MILAN, Italy -- Goldman Sachs Asset Management International is offering 10 Luxembourg-based mutual funds to Italian institutional and retail investors.
Banca Popolar e Commercio & Industria, Milan, will be the first Italian bank to market the funds, primarily to high-end retail clients. Other distribution arrangements are being pursued.
The funds cover equities in Europe, the United States, Asia (ex-Japan), Japan and emerging markets, as well as a global equities portfolio.
In addition, Goldman is offering specialist technology, European special opportunities and Japanese small-cap portfolios. A global high-yield fund also is being offered.
Standard & Poor's to rate bond fund volatility
LONDON -- Standard & Poor's will start rating the volatility of European bond funds to help money managers that are turning to riskier debt and longer maturities in the face of lower-yielding bond markets, said Peter Jeffreys, managing director of S&P's Managed Fund Group, in a release. The system will rank bond funds according to their exposure to stock prices and return volatility factors. Factors include the fund's sensitivity to interest rate movements, currency risk, credit risk, investment diversification or concentration, liquidity and leverage.
Civil Aviation Authority hires Scottish Widows
LONDON -- The Civil Aviation Authority Pension Scheme hired Scottish Widows Investment Management to run L150 million ($243
S million) in European equities, said Mark Ashby, financial controller for the L3.4 billion plan. He would not comment on funding.
Frank Russell consulted.