrect” column for this year. Some might say that we were not exactly wrong on this call, but just early since interest rates have begun to climb strongly over the last several weeks. For the year as a whole, however, credit concerns, quantitative easing and deflationary issues pushed the yield curve lower. On the fed funds front, rates are likely to remain lower for some time, and we have no expectation that the Fed will raise the fed funds rate at any point in the coming months.

 6.     US stocks outperform cash and Treasuries, and most developed markets.

Score = Correct

The broad asset class call we made at the beginning of the year has come to pass. With US equity market returns well into the double-digits, US stocks handily outperformed Treasuries (which came in at less than 10%) and cash (which returned just over 0%). With few exceptions, US stocks also outperformed other developed markets.

 7.     Emerging markets outperform as emerging economies grow significantly faster than developed regions.

Score = Correct

Economic growth in emerging markets has been much stronger than in the developed world, and emerging markets on balance have outperformed. The degree of outperformance, however, was narrower than we expected.

 8.     Healthcare, information technology and telecommunications outperform financials, utilities and materials.

Score = Incorrect

This is a prediction that came down to the wire, as going into the last week of the year we were slightly in the “correct” column on this one. Unfortunately (for our predictions scorecard) we were wrong on this call, if only barely, since a basket of healthcare, information technology and telecommunications stocks very slightly underperformed a basket of financials, utilities and materials stocks.

 9.     Strong free cash flow and slow growth lead to an increase in M&A activity.

Score = Correct

Strong free cash flow and strong balance sheets allowed companies to put their cash to work by ramping up merger-and-acquisition activity. Dividend increases and share buybacks also increased strongly this year.

 10.  Republicans make noticeable gains in the House and Senate, but Democrats remain firmly in control of Congress.

Score = Half-correct

We got the first part of this sentence correct, but the second part wrong, since Republicans did, of course, take over the House of Representatives. In retrospect, there was a much larger non-incumbent wave that dominated the midterms than we expected.

 Final 2010 Scorecard:

Correct:           7

Half-Correct:    1

Incorrect:         2

Total:               7.5/10

Opportunities  for Investors

 The start of a new year is always a good time to review your investment goals and asset allocation with your financial professional, and to make portfolio changes where necessary. With that in mind, following are some ideas investors may wish to consider:

 Retain equity overweights: A combination of supportive fiscal and monetary policy, decent economic growth, low inflation, strong corporate earnings and decent valuations should be a recipe for stock prices to move higher in 2011. As such, retaining overweight positions in equities relative to cash and bonds could be beneficial.

 Focus on free cash flow: One of our primary investment themes for the coming year will be to focus on companies that have high levels of free cash flows, and we are seeing opportunities across capitalizations, investment styles and geographies.

 Think about geography: As indicated by our overall market outlook and our specific predictions, we expect US stocks to continue to outperform most other global markets. US economic growth should be stronger than almost any other developed market, as should corporate earnings growth. At the same time, it remains important to keep some allocation to better-positioned international markets, including emerging markets.

 Stay with commodities: Gains will likely be uneven, and volatility in the commodities markets is likely to remain high, but long-term investment in commodities continues to make sense.

 Remember that gains will be harder to come by: In many ways the “easy money” in this bull market has already been made. The year ahead will likely see ongoing volatility and heightened dispersion between the winners and the losers. In this sort of environment, selectivity will be critical.

Source: BlackRock, Carral Sierra, 05.01.2011

Filed under: Asia, Latin America, News, , , , , , , , , , , ,

BlackRock lista 7 nuevos ETF de indices de Asia, Polonia, Brazil y renta fija International en Mexico

Ciudad de México, 26 de diciembre de 2010 – El pasado jueves 23 de diciembre, empezaron a negociarse en el Sistema Internacional de Cotizaciones (SIC) de la Bolsa Mexicana de Valores (BMV) 7 nuevos ETFs iShares internacionales, patrocinados por Deutsche Securities, S.A. de C.V., Casa de Bolsa y administrados por BlackRock, en lo que constituye el cuarto paquete de ETFs iShares listados en el SIC el presente año.

Los 7 ETFs iShares que integran este paquete brindan exposición a índices de renta variable internacional de mercados emergentes y de Asia no emergente, así como de renta fija internacional.

Los ETFs iShares listados en el SIC son:

Nombre Clave de pizarra % Gastos Aprobado por CONSAR
Instrumentos de renta variable
iShares MSCI China Small Cap Index Fund ECNS 0.65 No
iShares MSCI Indonesia Investable Market Index Fund EIDO 0.65 No
iShares MSCI New Zealand Investable Market Index Fund ENZL 0.55 No
iShares MSCI Poland Investable Market Index Fund EPOL 0.65 No
iShares MSCI Brazil Small Cap Index Fund EWZS 0.65 No
Instrumentos de renta fija
iShares FTSE Gilts UK 0-5 IGLS 0.20 No
iShares DEX Short Term Bond Index Fund XSB 0.25 No

Estos 7 ETFs iShares permiten tener acceso a un perfil de inversión representado por el dinámico sector de empresas de baja capitalización de economías que han tenido desempeños recientes interesantes, como la china, indonesia, neozelandesa, polaca o brasileña.

Por ejemplo, el iShares MSCI China Small Cap Index Fund mantiene una posición diversificada en empresas chinas de baja capitalización del sector automotriz, minero, tecnológico, de bienes raíces, energético, cementero y de materias primas, entre muchos otros.

Las carteras, desempeños recientes, retornos históricos, prospectos y otros datos de interés de estos nuevos ETFs pueden ser consultados en www.iShares.com.mx.

“Con este cuarto paquete de ETFs iShares listados en el SIC este año, culmina un 2010 de intensa actividad para BlackRock en México, pues arrancamos con 126 ETFs, y estamos cerrando con un total de 168: 146 ETFs listados en el Sistema Internacional de Cotizaciones y 12 ETFs listados en el mercado local de la Bolsa Mexicana de Valores (BMV). Asimismo, pasamos de 10 mil millones a 14 mil millones de dólares en activos bajo administración para clientes en México a través de los ETFs iShares, en cuentas segregadas y clientes institucionales. Ambos indicadores ratifican nuestra posición de liderazgo en esta industria”, indicó Isaac Volin, Director Ejecutivo de BlackRock México.

A escala internacional, BlackRock también mantuvo su liderazgo este año con un total de activos gestionados globalmente por 3.45 billones de dólares (trillion dollars), al 30 de septiembre de 2010.

Con los ETFs iShares de BlackRock, los inversionistas mexicanos tuvieron por primera vez en 2004 acceso desde México a una amplia gama de vehículos de inversión con exposición a diferentes clases de activos internacionales, que les han permitido conformar portafolios mejor diversificados para optimizar rendimientos ajustados por riesgo.

BlackRock está firmemente comprometido a poner al alcance de los inversionistas mexicanos la familia más completa y diversificada de vehículos de inversión para tener acceso a todas las clases de activos disponibles a escala global. A su vez, ofrece acceso a inversionistas internacionales a instrumentos de activos mexicanos que contribuyen al financiamiento y desarrollo de México.

Source: BlackRock 26.12.2010

Filed under: BMV - Mexico, Brazil, China, Indonesia, Mexico, News, , , , , , , , , , ,

BlackRock Forecast: 2011 may be a rerun of 2010 for global economy

London, December 22nd, 2010 – Richard Urwin, Head of Investment within BlackRock’s Fiduciary Mandate Team, believes 2011 is likely to be another positive year for global equities and other risk assets, despite persistent headwinds.

Expanding on this view, Richard offers the following outlook for the global economy in 2011:

  • Inflation risk remains low in developed economies, but is more pronounced in emerging markets: For the developed economies, 2011 is expected to be a year in which central banks see inflation as too low rather than accelerating. Low inflation does not imply deflation. Indeed, if deflation risk were to rise, so should the degree of monetary stimulus from central banks.  While the inflation risk in emerging economies is significant, inflation is unlikely to accelerate substantially.
  • Economic growth should continue through 2011: Global growth could be more balanced with developed markets contributing more to growth next year as the momentum built up in the second half of 2010 continues. For instance, growth in Germany, Japan and the UK in recent quarters has averaged between and 3% and 4%.
  • The demise of the euro is a very low probability event: The most significant event to affect financial markets in 2010 was arguably the European sovereign debt crisis. This is likely to have a significant influence on markets well into 2011 and beyond, given that southern Europe faces an extended period of retrenchment. However, the demise of the euro is very improbable.
  • There is no sign of irrational exuberance in equity market valuations: On the contrary, equity multiples towards the end of 2010 appear modest by historical standards. We believe the market reflects concerns about the length and strength of the global economic recovery. In these circumstances, additional returns to risk assets do not require utopian outturns, rather an environment in which challenging news is simply not quite as challenging as expected.
  • Equity returns in 2011 will be heavily dependent on the global cycle: Valuations are not so supportive that equity markets could rise on material growth disappointments, even if these stop short of recession. In addition, corporate earnings growth could slow from the strong rates of the past year or so.  Similarly, with a moderately favourable cyclical background, most forms of credit should outperform sovereign bond returns.
  • The low level of bond yields implies low returns to bonds in the medium term: However, for yields to back up significantly in 2011, one of two conditions would have to apply. Either global growth or inflation picks up enough so that central banks abandon their easy-money policy and raise interest policy rates sharply, or concerns over large and sustained budget deficits increase.
  • Policy rates in developed economies are expected to be kept low: We doubt that animal spirits will recover in 2011 even if global savings fall significantly. Hence, the catalyst for significant increases in bond yields during 2011 appears lacking. This suggests that government bond yields, excluding those in peripheral euro zone countries, will remain at stretched valuations for an extended period, delivering negative real returns.

Richard commented:  “In some respects, 2011 may feel like a re-run of this year.  Equities are likely to grind higher – with emerging market equities outperforming modestly rather than spectacularly, partly as a result of currency appreciation in these markets – while commodities could make further gains as supply/demand imbalances persist.

“The most marked difference in returns from 2010 could emerge in the sovereign debt market, with the headwind of very low yields. While diversification into corporate bonds and other non-government debt could add value, the scope for material spread narrowing is more limited. In short, 2011 could be another year where many investors find it difficult to take investment risk.  It is, however, likely to pay off.”

Notes to Editors:

Richard Urwin, Managing Director, is the head of Investments within BlackRock’s Fiduciary Mandate Investment team (FMIT). Mr. Urwin is responsible for asset allocation and manager selection within the fiduciary client base.

Source: BlackRock, 22.12.2010

Filed under: News, , , , , , , , , ,

Inmobiliaria Carso, de Carlos Slim, adquiere acciones ordinarias de BlackRock

Ciudad de México, 29 de noviembre de 2010 – Inmobiliaria Carso del señor Carlos Slim Helú, y BlackRock, Inc. (NYSE: BLK) confirmaron que la primera ha adquirido una posición en acciones ordinarias de la compañía durante la reciente oferta secundaria de acciones.

Como se anunció previamente, BlackRock, Inc. completó el 15 de noviembre de 2010 una oferta secundaria por 58’737,122 acciones de su capital ordinario a un precio de 163.00 dólares por acción.

“Estamos orgullosos de la afiliación del señor Slim como accionista de BlackRock y hemos acordado impulsar nuestra relación en beneficio mutuo”, comentó Laurence D. Fink, Chairman y CEO de BlackRock. “Las perspectivas de negocio del señor Slim, y su conocimiento de los mercados latinoamericanos tendrán un valor importante para continuar el desarrollo de BlackRock en esta región.”

BlackRock está comprometido con el desarrollo e innovación del sector financiero mexicano, en donde ha estado presente en el mercado de capitales desde 2004 a través de los ETFs iShares. Los ETFs, o Exchange Traded Funds por sus siglas en inglés, son también conocidos en México como “Trackers” o TRACs (Títulos Referenciados a Activos). Los ETFs son canastas de clases de activos estandarizadas que siguen a un índice. El compromiso de BlackRock en México se traduce en el desarrollo de 12 ETFs locales de renta variable y de deuda mexicana listados en la Bolsa Mexicana de Valores y en 150 ETFs listados en el Sistema Internacional de Cotizaciones de la BMV. BlackRock también cuenta con un fuerte equipo local de profesionales abocados a impulsar la cultura financiera en el país.

El Sr. Carlos Slim afirmó: “El equipo de gestión global de BlackRock y el posicionamiento estratégico de su modelo de negocio lo hacen una inversión atractiva. Espero una comunicación frecuente con BlackRock a medida que trabajemos juntos y podamos explorar nuevas oportunidades.”

Al 30 de septiembre de 2010, BlackRock administraba aproximadamente 15 mil millones de dólares en activos para clientes en México a través de los ETFs iShares, cuentas segregadas e institucionales. El total de activos gestionados globalmente por BlackRock asciende a 3.45 trillones (millones de millones) de dólares.

Con los ETFs iShares de BlackRock, los inversionistas mexicanos tuvieron por primera vez en 2004 acceso desde México a una amplia gama de vehículos de inversión con exposición a diferentes clases de activos internacionales, que les han permitido conformar portafolios mejor diversificados para lograr mejores rendimientos ajustados por riesgo.

BlackRock está firmemente comprometido a poner al alcance de los inversionistas mexicanos la familia más completa y diversificada de vehículos de inversión para tener acceso a todas las clases de activos disponibles a escala global. Y a su vez, ofrece acceso a inversionistas internacionales a instrumentos de activos mexicanos que contribuyen al financiamiento y desarrollo de México.

Source:BlackRock/Carral Sierra, 29.11.2010

Filed under: BMV - Mexico, Latin America, Mexico, News, Services, Wealth Management, , , , , , , , ,

BlackRock Bob Dolls: 10 prediction for the next 10 years

“10 Predictions for the Next 10 Years” by BlackRock’s Bob Doll and what it means to investors:

  1. U.S. equities experience high single-digit percentage total returns after the worst decade since the 1930s.
  2. Recessions occur more frequently during this decade than only once a decade as occurred in the last 20 years.
  3. Healthcare, information technology and energy alternatives are leading growth areas for the U.S.
  4. The U.S. dollar continues to be less dominant as the decade progresses.
  5. Interest rates move irregularly higher in the developing world.
  6. Country self-interest leads to more trade and political conflicts.
  7. An aging and declining population gives Europe some of Japan’s problems.
  8. World growth is led by emerging market consumers.
  9. Emerging markets weighting in global indices rises significantly.
  10. China’s economic and political ascent continues.

Read Bob Doll’s full report  10 Predictions for the next Decade

Source:BlackRock / Carral Sierra, 02.08.2010

Filed under: Banking, Brazil, China, Energy & Environment, Japan, Korea, Mexico, News, Risk Management, Wealth Management, , , , , , , , , , , , , , , , , , , , , , ,

BlackRock Q2 2010: Profit 98% up / Ganacias se elevaron 98%

Black Rock second quarter financial report Black Rock Q2 10 EARNINGS RELEASE

Black Rock segundo trimestre reporte financiero  –  sumario en español

  • Las ganancias trimestrales se elevaron 98% respecto del mismo periodo del año pasado.
  • BlackRock atribuyó las ganancias del trimestre al incremento en los activos netos y a la recuperación de los mercados internacionales.
  • Los ingresos netos aumentaron a $432 millones de dólares, un 35% más comparado con el mismo periodo de 2009.
  • En el primer semestre del año, BlackRock obtuvo una utilidad de 855 millones de dólares, un aumento de 183% respecto del año pasado, y un incremento en sus ingresos de 99.7%, hasta 4,027 millones de dólares.
  • El director general de la firma, Laurence D. Fink, comentó que los resultados del segundo trimestre son “un testimonio de la resistencia” de la plataforma de negocio de la firma.
  • Los activos bajo administración (“AUM”) totalizaron los $3.151 billones de dólares (trillion) al 30 de junio de 2010.

“La integración de nuestros programas continua de acuerdo a lo programado, junto con los aspectos clave de la integración cultural. La semana pasada anunciamos diversos nombramientos importantes, lo cual representa la culminación de una revisión intensiva, post-adquisición, de nuestra estructura organizacional. Creo que tenemos el mejor liderazgo del sector, y gracias al impulso de nuestro negocio podemos exigir de nuestro equipo y plataforma lo mejor. Apenas hemos empezado a apuntalar nuestras amplias capacidades para servir mejor a nuestros clientes, comentó Laurence D. Fink.

Fuente: Carral Sierra / BlackRock, 21.07.2010

Filed under: News, Services, Wealth Management, , , , , , ,

Alternative Assets in Latin America: Expert Panel Discusses June 15, 2010

Please join Alternative Latin Investor and Focus Point Press June 15th for a round table webinar of industry experts discussing alternative assets in Latin America.  http://www.alternativelatininvestor.com/Webinar/AlternativesAssetsInLatAm.pdf
Our Panel:

Brigitte Posch
PIMCO Executive Vice President and Portfolio Manager in its emerging markets group. Prior to joining PIMCO in 2008, she was a managing director and head of Latin American securitization and trading at Deutsche Bank.

Will Landers
CFA, Managing Director, Senior Portfolio Manager, is the portfolio manager for the BlackRock Latin America Fund, the BGF Latin America Fund, the BSF Latin American Opportunities Fund and the BlackRock Latin American Investment Trust PLC.

Andrew Cummings
Founder and Chief Investment Officer of Explorador Capital Management, LLC.

Eric Saucedo
Partner at Tricap Partners & Co., an investment banking firm focused on early-stage and middle market growth companies.

Topics:

-How alternative investment vehicles are faring in this recovery phase of the crisis
-What strategies performed the better than others
-What regions, sectors and vehicles are looking good for the coming year
-New players to the region who we should keep an eye on
-Growth of regulation in the alternative space
-Where new capital to Latin America is coming from
-Participation of both, foreign and domestic institutional investors
-How LatAm stacks up against other emerging markets
-The effect of Chavez on investor confidence in LatAm investments
-How sustainable is Brazil
-Countries to watch

Date: Tuesday, June 15
Time: 1pm EST
Price: 89.00USD
Register at http://www.regonline.com/Checkin.asp?EventId=866305

For more information please see,
http://www.alternativelatininvestor.com/Webinar/AlternativesAssetsInLatAm.pdf

Filed under: Argentina, Banking, Brazil, Central America, Chile, Colombia, FiNETIK Events, Latin America, Mexico, News, Peru, Services, Venezuela, Wealth Management, , , , , , , , , , , , , , , , , ,