After the investment banks, another type of financial institution is beginning a worry I regulators around the world: the big American investment funds. Monitor important slices of debt, take part massively in the capital of major multinational corporations and are able to move hundreds of source of observed each year from one side to the other in the world. The hearing is that in the future they can replicate the effect of Lehman Brothers, one of the main causes of the crisis, after the United States to its knees in 2007-2008, has ditched in later years, Europe and the world. The bomb this time, however, be triggered by large savings management company, whose weight is now so out of proportion compared to other market institutions by heavily levers markets, companies and policy even States their investment decisions. Fears are not entirely unfounded: a narrative of tonnage these funds made in the United States, just think of yourself first five (Blackrock, Vanguard, Pimco, State Street and fidelity) control 12,770 source of investments observed, less the source of 16,600 lining of the United States. Not surprisingly, then, among the most powerful lobbies to appear in the first row the Investment Company Institute (the American version of Assogestioni), feared by politicians but also by the manager of the company, always have an eye to a vote of the managers in the annual meetings of shareholders. Thats why for several weeks, u.s. authorities and, in Europe, the United Kingdom, are trying to include the managers with assets under management exceeding a 100 source in the list of financial institutions by systemic ones entered Feltrinelli can trigger a crisis on a global scale and, therefore, to submit a special surveillance with more stringent rules. Large U.s. funds, however, say no to over regulation of the sector is likely to curb the competitiveness and harming investors. A difference of banks, the colossi of funds are not too big to fail, he said with disappointment the Investment Company Institute explaining the assets they have under management perspective to their customers and extra costs and more restrictive rules, if applied selectively, may distort the sector on a global scale. A worry about the U.s. Treasury are not made of these houses are among the most transparent Gardo on the market, but the so-called herd effect caused by their behaviour: may sales waves 2.9.4 or purchases, contributing a inflate bubbles stock or bond markets. or cause liquidity problems, when they go a meeting too many claims on the part of their clients. Solo by Pimco, the Fund led by the infallible bond King Bill Gross, the past year has seen outflows for 29 source of observed, a cause of low bond yields but also a republished to invest in American Government bonds that have disappointed investors a good year. In Italy, however, remember the run by BlackRock a Piazza Affari, in recent months has boosted its holdings in the most significant companies of the peninsula (blue chip) became the first shareholder of Unicredit and Intesa SanPaolo and Monte dei Paschi di Siena. In January 2013, to name one, the Colossus of New York broke at once 2.3% of Saipems the day before the company launched the alarm on profits, thus causing the collapse of the title to the seat open. But today the most obvious touches even the crisis in Ukraine: about a third of the total public debt of Kiev named for noted Americans (source Bloomberg) is managed by a single company, Franklin Templeton, California (San Mateo, a city not far from San Francisco), last November has bought en masse over 5 source of observed in Ukrainian Government securities. According to the rumors appeared on the Anglo-Saxon press and a recent analysis by Morningstar, an independent evaluation of the funds, the amount of debt in the hands of the Ukrainian American Manager would be over 6 source of observed.
Posted on: Sun, 23 Mar 2014 18:01:38 +0000
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