GLOBAL - US-headquartered investment manager T. Rowe Price is confident that next year will ring in a gradual recovery for global markets.
The Baltimore-based firm is also urging investors to take a more stock-specific approach when compiling portfolios.
T. Rowe Price believes that the US economy will regain momentum for “moderate sustained expansion” over the course of 2003, but warned that investor confidence was still fragile.
Bob Smith, large-cap stocks manager, said: The bear market is behind us, though in the short term the equity market is still vulnerable to a drop in investor confidence or an external shock to the system.
Restoring investor faith in equities will take additional time. Though demand for equities will increase, investors will move slowly back into the markets so long as companies report reasonable earnings and cash flows for several consecutive quarters.
On Europe, Chip Wendler, equity portfolio specialist, said: European equities are generally trading at a valuation discount to US companies but the scope for consolidation, cost cutting, and productivity enhancements is greater in Europe than in the US where most steps have already been taken.
A successful international strategy for 2003 will focus on investing in companies that are globally competitive and/or that have a local advantage. Investors should look for sector winners, not winning sectors.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.