Trends in real estate investment flows
|
|
- Laurence Butler
- 7 years ago
- Views:
Transcription
1 Capital Flows May 211 Trends in real estate investment flows In 21, AUD 12.7 billion of transactions (> AUD 5 million) were recorded in Australia s commercial property market, the 4 th highest on record. Offshore buyers accounted for AUD 3.1 billion or 24.3% of all transactions in 21, the highest proportion since 199. Australian investors sold AUD 2.3 billion in offshore markets as portfolios were re-weighted. Despite the negative impact of the Global Financial Crisis (GFC), the underlying demand for real estate assets within the superannuation system grew by an estimated AUD 11.3 billion (28 to 21). Flows from these three sources offshore investment, portfolio re-weighting and growth in superannuation funds imply strong demand for Australian commercial property assets.
2 2 On Point Trends in Real Estate Investment Flows May was the second highest year on record for offshore investment into Australia s commercial property market. Real Estate Investment Flows Figure 1: Acquisitions by Foreign Buyers vs AUD/USD 3,5 AUD Mill 3, 2,5 2, 1,5 1, In the four years to 21 Asian investors accounted for the majority of the foreign buyers (58% by value) but they were not as dominant as in the early 199s cycle (82%). This is a reflection of the recent emergence of Germany as a significant investor in Australian property markets. German investors accounted for 19% of foreign buyers over the period compared with just.3% in Their acquisitions in the last four years have been almost exclusively office assets purchased from Australian entities..4 Foreign Buyers AUD/USD (RHS) *Net sales of office, retail and industrial property (> AUD 5 million) in current prices Figure 2: Net Foreign Investment in Australian Property 3, AUD Mill Offshore investors arrive 2, 1..9 In 21 offshore investors purchased AUD 3.1 billion of Australian commercial real estate assets (office, industrial and retail), the second highest year on record. A strong AUD/USD exchange rate has historically been associated with net inflows into the domestic real estate market (Figure 1). Offshore investors are attracted to Australian commercial property by relatively high yields, strong underlying market fundamentals, the transparency of the local market, the relative resilience of the Australian economy and, during 21, emerging evidence of a cyclical rebound in asset values. Offshore investors have always been sellers as well as buyers in the Australian market. Figure 2 shows the net investment of foreign buyers (foreign buyers minus foreign sellers) into Australian commercial property. Foreign investors were significant net buyers of commercial property between 1988 and Investors from Asian countries accounted for 82% of all foreign buyers during this period. The most notable contributors were Japan (25%), Singapore (23%) and Hong Kong (15%). Between 1998 and 26, domestic investors then bought back domestic assets as offshore investors chose to exit the Australian market. However, from 27 offshore investors returned to the Australian market. Net inflows (27 to 21) amount to AUD 5.8 billion. 1, -1,.6-2, -3, Net Investment Offshore investors depart AUD/USD (RHS) *Net sales of office, retail and industrial property (> AUD 5 million) in current prices Role of private investors and syndicates in market recoveries Private investors and syndicates were key contributors to the recovery in transaction volumes in 28 and 29, accounting for almost half of all buyers (Figure 3). This repeats the pattern in 1991 and 1992, following the last major downturn in commercial transactions, when private investors and syndicates accounted for 44% and 45% of all buyers. However, these buyers began to withdraw from the market in 21, accounting for just 22% of transactions. As yields tightened and debt finance remained expensive, the investment hurdles became more challenging for these buyer categories. Figure 3 shows the proportion of three key buyer types: listed, unlisted property trusts and private investors and syndicates. On average, these investor categories have accounted for a combined 69% of all buyers over the last twenty years
3 On Point Real Estate Investment Flows April In 21 unlisted property trusts (26%), listed property trusts (18%) and superannuation funds (13%) re-emerged as major buyers. Many major REITs have now re-capitalised, sold down non core assets and are now positioning for growth. Acquisitions by these buyer types are likely to drive investment markets over the medium term. Figure 3: Buyer Profile AUD Billions 6.% % % % % 6. 1.% %. Unlisted Property Trusts Listed Property Trusts Privates & Syndicates Total Transactions (RHS) *Based on office, retail and industrial transactions > AUD 5 million Growth in superannuation funds Despite the impact of the GFC, and declines in 28 and 29, superannuation assets grew at an average annual rate of 8.% between 27 and 21 to AUD 1.2 trillion (Table 1). Since 1995, annual growth has averaged 12.3% (APRA). Real estate (direct and indirect) typically accounts for a portfolio weighting of around 1%. Table 1: Superannuation funds and real estate investment pool Super real estate target* Value impact Net portfolio additons required Foreign Net Buyers Australians Net Offshore Buyers Net flows Domestic market transactions (1) (2) (3) (1+2+3) $ bill $ bill $ bill $ bill $ bill $ bill $ bill * Assume target = 1% of superannuation funds Source: APRA, Jones Lang LaSalle On the assumption of a 1% weighting to real estate, Table 1 shows the indicative impact of changes in superannuation funds under management and changes in the value of direct property values on the underlying demand for real estate assets. Offshore transactions by Australian investors In contrast to Figure 2, Figure 4 shows the opposite side of the cross-border investment flows - net transactions flows by Australian investors in offshore markets. Between 26 and 27 Australian entities purchased AUD 24.6 billion of commercial real estate assets offshore. Offsetting this were sales by Australians, so that net outflows amounted to AUD 16 billion. Net flows then reversed and between 28 and 21 Australians abroad were net sellers of AUD 6.1 billion, repatriating funds to Australia. Figure 4: Net flows of Australian capital Inflows $m 4 2 For example, in 25 superannuation funds under management amounted to AUD 756. billion, implying benchmark real estate exposure of around AUD 75.6 billion. In 26 superannuation funds grew to AUD 91.9 billion. However real estate asset values also rose, resulting in an increase from AUD 75.6 billion to AUD 88.5 billion. The real estate shortfall (assuming a 1% weighting was preserved) was therefore AUD 91.1 billion minus AUD 88.5 billion = AUD 2.5 billion. As Table 1 (Column 4) shows, throughout 28 and 29, and despite the decline in superannuation funds under management and the decline in real estate values, the underlying demand for real estate assets has grown each year since 25. In 21 underlying demand from superannuation amounted to AUD 1.4 billion, based on the 1% benchmark Outflows $m Sale of domestic assets to foreign buyers Australian investors go offshore, foreigners net sellers Cashing up - Australians bring their cash home and sell local assets to foreign buyers Table 1 (Column 7) shows the combined underlying demand between 25 and 21 for real estate assets from three sources growth in superannuation funds, net offshore investment flows and portfolio re-weighting by Australian investors back into the domestic market. Conclusion/Implications The Global Financial Crisis has been followed by a surge in capital from domestic and offshore sources seeking exposure to the Australian commercial property market. Some broad sense of the relativities can be obtained from Table 1 by comparing the volume of market transactions in 21 (AUD 12.7 billion) with underlying demand for real estate (AUD 14. billion).
4 2 On Point Trends in Real Estate Investment Flows May 211 Continued growth in demand for institutional grade real estate is likely to manifest itself in a variety of different ways: Rising asset values; Increased appetite for non-core assets (hotels, residential, retirement facilities, infrastructure, for example); Expansion of existing assets and development activity ( cheaper to build than to buy ); Emergence of new avenues to gain real estate exposure through, for example, real estate debt markets; A broadening of investment mandates to include assets in non-cbd markets and neighbourhood shopping centres, for example; An early return to investment in offshore markets. There are strong similarities between the early 199s cycle and the current market upturn, both in the changing profile of investors and the sources of funds. The magnitude and diversity of these capital flows suggests that demand for Australian real estate assets will remain strong over the next few years. At the least, the Australian commercial real estate market is solidly underwritten.
5 Jones Lang LaSalle Contacts Dr. David Rees Head of Research and Consulting, Australasia david.rees@ap.jll.com Andrew Quillfeldt Forecasting Analyst Research and Consulting, Australasia andrew.quillfeldt@ap.jll.com Trends in Real Estate Investment Flows May 211 OnPoint reports from Jones Lang LaSalle include quarterly and annual highlights of real estate activity, performance and specialised surveys and forecasts that uncover emerging trends. COPYRIGHT JONES LANG LASALLE IP, INC All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them.
Russian Real Estate Investment Market
Russian Real Estate Investment Market Russian real estate investment volumes Investment volume dynamics, USD mn* 8,000 Q1 Q2 Q3 Q4 7,000F 6,000 5,059 4,799 4,000 4,005 3,917 3,243 2,000 0 757 131 301 2003
More informationElstree. Australian Super: Are SMSF s doing it better?
Elstree Australian Super: Are SMSF s doing it better? 1 The tripling of superannuation assets means that superannuation is now larger than GDP and will probably surpass total bank assets within 4 years.
More informationInvestment Market Overview. Germany I 2 nd quarter of 2014 Published in July 2014
Investment Market Overview Germany I 2 nd quarter of 2014 Published in July 2014 JLL Investment Market Overview July 2014 2 Strong momentum on the German investment market The German investment market
More informationSofia City Report H2 2014
Sofia City Report H2 2014 BG H2 Sofia City Report H2 2014 Economy/Investment Economy During the third quarter of 2014, GDP contracted by 0.4%, causing a modest growth of 1.5% for the entire year, expressing
More informationReal Estate Market Research Report
April, 21 Real Estate Market Research Report VOL.65 Prepared by Real Estate Consulting Division Topics: Increase in Real Estate Transactions Signs of Unfreezing the Real Estate Market In fiscal 29, the
More informationPositioning Commercial Property in the Australian Investment Market
Positioning Commercial Property in the Australian Investment Market By Dr. David M. Higgins University of Technology, Sydney Po Box K718, Haymarket NSW 1240, Australia Contact details Phone: (61) 2 9514
More informationReal Estate Home Bias Investment Challenges and Opportunities
Real Estate Home Bias Investment Challenges and Opportunities Michael Wood & Stephen O Keeffe Quadrant Real Estate Advisors Executive Summary At the CIE Real Estate conference held in June 2011 over 87%
More informationBox D Self-managed Superannuation Funds
Box D Self-managed Superannuation Funds 1 8 6 4 2 Self-managed superannuation funds (SMSFs) are the fastest-growing segment of the Australian superannuation industry. In June 213, SMSFs held around $5
More informationWealth and wealth protection on a faster growth trajectory
BT Financial i Group UBS Australian Financial Services Conference Brad Cooper Chief Executive 24 June 2010 Headlines Favourable macro forces for the wealth sector: Super expected to rise from $1.2tr to
More informationCurrent account deficit -10. Private sector Other public* Official reserve assets
Australian Capital Flows and the financial Crisis Introduction For many years, Australia s high level of investment relative to savings has been supported by net foreign capital inflow. This net capital
More informationA research study issued by the ASX and Russell Investments. Investing Report FULL REPORT / JUNE 2012
A research study issued by the ASX and Russell Investments Long-Term Investing Report FULL REPORT / JUNE 2012 Helping everybody invest intelligently by offering a deeper insight into investment markets
More informationA Case for Dividend Investing
A Case for Dividend Investing Many investors may be surprised to learn that dividends paid by companies have accounted for 45% of the total return for Australian equities over the last 10 years 1. Buying
More informationTHE AUSTRALIAN FOREIGN EXCHANGE MARKET
The Reserve Australian Bank Foreign of Australia Exchange Bulletin Market May 1993 THE AUSTRALIAN FOREIGN EXCHANGE MARKET This article reviews recent developments in the Australian foreign exchange market.1
More informationExchange-traded Funds
Mitch Kosev and Thomas Williams* The exchange-traded fund (ETF) industry has grown strongly in a relatively short period of time, with the industry attracting greater attention as it grows in size. The
More informationWhy has FX trading surged? Explaining the 2004 triennial survey 1
Gabriele Galati +41 61 280 8923 gabriele.galati@bis.org Michael Melvin +1 480 965 6860 mmelvin@asu.edu Why has FX trading surged? Explaining the 2004 triennial survey 1 The 2004 survey shows a surge in
More informationECONOMIC REVIEW(A Monthly Issue) March, April, 2015 2014
ECONOMIC REVIEW(A Monthly Issue) March, April, 2015 2014 Economics & Strategic Planning Department http://www.bochk.com Effects The of Reasons CNH Exchange Why the Rate Singapore on Offshore Economy RMB
More informationfor Analysing Listed Private Equity Companies
8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.
More informationFurther Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges
Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Zhang Ying, Senior Economist In recent years, as the internationalization of the RMB has been steadily carrying out,
More informationA Case for Investing in Fixed Income
A Case for Investing in Fixed Income Fixed income is considered a defensive asset class and is designed to achieve stable returns in the form of income, often with little or no capital growth. This is
More informationResults Announcement for the half year ending 31 December 2013. Centuria Capital Limited Presentation to Investors and Analysts
Results Announcement for the half year ending 31 December 2013 Centuria Capital Limited Presentation to Investors and Analysts Half year summary First half year performance in line with expectations Underlying
More informationAbsolute return: The search for positive returns in changing markets
Absolute return: The search for positive returns in changing markets Tuesday, 7 June 2011 Portfolio Manager for Global Fixed Income and Absolute Return Funds www.dbadvisors.com Topics for discussion What
More informationMoney Market Funds Helping Businesses Manage Cash Flow
Money Market Funds Helping Businesses Manage Cash Flow Since its inception, the U.S. Chamber s Center for Capital Markets Competitiveness (CCMC) has led a bipartisan effort to modernize and strengthen
More informationFor professional / institutional investors use only
CFSGAM Property Overview June 2013 For professional / institutional investors use only CFSGAM Property represents one of Australia and New Zealand's largest full service property investment house and forms
More informationan important mission for investment trusts
Meeting retirees' income needs is an important mission for investment trusts Hisashi Kaneko 0. December. July. 04 0 Executive Summary With high-yielding funds' popularity waning, Japan's investment trust
More information96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment
Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit
More informationABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong
Important Risk Disclosure for PAIF: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit
More informationOwnership of Australian Equities and Corporate Bonds
Ownership of Australian Equities and Corporate Bonds Susan Black and Joshua Kirkwood* Australian financial and non-financial companies tap capital markets particularly equity and bond markets to source
More informationInstitutional Investors and Slovene Stocks in 2014
Institutional Investors and Slovene Stocks in 2014 Institutional Investors and Slovene Stocks in 2014 Capital markets were generally on a roller-coaster ride in 2014, with increased volatility and higher
More informationDIFI-Report. 4 th Quarter 2015 Assessment of the Real Estate Financing Market in Germany
DIFI-Report 4 th Quarter 2015 Assessment of the Real Estate Financing Market in Germany The German Real Estate Finance Index (DIFI) reflects survey participants assessments of the current situation (the
More informationInvestor Performance in ASX shares; contrasting individual investors to foreign and domestic. institutions. 1
Investor Performance in ASX shares; contrasting individual investors to foreign and domestic institutions. 1 Reza Bradrania a*, Andrew Grant a, P. Joakim Westerholm a, Wei Wu a a The University of Sydney
More informationStudy of Australian Superannuation Fund attitudes to Private Equity investing
Study of Australian Superannuation Fund attitudes to Private Equity investing Australian study 2005 FOREWORD In Australia, superannuation funds are a major source of capital for the development of the
More informationInternational Real Estate Business Scenario and Digitalizing Trends and Focus
International Real Estate Business Scenario and Digitalizing Trends and Focus Chapter I Basics of Real Estate and Investment Opportunities Definition Real Estate from Investors Perspective Benefits of
More informationA BEGINNERS GUIDE TO INVESTING IN PRECIOUS METALS
A BEGINNERS GUIDE TO INVESTING IN PRECIOUS METALS FIRST TIME INVESTORS GUIDE Dear Investor Welcome to the ABC Bullion first time investors guide. For thousands of years, people have turned to gold and
More informationFX Strategies. in the Post-Crisis World. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2009
FX Strategies in the Post-Crisis World Eddie Wang Head of FX Structuring, Asia Hong Kong October 2009 Contents ONE Key Trends in the Post-Crisis World TWO FX Hedging Strategies THREE FX Investment Strategies
More informationWhy ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group
Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative
More informationTHE HON JOSH FRYDENBERG MP Assistant Treasurer SPEECH FINANCIAL SERVICES COUNCIL BT FINANCIAL GROUP BREAKFAST SYDNEY 15 APRIL 2015
THE HON JOSH FRYDENBERG MP Assistant Treasurer SPEECH FINANCIAL SERVICES COUNCIL BT FINANCIAL GROUP BREAKFAST SYDNEY 15 APRIL 2015 **CHECK AGAINST DELIVERY** Introductory remarks Good morning. Thank you
More informationFX Strategies. In the Low Yield Environment. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2010
FX Strategies In the Low Yield Environment Eddie Wang Head of FX Structuring, Asia Hong Kong October 2010 Contents 01 Key Trends 02 FX Hedging Strategies 03 FX Investment Strategies SECTION 01 Key Trends
More informationAMP Limited reports third quarter cashflows, AUM and Australian wealth protection update
23 October 2015 AMP Limited reports third quarter cashflows, AUM and Australian wealth protection update AMP Limited today reported cashflows, assets under management (AUM) and an update on its Australian
More informationDisclosure Document Morningstar High Growth Portfolio
Disclosure Document Morningstar High Growth Portfolio Managed Portfolio Disclosure Document for investors investing through the IDPS operated by HUB24 Custodial Services Ltd (HUB24) dated 1 December 2015,
More informationAustralian Real Estate Debt Markets Observed
Technical PAPER Australian Real Estate Debt Markets Observed The Demand for Longer Duration Debt in Australia > There has been a seismic shift in the source of capital for recent A-REIT borrowings as institutional
More informationTHE ARLA REVIEW & INDEX
THE ARLA REVIEW & INDEX for Residential Investment FOURTH Quarter 2014 Fourth Quarter 2014 Compared with three months ago, the average weighted rental return for houses is up from 5.0% to 5.1%, its second
More informationAn IFSA guide to understanding managed investments
Getting the edge with managed funds An IFSA guide to understanding managed investments MAY 2007 >> PAGE 1 OF 6 Over nine million Australians have over $1 trillion invested in managed investments. This
More informationThe Westpac Group third quarter 2011 sound core earnings growth
Media Release 16 August 2011 The Westpac Group third quarter 2011 sound core earnings growth Third quarter 2011 highlights (compared to results for the average of 1Q and 2Q 2011) 1 Cash earnings of approximately
More informationInternational Investment. Australia. Economic Diplomacy, Trade Advocacy and Statistics Section Department of Foreign Affairs and Trade September 2015
International Investment Australia 214 International Investment Australia 214 Economic Diplomacy, Trade Advocacy and Statistics Section Department of Foreign Affairs and Trade September 215 ISSN 223-6571
More informationSantander Asset Management Focus on LATAM. Sao Paulo, May 2011
Santander Asset Management Focus on LATAM Sao Paulo, May 2011 2 Santander Asset Management advise that this presentation contains representations regarding forecasts and estimates. Said forecasts and estimates
More informationBusiness. Insights. When cash is king. Investec Editorials
Business Insights Investec Editorials When cash is king Shelter from the storm Where do investors turn in times of uncertainty? What investment options can provide shelter from the ongoing volatility?
More informationReading the balance of payments accounts
Reading the balance of payments accounts The balance of payments refers to both: All the various payments between a country and the rest of the world The particular system of accounting we use to keep
More informationExchange Traded Funds. Plain Talk Library
Plain Talk Library Contents What is indexing? 2 ETFs 2 How do ETFs work? 3 ETFs - Fees and Costs 4 How can you invest in ETFs? 6 Participants in the ETF market 9 What are the benefits of ETFs? 10 Risk
More informationDetermining an Appropriate Benchmark for Private Real Estate Investments by Amy Bulger
Determining an Appropriate Benchmark for Private Real Estate Investments by Amy Bulger Real estate and other alternative investments play an important role for institutional investors. Alternatives have
More informationMedical office buildings top investors' wish lists
Medical office buildings top investors' wish lists $5.3B in MOB sales closed in 2013, one of the top years historically but down 10% from peak volume in 2012. Non-listed REITs and private equity capital
More informationWhy Managed Funds Are One of Your Best Investment Options
Why Managed Funds Are One of Your Best Investment Options What Is A Managed Investment Fund and What are its Advantages? Managed funds are collective investments where a number of investors pool their
More informationISSUE 2 2013 REPORT YIELD, GROWTH OR THE BEST OF BOTH
YIELD, GROWTH OR THE BEST OF BOTH A report prepared by the Institutional Investor Custom Research Group in conjunction with AMP Capital / October 2013 Welcome to the second issue of the AMP Capital Institutional
More informationTHE SIGNIFICANCE OF PROPERTY IN INDUSTRY- BASED SUPERANNUATION FUNDS IN AUSTRALIA
PACIFIC RIM REAL ESTATE SOCIETY CONFERENCE 22-26 JANUARY 2006, AUCKLAND THE SIGNIFICANCE OF PROPERTY IN INDUSTRY- BASED SUPERANNUATION FUNDS IN AUSTRALIA GRAEME NEWELL University of Western Sydney Keywords:
More informationWE LIVE IN UNUSUAL TIMES
WE LIVE IN UNUSUAL TIMES The 1997 Asian Financial Crisis was a very difficult period for many countries including Singapore, Malaysia and South Korea, however, the lessons learned and the resulting reforms
More informationThe risks and benefits of shares
Course 3 The risks and benefits of shares Topic 1: The risks of shares... 3 The risks of shares... 3 The risk of capital loss... 3 Volatility risk... 4 The risk of poor quality advice... 4 Time for your
More informationRecent Trends in Superannuation Fund Assets
Recent Trends in Superannuation Fund Assets The assets of superannuation funds have increased rapidly in the 99s. Along with managed funds more generally, this growth has been considerably faster than
More informationA guide to managing foreign exchange risk
A guide to managing foreign exchange risk CPA Australia Ltd ( CPA Australia ) is one of the world s largest accounting bodies with more than 122,000 members of the financial, accounting and business profession
More informationManaged funds. Plain Talk Library
Plain Talk Library Contents Introduction to managed funds 5 What is a managed fund and how does it work? 6 Types of managed funds 12 What are the benefits of managed funds? 15 Choosing a managed fund
More informationEntrepreneurial potential in new Top-Level Domains: RESEARCH SUMMARY DAVID NEAL PH.D. & CASSANDRA GOVAN PH.D.
Entrepreneurial potential in new Top-Level Domains: RESEARCH SUMMARY DAVID NEAL PH.D. & CASSANDRA GOVAN PH.D. 1 Entrepreneurial potential in new Top-Level Domains: Summary INTRODUCTION Dr. David Neal,
More informationPrivate Equity in Asia
Private Equity in Asia October 21 Asia private equity, in particular China, has increasingly attracted attention from institutional investors due to the region s faster economic recovery, greater growth
More informationUnderstanding investment concepts Version 5.0
Understanding investment concepts Version 5.0 This document provides some additional information about the investment concepts discussed in the SOA so that you can understand the benefits of the strategies
More informationC. Historical background
C. Historical background Exchange control in the form of the Emergency Finance Regulations was first introduced in South Africa at the outbreak of the Second World War in 1939. The Regulations were at
More informationGlobal Real Estate Outlook
Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South
More informationWhat is a share? Course 1
Course 1 What is a share? Topic 1: What is a share?... 3 A share is simply part ownership of a business... 3 Shareholder rights and benefits... 3 How to decide what to buy... 4 Topic 2: What is the sharemarket?...
More informationInstitutional Investors and Austrian Stocks in 2012
Institutional Investors and Austrian Stocks in 2012 Institutional Investors and Austrian Stocks in 2012 In addition to domestic investors, the top investors in the ATX prime remain international institutional
More informationGlobal Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015
May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals
More informationThe Search for Yield Continues: A Re-introduction to Bank Loans
INSIGHTS The Search for Yield Continues: A Re-introduction to Bank Loans 203.621.1700 2013, Rocaton Investment Advisors, LLC Executive Summary With the Federal Reserve pledging to stick to its zero interest-rate
More informationTHE SEPARATION OF DEBT MANAGEMENT AND MONETARY POLICY
THE SEPARATION OF DEBT MANAGEMENT AND MONETARY POLICY Debt management is the means by which the government issues securities to finance its deficit (or retires its debt if the Budget is in surplus) and
More informationFinancial Repression: A Driving Force for Mergers and Acquisitions?
Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past
More information6. Stock Market. The Taiwan Stock Exchange (TSE) weighted stock price index (TAIEX) closed the year 2004
The Central Bank of China Annual Report 2004 6. Stock Market The Taiwan Stock Exchange (TSE) weighted stock price index (TAIEX) closed the year 2004 with an increase of 4.2 percent from the previous year-end.
More informationEXAMINING THE EFFECT OF RISING INTEREST RATES ON NET LEASE REITS
EXAMINING THE EFFECT OF RISING INTEREST RATES ON NET LEASE REITS AUGUST 2013 INTRODUCTION The net lease market has been highly competitive for the first half of 2013 with buyers pursuing office and industrial
More informationSurvey on the Sale of Non-exchange Traded Investment Products. For the year ended 31 March 2014
Survey on the Sale of Nonexchange Traded Investment Products For the year ended 31 March 2014 1 Introduction 1. The Securities and Futures Commission (SFC) conducted a factfinding survey on the sale of
More informationInvesting in International Financial Markets
APPENDIX 3 Investing in International Financial Markets http:// Visit http://money.cnn.com for current national and international market data and analyses. The trading of financial assets (such as stocks
More informationJPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!
AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily
More informationUnderstanding Managed Funds
... Understanding Managed Funds Contact us If you would like to know more about how AMP Capital can help you, please visit ampcapital.com.au, or contact one of the following: Financial Planners Personal
More informationProject LINK Meeting New York, 20-22 October 2010. Country Report: Australia
Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University
More informationAON MASTER TRUST. Introduction to investments. aonmastertrust.com.au
AON MASTER TRUST Introduction to investments aonmastertrust.com.au CONTENTS Risk versus return... 3 Asset classes... 4 Defensive and growth asset classes... 5 Asset class performance... 6 Managing risk...
More informationExplanation beyond exchange rates: trends in UK trade since 2007
Explanation beyond exchange rates: trends in UK trade since 2007 Author Name(s): Michael Hardie, Andrew Jowett, Tim Marshall & Philip Wales, Office for National Statistics Abstract The UK s trade performance
More informationAsset Allocation and Members Benefits Flows
Reporting Standard SRS 533.1 Asset Allocation and Members Benefits Flows Objective of this Reporting Standard This Reporting Standard sets out the requirements for the provision of information to APRA
More informationSale and leaseback how it could benefit your business
COLLIERS INTERNATIONAL WHITE PAPER 2015 Sale and leaseback how it could benefit your business The greatest benefit of a sale and leaseback transaction is the ability for the owner occupier to increase
More informationDeutsche Bank Global Transaction Banking. What DR investors are buying: An analysis of investment drivers for depositary receipts
What DR investors are buying: An analysis of investment drivers for depositary receipts What DR investors are buying: An analysis of investment drivers for depositary receipts Conventional methods of trying
More informationMortgage schemes improving disclosure for retail investors
REGULATORY GUIDE 45 Mortgage schemes improving disclosure for retail investors September 2008 About this guide This is a guide for responsible entities, compliance committees, compliance plan auditors,
More informationsubdivided land, mortgagee sales or where property is gifted to a trust. Selling the main home
SUMMER NEWSLETTER Robin Whalley Associates Summer Newsletter PREPARING FOR SUMMER! TAHUNA BEACH 30 NOVEMBER 2015 Risk and Reward Own a Property? Must Read New Tax Rules New legislation affects property
More informationInvesting Report. Comparing 10, 20 and 25 year performance of various investments to December 2010 FULL REPORT / JUNE 2011
Long-Term Investing Report Comparing 10, 20 and 25 year performance of various investments to December 2010 FULL REPORT / JUNE 2011 A research study issued by the ASX and Russell Investments About Us As
More informationlook toward expanding customer base
lakyara Investment trust industry starting to look toward expanding customer base Hisashi Kaneko 12. August. 2013 Executive Summary Hisashi Kaneko Senior Consultant Financial Technology and Market Research
More informationInvesting in unlisted property schemes?
Investing in unlisted property schemes? Independent guide for investors about unlisted property schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from
More informationAscendiant Capital Group LLC Ascendiant Securities LLC; Member FINRA & SIPC
about Ascendiant Capital Group LLC Ascendiant Securities LLC; Member FINRA & SIPC Investment capital and strategic guidance for publicly traded, emerging growth companies about Established in 2001, Ascendiant
More informationEuropean high yield in 2015: a tale of two markets An M&G Investments Institutional briefing December 2015
European high yield in 215: a tale of two markets An M&G Investments Institutional briefing December 215 Weakness in US high yield in the last months of 215 has highlighted the relative strength of the
More informationReal Estate Investment Trusts (REITs) The International Standard for Property Investment
Real Estate Investment Trusts (REITs) The International Standard for Property Investment What is a Real Estate Investment Trust (REIT)? A REIT is a listed company, used to hold rental investment properties.
More informationQUANTUM USA RESIDENTIAL PROPERTY FUND
QUANTUM USA RESIDENTIAL PROPERTY FUND Disclaimer Important Notice: This is only an outline of the information that is presented to potential investors via an Offer to Professional Investors (offer document).
More informationTop five superannuation myths busted
www.nestlesuper.com.au December 2015 Top five superannuation myths busted We want to help you make good decisions about your super, and to do that it s important to know the facts. So we thought we d bust
More informationEQT Diversified Fixed Income Fund
EQT Diversified Fixed Income Fund Product Disclosure Statement ARSN 601 989 815 APIR ETL0420AU Issue Date 10 August 2015 This Product Disclosure Statement ( PDS ) has been prepared and issued by Equity
More informationEXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014
EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014 An overall look into fashion conversion performance across different countries, sectors and categories. OVERVIEW The fashion conversion benchmark
More informationUnderstanding Fixed Income
Understanding Fixed Income 2014 AMP Capital Investors Limited ABN 59 001 777 591 AFSL 232497 Understanding Fixed Income About fixed income at AMP Capital Our global presence helps us deliver outstanding
More informationAgenda. Saving and Investment in the Open Economy. Balance of Payments Accounts. Balance of Payments Accounting. Balance of Payments Accounting.
Agenda. Saving and Investment in the Open Economy Goods Market Equilibrium in an Open Economy. Saving and Investment in a Small Open Economy. Saving and Investment in a Large Open Economy. 7-1 7-2 Balance
More informationEASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA. October 2015. eastspring.co.id
EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA October 2015 eastspring.co.id 2 Asia Investor Behaviour Study 2015 - Indonesia Asia Investor Behaviour Study 2015 - Indonesia CONTENTS
More informationSberbank Group s IFRS Results for 6 Months 2013. August 2013
Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB
More informationInvestment Strategies for Pension Funds. Christopher Nichols Investment Director, Multi Asset Investing Standard Life Investments (UK)
Investment Strategies for Pension Funds Christopher Nichols Investment Director, Multi Asset Investing Standard Life Investments (UK) Pensions need consistency but markets deliver chaos Discrete Yearly
More informationStatement by Dean Baker, Co-Director of the Center for Economic and Policy Research (www.cepr.net)
Statement by Dean Baker, Co-Director of the Center for Economic and Policy Research (www.cepr.net) Before the U.S.-China Economic and Security Review Commission, hearing on China and the Future of Globalization.
More informationFactors affecting the inbound tourism sector. - the impact and implications of the Australian dollar
Factors affecting the inbound tourism sector - the impact and implications of the Australian dollar 1 Factors affecting the inbound tourism sector - the impact and implications of the Australian dollar
More information