Searching...

Entity

= Ultimate Parent

Obligor
Analyst
Location
ISIN
CUSIP

Funds & Asset Managers

Global Home > Funds & Asset Managers
Outlooks 2020

Conservative Risk Profiles Support Stable 2020 Global Money Fund Outlook

Fitch Ratings forecasts broad stability for the global money market fund (MMF) sector and ratings in 2020, underpinned by funds' conservative credit, market and liquidity risk profiles.

Bloomberg TV & Radio

Chinese Money Market Funds - Declining Yields, Regulation and Competing Products Signal Slowing Growth

Fitch Ratings believes the growth of Chinese money market funds will come under pressure in the short- to medium-term from negative real yields, tight regulatory requirements, and competition from certain wealth management products.

 

Fitch Ratings’s Sewell Expects China Money-Market Fund Growth to Slow

Bloomberg TV, 5 Nov 2019

Alastair Sewell, head of fund & asset manager group for EMEA and APAC at Fitch Ratings, discusses the slowdown in China’s money-market funds. He speaks on “Bloomberg Daybreak: Asia.”

Watch Now

 

China Money Market Fund Segment Very Vibrant

Bloomberg Radio, 5 Nov 2019

Alistair Sewell, Senior Director and Regional Head of Fitch Ratings’ Fund and Asset Manager Group for EMEA and APAC, joined Rishaad Salamat and Bryan Curtis on Daybreak Asia. He takes an in depth look into money market funds in China, discussing the growth of the segment and how they differ from those in the U.S. and Europe.

Listen Now

Stable Tax Revenues Support LGIP Asset Increase

Both of Fitch Ratings' Local Government Investment Pool (LGIP) indices saw modest increases in assets during 2Q19, according to Fitch's most recent edition of the quarterly LGIP dashboard report.

Moroccan Asset Management Dashboard: 2019

Fixed-income concentration continues despite growth. The Moroccan asset management industry grew by 5% in 2018.

Nigerian Fund Industry Update

Pension fund assets in Nigeria have more than doubled in size in the last five years, growing to NGN9.3trillion (about USD25billion) at August 2019 according to the Nigerian Pension Commission (PenCom).

Hong Kong Money Market Exchange Traded Funds Dashboard

Growth in money market exchange traded funds (MM ETFs) has been rapid since inception in 2018. AUM increased by around 130% over the 12 months to end-June 2019, compared with 12% growth for the MMF segment in Hong Kong as a whole. However, aggregate AUM of MM ETFs remain low.

Woodford Fallout Shows Risks from Financial System Connectivity

Fallout from the suspension of redemptions (gating) from the Woodford Equity Income Fund is an example of how problems at one entity can quickly spread to related entities and other parts of the financial system. Problems can spread due to crossholdings in sister funds or reduced investor confidence in other funds with the same manager, affecting investors as well as banks and other counterparties providing leverage to funds.

Webinar on Demand

Fitch Expects to Rate Nassau 2019 CFO LLC (a Private Equity Securitization)

Fitch Ratings has assigned the expected ratings to be issued by Nassau 2019 CFO LLC, a collateralized fund obligation of private equity fund interests (PE CFO). Please listen as our analysts discuss the expected ratings.

 

Listen Now

Fitch Launches Local Government Investment Pool Dashboard

The inaugural edition of the LGIP dashboard focusses on the increase in assets in 1Q19, rising yields in line with interest rates, and the potential for increases in duration if the Fed's monetary policy turns more accommodative. The data used to construct this dashboard is from two newly launched Fitch indices focused on U.S. LGIPs: the Fitch Liquidity LGIP Index and the Fitch Short-Term LGIP Index, which consist of data from a select group of LGIPs with approximately $241 billion in assets under management as of 1Q19.

Heightened Focus on Global ESG Risk for Money Market Funds

ESG investment considerations have become more integrated into money market funds in Europe and the US, with governance considerations having an important influence on the exclusion of potential investable assets. However, MMFs' core investment objectives of liquidity and preservation of capital have resulted in high-quality, low-risk investment profiles already aligned with ESG core investment objectives.

Financial Times: ESG money market funds grow 15% in first half of 2019

Webinar

Finalized Short-Term Ratings Criteria

Senior analysts across our corporates, banks and money market fund groups discuss our finalized short-term ratings criteria and its impact on existing ratings in two webinars.

Citywire

Europe's five biggest HY funds offer limited liquidity

Europe's high yield bond fund sector has significant liquidity risks, according to a report by ratings agency Fitch. The company said most funds in the space offer daily liquidity despite limited allocations to highly liquid investments. Read the article on Citywire

French Money Market Funds

Reforms Strengthen Credit Profiles, but Structural Differences Remain

Fitch Ratings believes that the recent European money market fund (MMF) reforms did not materially affect the French MMF industry. The French MMF sector is made up of mainly Variable Net Asset Value (VNAV) funds, which faced considerably fewer regulatory changes than the majority of MMFs domiciled in Ireland and Luxembourg, where MMFs converted primarily to the Low Volatility Net Asset Value (LVNAV) type.

1Q19 Dashboard

Green Bond Fund Sector Maintains Strong Growth

Fitch Ratings estimates that European green bond fund assets under management reached EUR5.4 billion at end-December 2018, registering 83% growth from 2017. This compares with a 3% contraction in the European bond market overall in the same period. However, these funds remain tiny in the context of the broader fixed income fund market

Fitch Ratings Updates Money Market Fund Rating Criteria

Going forward, Fitch will emphasize Short-Term ratings for various elements of its MMF criteria including the Portfolio Credit Factor (PCF), minimum credit quality standards for repurchase agreement counterparties and eligible investments. 

Hong Kong MMF Regulation Converging with International Standards

Regulatory change in late 2018 has brought Hong Kong money market fund (MMF) regulation closer to international standards. The changes strengthen portfolio risk control, but also favour variable net asset value (NAV) over constant NAV funds, as in other international markets. 

Special Report

European MMF Reform: March 2019 Dashboard

European MMF reform formally concluded on 21 March 2019, two months later than originally anticipated, following the last-minute European Commission ruling that reverse distribution mechanisms would not be permitted.

European Regulatory Developments May Influence Singaporean MMF Demand

Fitch Ratings believes that Singapore-based institutional investors who have to date primarily used Europe-domiciled money market funds (MMFs) may turn to locally domiciled funds instead, due to the recently implemented regulatory reforms of European MMFs. The reforms will result in some fund types being replaced by new types and the introduction of new features, such as liquidity fees and redemption gates specific to MMFs. 

Special Report

European MMF Reform Dashboard: February 2019

Fitch estimates that around 75% of European short-term MMFs have been converted to their post-reform formats at end-February 2019. The remainder will be converted in March.

UK Property Funds May Gate Due to Brexit Fear Despite Liquidity

Investors in open-ended UK property funds face a growing risk that the funds will prohibit withdrawals by imposing redemption gates as a reaction to market fears that property values will fall because of Brexit.

ESG Risk

Introducing ESG Relevance Scores for Financial Institutions

Nearly 20% of global financial institution ratings are currently influenced by governance risk according to an analysis of new Environmental, Social & Governance (ESG) Relevance Scores. ESG risks overall have a low level of direct impact on financial institution credit ratings. The scores cover over 900 banks, non-bank financial institutions and insurance companies around the globe. Download our ESG Financial Institutions special report to learn more

Webinar

ESG Relevance Scores for Financial Institutions

On Demand

Join our analysts from Insurance, Banks and NBFI, for a webinar providing a detailed overview of our approach to ESG, our analytical framework, and the deliverables that are available to market participants.

It Ain't Over Till Its Over - European Money Market Fund Reform Continues

Fund managers implementing money market fund (MMF) reforms are having to deal with last-minute changes requested by regulators. The reforms were meant to be concluded by January this year, but have now been pushed back to March.

Credit Hotspot: EU MMF Reform

Latest: Webinar: MMF Reform – Countdown to 2019

Contacts

Alastair Sewell

APAC & EMEA

Alastair Sewell

Analytical

+44 203 530 1147

Sing Chan Ng

APAC

Sing Chan Ng

Business

+65 6796 7210

Etienne Sabot

EMEA (French Speaking)

Etienne Sabot

Business

+33 144 29 92 70

David Turner

EMEA

David Turner

Business

+44 203 530 1147

Kathleen Plunkett

EMEA

Kathleen Plunkett

Business

+44 203 530 1435

Davie Rodriguez

LATAM

Davie Rodriguez

Analytical

+1 212 908 0386

Diego Alcazar

LATAM

Diego Alcazar

Business

+1 212 908 0396

Greg Fayvilevich

NORTH AMERICA

Greg Fayvilevich

Analytical

+1 212 908-9151

Constantine Schidlovsky

North America

Constantine Schidlovsky

Business

+1 212 908 0718

Fitch Updates Terms of Use & Privacy Policy

We have updated our Terms of Use and Privacy Policies which cover all of Fitch Group's websites. Learn more.