US - Fund managers investing in US equities have disagreed on whether the credit crunch has reached its negative peak, the latest update on the sector by Standard and Poor's Fund Services has revealed.
Alison Cratchley, analyst, S&P Fund Services, said: "The main optimists are Marvin Schwartz and Henry Ramallo of the S&P AAA rated UBAM Neuberger Berman US Equity Value Fund, as well as Bill Miller of the S&P AA rated Legg Mason US Equity Fund."
Cratchley explained the optimists viewed present valuations as attractive, noting that Miller's work indicated upside to fair value of around 20%.
At the more cautious end of the spectrum, the team at Wellington Management, in charge of the S&P AAA rated GAM Capital Appreciation Equity Fund, believed a recovery in the housing market would take years.
Similarly, Jenny Jones of the S&P AA rated Schroder ISF US Small & Mid Cap Equity and Schroder ISF US Smaller Companies believed analysts' full-year estimate of 3.4% earnings growth for small-cap stocks was still too high despite it being down from 19.5% at the beginning of the year.
"Given this uncertainty, many managers favour stocks that are not correlated with the US economy but have exposure to global growth," said Cratchley.
"Overall, the focus on global growth tends to lead to overweights in energy and technology - the very sectors that performed best over the last three months."
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.