NeoNet to buy Lexit Group
SWEDEN - International equities agency broker NeoNet is to acquire the Lexit Group, a US corporation provides execution services for institutional clients. Lexit co-founders Peter Kearns and Johan Carlsson will take on positions within NeoNet on the group's executive management team once the transaction is completed. Hjalmarsson & Gunterberg Corporate Finance is acting as financial advisor to NeoNet in connection with the deal.
Schroders talks up Brazil
BRAZIL - Brazil’s falling interest rates and reform progress offers value in the medium term, says Schroders. James Gotto of Schroders’ emerging market equity team said that in the short term inflation is still high meaning the Central Bank has kept domestic interest rates at a level which is negatively impacting the domestic economy. But he added: “We believe inflation will soon start to fall, allowing interest rates to be cut during the second half of the year and growth to start picking up.” Schroders also believes that social security and tax reforms will be approved by the Brazilian Congress, although the final form and timing of the reforms may change.
Gartmore stays hot on Latin America
Gartmore is bullish on prospects for Latin American equities, believing they should continue to benefit from an improving domestic economic and political situation. Gartmore fund manager, Chris Palmer, said: Latin America countries are less affected by the global themes which have dominated other markets.” He added that although Brazil will be volatile over the next few months, while the new administration implements its socialist economic program, the recovery offers attractive long-term prospects. “The appreciation of the currency and strong equity market performance reflects foreign investors already warming attitude, he said.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.