30 JANUARY 2017 WORLD BUSINESS NEWSPAPER UK 2.70 Channel Islands 3.00; Republic of Ireland 3.

00

Lucy Kellaway Future of Britain Trojan horse

Difficult woman is a badge to South Asia can offer a cultural Germany fears Russian interference
wear with pride PAGE 14 bridge after Brexit COMMENT, PAGE 11 in its elections BIG READ, PAGE 9

Federer beats Briefing

Nadal to win i Hamon secures Socialist party vote
Benoit Hamon will be the ruling Socialist party
18th slam title candidate in Aprils French presidential election
after defeating former prime minister and centrist
Manuel Valls in a primary election yesterday.
Roger Federer embraces the Australian
Open tennis trophy after winning the iA
Apple forecast for revival in revenue
championship yesterday, his 18th grand Apple is expected to return to revenue growth when
slam title. the US technology company reports quarterly
The Swiss champion, 35, defeated his results tomorrow, after it recorded its first decline
old rival Rafael Nadal of Spain in five in full-year sales in more than a decade. PAGE 14
sets, making him the first player to win
five titles at three different grand slams i Ireland fears return of hard border
and the oldest grand slam winner. Theresa May is to have talks with Enda Kenny, the
He said extending his record as win- Taoiseach, about the Irish dimension to Brexit. The
ner of the most grand slams was less discussions will include preserving Irish-British
important than having recovered from a trade in the event of a hard Brexit PAGE 4
long injury lay-off last year to win his
first top title since Wimbledon in 2012. i Blankfein raises pressure over Brexit
For me its all about the comeback, Lloyd Blankfein, chief
about an epic match with Rafa again, executive of Goldman Sachs
Federer said. That I can still do it at my has warned Theresa May, that
age after not having won a slam for Europe could challenge the UK
Thomas Peter/Reuters
almost five years. unless the City gets priority in
Brexit negotiations. PAGE 15

i US outlook gives Kuroda fresh hope

The governor of the Bank of Japan, Haruhiko

Trump defiant as protests mount Kuroda, has been given hope of hitting his target of
2 per cent inflation by the weakness of the yen after
the US election result. PAGE 4

i Chinese pump $33bn into property

over extreme vetting travel ban Chinese real estate investment abroad rose by more
than half last year to a high, highlighting the impact
of tighter capital controls imposed late in the year
to discourage outbound money flows. PAGE 18

i Shell to vault ahead in electric stakes

3 Seven largely Muslim nations targeted 3 Wrong-footed May rejects idea amid global hostility
SAM FLEMING WASHINGTON
Donald Trump has defended his order
to clamp down on people entering the
US from seven predominantly Muslim
countries in the face of protests and
legal assaults at home and mounting
hostility around the globe.
Following a night of demonstrations
at US airports and an order from a fed-
eral judge blocking the deportation of
migrants and refugees who had been
detained, Mr Trump tweeted that the
country needed strong borders and
extreme vetting NOW.
Look what is happening all over
Europe and, indeed, the world a horri-
ble mess, he wrote.
The White House measure bars refu-
gees from entry for 120 days and indefi-
nitely prohibits entry for Syrian refu-
gees. It also barred citizens from Syria,
Iraq, Iran, Sudan, Libya, Somalia and
Yemen from entering the US for 90 days.
The move provoked protests from
civil liberties campaigners, tech indus-
try leaders and foreign governments.
Mark Zuckerberg, Facebook founder,
said the US should be proud to be a
nation of immigrants and exclude only
those who posed an actual threat. Lead-
ers of Google, Apple, Netflix and Twitter
joined the criticism.
Theresa May, the prime minister, ini-
tially wrong-footed by the order, signed
hours after she left Washington on Fri-
day after a cordial meeting with Mr
Trump, said on Sunday that the UK did
not agree with such an approach.
Angela Merkel, German chancellor,
Royal Dutch Shell is preparing to introduce battery
charging points at some European petrol stations as
the regions biggest oil groups react to the rising
said it was no way to fight terrorism. Her But senior Republican senators John levels of interest in electric vehicles. PAGE 20
office said the chancellor regrets the INSIDE McCain and Lyndsey Graham issued a
move and had expressed Germanys C US travel ban statement attacking the move, saying
misgivings during a phone call with pages 6&7 they feared it would be a self-inflicted Datawatch
Mr Trump on Saturday. C Editorial wound in the fight against terrorism.
During the election campaign Comment page 10 Mr Trump denied the order
Mr Trump called for a complete ban on C Christopher amounted to a Muslim ban. White UK applications Applications for
Muslims entering the US. At the time, it Caldwell page 11 House spokesman Sean Spicer said it for Irish passport Irish passports
sparked a harsh reaction from Demo- C Jacob Weisberg could create a bit of inconvenience but Annual % change from Great Britain
100 rose after Junes
crats and many Republicans, including page 11 the country did not want to allow some-
80 EU referendum,
Mike Pence, now vice-president. C Wolfgang one to slip through the cracks . according to the
Following Fridays order, leading Mnchau page 11 Asked why countries such as Saudi 60
Irish Department
Republicans largely fell into line behind Arabia, Pakistan and Egypt were not 40
of Foreign Affairs.
the president. Paul Ryan, speaker of the included on the list even though terror- 20 Ireland on average
House of Representatives, who sharply ists who had killed Americans had 0 received 5,800
criticised Mr Trump when he proposed originated there, Reince Priebus, -20 passport requests
a blanket ban, said: President Trump is Mr Trumps chief of staff, said: Perhaps Jan 2016 Dec per month since
right to make sure we are doing every- other countries need to be added. Source: Irelands department July, up from
thing possible to know exactly who is Additional reporting by Barney Jopson in of foreign affairs and trade 3,200 in 2015.
entering our country. Washington

MBA graduate salaries rise at fastest

Coal plants set to win new
energy supply contracts
Analysts expect a number of coal-fired
power stations to win contracts in a
government energy auction today for
next winter, despite official plans to
shut down all such plants. The need to
ensure capacity to keep the lights on
at periods of high demand means that
several coal plants previously ruled out
of participating have pre-qualified for
the latest auction. There is a kind of
paradox here, said Keith Anderson,
senior executive at ScottishPower.
Full story i PAGE 2
rate for decade in golden age for jobs
LAURENT ORTMANS AND
JONATHAN MOULES LONDON
Salaries commanded by MBA gradu-
ates after three years back in the work-
place have increased by the largest
amount since the financial crisis.
Business school alumni from the top 100
MBA courses, as defined by the Financial
Times ranking, were paid an average of
$142,000 in 2016, three years after they
completed their studies. The previous
yearscohortofgraduatesearnedanaver-
ageof$135,000afterthesameperiod.
The last increase of such a size
occurred in 2006; salaries flattened
after the financial crisis, sticking at
about $127,000 between 2008 and 2013.
Judith Hodara, co-founder of Fortuna
Admissions, which advises business
school applicants, described the past
three years as a golden age for MBA
jobs. Competition for students and
graduates had increased, she said,
because companies in sectors not previ-
ously associated with hiring from busi-
ness schools were offering jobs.
The highest-paying sector for MBA
graduates in the FTs ranking list was
financial services, whose employees on
average earned $159,000, followed by
ecommerce businesses, where it was
$154,000. Salaries increased in all sec-
tors, except for education, and in nearly
every region of the world. Only in Africa
was there a small decrease.
However, the impact of an MBA
varies greatly depending on the school
attended. Alumni from Stanford Gradu-
ate School of Business boast the highest
average salary at $195,000, while those
from Incae Business School in Costa
Rica trail with $91,000.
Salary increases have also only slowed
the fall in returns on investment, which
dropped significantly between 2008 and
2014 when salary levels were flat but tui-
tion feesrose onaverage46percent.
An MBA at a top 100 business school
is a significant investment: fees are now
equivalent to 8.7 months of gross annual
salary three years after graduation, up
from 6.2 months in 2006. When adding
living expenses and, more importantly,
the opportunity cost the cost of leav-
ing a job to study full-time the total for
a top two-year MBA in the US exceeds
$300,000.
Insead, the business school based in
France and Singapore, tops the overall
FT ranking table for the second year
running. However, US and British busi-
ness schools continue to dominate the
rankings with 56 and 13 of the top 100
schools, respectively.
See Magazine & ft.com

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2 FINANCIAL TIMES
Power generation
Auction blamed for survival of coal plants
Old polluting stations are
expected to win contracts
despite phase-out plans
NATHALIE THOMAS
ENERGY CORRESPONDENT
One of the UKs main energy policies has
been criticised for enabling old and pol-
luting coal-fired power stations to stay
open.
The government will tomorrow hold
its latest subsidy auction, which is
designed to ensure Britain has enough
energy over the winter of 2017-18. Ana-
lysts and critics expect a number of age-
ing coal stations to be successful in win-
ning contracts, even though the govern-
ment has said it intends to phase out all
such stations by 2025.
This weeks bidding process, to be
held over four days, is taking place
because the National Grid has identified
a need for extra capacity next winter. It
Cities send almost half of exports to EU
Securing favourable trade
deal is critical to prosperity
of metropolitan areas
ANDY BOUNDS AND CHRIS TIGHE
Hull is the only city in Britain that does
not have the EU as its biggest trading
partner.
Overall, 46 per cent of goods and serv-
ices exports from the UKs 62 cities and
biggest metropolitan areas head to the
EU, just below the 48 per cent national
average, according to new analysis by
the Centre for Cities think-tank.
But some cities are heavily reliant on
the EU: the bloc accounts for more than
half of exports for 37 cities.
Even Derby, the city least reliant on
European markets thanks to Rolls-
Royce, the global engineering company,
still sells a quarter of its exports to EU
countries. Exeter is the most dependent
on the EU, with 70 per cent of exports
heading there, partly explained by the
presence of Flybe, the airline.
Hull which voted heavily for Brexit
sends 46 per cent of its exports to the
US. The medical companies Smith &
Nephew and Reckitt Benckiser have big
plants there.
London sells 43 per cent of its exports
into the EU; the capital accounts for 28
per cent of the UKs exports as a whole.
The figures, for 2014-15, are the first
to give an export breakdown city by city.
They were compiled by taking data
from HM Revenue & Customs for
regions and allocating sectoral exports
by the number of employees in that sec-
tor in each city.
In contrast to the EUs dominant role,
China accounts for only 4 per cent of UK
cities exports, the same as non-EU
Switzerland.
Alexandra Jones, chief executive of
Centre for Cities, said: Securing the
best possible EU trade deal will be criti-
cal for the prosperity of cities across
Britain and should be the governments
top priority as we prepare to leave the
single market and potentially the cus-
toms union. Its also important that the
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Copyright The Financial Times Limited 2017. All
rights reserved. Reproduction of the contents of this
is supplementary to the longer-term
T-4 capacity market auctions, which are
usually held at the end of each year and
involve power generators bidding for
contracts they will need to deliver in
four years time, allowing investors to
plan ahead and build new power plants.
Coal-powered energy generation has
been falling in the UK. Last year, more
electricity was generated from wind tur-
bines. However, coal is still heavily
relied on during days when there is little
wind and high demand for electricity.
There is a much lower gap between
supply and demand in this auction com-
pared to the last one [in December
2016], so we are going to need some of
the older coal-fired power stations that
are less economic, said Tom Edwards of
Cornwall Energy, the consultancy.
Among the coal plants that have pre-
qualified for the auction are Fiddlers
Ferry in Cheshire, owned by SSE, and
Cottam in Nottinghamshire, owned by
EDF.
Goods are piled on the dockside at the Port of Hull. The citys economy is heavily reliant on exports Arterra Picture Library/Alamy
Forty-six per cent of UK cities exports go to the EU
% of total exports, by destination
Rest of EU 18
Germany 10
Other 12
FT graphic Sources: Centre for Cities
NOVEMBER 7 2015
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NATIONAL
Cornwall Energy believes bidding by
coal-fired stations could push up the
prices at which contracts are settled
the clearing price as they are more
inefficient than other, newer forms of
generation. The consultancy is antici-
pating prices of 22-26 per kilowatt,
although previous auctions have been
unpredictable. By comparison, last
These auctions are
encouraging coal plants
to stay on the system
Keith Anderson, ScottishPower
years T-4 auction, for the winter of
2020-21, cleared at 22.50/kW.
ScottishPower, which last year closed
its final coal-fired power station in Fife,
is urging reform of the capacity market
system, so bids from more polluting
forms of generation, such as coal and
diesel, are at a greater disadvantage.
Brexit. Economic impact
Leeds has seen the highest
growth in private sector jobs
% change (2014-15)
France 7 Neth. 6 US 15
Nottingham
South America 2
Birmingham
Middlesbrough
Can.
1
Only a quarter of Derbys exports
go to the EU
Ireland 5 China 4 India 2 Rus.
1 Metropolitan areas with the smallest share
(%) of exports going to the EU
Singapore 1
Middle East
& North Africa 7 Japan 2 S Korea
1 Telford
Aus.
Switzerland 4 1 Edinburgh
Birmingham
Obituary
Charismatic
business chief
and stalwart of
public service
Sir Christopher Bland
Former BBC chairman
21/10/2015 10:51
19382017
Sir Christopher Bland, who has died
aged 78, chaired the BBC for five years
and spearheaded the revival of BT in the
early 2000s, in what were the two most
prominent roles in a series of senior cor-
porate and public service jobs.
He initially forged a career in politics
and was elected to the Greater London
Council in 1967. However, his business
career started to dominate his time, and
the media and the arts also beckoned: in
1972 he was appointed deputy chairman
of the Independent Television Author-
ity and later chaired London Weekend
Television, presiding over its acquisition
The company, owned by Spains Iber-
drola, says the system has inadvertently
allowed many old, inefficient coal plants
to keep going, despite the governments
ambition to eradicate coal generation.
Changes have already been proposed
to the subsidies system that could dis-
courage small-scale diesel power gener-
ators, which have been successful in
past auctions. But ScottishPower is
pressing the government for the intro-
duction of an emissions cap, both to
make it difficult for coal to compete and
to encourage the construction of large-
scale gas plants, which it argues will be
needed to provide a stable supply.
There is a kind of paradox going on
here, where we have a government that
is saying we want to take coal plants off
the system . . . but inherently what
these auctions are doing is . . . actually
encouraging coal plants to stay on the
system, said Keith Anderson, chief cor-
porate officer at ScottishPower.
From an environmental perspec-
0 1 2 3 4 5
Leeds
Gloucester
Newcastle
London
Wakefield
Reading
Doncaster
0 10 20 30
Derby
Hull
Ipswich
Coventry
Blackpool
Reading
Glasgow
by rival Granada. At the same time he
maintained a diverse range of activities,
with roles at the National Freight Corpo-
ration and Storehouse, and a spell as
chairman of the Hammersmith Hospi-
tals NHS Trust.
Knighted for his work with the
National Health Service in 1993, he
came to wider prominence when he was
appointed chairman of the BBC board of
governors in 1996. He became a staunch
defender of the BBC after leaving the
broadcaster.
Tony Hall, the BBCs director-general,
said: Sir Christopher Bland was an out-
standing chairman of the BBC. He was a
great communicator who both under-
stood the creativity of broadcasting as
well as the business of it.
Sir Christopher returned to the City as
chairman of BT in 2001, at a time when
the telecoms company was in danger of
financial collapse. He compiled a
to-do list that he carried around in his
pocket, regularly referring to it as the
company clawed its way out of trouble.
It was during his tenure that BT first
invested in broadband networks.
He was also at BT when it became
embroiled in a row over the failed plan
to upgrade the technology systems used
by the NHS; the company had won size-
able contracts but struggled to make the
new systems work.
Sir Christopher described BT as
slightly like a dog chasing a
tive, something that links emissions
into the capacity market would be a
good thing, said Doug Parr, chief scien-
tist at Greenpeace.
The Department for Business, Energy
and Industrial Strategy said a signifi-
cant reduction was evident in the role
coal will play, with current auction
results showing its use will fall by over
30 per cent between 2018 and 2021.
ScottishPower wants to build a 1.5
gigawatt combined cycle gas turbine
(CCGT) plant, plus a 300 megawatt
open-cycle plant, at Damhead Creek
near Rochester in Kent, but has been
unsuccessful at securing a contract in
previous capacity market auctions
because the prices have been set too low
to make the plants affordable.
Large-scale CCGTs lie at the heart of
debate over whether the capacity mar-
ket is working. While the auctions have
ensured Britain has enough back-up
power, no new large-scale CCGTs have
yet won a contract.
government aims to reach trade agree-
ments covering as many sectors as pos-
sible, rather than prioritising deals for
high-profile industries based in a small
number of places.
To make up for a 10 per cent decrease
in exports to the EU, British cities would
have to nearly double them to China, or
increase exports to the US by nearly
one-third (31 per cent).
Paul Watson, chairman of the Key Cit-
ies grouping and leader of Sunderland
council, said the report brings home
the urgency of the task we face. Cities
are the lifeblood of the British economy
and will no doubt feel the effects of the
decision to leave the EU.
Britains top exporting city is Sunder-
land, with 40,650 worth of exports per
worker in 2014, thanks to Nissan, the
carmaker. London is the fifth-biggest
exporter per worker (23,470). York
has the smallest export-base per worker
(3,710) while four other Yorkshire cit-
ies are also among the bottom 10 places
for total exports, reflecting the regions
poor export performance.
The reports authors said cities such
as Sunderland needed to diversify their
6 export base. Goods exports tended to
dominate in cities in the north and Mid-
lands, reaching almost 90 per cent of
exports in Derby and Hull.
Southern cities tended to have a much
greater reliance on services. The excep-
tion was Edinburgh, where 87 per cent
of exports were services.
Cities accounted for 62 per cent of
Britains total exports in 2014. They pro-
vided 51 per cent of goods exports but 74
per cent of services exports.
The report includes the annual Cities
Outlook, which measures the economy
and productivity of UK cities. The
authors of that study said it showed the
40
need to spread prosperity across the UK,
adding that export growth was vital to
improving flagging productivity.
Only 15 cities out of 62 had levels of
productivity above the British average
in 2015. London, Slough and Reading
had the highest levels of productivity,
with gross value added per worker more
than 30 per cent above the average of
54,700.
car . . . what do we do if we catch it?
Well, weve caught it.
BT said in a statement: We are deeply
saddened to hear that Sir Christopher
has passed away. He was a strong and
charismatic chairman who helped to
restore BT to health over many years.
His death follows a three-year battle
with prostate cancer. Were enor-
mously proud of everything he
achieved, from steering the BBC
graces of some of his predecessors. At
Sir Christopher was knighted in
1993 for his work for the NHS
He both understood
the creativity of
broadcasting as well
as the business of it
Monday 30 January 2017
Procurement
Defence
watchdog
seeks wider
powers
PEGGY HOLLINGER INDUSTRY EDITOR
The watchdog that oversees UK defence
procurement wants the power to force
the Ministry of Defence and its suppli-
ers to disclose information on contracts
awardedwithoutopencompetition.
The Single Source Regulations Office has
suggested the ministry may not be
enforcing its demands for information
for fear of jeopardising relationships
withkeysuppliersandsubcontractors.
The call comes as the government is
set to step up the level of its procurement
from single-source suppliers, where
there is a highly specialised or particu-
larly urgent need that would preclude a
competitivetender.
These include the 31bn renewal of
Britains Trident nuclear deterrent,
awarded to BAE Systems, Rolls-Royce
and Babcock International, and the
Type-26 global combat ship, estimated
at a cost of more than 4bn. In 2015,
contracts worth more than 11bn were
awarded to single-source suppliers.
The SSRO, formed in 2014 to bring
greater scrutiny to costs charged on con-
tracts, wants the same powers as other
regulators such as the Civil Aviation
Authority or Ofcom to ensure transpar-
ency. Its call comes days after the Nat-
ional Audit Office revealed it would no
longer validate the annual performance
of the MoD on its biggest procurement
projects, instead restricting itself to com-
mentingontheministrysownfindings.
In December Marcine Waterman, the
SSROs chief executive, told MPs that of
the 860 requests for information by the
watchdog to the MoD and the industry,
only about 200 had been answered. Fur-
ther, the SSRO was often excluded from
examining entire contracts, while all
procurement deals signed with foreign
governments, such as the UKs acquisi-
tion of the P-8 submarine hunter air-
craft worth more than 2bn, are exempt
from regulatory scrutiny.
The SSROs call for new powers is just
one of several proposals made as part of
a review of the Defence Reform Act in
2014. That gave it the right to examine
new single-source contracts worth 5m
or more and to demand repayment on
charges it deemed invalid. So far, it has
demanded refunds on charges for Chris-
tmaspartiesandcharitabledonations.
The watchdog also wants greater scru-
tiny of subcontractors doing work that
amounts to billions of pounds but who
are largely excluded from examination;
oversight of big amendments to single-
source contracts; and a wider remit to
examine contracts for non-sensitive
equipmentforintelligencepurposes.
But its most controversial request is to
take over from the MoD the power to
compel suppliers to disclose information
on costs and pricing, and to issue penalty
notices should they fail to do so. The
SSROsaystheministryhasfailedtoissue
any penalty notices since the single-
sourcecontractsruleswere setup.
The SSRO understands that the MoD
needs to maintain ongoing relationships
with its defence contractors and that
there may be potential for enforcement
action to impact on those relationships
or for it to compromise the MoDs pro-
curement, the SSRO said in its propos-
als, which are likely to exacerbate its
already difficult relationship with the
MoD. The document will go to public
consultation before the SSROs final rec-
ommendationsare puttotheMoD.
through tough times to his late flower-
ing as a novelist, his family said in a
statement. Bland is survived by his wife,
Lady Jennifer, his son, Archie, and four
stepchildren.
Sir Francis Christopher Buchan Bland
was born in 1938 in Yokohama, Japan,
where his father was working for Shell.
He was raised in Northern Ireland and
went to school at Sedbergh, in Cumbria,
before attending Oxford university. An
accomplished fencer, he represented
Ireland in the sport at the 1960 Olympic
Games in Rome.
Sir Christopher shunned the airs and
BT, he used the staff canteen and
allowed staff to use a lift previously
reserved for the chairman of the com-
pany. When his favourite football team,
Southampton, reached the FA Cup final
in 2003, he opted to watch from the
stands rather than using BTs box at the
Millennium Stadium in Cardiff.
He chaired the Royal Shakespeare
Company from 2004 to 2011 and main-
tained interests in publishing and vine-
yards. He also published two historical
novels set in Ireland. Of one of them,
Ashes in the Wind, he told the Irish Times
that he would place my novel halfway
between the Booker Prize and the
beach, and Im content with that. He
expressed regret that he had not pur-
sued sooner his dream of becoming an
author. Nic Fildes
Monday 30 January 2017
Ireland fears
return of
hard border
Prime minister to meet Taoiseach amid worries
over post-Brexit trade and immigration policy
VINCENT BOLAND LONDONDERRY
Few people in Killea, a village half in the
Irish Replublic and half in Northern Ire-
land, are as concerned about Brexit as
Michel Doherty.
Mr Dohertys timber products busi-
ness lies a couple of metres inside Ire-
land in Killea, 10km south-west of Lon-
donderry, which is in the UK. A stream
behind his yard marks the border, the
only visible manifestation of an invisi-
ble line that cuts the village in two.
Today Theresa May is due in Dublin
for talks with Enda Kenny, the Irish Tao-
iseach, about the Irish dimension to
Brexit. The discussions will include pre-
serving Irish-British trade, which runs
to 1.2bn a week, and the common
travel area, which has facilitated travel
and work arrangements between the
two islands for almost a century.
But it is the nature and future status of
the border that looms largest in Irish
concerns, and the disruption a hard
Brexit could mean for trade and immi-
gration. Whatever arrangements are put
There has never been
such unity across this
island as on no return
of the border
in place after the UK leaves the EU, Mr
Doherty said, they must not reconstitute
what used to be in Killea: a closed road,
concrete bollardsandcheckpoints.
Although Mrs May has pledged no
return to the borders of the past after
Brexit, Mr Doherty said: Im concerned
we dont know what is going to happen,
andI dont thinkTheresaMayknows.
He said of those involved in the exit
negotiations: I hope they are not going
to sacrifice border businesses just to get
things done. Otherwise well all end up
as smugglers.
The border question resonates in
every community along the frontiers
500km, from Lough Foyle in the north-
west to Newry in the south-east. Most of
all, it resonates in Londonderry or
Derry, to Irish nationalists, and the city
where Northern Irelands Troubles
began in 1968 and its hinterland,
which includes Killea and a growing
slice of Co Donegal in the Republic.
Londonderry is a cross-border town,
which helps to explain why its vote for
Remain in the EU referendum, at 78.3
per cent, was the fourth-highest in the
Brexit
Corbyn rebuffs party critics
over Article 50 bill support
JIM PICKARD
CHIEF POLITICAL CORRESPONDENT
Jeremy Corbyn shrugged off criticism
from MPs and grassroots Labour mem-
bers over his intention to support the
governments Article 50 bill, which
enters the Commons this week.
The Labour leader is facing a rebellion
by dozens of his MPs over Brexit, with a
handful of whips and junior shadow
ministers threatening to defy him.
Although he campaigned for Remain,
Mr Corbyn is a longstanding Euroscep-
tic and has ordered a three-line whip for
the vote on the Article 50 bill.
Jo Stevens, former shadow Wales sec-
retary, and Tulip Siddiq, a former junior
education spokeswoman, have already
resigned over the issue.
Over the weekend thousands of party
members submitted a petition to Mr
Corbyn calling on him to change his
mind. Critics contrasted his attempt to
whip MPs with other contentious votes
on Syria and Trident where Labour par-
liamentariansweregivena free vote.
But speaking on ITVs Peston on Sun-
day, the Labour leader said yesterday
that parliament had to respect the result
of last years EU referendum.
He admitted that up to two-thirds of
Labour voters had backed the In cam-
paign but many others had voted Out,
particularly in the north-west and
north-east of England. Wed be doing
ourselves a disservice if we said, we
know better than the result of the refer-
endum, he said. I made clear I would
respect thewillofthereferendum.
Tom Watson, Labours deputy leader,
had hinted on Saturday that rebels
FINANCIAL TIMES 3
NATIONAL
Sweet dreams Picassos year of
wonders to go on show at Tate
A portrait of Pablo Picassos mistress
never before exhibited in the UK will
Heavily involved in the landmark
exhibition, Picasso he was aged 50
go on display in a show dedicated to a at the time wanted it to include new
year of wonders in the artists life. work as well as old, to show the world
Le Rve (The Dream), a highly that he was still as inventive and
sensuous depiction of the Spanish- important a painter as he had been
born artists 22-year-old lover Marie- during his celebrated Cubist phase in
Thrse Walter will be among the the 1920s, Mr Borchardt-Hume said.
works to feature in the first solo show The result was a pivotal year of
of Picassos work at Tate Modern in furious productivity during which he
London. created some of his best-loved and
Focused entirely on the year 1932 most valuable works.
an intensely productive period in his Tracing the development of his
UK (after Gibraltar and two London bor- career the exhibition will bring output month by month, Tates
oughs). Derry is one of the few cities to together paintings, drawings and blockbuster exhibition for 2018 will
straddle an international border today, sculptures from museums and private show how Picasso turned to darker
and it will be probably the only one that collections around the world. themes towards the end of the year.
will straddle an EU/non-EU border after Other highlights will include As the clouds of conflict gathered
Brexit, said John Kelpie, chief executive another portrait of his mistress, over Europe, he took as his subject a
of Derry and Strabanedistrictcouncil. Jeune fille devant un miroir (Girl traumatic event experienced by
Even during the Troubles the 1972 before a mirror), which is seldom seen Walter, who became ill after
Bloody Sunday killings took place in outside its home at the Museum of swimming in the Marne river in
Derry and paramilitary violence was a Modern Art in New York. France, causing her to lose most of her
regularoccurrencethecitizenscrossed Achim Borchardt-Hume, director of lustrous blonde hair.
from one country to another without exhibitions at Tate Modern, said Picasso 1932 Love, Fame,
worryingmuchabouttheborder. Picassos celebrity had been firmly Tragedy will run from March 8 to
Since the Good Friday Agreement in established by 1932, a year in which he September 9 2018 at Tate Modern.
1998, which ushered in a fragile but gave his first retrospective. James Pickford
enduring peace to Northern Ireland,
Londonderry has been trying to move Succession Picasso/DACS 2017
on, with mixed success. It is still one of
the poorest parts of the UK. Derry is at
the top of every league table you dont
want to be on top of, said Deirdre
Heenan, a professoratUlsterUniversity.
Yet the city has changed, too, partly
by positioning itself as the unofficial
capital of the north-west of Ireland.
Derry is present in Co Donegal not just
physically, as at Killea, but emotionally
and even politically; the two councils of
Derry and Strabane and Donegal co-op-
erate extensively. Sinead McLaughlin,
chief executive of Londonderry Cham-
ber of Commerce, said: We see our-
selves very much as a city-region. The
synergies with Donegal are that were
both peripheral and been left behind.
Gregory Campbell, the Democratic
Unionist MP for East Londonderry,
accepts there is co-operation with
neighbouring counties in the Republic,
but only on specific projects such as
sharing healthcare facilities. He also
does not share the fear over the return of
a hard border. Its a practical impossi-
bility, he said.
Preventing a hard border, even in
the event of a hard Brexit, has fostered
an unusual degree of consensus across
Ireland, from the DUP on the right to the
socialist party. There has never been
such unity across this island as on no
return of the border, said Eamonn
McCann, who represents People Before
Profit in the outgoing Northern Ireland
assembly.
Yet that consensus may achieve noth-
ing. Northern Ireland faces a snap elec-
tion on March 2; the collapse of the
devolved executive has left it without a
voice in the debate about Brexit. The two
main parties the DUP and Sinn Fein
have outsourced whatever negotiating
positions they might possess, the former
to Westminster andthelattertoDublin.
could be allowed to return to their posts,
but Mr Corbyn said: It is impossible to
carry on being in the shadow cabinet if
you vote against a decision made after a
frank and long discussion of the shadow
cabinet earlier this week.
As of yesterday an open letter to Mr
Corbyn had been signed by nearly 2,000
members. The group called Labour
Against Brexit, accused Mr Corbyn of a
betrayal of your socialist values.
All of us share core Labour values of
equality and opportunity for all, and we
share a belief in fighting for social jus-
tice, the letter said. While we may dif-
fer in our beliefs and feelings with
regards to your leadership, we are never-
theless united in our belief that you and
your leadership team have made the
wrong call on partypolicyonBrexit.
Chris Leslie, a former member of the
shadow cabinet, said there had been a
very noticeable change of mood among
many members who joined recently to
support Jeremy. Some front bench MPs,
including Clive Lewis, shadow business
secretary, say they could still rebel if the
government refuses to accept certain
amendments to the European Union
(Notification of Withdrawal)bill.
However, many other Labour MPs,
including some who have been strongly
critical of Mr Corbyn, believe he had lit-
tle choice but to back the legislation. I
think he has done the right thing, said
John Woodcock, a leading Blairite MP.
The party is facing four by-elections
soon, including one in Stoke-on-Trent
next month. Harriet Harman, Labours
former deputy leader, told the BBCs The
Andrew Marr Show that it was time to
accept the result of the referendum.
4 FINANCIAL TIMES Monday 30 January 2017

INTERNATIONAL

Central banks

US outlook gives Kuroda hope of second BoJ term

Pressure on yen eases
Japans deflation and puts
governor back in favour
ROBIN HARDING TOKYO
HENNY SENDER HONG KONG
Despite the Trump administrations
chaotic start, there is one man who has
every reason to thank the new US presi-
dent Haruhiko Kuroda, governor of
the Bank of Japan.
At a policy meeting this week the BoJ
is set to edge its domestic growth fore-
casts for Japan, reflecting a Japanese
economic outlook transformed by the
US election and subsequent weakness
in the yen.
Mr Kuroda has thus been given new
hope of finally reaching his goal of 2 per
cent inflation and of being reappointed
when his term ends next year.
Speaking in Davos this month, the BoJ
governor hailed Donald Trumps pro-
posals for fiscal stimulus and infrastruc-
ture investment. That would raise US
. . . and global economic growth in the
coming years, he said.
There are already signs that yen
weakness is helping deflation to bottom
out. The so-called core consumer price
index fell 0.2 per cent year on year in
December, but a steady turnround in
imported energy prices suggests the fig-
ure will be positive by early spring.
While the new US administration is
serendipitous for the BoJ, the resulting
slide in the yen to about 115 against the
dollar also reflects Mr Kurodas gamble
last September on capping 10-year bond
yields at zero per cent.
That committed Japan to importing
monetary policy shocks from abroad. If
foreign yields fall, the gap with Japan
narrows and the yen strengthens. If for-
eign yields rise as they did on the pros-
pect of US stimulus the gap widens,
putting downward pressure on the yen.
BoJ officials are delighted with how
the policy is going and Mr Kuroda is
likely to signal there will be no change
until inflation is rising steadily.
That may take some time given indi-
cations of a weak round of wage rises
during 2017, as companies and workers
look back on a year of stagnant prices.
Yield curve control is working
extremely well because of the US and
the dollar, said Masaaki Kanno, chief
economist at JPMorgan in Tokyo.
Officials close to Shinzo Abe, the
prime minister, say he could reappoint
the governor, although political and
public anger about negative interest
rates runs deep, and the government
does not share Mr Kurodas preference
for tighter fiscal policy.
Another big issue is Mr Kurodas
age: he would be 73 at the start of a sec-
ond term and 78 by the time it finished
in 2023.
Some BoJ staff doubt he has the appe-
tite; others say he is determined to
reach 2 per cent inflation, albeit much
later than 2015, as originally promised.
Alternative candidates inside the cen-
tral bank are Hiroshi Nakaso, deputy
governor, and Masayoshi Amamiya,
monetary affairs chief although Mr
Abe is said to doubt the sincerity of BoJ
lifers conversion to stimulus. A more
controversial option is Etsuro Honda,
one of Mr Abes top economic advisers,
currently ambassador to Switzerland.
But the most likely choices are from
Japans financial bureaucracy. Nobu-
chika Mori, commissioner of the Finan-
cial Services Agency, has the trust of Mr
Abes inner circle. He is a strong critic of
negative rates, arguing that banks ina-
bility to make money by lending hurts
financial stability.
But since the BoJs September move
steepened the yield curve, Mr Mori has
become supportive of Mr Kuroda again.

Southeast Asia. Narcotics

Filipinos flock to drug rehab to avoid death squads

Fees beyond reach of many
poor as Duterte crackdown
claims 7,000 lives so far
MICHAEL PEEL AND GRACE RAMOS
MANILA
Chester Ligtinen has gone from drug
addiction to running a Philippine reha-
bilitation course helping people to kick
the habit. Although he has been clean
for six years, he still fears that he might
become a target in President Rodrigo
Dutertes bloody war on narcotics.
For now I am not really sure of my
own safety, says Mr Ligtinen, pro-
gramme director for the Roads and
Bridges to Recovery private centre in
Manila. There is something in my
mind, saying you should be cautious of
the things you are doing, of the places
you go.
A pervasive fear in Southeast Asias
second most populous country has
driven a surge in demand for rehab cen-
tres since Mr Duterte came to power in
June with a threat to kill 100,000 crimi-
nals and turn them into fish food.
His anti-drugs campaign has claimed
more than 7,000 lives, won him soaring
public approval ratings and sowed
dread that the bloodshed will be hard to
stop even if he decides one day to call a
halt. Critics echo the rhetorical alarm of
Joel Sarmenta of the state-funded Com-
mission on Human Rights: When the
government announces the end of the
drugs war in 2017, what is going to hap-
pen to the death squads? Do we think
they are going to quietly disband?
An emerging public opinion paradox
about Mr Dutertes drugs war is high-
lighted by independent polling pub-
lished last month. The Social Weather
Stations survey reported 63 per cent
public approval ratings for the presi-
dent. But it also found that almost four-
fifths of respondents were worried that
Grief: relatives they or someone they knew would
weep as officials become a victim of the anti-narcotics
carry away crackdown.
the body of an The escalating killings more than
alleged drug half of them by vigilantes and other
dealer killed unofficial forces prompted the coun-
during a raid trys Catholic Church to end months of
in Manila caution last week and declare that it
this month would lead a campaign against extraju-
Noel Celis/AFP
dicial deaths.
Then came public revulsion after the
same police force entrusted with the
drugs war admitted that some of its
officers kidnapped and killed a Korean
businessman in October and then
allegedly extorted a ransom from his
widow by pretending he was still alive.
Some see the case is a sign of how a
culture of impunity unleashed by Mr
Dutertes lethal scourge has fed the very
corruption it is supposed to stop. Jake, a
user and dealer of shabu, or crystal
meth, does not want his real name to be
published. He says he was captured in a
police raid last year, but was allowed to
go into rehab after he paid a bribe of
almost $1,500 from his drugs earnings.
He says this makes him one of the
lucky ones, as many of his friends
have been killed. We were 15 in our
group selling illegal drugs, shabu. Now,
only three of us are alive.
Officials at state and private rehab
clinics say they are working at capacity
as people flock to courses that last for
months and in some cases involve disci-
plines such as silently facing a wall for 12
hours or more. Parents have also been
clamouring to sign up their adult chil-
dren. Places can be hard to get at gov-
ernment centres, while the fees of thou-
sands of dollars charged at some private
facilities are beyond the reach of many.
Nor is safety assured even for those
who complete the courses, says Dr Dan-
ice Santa-Maria, in-house psychiatrist
at Roads and Bridges. Theres no guar-
antee that when they step out of the
hospital door they wont be shot in the
head by the police or any other people
involved in drugs, she says.
Then there are allegations that many
of those targeted are minor users and
dealers or not involved in drugs at all.
Last week, families of people killed in
the crackdown filed a lawsuit to force
police to disclose evidence linking their
relatives to drugs. Other relatives of the
dead say authorities have pulled back
from taking on industry kingpins
some of whom have ties to the security
forces or government.
Ellen, who did not want her real name
to be published, says her husband,
whom she says had previously worked
as a small-time drugs courier, was killed
in cold blood during a night-time raid in
their home in a Manila shanty quarter.
I know that we will not get justice
during the tenure of Duterte, because
his war on drugs is really a war on the
poor, she says. They intentionally kill
the poor rather than jail and punish
powerful people.
Regional history also suggests the
drugs war is unlikely to achieve more
than a temporary curb on consumption.
The Thai government of Thaksin
Shinawatra launched a similar clamp-
down that killed thousands almost 15
yearsago,butithashardlydrivennarcot-
ics from the country. Dr Bien Leabres,
head of a state-run rehab centre in
Manila, says he has emailed Thai col-
leagues to compare experiences. Like
us, with Thaksin, they were caught una-
His war wares, he says. But look at them now
theystillhaveadrugproblem.
on drugs is Mr Duterte has justified his crack-
really a war down by saying the country could
become a narcostate. Police insist that
on the poor. they kill only in self-defence and deny
They kill involvement in the extrajudicial kill-
ings. But activists and others say there is
the poor no due process in the campaign, with
rather than district officials making lists of targets
with little scrutiny of who they put on
jail and the lists and why.
punish That is why Mr Ligtinen, the user
turned rehab carer, fears that his history
powerful might one day put his life in danger. I
people could be reported by any person, he
says. I pray the government does some-
thing about that.

French election Germany

Fillon tries to restart campaign Schulz launches SPD campaign

after claims over wifes fake job with war against extremism
ANNE-SYLVAINE CHASSANY PARIS
Franois Fillon tried to reboot his
French presidential campaign yester-
day, taking aim at rivals and outlining a
radical economic platform as he sought
to overcome allegations that he mis-
used public funds.
Speaking in front of more than 13,000
supporters in Paris, the Republican
party nominee and election frontrunner
rejected claims surrounding his wife,
Penelope Fillon. She has been at the cen-
tre of allegations that she received
500,000 in state funds over eight years
as a parliamentary aide to her husband
and subsequently his parliamentary
successor, but in effect had a fake job
and did little work.
From the beginning, Penelope has
been by my side, with discretion, with
devotion . . . We have nothing to hide,
the 62-year-old former prime minister
said, as the crowd chanted the name of
his Welsh-born wife, seated in the front
row. Through Penelope, they are trying
to break me. I fear nothing.
Days after Le Canard Enchan, a
satirical newspaper, reported the
allegations, Mr Fillon, who won his
partys nomination last year in part by
embodying high moral values in French
politics, has suffered a decrease in
approval ratings, by 4 percentage points
to 38 per cent.
French state prosecutors have
opened a preliminary investigation into
possible embezzlement and misuse of
public funds.
In addition to the claims linked to Ms
Fillons parliamentary job, investigators
are looking into allegations that she also
received 100,000 from a magazine
owned by billionaire Marc Ladreit de
Lacharrire, a supporter of Mr Fillon.
During her 19 month-long employment
at the magazine, she allegedly published
a couple of book reviews, according to
Le Canard Enchan. Mr Fillon has
denied wrongdoing.
In new claims that emerged yester-
day, Mediapart, an investigative
website, reported that Mr Fillon
allegedly diverted tens of thousands
of euros when he was a senator
through a system of hidden commis-
sions. Mr Fillons campaign declined to
comment.
Mr Fillon sought yesterday to divert
attention back to his programme, laying
out the most business-friendly, free-
market economic platform in the presi-
dential contest.
His proposals include scrapping
the limit on weekly working hours,
extending retirement age, slashing
employment benefits and cutting
500,000 civil service jobs to fund
tax breaks for companies sticking
largely to the radical platform that
helped him win his partys nomination
in November.
Mr Fillon lashed out at the other pres-
idential candidates, criticising Marine
Le Pen, the far right National Front
leader. The FN is the communist
partys programme of the 1970s, he
said.
He also targeted Emmanuel Macron,
the former economy minister who is
running as an independent. Mr Fillon
described the rival candidate as the heir
apparent of the deeply unpopular
Socialist president Franois Hollande.
GUY CHAZAN BERLIN
Martin Schulz, the new head of Ger-
manys left-of-centre Social Demo-
crats, said the surprise change of lead-
ership had injected a spirit of opti-
mism and new hope into the party
that would carry it to election victory
this year.
The former president of the European
Parliament, Mr Schulz was applauded at
a meeting of the SPD in Berlin yesterday
where party leaders voted unanimously
forhimas candidateforchancellor.
Martin Schulz:
Ratcatchers were
trying to make
political capital on
the backs of the
refugees
A jolt has passed through the SPD,
[and] through the whole country, he
said. We want to and we will exploit
this new upbeat mood.
SPD officials hope that Mr Schulz will
revive the partys flagging fortunes and
thwart Angela Merkels hopes of win-
ning a fourth term as chancellor in Sep-
tembers Bundestag election. The two
are level in the latest opinion polls.
The SPD still trails Ms Merkels Chris-
tian Democrats, its partner in the gover-
ning coalition. But its ratings have impr-
oved since deputy chancellor Sigmar
Gabriel said last week he was stepping
down as SPD leader. A poll by the Wah-
len research group puts Ms Merkels con-
servatives on 36 per cent, with the SPD
upthreepointsat24percent.
In an impassioned speech in Berlin,
the SPDs party headquarters, Mr Schulz
promised to fight for a fairer society,
railing against tax-dodging multination-
als and fat cat corporate bosses. He said
he would campaign on a platform of
equal pay for women, higher wages for
carers, greater investment in education
and infrastructure, free kindergartens,
affordable housing, a clampdown on tax
havens and more police on the streets.
But his strongest rhetoric was for
Alternative for Germany, the rightwing
populist party that has seen a surge in
support amid discontent with Ms Mer-
kels liberal refugee policy. Mr Schulz,
who said he was declaring war on all
forms of extremism, said the AfD was
no alternative for Germany but a dis-
grace to the federal republic. He said it
was shameful and repugnant that rat-
catchers were trying to make political
capitalonthebacksoftherefugees.
He also promised to crack down on
migrants who committed crimes or
turned to terrorism. Mr Schulz decried
the lack of European solidarity on refu-
gee policy and said he would make the
allocation of EU funds contingent on a
countryswillingnesstotakeinmigrants.
To applause he described Hungarys
refusal to accept refugees as an open
affronttoGermaninterests.
The SPD candidate said Germany
should do all it could to prevent a repeat
of the mud-slinging that marred the US
presidential campaign. He rejected sug-
gestions that he embodied an unloved
EU in many voters minds. He said that
as chancellor he would work to make
Europe better, more efficient, closer to
its citizens and more socially just.
Russias next target? page 9
Monday 30 January 2017 FINANCIAL TIMES 5
6 FINANCIAL TIMES
Legal confusion
Lawyers battle to free detained travellers
Experts argue over
whether judges ruling
allows immediate release
ED CROOKS AND JOE RENNISON
NEW YORK
A day after protesters descended on
John F Kennedy international airport in
New York and a judge stayed the execu-
tive order temporarily banning entry
into the US for people from seven major-
ity-Muslim countries, travellers were
still being held in custody yesterday.
Rene Paradis, a lawyer helping
detainees at JFK, welcomed the stay
issued by a federal court in New York,
but said that there was some confusion
because it requires those people be
Bannon strengthens role in Trumps inner circle
Former head of rightwing
Breitbart News gains influence
over national security
DEMETRI SEVASTOPULO AND
SAM FLEMING WASHINGTON
While the world watched the US refuse
entry to Muslims on Saturday, President
Donald Trump restructured his
national security council in a move that
further empowered Steve Bannon, his
controversial and increasingly influen-
tial White House consigliere.
Mr Trump issued a presidential mem-
orandum which stated that the chair-
man of the joint chiefs of staff, the top
military adviser to the president, and
the director of national intelligence,
head of the intelligence community,
would no longer be automatically
invited to meetings of the principals
committee, the most senior grouping of
national security officials. They would
only participate when issues pertain-
ing to their responsibilities and exper-
tise are to be discussed.
But in a move that pointed to his ris-
ing influence, Mr Bannon, former head
of Breitbart News, was appointed to the
committee. The move was controversial
because the far-right media group
pushed stories catering to white nation-
alists. Mr Bannon, who joined the
Trump campaign as chief executive last
August, has denied that he is racist, and
argued that he is just an economic
nationalist. But the disheveled former
naval officer, who compares himself to
Darth Vader, has drawn the wrath of
critics who see his hand guiding Mr
Trumps racially tinged populism.
His inclusion in the most senior NSC
meetings makes him arguably one of the
two most influential aides in the Trump
inner circle, with Jared Kushner, the
presidents son-in-law. The other key
power centres inside the White House
are Mike Pence, the vice-president,
Kellyanne Conway, a special adviser and
informal spokesperson, and Reince
Priebus, the chief of staff.
When Mr Trump appointed James
Mattis, a respected retired four-star
marine general, as secretary of defence,
and tapped John Kelly, another retired
general, to run the homeland security
department, some of his critics saw the
moves as a sign that he would surround
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admitted, but not that they necessarily
be released from detention.
By yesterday morning the protesters
had left the airport but volunteer law-
yers were still working to secure the
release of those being detained.
Hakeem Jeffries, a Democratic mem-
ber of the House of Representatives
from New York, said four people had
been released from the airport yester-
day morning, but he knew of eight oth-
ers being detained, including an Iraqi
woman with a son serving in the US mili-
tary. Those being held all had valid visas
or were permanent residents, he added.
Other Democratic politicians had also
joined protests in other parts of the
country.
Elizabeth Warren, a senator from
Massachusetts, addressed protesters at
President
Donald Trump
with, from left,
White House
chief of staff
Reince Priebus,
vice-president
Mike Pence, and
White House
chief strategist
Steve Bannon
Drew Angerer/Getty Images
ROLLING IN THE DEEP
361_Cover.PRESS.indd 1
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US TRAVEL BAN
Logan international airport in Boston Workers Alliance encouraged its drivers
on Saturday, saying: We will not turn
away people who try to help Americans.
We will not turn away anyone because of
to join the protest, and went on an hour-
long strike in the evening. Drivers
stand in solidarity with refugees coming
their religion.
Cory Booker, a senator from New Jer-
to America in search of peace and
safety, the alliance said. The president
is putting professional drivers in more
danger than they have been in any time
Drivers stand in solidarity since 9/11 when hate crimes against
with refugees coming immigrants skyrocketed.
Uber, the car-hailing service,
to America in search announced that it was suspending its
of peace and safety surge pricing, which raises the cost of
trips at busy times, while the taxis were
sey, spoke at Washington Dulles inter- not running. The move led to a storm of
national airport about a long fight accusations of strikebreaking.
ahead. Both Ms Warren and Mr Booker #DeleteUber began trending on Twit-
have been suggested as possible con- ter on Saturday, and users wrote com-
tenders for the presidency in 2020. ments to Uber accusing it of collaborat-
On Saturday, the New York Taxi ing with Mr Trump. Yesterday, it was
White House. Administration
himself with capable people. But Demo- Susan Rice, national security adviser
crats lambasted the decision to give Mr to Barack Obama, described the move
Bannon, who has no government or to exclude the director of national intel-
national security experience, such a ligence and the chairman of the joint
prominent role. He was recently criti- chiefs from some meetings as stone
cised for describing the media as the cold crazy. On Twitter, she continued:
opposition party, a view to which Mr After a week of crazy. Who needs mili-
Trump subscribes. tary advice or intell to make policy on
Tim Kaine, the Virginia senator who ISIL, Syria, Afghanistan, DPRK?
was Hillary Clintons running mate, said As part of the NSC, the principals
he had voted for Mr Mattis and Mr Kelly committee includes the secretaries of
because of the importance of the NSC, state, defence and homeland security. It
but he deplored the decision to give Mr serves as the forum where cabinet secre- National
Bannon such influence. The national taries debate national security issues for
security council sadly has some really presidential action. Sean Spicer, White security
questionable people on it. The national House spokesman, said Mr Trump council
security adviser, General [Michael] wanted to make the NSC less bureau-
Flynn, is a pro-Russian conspiracy theo- cratic and more focused on providing sadly has
rist. The administration just added relevant intelligence. some really
Steve Bannon, with his ties to a news Asked on ABC television why Mr Ban-
organisation that traffics in anti- non was being put on the committee, Mr questionable
Semitism and white supremacy, to the Spicer said the former naval officer had people on it
national security council. a tremendous understanding of the
London
Special relationship faces first test after order wrongfoots UK
JIM PICKARD CHIEF POLITICAL away. Over the weekend, Mr Trumps
CORRESPONDENT
refugee ban elicited a rather cooler
As Theresa May took off from Wash- stance towards the new administration
NOVEMBER 7 2015
ington on Friday the British prime min- in Washington. Boris Johnson, Britains
ister had reason to believe she had foreign secretary, said it was divisive
emerged unscathed and even and wrong to stigmatise people
enhanced from her high-stakes visit to because of their nationality. Sajid Javid,
Donald Trumps White House. the UK communities secretary, said:
These are not British values.
By yesterday, Mrs May was reminded of Mrs Mays team was caught out by Mr
the many potential strains facing the Trumps executive order, which was
21/10/2015 10:51
latest version of the US-UK special rela- announced as the prime minister trav-
tionship, as a chorus of politicians, elled from the US to Turkey. In Ankara,
including many from her own Conserv- Mrs May was heckled by journalists for
ative party, lashed out at Mr Trumps seeming to avoid their questions about
ban on visitors from seven Muslim-ma- the new policy. Focused on bilateral
jority nations while an online petition relations with the Turkish regime, the
targeting Mr Trump gained hundreds of prime minister gave a typically cau-
thousands of signatures. tious, neutral statement: that US migra-
Mrs Mays trip to the US made her the tion was a matter for the US.
first foreign leader to meet the new US As criticism mounted from all quar-
president and came only a week after ters, including from Jeremy Corbyn,
his inauguration. The Mail on Sunday, leader of the opposition Labour party,
one of the British newspapers most sup- the prime ministers team was forced
portive of the UK prime minister, said into a rethink.
her double act with Donald Trump cat- On arriving back in Heathrow late on
apulted her into the front rank of world Saturday Mrs Mays team released the
leaders. statement saying she did not agree
Just a short time later it seemed the with the policy after all, although
goodwill from that trip was draining she respected the right of the US to
still the top trending topic on Twitter in
New York.
Travis Kalanick, Ubers chief execu-
tive, said: This ban will impact many
innocent people, an issue that I will raise
this coming Friday when I go to
Washington for President Trumps first
business advisory group meeting.
Lyft, another car-hailing service,
emailed its users yesterday: Banning
people of a particular faith or creed, race
or identity, sexuality or ethnicity, from
entering the US is antithetical to both
Lyfts and our nations core values. We
stand firmly against these actions, and
will not be silent on issues that threaten
the values of our community.
Additional reporting by Hannah Kuchler
Editorial Comment page 10
Wolfgang Mnchau page 11
world and the geopolitical landscape
that we have now. During the Obama
administration, and particularly during
the tenure of Ms Rice as national secu-
rity adviser, the NSC was often criticised
for holding endless meetings, which
resulted in delayed decisions on policy.
Eric Edelman, a Republican who
served as the number three official in the
Pentagon during the administration of
George W Bush, said that while Mr Ban-
non appeared to have played a large role
in the first week of the Trump adminis-
tration, it was too early to draw conclu-
sions given that many cabinet officers
including Rex Tillerson, the former chief
executive of ExxonMobil nominated for
secretary of state had not yet been
confirmed or installed their own teams.
Mr Edelman said Mr Bannons NSC
role was not unlike Mr Obama allowing
senior political advisers such as David
Axelrod to attending meetings.
conduct its own immigration policy.
The policy could catch out British citi-
zens for example Nadhim Zahawi, an
Iraqi-born MP from Mrs Mays own Con-
servative party. Another is Sir Mo Farah,
Britains multiple Olympic champion
athlete, who was born in Somalia and
accused Mr Trump of ignorance and
Me and many others like
me are being told that we
may not be welcome
Sir Mo Farah
prejudice. I am a British citizen who
has lived in America for the past six
years working hard, contributing to
society, paying my taxes and bringing
up our four children in the place they
now call home. Now, me and many oth-
ers like me are being told that we may
not be welcome, he said. Its deeply Democrat party leader, and Sadiq Khan,
troubling.
Yesterday, Mrs May held a conference
call with Mr Johnson and Amber Rudd,
home secretary. The pair were ordered
to contact their opposite numbers in the
state department and the Department
Monday 30 January 2017
Transatlantic relations
Merkel attacks
decision as
concern grows
for Europes
dual nationals
GUY CHAZAN BERLIN
ALEX BARKER BRUSSELS
The fate of European dual nationals
banned from entering America
including leading British and German
politicians is set to become one of the
first flashpoints of transatlantic rela-
tions in the Trump era.
As Donald Trump stood by his ban on
refugees and entry to the US from seven
Muslim-majority countries, Angela
Merkel, the German chancellor, yester-
day joined other world leaders in con-
demning the ban, saying it was no way
to fight terrorism.
The White Houses actions have
caused alarm in Europe, where leaders
see it as part of a broad offensive by Mr
Trump against the wests liberal order
and the common values underpinning
transatlantic institutions that have
ensured peace and security in Europe
since the second world war.
European officials were trying to
determine whether restrictions would
apply to potentially hundreds of thou-
sands of EU nationals who also hold
passports from Libya, Yemen, Iran,
Iraq, Syria, Somalia and Sudan.
The duty to defend the rights of EU
nationals facing curbs may present
more difficulties for European leaders
such as Theresa May, the British prime
minister, who want to avoid the immi-
gration dispute turning into a broader
stand-off with Mr Trump.
Elected politicians potentially
affected by the ban include Omid
Nouripour, a Green lawmaker and vice-
chief of the German-American caucus.
Steffen Seibert, Ms Merkels spokes-
man, said the chancellor regrets the
move and had expressed Germanys
misgivings during her 45-minute phone
call with Mr Trump on Saturday.
She is convinced that the necessary
and determined fight against terrorism
does not justify placing people of a cer-
tain origin or a certain religion under a
generalised suspicion, Mr Seibert said.
Mr Seibert said the German govern-
ment would investigate what conse-
quences the measures would have for
Germans with dual citizenships
and represent their interests to our
American partners.
Relations between Germany and the
US have already come under strain after
Mr Trump described as a catastrophic
mistake Ms Merkels decision to throw
open Germanys borders to hundreds of
thousands of refugees fleeing war and
conflict in the Middle East.
However, the USs actions were
praised by rightwing populists in
Europe. Geert Wilders, leader of Hol-
lands Freedom party, tweeted: No
immigrants from Islamic countries.
Franois Hollande, French president,
said Europe had to respond to Mr
Trump. On the sidelines of a meeting of
southern European leaders in Portugal
at the weekend, he said: When [Mr
Trump] adopts protectionist measures,
which could destabilise econo-
mies . . . and when he refuses to accept
refugees, while Europe has done its
duty, we have to respond.
Mr Hollande added: The talk we
hear coming from the US encourages
populism and even extremism.
Additional reporting by AnneSylvaine
Chassany, Paris, and James Politi, Rome
of Homeland Security to ensure the
rights of British nationals.
By then there was growing criticism of
Mr Trump from Conservative MPs.
James Berry, an MP in south-west Lon-
don, said the ban was probably unlaw-
ful, definitely discriminatory and
wrong. Royston Smith, a Tory MP in
south England, said the president was
living up to my very low expectations
of him.
Johnny Mercer, a Tory backbencher,
expressed sympathy for Mrs May. Easy
to judge when youre not actually taking
the decisions, he said.
Theresa May has an impossible job
at the moment and shes doing it
extremely well, he said.
The government is even facing
demands to cancel the state visit of Mr
Trump to the UK in June, where he will
meet the royal family.
Mr Corbyn, Tim Farron, the Liberal
the Labour mayor of London, all said
they would oppose the visit unless the
Muslim ban was lifted. The petition
passed half a million signatures yester-
day evening, with hundreds more join-
ing by the second.
Monday 30 January 2017 FINANCIAL TIMES 7

US TRAVEL BAN

Silicon Valley fears wider

Islamic republic

Iran hits at White House

clampdown on skilled staff
Tech sector nervous about possible extension of restrictions to vital visas
HANNAH KUCHLER SAN FRANCISCO
The worlds largest technology compa-
nies condemned Donald Trumps exec-
utive order on immigration after com-
ing under pressure to speak out from
employees.
Leaders of companies including
Apple, Google and Facebook sent emails
to their workforces attacking the move
to block refugees and entry to the US
from seven Muslim-majority countries.
Tim Cook, Apple chief executive, said
the company had told the White House
the company did not support the policy.
Mr Cook said Apple would not exist
without immigration. The biological
father of Steve Jobs, Apple co-founder,
was a Syrian immigrant.
Tech companies say that Mr Trumps
immigration policies are already under-
cutting their ability to recruit and retain
engineering talent from overseas.
Amit Kumar, chief executive of soft-
ware company Trimian, said many
start-ups were increasing the size of
their branch offices outside the US as a
result. The shift was immediate, it was
dramatic. People are thinking what is
the right country to base their opera-
tions in, Mr Kumar said. I see that
across the board.
The technology industry does not get
huge numbers of employees from the
seven countries cited in Mr Trumps
executive order, with Google saying less
than 200 of its 60,000 workers are
affected. But the industry is preparing
for a broader battle on skilled immigra-
tion: Mr Trump has criticised the H-1B
visa, which many large tech companies
use to bring in thousands of software
engineers from countries such as India.
And after the tech industry led corpo-
rate America on campaigns such as
LGBT rights helping to see off the
threat of restrictive legislation in Indi-
ana, for example many employees
expect their leaders to engage in public
fights about what they believe is right.
Some chief executives spoke out
strongly on social media against the ban,
with Netflix chief Reed Hastings saying
it was un-American. Twitter leader
Jack Dorsey said it was real and upset-
ting while Slack chief executive Stew-
art Butterfield wrote that almost every
one of President Trumps actions was
gratuitously . . . evil.
Even leaders who agreed to serve as
advisers to the president spoke out, with
Travis Kalanick, chief executive of Uber,
insisting he would raise the issue at a
meeting of the business advisory group
next week.
Elon Musk, chief executive of Tesla
and SpaceX, said many people affected
by the ban were strong supporters of
the US. Theyve done right, not wrong
and dont deserve to be rejected.
Others, such as Google, prepared
plans to help employees from the seven
countries affected who may be stranded
abroad. Uber said it would give financial
support to its drivers who were stuck
outside the US. Airbnb said it would pro-
vide free housing to refugees while
Brian Chesky, its chief executive,
Executive orders
Turned away: tweeted that anyone barred from stay-
protesters at ing in the US should contact him person-
Los Angeles ally with urgent requests.
international When tech companies remained quiet
airport hold after Mr Trump was elected with
signs with the many executives meeting him and his
names of people transition team some employees
denied entry feared they would prioritise policies
to the US on beneficial to their businesses over advo-
Saturday cating for Silicon Valleys liberal values.
Patrick T Fallon/Reuters
Sam Altman, who leads the influen-
tial start-up incubator Y Combinator,
wrote on Saturday that it was time for
the industry to take a stand against Mr
Trump.
He called on employees to push their
companies to go beyond words to
actions and said his company was
organising a meeting this week to dis-
cuss what it could do.
Tech companies go to extraordinary
lengths to recruit and retain employees;
those employees have a lot of leverage. If
employees push companies to do some-
thing, I believe theyll have to, he wrote
in a blog.
Anil Dash, chief executive of Fog
Creek, called on tech employees to tell
their bosses the president should
rescind his immoral and unconstitu-
tional immigration policy. He tweeted
they should demand of executives who
met with the president: Our company
statement should be as visible and clear
as your appearance at Trump Tower.
Uber employees faced protesters
unfurling banners labelling the com-
pany as a collaborator outside their
building on the morning of Mr Trumps
inauguration, criticising Mr Kalanick
for serving on his economic advisory
group.
Twitter was accused of being a plat-
Many form for fascism because of Mr Trumps
prolific tweeting. Employees leaving
people work last Thursday had to walk past
affected by activists projecting Would Twitter ban
Hitler? on the side of their office.
the ban Silicon Valleys stance was in contrast
were strong to that of the broader US business
community, which has so far remained
supporters
quiet on Mr Trumps executive order.
of the US An exception was Brent Saunders, the
Allergan boss, who tweeted: $AGN is
and dont strong & bold bc of diversity. Oppose
deserve to any policy that puts limitations on our
ability to attract the best & diverse
be rejected talent.
for gift to extremists
FT REPORTERS
Irans foreign minister has described
Donald Trumps decision to temporar-
ily ban entry to the US from seven Mus-
lim-majority countries as a gift to
extremists.
Mohammad Javad Zarif said on Twitter
that the Islamic republic would no
longer issue visas to US nationals, in
retaliation to an executive order that
will be recorded in history as a great
gift to extremists and their supporters.
Mr Trumps executive order bars peo-
ple from Iran, Iraq, Libya, Somalia,
Sudan, Syria and Yemen from entering
the US for 90 days.
This shows the baselessness of US
claims of friendship with the Iranian
people, said Mr Zarif.
The resumption of diplomatic hostili-
ties could freeze the tentative thaw in
relations between the US and Iran since
a deal to limit Tehrans nuclear pro-
gramme in return for the lifting of cer-
tain sanctions.
The ban is a blow to Hassan Rouhani,
Irans centrist president, who had prom-
ised during his 2013 election campaign
to bring back dignity to the Iranian
passport.
Hardline critics of Mr Rouhani, who is
seeking re-election in May, are fanning
public anger that the president failed to
deliver one of his main promises.
Officials in Iraq say they, too, are con-
sidering a reciprocal ban, with the par-
liamentary foreign affairs committee
officially asking the government to
introduce similar measures to the US
travel ban. This is a big shame for
human rights law, said an Iraqi official.
A potential bar on Americans entry
into Iraq could also undermine US
efforts to retain a toehold of influence in
Baghdad, which has been shifting
towards Iran in recent years, as well as
complicating the military campaign
against Isis.
He has put the Iraqi government in a
very difficult situation, the official said.
If the Americans dont like Iraqis, why
do they have the biggest embassy in the
world in Baghdad?
The decision also threatens to stoke
tensions in the regional cold war
between Shia Iran and the Sunni Gulf
states that is being fought out through
proxy conflicts across the Middle East.
The banned nations are the same as
those targeted for tighter visa proce-
dures but not an outright ban under
Middle East
Bar traps Iraqis who risked
lives for American spy agencies
FT REPORTERS
Sarkawt Shams left Iraq for the US on a
special immigrant visa in 2013 when he
felt the risk to his life was too great.
During his four years working for the US
consulate in Baghdad and Erbil, Mr
Shams would go to great lengths on his
commute to avoid detection.
He says his parents had finalised their
visas to join him in Washington DC and
were weeks away from taking their
flights. His wife of two years was prepar-
ing for her final visa interview in March.
She was crying all night, Mr Shams
the administration of Barack Obama.
The seven include three countries
accused by the US of being state spon-
sors of terrorism Iran, Sudan
and Syria along with other states
where Islamist extremism is rife.
Iranians and others say the ban is
driven by regional politics as much as
domestic security, expressing frustra-
tion that the home nations of the 19
hijackers implicated in the September
11 2001 terrorist attacks Egypt, Leba-
non, Saudi Arabia and the United Arab
Emirates are not on the list.
Tarik Yousef, director of the Brook-
ings Doha Center, said: The details of
which countries and categories of visi-
tors will be banned and for how long will
be quickly overwhelmed by the broad
impression that a Muslim ban into the
US is now effectively under way. It is
hard to overestimate the damage
inflicted by a stroke of a pen.
Dubais security chief, Dhahi Khalfan,
a noted critic of Iranian influence in the
Arab world, backed Mr Trump.
Every country has the right to pro-
tect itself from danger to its peoples
safety, he tweeted. Previous American
administrations protected those wanted
for justice in the Arab world and classi-
fied as terrorists Trump, what you did
is right!
Gulf officials have cautiously wel-
comed Mr Trump, whose policy team
has expressed antipathy towards Iran.
Frustrated by Mr Obamas overtures
to Tehran, the Gulf states hope the new
administration will follow a harder line
towards the Islamic republic, especially
its interference in the Arab world in con-
flicts such as those in Syria and Yemen.
Reporting by Najmeh Bozorgmehr in
Tehran, Erika Solomon in Beirut and
Simeon Kerr in Dubai
Mohammad Javad Zarif: minister
casts doubt on US friendship claims
citizenship, spent 4,000 trying to
secure passage for his family to visit his
sick mother-in-law in the US.
When they tried to board a flight from
London to Dallas, an official told them
that Iraqis were banned, including their
two children who only carry Belgian
nationality.
Social media have hummed with sim-
ilar stories of people being hauled off
planes or being prevented returning to
the US while in transit.
At Dubai airport, Emirates airline
said it was helping a small number of
stranded passengers to secure refunds

President puts the world on notice with the stroke of a pen
DAVID J LYNCH WASHINGTON
The political firestorm that capped
President Donald Trumps first week in
office turned on fundamental ques-
tions of executive power.
Protesters swarmed several of the
nations largest airports this weekend, in
uproar over Mr Trumps order to close
US borders to refugees and would-be
immigrants from seven Muslim nations.
With the stroke of a pen, the president
said he had protected Americans from
terror. But critics accused him of
endangering the nations identity as a
refuge for those fleeing war and perse-
cution.
What has President Trump done?
The new president wasted little time
exerting his influence. The temporary
ban is one of a flurry of executive orders,
memoranda and proclamations. In
staged signing ceremonies, Mr Trump
ordered a temporary halt to refugee
admissions, set new limits on govern-
ment officials lobbying, revived plans
for two controversial oil pipelines and
directed the immediate construction of
a physical wall on the border with Mex-
ico. He also signed memoranda calling
for a new war plan against Isis and reor-
ganising the National Security Council
to include a role for his political counsel-
lor, Steve Bannon, the former publisher
of Breitbart, a nationalist web site.
What is the difference between an
executive order and a presidential
memorandum?
Executive orders direct federal agen-
cies to exercise powers granted under
law. The orders are numbered and must
be published in the Federal Register, the
governments daily compendium of reg-
ulations and official actions. Executive
orders create an actual legal obligation
that the president can impose on agen-
cies and, in some cases, private parties,
said Rakesh Kilaru, former associate
White House counsel. Presidential
memoranda, in contrast, are explana-
tory documents that offer guidance or
deal with the internal workings of the
administration.
What limits exist on the presidents
power?
The president cannot issue executive
orders that go beyond the law or that
exceed his authority under Article II of
the US Constitution. Congress can over-
rule orders with new legislation. The
limits of executive authority are really
constitutional limits, said Rajesh De, a
former White House attorney now with
Mayer Brown in Washington. In 1952,
President Harry Truman seized the
nations steel mills, fearing a possible
steel strike during the Korean war. The
steel companies sued and, in a land-
mark ruling, the Supreme Court held
that the presidents executive order was
unconstitutional. Likewise, federal
courts have temporarily stayed Mr
Trumps order, setting the stage for
additional legal action this week.
Why has the president done this?
Mr Trumps appeal to voters was that
he was a man of action, unlike the career
politicians he said were all talk. In the
campaign, he promised to erase every
unconstitutional executive order, mem-
orandum and order issued by President
Obama. While the presidents initial
moves alarmed Democrats, his aides are
confident that middle America
approves. Sean Spicer, the White House
Demonstrators outside JFK airport
in New York at the weekend
press secretary, said yesterday that Mr
Trump was someone who has gotten
into office, hit the ground running.
How have other presidents used this
power?
All presidents have issued executive
orders, but their profligacy has varied.
John Adams only issued one; Franklin D
Roosevelt, on the other hand, fired off
3,721. Republicans assailed Mr Obama
for his reliance on what he described as
the power of the pen to circumvent
congressional resistance, including on
immigration. Mr Obama issued a pair of
executive orders that allowed up to 5m
undocumented immigrants to remain
in the country, sparking a Supreme
Court fight that he ultimately lost.
How are such orders normally
promulgated?
Normally, draft orders are co-ordi-
nated through relevant federal agencies
and the Office of Legal Counsel at the US
Department of Justice, to avoid confu-
sion among front-line government
employees. Earlier this week, there
were reports that both James Mattis,
defence secretary, and Mike Pompeo,
CIA director, had been surprised to
learn from the press of a draft executive
order reintroducing torture for terror
suspects. Likewise, customs and border
control officers struggled this weekend
amid contradictory instructions.
says, describing the reaction to Donald
Trumps temporary ban on US entry for
seven Muslim-majority nations.
I cannot leave and she cannot join
me . . . all we can do is dream.
The ban has affected hundreds of Ira-
qis who worked for the US government
and intelligence services.
The risks for these people is really
high. They will really be targeted, Mr
Shams, an Iraqi Kurd, says.
This really is a matter of life or
death.
Travelling to Iraq would invalidate his
permanent residence status, Mr Shams
has been told, but Im not going to leave
my wife or my family behind, he says.
Even if I have to risk my life, I have to
go back.
One Iraqi soldier working for the mili-
tary in the US, says his parents, who
have immigration visas but are waiting
for their green cards, are in limbo.
They had planned to shuttle to and
from Iraq, where they have a relative
who has had a stroke, but fear their re-
entry will be blocked. The soldier also
fears that his brother and sisters asylum
applications will fail.
I risked my life for the sake of the
United States of America and my col-
leagues there. They brought me back
here and I am grateful for that, he says.
But my feelings today are that you cant
keep taking from me, and not give any-
thing back.
The executive order has also left
immigrants and foreign US residents
stranded at airports around the world.
Ibrahim Dujaili, an Iraqi with Belgian
or passage to other countries.
Critics claim that hundreds of thou-
sands of people in the regional commer-
cial centre of the United Arab Emirates
could be affected by the US travel ban,
disrupting business operations.
The risks for these people
is really high. They will
really be targeted. This is
a matter of life or death
Iranians could also be hit hard by the
measures. There are an estimated 1m
Iranian-Americans, many of whom left
their home country after the 1979
Islamic Revolution, but kept strong
bonds with family in their country of
birth.
To protest against the ban, film star
Taraneh Alidoosti announced she
would boycott the Oscars in Los Angeles
on February 26, where the Iranian film
The Salesman is nominated for the acad-
emys best foreign film award.
The ban particularly affects Iranian
students in the US who cannot risk leav-
ing to visit their families.
If Im allowed to continue my educa-
tion, it means my family can no longer
come and see me and I dont dare to go
home and see them, says Nazi, 23, a stu-
dent studying music in Virginia.
The ban means I will miss my only
sisters wedding. Its so depressing.
Reporting by Erika Solomon in Beirut,
Najmeh Bozorgmehr in Tehran and Simeon
Kerr in Dubai
8 FINANCIAL TIMES Monday 30 January 2017

ARTS

At last ballet that really rocks POP

DANCE
Justin Peck: The Times Are Racing
Lincoln Center, New York
aaaaa
Apollinaire Scherr
It is always exciting to learn that a ballet
choreographer has gone native, setting
his work to rock or some other unnatu-
rally loud genre, and it is almost always
disappointing to hear the result. The
orchestration that major classical com-
panies favour saps this music of its grit
and menace. So the first brilliant thing
that Justin Peck did for his sneaker bal-
let The Times Are Racing was keep the
four tracks from Dan Deacons album
America intact. From your earbuds to
the New York City Ballet stage.
Americas rock-anthem grandeur,
electronic crackle and hardcore drums
combine with the hollow white noise of
recorded sound to prompt awe and
dread. City Ballets resident choreogra-
pher matches this uneasy mix with his
darkest, saddest, but also loosest, freest
and most grounded dance to date. While
his hallmark sensitivity to the group
remains strong, Peck has nuanced the
relation of tribe to individual.
The pieces opening salvo alerts us to
the shift in tone. The dancers huddle
with heads bowed like the wretched of
the earth. A dancer in a bright coat (by
Opening Ceremonys Humberto Leon)
rises from the circle as their happen-
stance leader. After a few more huddles
and mascots, the group splinters into a
beautiful chaos.
The 20-person work keeps imagining
what holds us together, as a group and
individually, and what knocks us apart.
PODCAST
Does La La Land deserve
its record-equalling 14
Oscar nominations? We
discuss on the FT culture
podcast, Everything Else.
Plus artist Idris Khan on
why he photographed
every page of the Koran
ft.com/everything-else
In a soft-shoe number that both hunkers
down, Savion Glover style, and roves la
Gene Kelly, Robert Fairchild (moon-
lighting as the star of An American in
Paris) and Peck (yes, dancing) hold close
to the beat, to each other and to the floor.
Eager and dizzying, Tiler Peck, at her
most low-key and appealing, literally
runs circles around Amar Ramasar: a
rare instance in ballet romance of the
woman being neither passive nor pun-
ished for wanting. The lovers carry on
aftereveryonehasreturnedandgrabbed
a partner of their own. People, according
to The Times Are Racing, are porous,
absorbing willy-nilly each others pain,
hope and most strikingsteps.
To February 4, nycballet.com
visiting maestro, 64, supervised the
pomp and quasi-circumstance, also the
heroic Sturm and sprawling Drang, of the
mighty Fifth Symphony. This served as
a clangorous encore of sorts to the hum-
along gusto, 45 minutes worth, of the
Second Piano Concerto.
Although he tended to favour gran-
deur over subtlety, Bychkov exulted in
controlled frenzy. In the process, he
reminded us that introspection does not
come easy with the hyper-romantic
challenges at hand here. The orchestra
responded to his surging urgings with
tireless bravura. The incidental solos,
moreover, were elegantly dispatched by
resident work-horses Frank Huang
(violin) and Carter Brey (cello).
The evening belonged, however, to
pianist Yefim Bronfman, who bounced,
pounced and soared through the con-
certo as if this ferocious enterprise were
precocious childs play. With fingers
seemingly made of flexible steel, he sug-
gested Bychkovs super-speedy tempos
were mere adolescent play. For all his
vigour, Bronfman also reminded us that
all melodic lines, even in this context,
benefit from dynamic variety and
expressive insight. To call him a master
is a silly understatement.
As if the Tchaikovsky orgy posed
insufficient demands on both sides of the
proscenium, the lengthy concert began
with a bit of whimsical Glinka. His Valse-
Fantaisie, ultimately revised in 1856 with
the help of Rimsky-Korsakov and Glazu-
nov,madeamerry,intricate,expendable
Sneaker ballet: noise for all of six minutes. Next time he
New York City CLASSICAL MUSIC comes, perhaps Bychkov could give us a
Ballet performs Glinkafestival.Wehaveenduredworse.
The Times Are NY Philharmonic/Bychkov
Racing. Right: Geffen Hall, New York metopera.org
pianist Yefim aaaae
Bronfman
Paul Kolnik; Hiroyuki Ito/Getty
Martin Bernheimer
Semyon Bychkov, the flamboyant Rus-
sian migr, is having his gutsy way these
days at the New York Philharmonic. For
thenextthreeweeksheiswavinghishec-
ticbatonathisapparentlyfavouritecom-
poser in a series dubbed Beloved Friend
Tchaikovsky and his World. The house
blurbs, ever optimistic, describe this
ratherpretentiousprojectasfestive.
And so it was, to a degree, when the
Lambchop
Roundhouse, London
aaaee
Ludovic Hunter-Tilney
I wanted to make a record my wife
wouldlike,KurtWagnersaysofhisband
Lambchops latest album FLOTUS (For
LoveOftenTurnsUsStill).MrsWagnercan
take pride in the uxorious gift. FLOTUS
the acronym for the first lady of the US, a
nod to Wagners wifes activism in Nash-
ville politics is tender and thoughtful.
But it sets a challenge to his other long-
termcompanions:Lambchopsfans.
Now in their fourth decade, the band
has had a digital makeover. At the
Roundhouse, Wagner, in customary
truckers cap and windcheater, prodded
an electronic console like a haulier get-
ting to grips with a large new sat-nav
device. Leaning into the microphone, he
sang in hushed, conversational tones, an
old friend imparting confidences. Yet
the effect was estranged by the compu-
terised processing through which his
voice was fed, translating it into an
Auto-Tuned warble.
The tech trickery was a far cry from
Lambchops origins in the organic mulch
of country, soul and roots-rock. So were
the programmed beats that tintinnabu-
lated in other tracks. Wagner was joined
by an edited version of Lambchops
line-up. Tony Crow sat at a grand piano,
Andy Stack was on drums and Matt
Swanson played bass.
The one outright misfire, Directions
to the Can, caused bemusement with
unruly electronic clicks and artificially
deepened vocals floundering against a
jazzy backwash. Wagners processed
singing also had the side-effect of mak-
ing his lyrics hard to decipher. But as the
set unfolded continuities with the subtle
textures of Lambchops previous work
became clear.
Songs had a handsome mood of quiet-
ness, still but ornate. Brushed cymbals
and mellow basslines imparted a golden
glow; reflective piano melodies lapped
back and forth. What Wagners elec-
tronically treated voice lacked in intelli-
gibility it gained in musicality, as though
merging into the harmonies. He and his
band have not so much rejuvenated
themselves as found a fresh way to
mature gracefully.
lambchop.net

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Who needs answers anyway?
PODCASTS
Fiona
Sturges
Unexplained,theBritishpodcaston
horrorandtheparanormalthathasjust
returnedforasecondseason,bringswith
itapotentialsnag.Whenamystery
presentsitself,wetendtowantanswers
weliketheunexplainedtobeexplained.
NarratorandwriterRichardMacLean
Smithdoesntseethisasaproblemfor
hisfortnightlyshow,however,and
insteadreliesonevocativewritingand
solidresearchtosparktheimagination.
Partofthetensionofthesestories,he
hopes,liesinnotknowing.
Thestoriesareundoubtedly
compelling.TryResurrectedDreams,
theepisodeaboutJohnandFlorence
Pollock,whosetwochildrenwerekilled
inthe1950sandwholaterhadtwinsthat
seemedtocarrythescarsoftheirdead
sisters.OrlistentoDemonsin
Suburbia,abouttheaYorkshiremans
1974exorcism,thelasttobecarriedout
bytheAnglicanchurch.
Thelatest,WhispersintheTrees,
landsusontheedgeofaWestMidlands
countryestatein1943,wherefour
hungryyoungboysarehopingtosteal
eggsoutofbirdsnests.Whenoneof
themspotssomethinginawychelm
tree,heclimbsintoitshollowtrunkfora
betterlook.Whathefirstassumesisan
eggturnsouttobeahumanskull
belongingtoawomanwhodiedatleast18
monthsearlier.
MacLeanSmithtakesusthroughthe
earlypoliceinvestigationsaswellas
delvingintotherumoursandconspiracy
theoriesreportedatthetime(thisisa
two-parter,sotherearemoretwistsand
turntocome).
Hebringsahigh-mindednesstohis
storytelling,quotingfromwritersand
philosophersandreflectingonthe
humandesirenottodiealone.There
are,however,elementsofUnexplained
thatremain,well,inexplicable,such
asthelongpausesthatleaveyou
wonderingiftherehasbeenarecording
glitch,orwhether,withallthespooky
goings-on,MacLeanSmithhasgonefora
quicklie-down.
Thewritingisalsoovercookedat
times.Inrevealingthatthepolicesought
alocalmantoguardtheskeletoninthe
treeovernight,MacLeanSmithnotes
howhekeptwatchovertheremainsof
theunknown,encasedlikeamissive
fromtheunderworlditself,insidethe
naturalcoffinoftheoldwychelm.Such
momentsdontsomuchbuildsuspense
asbreakthespellentirely.
Evenso,withstoriessuchasthese,its
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grislytreat.
Forfurtheruneasylistening,Black
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The Pollock
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feature in
Unexplained

film noir by Rudolph Mat, released in open up new possibilities, choreography

DA N C E
Motion Picture
Thtre des Abbesses, Paris
aaaee
Laura Cappelle
Early on in Lucy Guerins Motion Picture,
the audience watches dancers who are
watching a film on a screen at the back
of the auditorium, and mimicking its
dialogue. Their lip-syncing is meticu-
lous, and they hop on their chairs to
show changes in camera angle. When
there is a kiss, they rub their cheeks
together without losing sight of the
moving images.
Guerin, a leading Australian choreog-
rapher, has set herself a curious chal-
lenge with this work, given its Paris pre-
miere at the Thtre des Abbesses. The
film being imitated is D.O.A., a classic
1950. Guerin and her six dancers strive
to use it as a score while it is being
shown in its entirety; the mime gives
way to more imaginative choreographic
digressions, but the concept eventually
reaches a dead end.
The first half of Motion Picture does
make for an intriguing comparison.
D.O.A. opens with a lengthy sequence
tracking the heros walk to a police sta-
tion, where he reports his own murder:
a poison will kill him within days. On
stage, a dancer reproduces his frantic
pace to perfection; here, as in the witty
dialogue sections, the performance
underlines the carefully choreographed
rhythm of Mats cinematography.
Unfortunately for Guerin, the film
keeps drawing the eye. Its not an unu-
sual issue for dance productions, which
now feature video as a matter of course,
often to provide a background or facili-
tatetransitions.Butwhilemovingvisuals
often struggles to compete. In the case of
Motion Picture, a dancer fainting prettily
lacks the theatricality of D.O.A.s hero
learningabouthispredicament.
Presumably to prevent us from
watching the movie throughout the
piece, the screens showing D.O.A. (in
addition to the one behind the audi-
ence) are installed high up on both sides
of the auditorium. The films dramatic
tension is far greater than the dances,
however, and many audience members
around me spent much of the evening
craning their neck to catch scenes.
When it distanced itself from the film,
the choreography was loose and precise,
yet lacking in tension. Better use of the
films ambient sounds would have given
it more of an impetus, but ultimately
Motion Picture sets up a competition that
it cant win.
theatredelaville-paris.com/aux-abbesses
Monday 30 January 2017
Angela Merkel has vowed to defend the liberal order and win a fourth term as chancellor. But officials
fear intervention from Moscow in the election campaign, with hard-right parties well placed to benefit.
L
isa was a Russian-born teen-
ager living in Berlin who last
January said she had been
abducted and raped by three
men she alleged were immi-
grants, noting they were southerners
who spoke poor German.
As the story spread on social media,
Russian media outlets pounced on it,
widely reporting the 13-year-old girl had
been held as a sex slave.
Before the police could complete their
investigation, Sergei Lavrov, Russias
foreign minister, accused the German
authorities of sweeping problems
under the rug. Berlin responded by
warning Moscow not to exploit the case
for political propaganda.
A few days later, prosecutors con-
cluded the girl had not been abducted or
raped, but had gone to a friends home to
hide from her parents after getting into
trouble at school. Despite the prosecu-
tors findings, Russian media issued dire
warnings about sex crimes committed
by immigrants, prompting an outcry in
Germanys ethnic Russian community.
Protests were staged across the country,
including a demonstration by 700 peo-
ple outside Angela Merkels chancellery.
For Germans braced for Russian
interference in this years federal elec-
tion, the Lisa case offers a precedent
for how it might unfold. The case
erupted during election campaigns in
three regions, when emotions were run-
ning high about the flow of 1m refugees
into Germany and support was surging
for the hard right Alternative for Ger-
many party.
Now Berlin fears that Moscow could
be planning another intervention ahead
of Septembers Bundestag poll with the
aim of undermining Ms Merkel. The
chancellor herself has warned that Rus-
sian internet-based misinformation
could play a role in the campaign.
Hans-Georg Maassen, head of the
domestic BfV intelligence agency, has
put it more bluntly. The Kremlin, he
says, is seeking to influence public
opinion and decision-making
processes because we have a parlia-
mentary election this year.
Berlins concerns are heightened by
[Lisa] has had its effect.
Many people from eastern
Europe have difficulties in
accepting a multicultural
liberal society
US intelligence agencies claims that
Moscow interfered in the US presiden-
tial election through hacking into Dem-
ocratic party computers and releasing
information aimed at damaging Hillary
Clinton to the benefit of Donald Trump.
Battle for liberal values
The stakes in Septembers German elec-
tion could not be higher. Ms Merkel is
running for a fourth term in the face of
widespread criticism of her refugee pol-
icy. The once seemingly invulnerable
chancellor is battling disenchantment
among her conservative voters and the
rise of the AfD, the first hard-right party
since the second world war with realistic
prospects of entering the Bundestag.
Her supporters, led by former US
President Barack Obama, see Ms Merkel
as a liberal beacon in a world of rising
nationalism highlighted by Mr Trumps
victory, the UKs Brexit vote and surging
support for French far-right leader
Marine Le Pen.
An electoral defeat for Ms Merkel or
even a serious setback would be a
huge victory for Russian president
Vladimir Putin. He is keen to break
western unity on the sanctions imposed
over Russias aggression in Ukraine and
annexation of Crimea unity largely
orchestrated and upheld by Ms Merkel.
In the longer term, he wants to divide
the EU, split Nato and push back an alli-
ance that has extended its reach deep
into territory once controlled by Mos-
cow. Weakening the unity of the west
benefits Putin the most, says Norbert
Rttgen, head of the Bundestags foreign
affairs committee.
Moreover, Ms Merkel is seen in Mos-
cow as the pre-eminent representative
of a liberal order that Mr Putin has long
feared might undermine his authoritar-
ian grip on Russia. If she can be hum-
bled, her values could also be tarnished.
EU diplomats say the Kremlin is still
unsure of what to make of the unpre-
dictable Mr Trump, whose latest move
to ban refugees and immigrants from
seven Muslim countries has caused a
worldwide storm. But his criticisms of
the EU, Nato and free trade have made it
easier for Moscow to portray the Ger-
man chancellor who yesterday led the
condemnation of the US refugee move
as isolated.
Sergei Karaganov, a foreign policy
specialist close to the Kremlin, wrote
this month that the world was witness-
ing the end of EU-style liberal politics.
FINANCIAL TIMES
FT BIG READ. GERMAN POLITICS
By Stefan Wagstyl
Russias next target?
Ethnic Germans The old world order is destroyed. We some 3m Russian-speaking immigrants
who had lived in must start building a new one. have arrived from the former Soviet
Russia and who Since the second world war, Russian- Union, including about 2m so-called
now live in a German relations have been free of vio- Russian-Germans descendants of
town in Baden- lent conflict, but political interference German settlers who moved to Russia
Wrttemberg has been frequent. In the cold war, the centuries ago.
call for better divided Germany was home to the Berlin and Moscow formalised these
security amid worlds busiest spies. Later, Germany links with a plethora of organisations,
reports of followed the US in spreading liberal headed by the German-Russian Forum,
immigrant democracy in the former Soviet empire, financed mostly by German business,
attacks last year. with the ultimate aim of binding Russia and the Petersburg Dialog, funded
Right, Russian into the western world order. mainly by the German foreign ministry.
President Under Mr Putins recent strategy, the While post-Soviet Russia was weak,
Vladimir Putin, Kremlin is striking back. Berlin security these institutions were mostly seen as a
left, and German officials fear that, following Moscows way of transferring western values east.
Chancellor apparent success in disrupting the US But now, their critics view them as chan-
Angela Merkel
Marc Eich/EPA
elections, the German poll could be a
tempting target.
Change of influence
nels of Russian influence into Germany.
Under Putin, these networks have
taken on a different, more nefarious
goal: to alter the rules of bilateral rela-
Russia has widespread influence in Ger- tions, influence German policy toward
many, based on close economic, politi- eastern Europe and Russia and impact
cal and personal ties. It is Germanys EU decisions through influence net-
largest energy supplier, with Gazprom, works in Berlin, writes Stefan Meister, a
the state-controlled gas group, develop-
ing big projects in the country and spon-
soring Schalke, the football team.
Russia expert at the German Council on
Foreign Relations, in a report published
by the Atlantic Council last year.
German leaders, especially the cen- With the German political world
tre-left Social Democrats, who are jun- increasingly critical of Mr Putin over his
ior partners in Ms Merkels coalition, authoritarian rule, the Ukraine crisis
spent decades encouraging reconcilia- and Russias bloody involvement in
tion with Moscow. Official figures show Syria, elite opinion has grown wary of
that since the fall of the Berlin Wall, Moscows charms. However, the inter-
net has created new possibilities for
Russia and other foreign powers to
German voting intentions reach the general population.
Per cent The Kremlin uses broadcasting,
CDU/CSU* SPD Greens FDP The Left online news sites, social networks and
AfD Others 50 chat rooms to reach foreign audiences
including in Germany. It has launched a
40 German-language service for Russia
Today, its main foreign television chan-
30 nel. Even more important for communi-
cating to Russian-speakers are the
20 domestic Russian television stations
accessible worldwide via the web.
10 Mr Meister says the output amounts
to propaganda because it includes
0 information deliberately designed to
14 15 16 17 confuse and misinform the audience.
* Christian Democratic Union/Christian Social Union The Lisa case is a good example, he says,
Sources: Wahlrecht; INSA
but there are others in particular Rus-
sian reports about the MH17 aircraft
that crashed over Ukraine in July 2014.
While western officials say it was shot
down by a Russian missile fired by pro-
Russia rebels, Russian media have
without offering much evidence often
blamed Ukrainian forces.
Alexander Rahr, the research director
of the German-Russian Forum, who is
seen as sympathetic to Moscow, argues
that condemning Russian state-backed
media as wholesale propaganda is
primitive. He says: There is propa- Germany in that time
ganda but there are also serious docu-
mentaries. And what is so different
about German television, which is seen
as propaganda in many countries?
Immigrants from the former soviet
bloc are far from being a monolithic
social group, having often integrated
well into German life. Older people
mostly stay loyal to Ms Merkels con-
servative Christian Democrat/Christian
Socialist bloc partly out of gratitude to
the conservative ex-chancellor Helmut
Kohl, who helped end the cold war. But
younger immigrants often admire Mr
Putin, crediting him with restoring
respect for Russia.
There is also an audience for pro-Rus-
sia media in the wider German popula-
tion, particularly in former Communist
eastern Germany, where many people
remain nostalgic about Communist
rule. Attitudes to Russia are more posi-
tive in the east, says a German govern-
9
Kremlin plan Vladimir Putin wants to
push back against the EU and Nato and
get sanctions against Moscow dropped
Early sign After Moscow commented
on the Lisa case Berlin responded by
urging Russia not to exploit the story
Trojan horse tactics Joint institutions
are now seen as channels of Russian
influence into Germany, not vice versa
ment official. It is one of the lasting
signs of a divided Germany.
The Left party, which was formed
from the former East German Commu-
nist party, and is Russia-friendly and
anti-Nato, scores around 5 per cent in
opinion polls in western Germany and
over 15 per cent in the east.
German officials are especially con-
cerned about the hacking of govern-
ment networks for political ends
including a 2015 attack on the Bun-
destag when huge amounts of data were
removed. The BfV intelligence agency
blames this raid on a cyber group
known as APT 28 that is thought to be
managed by the Russian secret services.
The BfV is concerned about the prece-
dent of the US, where data taken from
the Democratic National Committee
damaged Mrs Clintons campaign. Fear
of the potential consequences of the
cyber attack affects everybody in the
Bundestag, say Joachim Poss, a Social
Democrat parliamentarian.
The Kremlin has repeatedly denied
that it played any role in US political
hacking or the Bundestag attack and
dismissed suggestions that it interferes
in other countries elections. German
security officials concede that they can-
not prove that the Kremlin was ulti-
mately behind the Bundestag hack. But
they think it is very likely.
Berlin is hardening its defences
against cyber threats ranging from data
theft to the possible sabotage of govern-
ment institutions and power plants. The
defence ministry has stepped up its
electronic warfare capabilities with a
13,500-strong cyber unit due to be oper-
ational by mid-2017.
There is widespread debate about
how Russian interference could influ-
ence the election result. Some analysts
say the Lisa case will help the AfD win
votes, particularly among Russian
speakers. Sergey Lagodinsky, a
researcher at the Berlin-based Heinrich
Bll Institute says: This has had its
effect and people have not changed
their minds. Many people from eastern
Europe have difficulties in accepting a
multicultural liberal society.
Others argue that the impact of the
case has been exaggerated. Gernot
Erler, the governments special envoy
for Russia, says it actually backfired for
the Kremlin because it was so blatant.
It embarrassed those involved. People
saw that it was complete manipulation.
AfD threat
That may not stop Moscow trying again.
The key to hurting Ms Merkel in the
polls lies in boosting AfD support. Cer-
tainly, the chancellor faces other oppo-
nents including the Social Democrats,
the Greens and the Left party. But they
broadly backed her refugee policies,
while the AfD led the charge against
them. It is also EU-sceptic and Russia-
3m
Flow of Russian-
friendly, and advocates lifting Ukraine-
linked sanctions. Russian interference
in German politics starts with support
speaking immigrants for the AfD, says Mr Meister.
to Germany since the The AfD has seen its support soar
break-up of the from 4.7 per cent in the last Bundestag
Soviet Union election in 2013 to 12-15 per cent in
recent opinion polls. That is well behind
2m
Russian-Germans
Ms Merkels CDU/CSU bloc, which has
around 32-35 per cent, but it puts it
within sight of the second-placed Social
who have moved to Democrats on about 21 per cent.
It is crucial for the AfDs chances to
keep the controversy over immigration
and fear of Islamist terror in the head-
lines. This is fertile ground for Russian
media companies, which routinely
highlight attacks, such as the deadly one
on the Berlin Christmas market.
Online media directed by Russia is
spreading misinterpretation and misin-
formation, says Christian Lindner,
head of the liberal Free Democrats. In
this way, our country is to be destabi-
lised and the AfD made stronger.
Ms Merkels Germany is a difficult
land to destabilise. With the economy
strong, unemployment minimal and
crime low, the chancellors chances of
losing the Bundestag poll are considered
to be small. But so were Mr Trumps
chances of winning the White House. No
one knows whether the Kremlin tipped
the balance there, or what it might
attempt in Germany. But the Lisa case is
not expected to be its last try.
10
MONDAY 30 JANUARY 2017
A capricious rebuke to
Americas best values
Trumps immigration order is as badly designed as it is inhumane
As a statement of moral and political
principle, President Trumps latest
executive order is abundantly clear. It
bans people from Iran, Iraq, Libya,
Somalia, Sudan and Yemen from enter-
ing the US for three months. Syrians
are banned indefinitely. The US refugee
admission programme will be shut for
four months. When refugee admissions
resume, those who are religious minor-
ities in their country of origin will be
given priority. Given the countries sin-
gled out, this can only mean Christians.
These are presented as temporary
measures to reduce investigative bur-
dens during a review of immigration
procedures. The message is unmistak-
able, though: refugees from Muslim
countries riven by war and bad govern-
ment have been singled out for punish-
ment. They can look elsewhere for
shelter. When the doors open again,
refugees place in line will be deter-
mined by their religion.
Anyone concluding that the execu-
tive order is consistent with Americas
best values, or those of liberal democ-
racy more generally, is unlikely to
modify their view on the basis of an
indignant editorial. The order speaks
plainly and leaves those who read it to
make a plain judgment. This newspa-
per can only point out that the US has
long been the worlds strongest voice
for freedom of conscience and human
dignity, and note, with alarm and sor-
row, that Mr Trump has departed vio-
lently from that tradition.
As unambiguous as the ethical issues
are, the construction of the order and
its implications bear analysis. It is
striking in its arbitrariness. None of the
attackers from the 9/11, Orlando, San
Bernardino or Boston attacks came
from the countries picked out. If Mr
Trump is concerned about countries
whose nationals have been involved in
recent atrocities, the absence of nations
such as Saudi Arabia, the United Arab
Beijing will avoid taking
the lead on Pacific trade
A free-for-all is the likely result of US withdrawal from the TPP
One of President Donald Trumps first
acts in office was signing an order with-
drawing the US from the Trans-Pacific
Partnership, a historic 12-nation trade
pact. Critics have responded, in unison,
that with a single signature, the US has
abdicated its leadership position in the
global trading system and that its
successor would be China, which was
now free to write the rules of global
trade, increasing its influence across
Asia and indeed the world.
This assessment is appealingly sim-
ple. It does not square with reality.
America and many European coun-
tries are questioning the benefits of glo-
balisation and turning in on them-
selves. But so far from filling the vac-
uum created by a receding west, Beijing
is indulging its own strain of isolation-
ism. Yes, President Xi Jinping recently
travelled to Davos, Switzerland, to
defend globalisation in front of the
world elite. Back home in China,
though, the government is shutting
down capital flows and erecting vari-
ous barriers to foreign business.
Spooked by big capital outflows, Bei-
jing has all but banned the purchase of
foreign exchange. Cross-border trade is
feeling the pinch.
For many years, China has been the
worlds biggest goods trading nation,
but in 2016 combined Chinese exports
and imports fell by 7 per cent in dollar
terms, after falling 8 per cent in 2015. In
other words, trade is becoming less
important for the Mandarins in Bei-
jing, who have been promoting domes-
tic consumption for years and whose
Made in China 2025 plan envisions a
far more self-sufficient economy.
Excluded from TPP from the outset,
China has halfheartedly pursued a
number of alternatives, including the
Regional Comprehensive Economic
Partnership. But these are very far
from realisation and, given Chinas
spotty record of negotiating multilat-
Emirates and Pakistan is hard to
explain. That the president has busi-
ness interests in several of the coun-
tries notably omitted, and in none of
the ones included, lends the list no
legitimacy. It appears to consist of
states excluded from an Obama admin-
istration visa waiver programme. Why
that group would be chosen in the cur-
rent context is mysterious.
The order was not heralded by a
detailed speech nor justified by a
cogent explanation when it landed.
The heads of the departments of state,
defence and homeland security, and
the director of the Central Intelligence
Agency are barely in their seats. It
appears from their silence on the topic
that they had little to do with the draft-
ing of the order, in which their depart-
ments are deeply implicated. The
administration, it seems, is making it
up as it goes along, and is in a great
hurry. This is a terrible combination.
Fighting extremism with illiberalism
has dangerous consequences. Iraqis,
now tarred as enemies of the US, will
see Iran as a more natural ally. Syrian
Christians, to pick but one vulnerable
group, will now be more natural targets
of anti-American sentiment. Isis has
been handed a propaganda victory. Lit-
tle Trumps in the developing world will
take the lead from the USs newfound
indifference to basic fairness.
No leader outside of the administra-
tion can justify responding with
silence. Talk of President Trump mak-
ing a state visit to Britain should be off
the table while the order remains in
place. Chief executives, who have been
compliant as the president has bullied
them about their global operations,
should speak up. Their voices should
count with a president focused on the
economy. Most importantly, the world
waits to see how much the Republican
Congress is prepared to take before it
puts principle ahead of party.
eral agreements, and the animosity
between China and many of its neigh-
bours, their future is uncertain.
China will continue to pursue bilat-
eral trade agreements with countries
throughout the region. It will also con-
tinue to regard trade as a weapon it can
use to punish smaller countries that get
out of line. Recent examples of this
include South Korea, which has faced
unofficial trade barriers in China since
it announced it would install an Ameri-
can missile defence shield, and the
Philippines, where banana exports to
China were blocked in response to ter-
ritorial disputes in the South China Sea.
The drawn-out negotiations
involved in merely setting a trilateral
meeting for economic representatives
of China, South Korea and Japan shows
just how unrealistic it is to expect an
imminent China-led regional trade
agreement let alone a new Chinese-
dominated global economic order.
The more likely result of Mr Trumps
rejection of TPP will be a vacuum, fol-
lowed by a trading free-for-all. The
chaotic economic situation that ensues
will only increase the danger of conflict
in a region bristling with nuclear weap-
ons, where historical grievances still
fester and rising powers are intent on
regaining lost territory.
In the face of an American retreat,
the most optimistic scenario might be
for China to step swiftly into the role as
regional hegemon, stabilising a poten-
tially explosive region. China is not yet
capable of assuming this role, though,
and it has sent mixed signals about
whether it even wants to do so.
The best outcome for China, the US,
and countries across Asia would be for
Mr Trump to recognise that he still has
an opportunity to make a new deal on
trade with a region that will remain the
fastest-growing in the world for many
years to come so long as it remains
peaceful.
FINANCIAL TIMES
The strong dollar argument is overblown
Sir, The argument put forth by Barry
Eichengreen (Powerful forces will lead
to a strong dollar under Trump,
January 26) bases a good deal of its
alarm on the fact that the US economy
is purported to be near full
employment and exhibiting a lack of
spare capacity. The scenarios
described force consumers to import
more, but of course this depreciates the
currency rather than making it
stronger.
Yet if one looks at the latest data, the
US capacity utilisation rate of 75.5 per
cent (December 2016) is 4.5 per cent
below its 1972-2015 average, hence not
What most countries
need is managed trade
and the US is no exception
Sir, Im not a supporter of Donald
Trump, but Martin Wolf dismisses his
proposed trade policy far too readily
(Trump and Xi battle over
globalisation, January 25).
He writes: Again, these people
believe trade policy determines the
trade deficit. To a first approximation,
this is not so, because the trade (and
current account) balances reflect
differences between income and
expenditure.
Now it is true in the national
accounts that an import surplus is
equal to the difference between
national expenditure and national
output, but it doesnt follow that the
latter is necessarily the cause of the
former. Autonomous import
penetration from competitive suppliers
(for example China and other
countries) will raise imports and
reduce domestic output causing
unemployment. As long as an economy
is not at full employment, the case for
free trade is considerably weakened. As
Keynes put it in his evidence to the
Macmillan Committee on Finance and
Industry in 1930: Free trade assumes
that if you throw men out of work in
one direction you re-employ them in
another. As soon as that link in the
chain is broken the whole of the free
trade argument breaks down.
The welfare gains from trade can be
offset by the welfare losses from
unemployment. What most countries
need is managed trade, particularly to
avoid balance of payments difficulties,
and the US is no exception. The
economic and political challenge is how
to go about it fairly and efficiently, not
to dismiss trade policy outright.
Tony Thirlwall
Professor of Applied Economics,
Keynes College,
University of Kent, UK
Shake off unhelpful
thinking habits
Sir, In her column Why are we
unhappy when we have gyms and free
fruit? (January 23) Lucy Kellaway
refers to Professor Tomas Chamorro-
Premuzics expression an epidemic of
disengagement. I wonder whether this
is a particularly British phenomenon?
When I arrived in Switzerland some
40 years ago as a fairly typical product
of the British educational system, I too
was resentful about my work and
notably about my bosses. When I told
my new Swiss brothers-in-law about
this, they were shocked: Then why
A poignant
reminder of lost
Israeli idealism
Book review
John Reed
We Were
W Were the
the Future:
Futu
F A
Memoir of the Kibbutz
by Yael Neeman, Overlook, $26.95
Letters
close to overheating. If one looks at the
data behind the latest reported narrow
definition of unemployment of 4.7 per
cent, one see that labour force
participation rates are still lower than
they were a decade ago, that
involuntary part-time employment as
reported by the Bureau of Labor
Statistics includes 5.6m Americans, and
that discouraged workers numbered
1.7m, unchanged from last year. This
doesnt sound like an economy
operating at full employment.
What is true is that a large fiscal push
by the Trump administration will have
to be paid for and that smart monetary
Hamlet: thinker
dont you do something else? An
excellent question but the truth was,
I didnt really feel like working at all.
It didnt take long for me to find out
that this attitude is highly unusual in
Switzerland, where people are
generally not only highly engaged with
their work, but go so far as identifying
with it. Even the tedious parts of the
job, which are unavoidable, are treated
as the price of having the job they
want.
Reflecting on this, Hamlets words
come to mind: There is nothing either
good or bad, but thinking makes it so.
The challenge is to shake off thinking
habits that are unhelpful which of
course is easier said than done when
you are surrounded by grumblers.
Bruce Mathers
Zug, Switzerland
Here be dragons and
other misconceptions
Sir, There is a common misconception
that medieval maps used to include sea
monsters and Here be dragons to
mask any problems with suspect
geography. They didnt. It was
unfortunate that a misconception
slipped into George Parkers otherwise
very erudite Notebook column With
May in Number 10, the joke is no
longer on geographers (January 25).
His statement that geography was,
however, suppressed by a Catholic
church still clinging to the idea that the
world was flat is not backed up by
facts which ill becomes any scientist.
Not only was it commonly known from
the fifth century BC that the earth was
round, but this view was actually
endorsed by Church scholars such as
St Augustine.
A related misconception is that the
Church is anti-science. Nothing could
Many Israelis, especially left-wingers,
remember the early kibbutzim the
socialist rural communes that were a
pillar of the Zionist project with
nostalgia, tinged with regret for the
harder, rightwing capitalist society
their country has become.
The novelist Yael Neeman has
written a charming, elegiac memoir of
growing up on a kibbutz in Israels
northern Galilee region. Members of
Kibbutz Yehiam, like others in the
movement, were asked to renounce
private property, and children slept
separately from their parents in
collective dormitories to unmoor
them from the bourgeois family unit
and free their parents for work.
We know nothing about taxes and
fees/ but we know about flowers and
trees, the children sang. The books
clever organising conceit, as its arch
title suggests, is that it is told in the
first-person plural: we.
On Kibbutz Yehiam, religion, or at
least overt practice of it, was banned:
there were no synagogues,
circumcision ceremonies or reciting of
the kaddish prayer for the dead.
Adults were assigned jobs and
summoned for communal activities
such as cinema evenings. During
broadening horizons weeks, high-
school-aged kibbutznik children went
to Tel Aviv to see how capitalist
urbanites exploited the factory
workers, the author writes.
Before and after 1948, the
kibbutzim played a key role in
assimilating Jews from around the
world, steeping them in Israeli culture
policy would likely try to head off a
jump in inflation by selling bonds to
offset Treasury spending. This hike in
rates will of course appreciate the
dollar and is the most likely channel to
watch rather than a diversion of
purchasing power from an overheated
economy, the channel that Eichengreen
highlights. In fact, if trade actions by
the US invite retaliation, which they
undoubtedly will, where the dollar will
end up is anyones guess.
Danny Leipziger
Professor of International Business and
Managing Director, The Growth Dialogue,
Washington, DC, US
be further from the truth: the Church
and science created the Gregorian
calendar, leading scientific scholars
have been clergymen, such as Nicole
Oresme or Roger Bacon, Gregor
Mendel or Georges Lematre. To quote
a letter from Pope John Paul II to the
director of the Vatican Astronomical
Observatory: Science can purify
religion from error and superstition;
religion can purify science from
idolatry and false absolutes. Each can
draw the other into a wider world, a
world in which both can flourish.
Andrew Milligan
Edinburgh, UK
Geography is the truly
socially useful competence Back British farming in
Sir, George Parkers excellent Notebook
in praise of geography (January 25) is the post-Brexit world
overdue but fails to point out the single
most important benefit of a
geographical education. Geography is a
conduit for familiarisation with
others and other places. It may be
under-appreciated in academia by
irrelevant intellectuals and dry
theorists, but in the real world it breeds
a knowledge and understanding that
result in fewer bad things happening
in the world human or physical
out of intolerance of difference or
ignorance of the physical world. Such
an understanding is a truly socially
useful competence and, as such, a
geographical education is a must for
all.
Colin Bryce
Hitchin, Herts, UK
It is young companies
that create jobs!
Sir, With reference to Spain suffers
corporate growing pains (January 25):
creation is inseparable from
destruction. It is not small or big
companies that create jobs it is
young companies that create jobs!
Research published by the Kauffman
Foundation from 1980-2005 showed
that young companies (defined as one
to five years old) accounted for roughly
two-thirds of job creation. More
attention should be paid to
entrepreneurship and the age of
companies in job creation policy
discussions, because the opposite of
creation and destruction is stagnation.
From Nietzsche we learnt that what
does not kill us makes us stronger.
Challenge and hardship make stronger
growth possible. So, long live
entrepreneurship.
Bernab Gutirrez
Chairman,
The Geopolitical Club,
Washington, DC, US
and the Hebrew language. Neemans
parents, like many on the kibbutz,
were Hungarian Holocaust survivors;
later arrivals came from South
America and France, the latter mostly
Parisian Jews who moved to Israel
more out of conviction than necessity.
The Hungarians, eager to assimilate,
shunned their native tongue in favour
of heavily accented Hebrew, but
Shlomit, the childrens nursemaid,
would whisper stray endearments to
them in their native tongue at
bedtime. Parents did not burden
children with stories from the
Holocaust.
Not much happens in this memoir
but it imparts a vivid sense of group
life lived in the countryside at close
quarters, with all of its pleasure,
intrigue, and boredom. Neeman writes
well about how the children visited
their parents on scheduled, somewhat
stiff daily visits in the evening, then
returned to their dormitories at night.
As teenagers, they were bussed off to
regional educational institutions
meant to distance and protect them
from the temptations of family life.
The children returned home at
weekends and holidays as ungainly,
independent-minded strangers. Our
parents on Yehiam asked us not to
crack sunflower seeds in the house, if
possible, Neeman writes. They
asked politely. Didnt demand.
As in all good stories about socialist
utopias, some things do not go to plan.
I wanted Neeman to write more than
she does about the pettiness and feuds
that some former kibbutznikim say
Monday 30 January 2017
Email: letters.editor@ft.com
Fax: +44 (0) 20 7979 7790
Include daytime telephone number and full address
Corrections: corrections@ft.com
UK and France must lead
on European defence
Sir, Emmanuel Macron (Europe holds
its destiny in its own hands, January
25) is right to say that European
defence must be strengthened in an era
in which American leadership looks
increasingly uncertain. But he is
mistaken to argue that this requires a
common European defence policy on
the lines of the abortive European
Defence Community, which the French
Assembly rejected in 1954. A European
army would be, as Churchill said at the
time, a sludgy amalgam, while a
genuinely supranational defence policy
exists only in Utopia.
UK prime minister Theresa May has
rightly said that, although Britain is
leaving the EU, it is not leaving Europe.
Britain and France, as the two leading
military powers in Europe, should now
take the lead in developing and co-
ordinating a European defence and
foreign policy so that Europes interests
are not ignored on the international
stage, as they have been in Syria. But
this must be on intergovernmental
rather than supranational lines.
De Gaulles vision of a Europe des
tats, a Europe acting as a
counterweight to the US in the defence
of its interests, is a more durable and
reliable guide to the future than the
supranationalism of Monnet, Delors
and the founding fathers of the EU.
Vernon Bogdanor
Professor of Government,
Kings College London, UK
Sir, Your editorial A chance to
liberalise British agriculture (January
23) captures the dilemma at the heart
of the challenge facing UK agriculture
as we prepare to leave the EU and forge
new trading relationships, both with
our erstwhile European partners and
with countries further afield.
Consumers and UK food producers
will certainly be presented with
opportunities from the trade
liberalisation that many are now
arguing for as new markets are opened
up. But the risks are myriad too, not
least the strings that will likely come
attached to any trade agreements with
countries such as the US. While you
rather bluntly refer to our domestic
farming sector as inefficient, it glosses
over the fact that UK farmers face an
increased cost base as they produce
food to some of the highest
environmental, health and welfare
standards in the world something
the UK public truly values. Ruthless
pursuit of trade liberalisation puts
these standards at peril. You call on the
government to be bold, as do we: bold
in recognising the true value of British
agricultural produce and backing
British farming in a post-Brexit world.
Nick von Westenholz
Director of EU Exit and International
Trade,
National Farmers Union
Corrections
c The term animal spirits was coined
by John Maynard Keynes, not Adam
Smith as incorrectly stated in a Lex note
on January 27.
c The medieval Catholic church did
not hold that the earth was flat as
incorrectly stated in a column on
January 25.
marred communal living, as Amos Oz
did beautifully in Between Friends, his
book of intertwined short stories. The
author does probe the underside of
the community where she grew up,
though more often she errs on the side
of sun-dappled nostalgia.
She offers an unblinkered,
childs-eye assessment of the
stratification of this supposedly
classless society. Some members had
plum administrative jobs while others
were assigned to the kitchen and
toiled for years peeling potatoes.
Although kibbutz life was meant to
empower women, it was hard on those
assigned jobs as carers. The childrens
houses were supposed to free the
women from childcare but in fact they
imprisoned them in their work
except that they did it with other
children, the author writes.
By the time Neeman, who was born
in 1960, was growing up, the kibbutz
movement was declining, a star
whose light had long since died
and . . . was now on its way to the sea.
Today the childrens homes are no
more, and kibbutzim are villages
whose businesses are run for profit. As
a young woman, Neeman left the
kibbutz. In the end, we were
transformed from the children of the
kibbutz to the ones who left it.
I would love to have known more
about what she makes of the less
idealistic, more unequal Israeli society
in which she lives today.
The reviewer is the FTs Jerusalem
bureau chief
Monday 30 January 2017
The White House and the world
Immigration stirs up passions of national identity
OPINION
Christopher
Caldwell
P
resident Donald Trumps
attempt to shut certain Mid-
dle Eastern refugees and
migrants out of the US by
executive order wont last
long. We know because he said it wont.
Most of its measures are temporary.
That was easily lost in Mr Trumps
garbled syntax about the need for
immigrants who will love deeply our
people and in the often emotional press
coverage. There will be a 90-day hold
on migration from seven politically
fraught countries in the greater Middle
East, a 120-day suspension of refugee
admissions, an indefinite suspension
of Syrian refugees and a cap of 50,000
total refugees this year. Mr Trump
promised something like this during
the campaign, when he spoke of a
ban on immigration from Muslim coun-
Trump is deaf
to the echoes
of history
OPINION
Jacob
Weisberg
G
oing through my mothers
papers after she died last
year, I found a folder
marked 1940 immigra-
tion Jewish relatives.
The pleading letters and desperate
cables it contained told a story I knew
only in broad outline, about how my
grandparents helped a family of distant
relations escape the Nazis at the last
possible moment.
After Kristallnacht in 1938, those rela-
tives Sol and Fruma Teitelmann, and
their two young daughters Hanna and
Mali were desperate to leave Ger-
many in any way possible as quickly as
possible, as they wrote to my grandpar-
ents. As Lithuanian nationals stranded
in Frankfurt, their only hope was to
obtain one of the limited number of US
immigrant visas. My grandfather Mor-
timer Porges wrote a stack of letters to
anyone he thought might be able to help
congressional aides, the state depart-
ment and the Hebrew Immigrant Aid
Society. He filled out forms and affida-
vits promising to provide for the Teitel-
manns in Chicago.
Grandfather Mortimer quickly hit a
catch-22. Without a visa, the Teitel-
manns couldnt book passage; without
How Europe can avoid falling into Americas trade trap
europe
Wolfgang
Mnchau
D
oes President Donald
Trump want to destroy the
EU? We cannot answer this
question definitely, but the
signals he has sent out sug-
gest the bloc should take the potential
threat more seriously than it is.
Just consider this statement by Ted
Malloch, the man widely tipped to be Mr
Trumps ambassador to the EU. Mr Mal-
loch, a professor at the Henley Business
School at the University of Reading, said
he wanted to short the euro. The sin-
gle currency was at risk of collapsing
within the next 18 months, he said.
I am not the greatest euro optimist
myself, but I would be happy to be a
counterparty to this particular trade.
The worst-case scenario for the euro is
tries until we find out what is going on.
But it is now clear that, whatever his
short-term plans, Mr Trump is going to
seek a radical long-term tightening of
US border policy. The executive order
came days after he reaffirmed his intent
to build a border wall with Mexico, and
warned that he would use the power of
the purse to discipline sanctuary cit-
ies that do not comply with federal
immigration law.
The seven countries named in Mr
Trumps order were all Muslim, signal-
ling a return to a selective immigration
policy such as existed before 1965. Call-
ing programmes for Syrian refugees
detrimental to the interests of the
United States shows he is willing to
flout international norms.
Ordering agencies to compile crime
statistics by foreign nationality shows
he is preparing for a longer-term public
relations battle. Mr Trump, whose
approval rating increased to 55 per cent
in a recent Rasmussen poll, has good
reason to believe he can win it.
It may not look that way. Mass immi-
gration is a strategic pillar of the Demo-
cratic party. Though weakened in last
Novembers elections it remains the bet-
boat tickets, they couldnt obtain a visa.
At all events, we do not want to lose
hope, for it would be impossible to live
here any longer in our situation without
hope, the Teitelmanns wrote to my
grandparents in February 1939. But
judging by the file, my grandfather was
a persistent fellow. In February 1940,
the Teitelmanns at last secured a visa
under a Lithuanian quota. My grand-
parents turned to their extended family
to raise $890 for third-class passage on
the SS Volendam. It would be the ships
final voyage from Rotterdam before the
Nazis occupied the Netherlands.
Those letters were the first thing I
thought of on Friday, when President
Donald Trump issued his executive
order banning refugees for four months,
and visitors of all kinds from seven
Middle Eastern countries for 90 days.
Here again was the heartlessness and
bureaucratic caprice that doomed so
many European Jews: the refugees
pulled out of their seats on planes;
the division of families caught on
opposite sides of the border; even the 17-
hour detention in handcuffs of an army
translator who worked with US troops
in Iraq.
Here too was the undisguised reli-
gious bigotry. Mr Trumps order fulfilled
a campaign pledge for a total and com-
plete shutdown of Muslims entering the
United States. Mr Trump no longer
calls his policy a Muslim ban, but his
supporters understand it as such, and
he has been asserting his preference for
Christian immigrants. CNN reported
not its total annihilation but the loss of
one of its members.
More worrying for the EU than a
tough-talking would-be diplomat are
the trade negotiations that will follow
last Fridays meeting between Mr
Trump and Theresa May, the British
prime minister. Opponents of Brexit in
the UK have dismissed the possibility of
a trade pact with the US on the grounds
that Mr Trumps protectionist agenda
would affect Britain as well. Except that
this deal will not be primarily about
trade. It will be a political deal, a vehicle
to sow discord between the UK and the
EU, the one trade deal Mr Trump may
go soft on for strategic reasons.
This is why the hard-bargain rhetoric
on Brexit by some politicians in Brussels
is counter-productive because it drives
the UK into the hands of Mr Trump. It is
in the EUs interests to maintain an open
relationship with the UK. Britain would
get more out of a fair deal with Europe
than from even the cosiest agreement
with Mr Trump. The UK will always
trade more with the EU than the US.
The second, perhaps more imminent
FINANCIAL TIMES
Comment
ter organised of the two parties on such
issues. Their cause is more photogenic.
US television this weekend was full of
interviews with refugees stranded at
airports. Democrats are also better
placed to draw on official mythology:
America is the repository of the worlds
dreams, with a duty to fulfil as many of
them as it can through immigration. So
influential is this view that David Mili-
band, the former UK foreign secretary,
Whatever his short-term
plans, Mr Trump wants
a radical tightening of
US border policy
praised the system Mr Trump is upend-
ing as the strongest, most successful
resettlement programme in the world.
Egyptian novelist Ali Hassan lamented
in the New York Times that the US is no
longer the land of dreams.
Yet, precisely because immigration is
as close to national identity as Messrs
Miliband and Hassan claim, those fed
up with immigration are passionate.
that the orders most vicious provision
a ban on re-entry by green-card hold-
ers who are permanent legal residents
came at the insistence of Mr Trumps
white-nationalist adviser Stephen Ban-
non and over the objection of antiterror-
ism specialists on the National Security
Council.
For American Jews, the scenes of refu-
gees detained in transit hold a particular
resonance. We know that most of us
exist today only because our ancestors,
like the Teitelmanns, finagled their way
into a country where they werent
entirely welcome. That experience
explains why several Syrian refugees
trying to clear immigration before the
The president issued
his refugee ban on
International Holocaust
Remembrance Day
risk to the EUs internal cohesion would
be a unilateral lifting by Mr Trump of
sanctions against Russia. This has not
happened yet but if it did, it would scup-
per the Minsk process through which
the EU, Russia and Ukraine have organ-
ised their trilateral relationship since
Russias annexation of Crimea. The
European sanctions would at this point
become not only politically but also
The instinct of the EU has
been to do the minimum
necessary a policy that
has left it pathetically weak
physically impossible to sustain. Euro-
pean investors would be able to easily
circumvent many of the restrictions. requires only approval by the European
Such a decision would potentially
destabilise and isolate Angela Merkel,
the German chancellor, who has been
pivotal in shaping the EUs diplomacy
towards Russia, at home and in the EU.
It would play into the hands of her coali-
They see the US as a nation-state, not an
agency tasked with fulfilling the dreams
of Poles or Pakistanis. The history of
immigration policy since Ronald Rea-
gans botched compromise of 1986 is lit-
tered with betrayals. Mr Trump does
not have leeway to tell his followers that
all his build-a-wall talk and his sanctu-
ary-city talk and his extreme-vetting
talk was just a manner of speaking.
Mr Trumps finely calibrated sense of
his adversaries vulnerabilities is the
most impressive thing about him, and
the creepiest. Others react to him in
ways that undermine their own dignity
and authority. Mr Trump did not initi-
ate talk of penis size during the election,
his Republican rival Marco Rubio did, in
a vain effort to sound more Trumpian.
Mr Trumps supporters did not march
with vulgar posters of female genitalia
the protesters at the anti-Trump
womens march did, perhaps as a means
of countering Mr Trumps vulgar pri-
vate remarks about women.
Now, during the 90 or 120-day period
in which Americans try to find out
what is going on and form an opinion
on whether to make the US migration
regime permanently stringent, activists
deadline were being met by groups from
synagogues that were sponsoring their
resettlement. Jews witnessing the exo-
dus from the Syrian city of Aleppo or
Isiss atrocities against the Yazidis, cant
but see ourselves in parallel.
Mr Trumps deafness to these echoes
is staggering. His executive order
capped a week that began with his
declaring a position of America First
in his inaugural address. He either
doesnt know or doesnt care that was
the slogan of Americas pro-Nazi isola-
tionist movement, which accused Jews
of drawing the country into war. Ever
ready to give offence, Mr Trump issued
his refugee ban on International Holo-
caust Remembrance Day, which he
observed with a statement that failed to
mention Jews or anti-Semitism.
And so it is a Jewish-flavoured reac-
tion that may finally break down the
wall of silence and fear around Mr
Trumps vicious policies. My great
grandparents came from Germany,
Austria and Poland, Mark Zuckerberg
tion partners, the Social Democrats,
ahead of Septembers election.
In view of those threats, the EU should
consider the following four actions.
First, I would urge an immediate
increase in defence spending to 2 per
cent to fulfil the Nato commitment.
Many EU countries are vulnerable to
accusations that they have not contrib-
uted their fair share. With pending elec-
tions in France and Germany, and quite
possibly in Italy, this is not the best time
for the EU to produce a grand joint
defence initiative beyond what is
already in the pipeline. But an increase
in defence spending can be achieved.
Second, the EU should fast-track the
talks around Article 50, the mechanism
for exiting the union with the UK. Brus-
sels should seek to negotiate a provi-
sional, narrow free-trade deal that
institutions, rather than the national
parliaments of the remaining 27 mem-
ber states. A fast-track Brexit pre-deal
would benefit both sides. A more com-
prehensive agreement could come later.
Third, the EU should consider enter-
will probably be on television every
night. They will be stomping and chant-
ing in the streets, in headscarves and
keffiyehs, and holding signs reading
We Are All Muslims Now, as one pro-
tester outside Kennedy International
Airport did this weekend. Make no
mistake, said California Democrat
Kamala Harris, This is a Muslim ban.
Senator Harris may be right, But say-
ing so is unlikely to damage the presi-
dent. Mr Trumps supporters are not
blind. They see the same country his
opponents do. The public understands
that the vast majority of immigrants
and refugees are not terrorists. Mr
Trumps voters are simply those who
have been shaken up by news reports
about bombings in Paris and Brussels,
and who now want policies to match.
There has lately been a lot of mockery in
the press about Mr Trumps fondness
for alternative facts. If only that were
the problem. Senator Harris and Mr
Trumps voters do not differ over facts.
They differ over principles, which is
something more dangerous.
The writer is a senior editor at the Weekly
Standard
wrote on his Facebook wall on Friday
night. [His wife] Priscillas parents
were refugees from China and Vietnam.
The US is a nation of immigrants, and
we should be proud of that . . . we
should also keep our doors open to refu-
gees and those who need help.
On Saturday, Sergey Brin, the Google
co-founder who comes from a family of
Soviet refuseniks, was photographed at cally booming nations in south Asia, the
a protest at San Francisco airport, one of
many that occurred spontaneously
across the country.
The last document in my grandpar-
ents folder is a letter dated September
1946 from the Teitelmanns. Dear Mr
and Mrs Porges, it begins. Enclosed
you find the check for the amount
of $286.00. We are happy today to be
able to return this sum with our
deep gratitude for the unforgettable
deed you rendered us at the time of
great need. Another such time is upon
us now.
The writer is chairman of the Slate group
ing into an economic relationship with
China. Mr Trumps decision to revoke
the Trans-Pacific Partnership, and the
now certain demise of the Transatlantic
Trade and Investment Partnership
between the US and the EU, will open
the way for new economic alliances.
Fourth, the EU will need to fix the
eurozone, and not just to frustrate Prof
Mallochs proposed shorting. This crisis
is in its eighth year. The EU needs to stop
quarrelling about Greece or fretting
about whether the euro can survive the
next Italian elections. There are not
many options left to fix the eurozone.
The history of monetary union has
shown us that it needs to be embedded
in a political union to be sustainable.
The EUs instinct over the past decade
has been to do the minimum necessary
a policy that has left it pathetically
weak. Europeans should stop hyperven-
tilating about Mr Trump but look at
what the EU needs to do. It will not be
able to muddle through for four years,
let alone eight, of a Trump presidency.
munchau@eurointelligence.com
11
South Asia
speaks the UKs
language on
joint ventures
DAIVA
REPECKAITE
This article is one of the winners of the FTs
Future of Britain project, which invited
readers to submit ideas for the UKs global
role post-Brexit. See ft.com/futureofbritain
I
f Britain turns its back on Europe, it
should look to south Asia. Thanks
to the growing populations and
multi-speed economies in that
region, south Asia is likely to show
more patience, compared with conti-
nental Europe, in dealing with the cur-
rent political climate in the UK.
Since British people tend to be the
least proficient in Europe in foreign lan-
guages, leaving them at a potential dis-
advantage in a competitive multilingual
labour market, focusing instead on
countries that use English in business
and education would open the door to a
brighter future for global Britain.
India is the most common country of
birth among the foreign-born British
population at 9 per cent, while Pakistan
is third at 6 per cent and Bangladesh
eighth at 2 per cent. These expats could
become a cultural and economic bridge
after Britain has left the EU. These coun-
tries specialise in outsourcing and IT, as
well as textiles and agricultural indus-
tries.
Their economies are complementary,
not competitive, to the UKs. Legal
access to jobs in Britain would also boost
the development of these countries
there is much to be gained from a two-
way exchange.
The uncertainty resulting from the
Brexit vote, gives the UK an opportunity
to streamline its policies with another
region by combining education, devel-
It does not have to be a
one-way flow: British
people could find jobs
abroad as teachers
opment aid, human rights and trade. In
last years referendum, British voters
showed how unhappy they were with
EU workers taking up low-skilled jobs.
At the same time, thousands of workers
in India, Pakistan, Bangladesh and Sri
Lanka would be happy with new oppor-
tunities to work in the UK.
By turning towards the demographi-
UK could provide workers with simpli-
fied, even if temporary, access to its
labour market for say, five years.
People from these countries often try
to reach Europe illegally, by dangerous
routes, only to face rejection. The
opportunity to work legally in the UK
would encourage many to spare them-
selves the trouble. It does not have to be
a one-way flow: British people could
find jobs abroad as English teachers,
and cultural or business consultants in
these countries.
High-skilled workers should benefit
from easier access to jobs in the UK, and
a framework similar to the European
Commissions Horizon 2020 pro-
gramme could be developed for
research and scientific co-operation.
This could be accompanied by an Eras-
mus-style academic exchange pro-
gramme with universities and voca-
tional training schools in south Asia.
Such a scheme would build upon the
prestige that British universities already
have in the region.
By making it easier for south Asian
companies to set up in the UK, it has the
potential to become a destination for
businesses wanting to benefit from pref-
erential trade agreements with the EU,
which are likely to be drawn up in some
form.
With all the new opportunities, the
British government should finally dare
to tax its businesses appropriately,
blocking UK businesses from at least
some of Europes tax havens (the Neth-
erlands and Luxembourg). It could go
on to create a framework where busi-
nesses would take responsibility for
the larger social and cultural impact cre-
ated by their quest for ever-cheaper
labour.
It seems clear that the UK is leaving
the EU. If it wants to make the most of
opportunities presented by Brexit, it
will require some bold thinking. Look-
ing eastward is a good place to start.
The writer is a policy researcher based in
Malta
12 FINANCIAL TIMES Monday 30 January 2017

WORK & CAREERS

CEO succession

Chief executive is a highly paid, high- tipped to become chief executive at contest where competitors must fight any selection process stimulates the
profile role, for which highly motivated Goldman Sachs, the emblem of the to the death [and] the last [person] hopefuls ambitions and puts

is boardroom pretenders have prepared for years.

The only surprise is why anyone is
Wall Street establishment that
candidate Trump had excoriated.
standing wins.
It seems sound advice. By contrast,
headhunters on to their trail.
In which case, why ignore the

Hunger surprised that recruiting a new one

often descends into a brutal contest
that wreaks havoc with the normal
Games running of the company and leaves
turmoil in its wake.
Everybody knows what the
ingredients of a smooth handover
should be. Recruit, train and develop
your people, so enough are capable of
doing the senior jobs when the time
comes. Discuss likely successors
regularly with the board. Employ
Those improbable events forced the
bank to rewrite its line of succession.
Another risk is simply that rivals will
start to exhibit rivalry. In the first
decade of this century, some big
companies acknowledged this
tendency by favouring a gladiatorial
approach to chief executive succession.
Before his retirement as the head of
General Electric in 2001, Jack Welch
publicly pitted three divisional heads
against each other. Pfizer ran a three-
the acrimonious 2006 Pfizer campaign
featured secret meetings to lobby
directors and anonymous email attacks
on Jeff Kindler, the eventual winner.
A competition distracts managers
from running their part of the business.
It yields a champion, but turns
runners-up into losers. The new chief
executives honeymoon is consumed by
efforts to placate rivals and keep them
on board, even as he or she is getting
used to arduous new leadership duties.
inevitable? Media will always describe
chief executive recruitment as a battle,
as they have in reporting Goldmans
Media will always
describe the
decision to name co-presidents in place
of Mr Cohn. Boards should prepare
accordingly. Instruct contestants that
recruitment any whiff of skulduggery will disqualify
processes as a them. Ensure the pipeline is well
stocked so when the also-rans leave, as
battle, so boards they will, disruption is contained. Keep
should prepare talking to the affected managers.
Hunger Games may eventually die
accordingly

headhunters to survey the horizon for
promising outsiders. Throw in a dash of
neuroscience and a pinch of psychology
to offset unconscious bias. Repeat
every six or seven years.
The assumption is that governance
alchemy can convert the selection of a
new chief executive into a transaction
as uncomplicated as buying a new suit.
In fact, it is always at the mercy of
human frailty, chance and subjectivity.
Andrew Hill Threats to the best-laid succession
plans include the shock departure of
Onmanagement your heir apparent. Even if you bet
Donald Trump would be president, for
instance, you probably did not bet he
would select Gary Cohn as his top
economic adviser. Mr Cohn had been
way race for its top job in 2006.
GlaxoSmithKline had a beauty
contest for the successor to Jean-
Pierre Garnier in 2007, assigning
special projects to three contenders to
test their capabilities, before handing
Sir Andrew Witty the job.
In selecting Emma Walmsley as Sir
Andrews replacement last year, GSK
took a more conventional path: vetting
candidates, asking them to lay out their
priorities for the pharmaceutical
company, and trying to keep the
process private. GSKs chairman Sir
Philip Hampton has since cautioned
companies against what he called
Hunger Games behaviour among
aspirants a reference to the fictional
The problem is that, whatever the out. The whole process is already more
method chosen, it is hard to change professional than it once was. Shared
chief executive without hurting those leadership, when named leaders take a
who are not chosen, or triggering lower profile, is coming into vogue.
further change at the top. Some studies even say a lottocracy
By all accounts, the GSK succession picking at random from a pool of
was more dignified than the 2007 scrap leaders, as the ancient Greeks and
for the helm. But the group has just Venetian republic did could be as
announced that one of the would-be effective as managed selection.
chief executives Abbas Hussain, But as long as most organisations are
head of the pharmaceuticals division pyramid-shaped, the final desperate
will leave anyway. Mr Welch scramble to the apex is bound to be
recognised early on that the open bloody. The best a good board can do is
contest for his successor at GE would
probably prompt the defeated
stand ready to clear up the mess and
bind the losers wounds.
managers to quit and so it did.
Likewise, at Pfizer both losers left. As a andrew.hill@ft.com
seasoned corporate chairman told me, Twitter: @andrewtghill

Start-ups The Commuter

Listening to hip hop in the car

Blockchain entrepreneurs hold beats train journey to London
AS TOLD TO JANINA CONBOYE

fast to their vision of tech utopia

Chief executives behind
the much-hyped
technology tell Jane Wild
why they believe they
can change the world
Mustafa Mohammed

A
ccording to Valery Vavilov,
if blockchain were in use
today, Donald Trump
would never again be able
to claim that a vote had
been rigged.
The 37-year-old is one of a group of
chief executives developing the new
form of technology and who, instead of
only talking in the corporate language of
strategy and returns on investment,
argue zealously that blockchain will
change the world, making systems from
banking to voting more transparent and
democratic.
Blockchain is an electronic ledger of
transactions that are continuously
maintained in blocks of records. What
excites its developers, investors and
fans, however, is that ledgers are jointly
held and run by all participants. It is
meant to be cryptographically secured
to prevent anyone being able to manipu-
late records, such as who voted for
whom, or who owns a bank account.
Mr Vavilov says his enthusiasm for
the technology is rooted in personal
experience. He grew up in Latvia, and
when the Soviet Union fell, he says, his
parents wealth evaporated in the
ensuing chaos. My parents lost almost
everything, savings, pensions, because
of systems not designed to work for peo-
ple, he says. I studied it, and I under-
stood, this technology can really change
this world.
Such breathless talk is common in the
excitable world of blockchain, which
continually hatches new companies,
often on the strength of optimism alone.
Beyond bitcoin, which divides opinion
between those who believe it has
democratised finance and those who
claim it encourages criminals, there are
few blockchain ideas that have pro-
gressed very far. Detractors view it as a
solution in search of a problem.
But there are already 400 blockchain
start-ups working in financial services
alone, estimates Simon Taylor, a fintech
consultant. Investment of $290m went
into bitcoin and blockchain start-ups
globally in the first six months of 2016,
according to market analysts Juniper
Research.
Banks, stock exchanges and govern-
ments are buying into the hype too and
have called in specialists to work out
whether they need blockchain technol-
ogy. Many executives from traditional
institutions, however, still do not quite
understand what it is.
Weve had top executives from glo-
bal organisations come in here and say
show me a blockchain get me one, get
me two, says a senior figure at a US
start-up, who asked not to be named.
Our joke was why, certainly, would
you like it in blue or green? Like other
electronic databases, blockchains are
not visible to the human eye.
Mr Vavilov co-founded Bitfury in
2011, a lifetime ago by industry stand-
ards. It is now a 250-person business
and is working on a pilot project aimed
at helping landowners in the former
Soviet state of Georgia register and
transfer their property on a ledger, at
Valery Vavilov, the cost of a few cents. Like many entre-
founder and preneurs, Mr Vavilov also believes his
chief executive product will be as popular as ride-shar-
of Bitfury, says ing app Uber.
his enthusiasm Once we start to deliver value like
for blockchain Uber in democratic countries people
is rooted in will start to vote in this technology, he
personal insists, adding: Never disregard the
experience power of a few committed individuals to
John Wendle
change the world.
Similarly enthusiastic about block-
chains potential is Colorado-based
Charles Hoskinson, co-founder of
start-up IOHK, which focuses on Asian
markets. He launched the company in
2015 to build cryptocurrencies, just as
central banks began exploring putting
money on the blockchain.
A mathematician, Mr Hoskinson
believes blockchain has the potential to
reduce societys need for banks, with
people and companies eventually send-
ing each other money over blockchain
platforms instead, without any third
party acting as middleman.
Mr Hoskinson says his company,
working with a global group of academ-
ics, has developed a new algorithm
called proof of stake.
It will help make blockchain applica-
tions quicker and easier to scale up for
wider use in the financial system, he
says. In a commonly made move in the
Distributed ledger: A type of database
Virtual spread across multiple sites, countries or
security institutions. Records are stored one after
the other in a continuous ledger. Data
can be permissioned or
Blockchain: unpermissioned to control who views it.
a glossary Blockchain: A distributed ledger
comprised of unchangeable, digitally
recorded data in packages called blocks
(rather like collating them on to a single
sheet of paper). Each block is chained to
the next block, using a cryptographic
signature. This allows blockchains to be
used like a ledger, shared and accessed.
blockchain community, he has made his
work freely available online for other
developers to use.
While IOHK is working with universi-
ties, a markedly different approach to
bringing the ledger technology to mar-
ket is visible at R3 CEV, a start-up
headed by David Rutter, a former senior
executive at electronic broker ICAP.
Unlike the blockchain developers
who see a future where the dominance
of banks in the global economy is weak-
Never disregard the
power of a few
committed individuals
to change the world
ened by widespread use of the ledger
technology, Mr Rutter has brought
together more than 70 banks and finan-
cial institutions who are keen to make it
work for them.
He says members of his group want to
build blockchain applications to form
part, if not all, of banks operating sys-
tems. Many banks have creaking, legacy
IT structures that were shunted
together following a wave of mergers in
the late 1990s and early 2000s.
Cryptocurrency: Mathematically based
digital currency, such as bitcoin.
Encryption techniques are used to
regulate the generation of units and
verify fund transfers.
Mining: A process in which transactions
are verified and added to a blockchain
this cryptographic problem-solving also
triggers the release of cryptocurrencies.
Proof of work: a system that ties mining
capability to computational power.
Source: Blockchain Technology Glossary,
Blockchain Technologies
Like his entrepreneurial peers, Mr
Rutter speaks in terms of grand visions.
There needs to be deep and collabora-
tive thinking on what kind of infrastruc-
ture you need to support global financial university in Greater
transactions in the cloud, the New
York-based chief executive says.
Mr Rutter argues global banks will
recognise the mutual interest in work-
ing together, not least because this helps
them to cut costs. There is, however, no
strong sign yet of the worlds fiendishly
competitive major banks embracing the
spirit of co-operation.
In November, two members of R3,
Goldman Sachs and Banco Santander,
quit the consortium to continue their
own existing blockchain projects.
Because the business is at such an
early stage, R3 is not yet selling a prod-
uct. Aside from its membership fee,
which industry insiders said is
$250,000, it plans to raise $150m by sell-
ing 60 per cent of the company. Eventu-
ally, however, Mr Rutter aims to make
money from fees that customers pay to
license the technology it develops.
San Francisco-based Chain is another
blockchain start-up that is beginning to to Edgware Road
work with established financial services
businesses. It is working with Visa to
build a network to allow 17,000 of the
credit card companys business custom-
ers to make cross-border payments
almost instantaneously, rather than in
days, using the blockchain.
Investors have put $43.7m into Chain,
according to the company, which
employs former Google and Microsoft
engineers to design applications and
write code.
Adam Ludwin, Chains chief execu-
tive, recounts that three years ago, he
was laughed off the phone when he
called a former JPMorgan executive
about blockchain.
There were a lot of chuckles back
then, he says, but concedes that even
today, there are sceptics.
Chief executive, Genix Healthcare
Commute: Variable
My ideal commute would be
to stay in bed. My father,
Chaudhry Mohammad
Sharif, would stay in his
pyjamas all day and people
would come and meet him
ministers and all sorts. He
started as a traffic warden.
When he retired he was
deputy director of the
Federal Investigation
Agency of Pakistan. He lived
with my mother in Karachi.
I feel like I live on Virgin
Trains as my
home is in
Huddersfield
but I spend
three days a
week 300km
away in London
for work.
When at home
I drive or am
chauffeured to
the Genix
Healthcare
headquarters at Bolton
competition from Uber is
Manchester. I leave between
9.30am and 10am and it
takes about 45 minutes.
Genix also owns and runs 25
dental clinics across the UK.
When in London I have
learnt that the best way to
commute is by black cab
because I am disabled
I had polio when I was
young. I also drive my
Rolls-Royce Phantom. It
takes about 15 minutes from
my Paddington home to
Westminster where I have a
lot of meetings.
I dont really use the
Underground, although the
first time I used the Tube I
was actually very excited.
I went from King's Cross
where there was a lift, which
was great. But when I got
there was no lift,
only stairs. An
Underground
staff member
said I would
have to go
back, so I got
two commuters
to help lift me up
the stairs.
a good job when you think
Music
In Huddersfield I have a
Mercedes S-Class car, which
has a much better sound
system than the Rolls-
Royce. I subscribe to music-
streaming services Spotify
and Tidal. Tidal is expensive
but it has a higher sound
quality. On my way to the
office in Bolton I listen to
old-school stuff like Ja Rule,
below, and R. Kelly. In the
morning it wakes you up.
Apps
One of the best
communicating tools is
WhatsApp. It is great for
business too. You can keep
messages concise, a couple
of lines, and people can
answer straight
away.
In London I use
the Hailo app to
get black cabs. It
allows me to
make a driver
aware that I am
in a wheelchair.
Black cabs really
are the best and
the demise of
these
experienced drivers through
upsetting.
News
I check the news throughout
the day. In the morning I put
Sky News on with the
volume off. I do this so I can
think. I am able to glance at
the screen and pick snippets
of the news with the
subtitles on. If something
catches my eye then I turn
up the volume.
I always read The
Telegraph and I read the
Daily Mail because it is
entertaining. I glance
through The Times and I
read Pakistans Dawn, to
keep up with what is going
on there. I was born in
Pakistan but came to
England when I was six
after I was adopted
by my auntie
and uncle.
I dont read
a lot of books
but the last
one I read
was An
American Life,
Ronald Reagans
autobiography. He did
he came from riding horses
in films to being president. It
will be interesting to see
what Donald Trump is able
to achieve. That is the book
I will really want to read;
Mr Trumps autobiography
when he leaves office.
Monday 30 January 2017 FINANCIAL TIMES 13

WORK & CAREERS

Cambridge steps up into the business school elite

Judge graduates often and Business Research for law firm
Irwin Mitchell show.
excel but doubts arise over Most of those who stay here do so to
the institutions future work in tech start-ups, says Conrad
Chua, head of MBA admissions, refer-
after Britain leaves the ring to the citys reputation as a technol-
EU, says Jonathan Moules ogy centre that has produced the likes of
Arm, a chip designer, and Raspberry Pi,
a matchbox-sized computer.

O
n arrival at Cambridge
railway station, the most
striking sight is not the
universitys medieval col-
leges, most of which are
on the other side of town, but a sea of
cranes towering over a sprawling con-
struction site.
The Cambridge Judge Business School
campus is undergoing a 3,100 sq m
extension. By next year it will increase
the size of the school by more than a
third, adding two lecture theatres and
four seminar rooms. The development
is a physical expression of the ambition
of Christoph Loch, the dean, who says
he wants to grow Judge to the point
where it is entrenched among the
highest ranking business schools in the
world.
Judge, a relative upstart that was
founded 25 years ago, has taken a step
towards its goal, according to the annual
global ranking of MBAs published by
the Financial Times today. The school
was the biggest climber in the global top
10, rising five places to fifth. Its MBA is
now the highest ranked in the UK, hav-
ing overtaken that of London Business
School for the first time.
Judges success, however, heavily
relies on its international student
intake. Ninety per cent of this years 173-
strong MBA class came from overseas,
according to the school. This makes
Judge vulnerable to the challenges likely
to be created by the UKs departure
from the EU. Potential hurdles are
expected to include the loss of research
funding, the need to secure more visas
for students and staff and the possible
dimming of UK career prospects for
graduates.
Any threat to pursuing dynamic
post-MBA career opportunities in the
UK will encourage many international
applicants to think twice, says Matt
Symonds, a Paris-based director of For-
FT ranking methodology
The FTs MBA ranking lists the
worlds best 100 programmes,
based on the progress of alumnis
careers, the diversity of students
and staff and the number of
articles published by faculty.
The ranking is a relative listing
based on 20 different criteria. It is
compiled using data collected from
the schools and 9,000 alumni who
graduated three years ago,
generating average salary increase
figures and a value for money
score for each institution.
tuna Admissions, which helps people
applying to business schools.
Judges elevation in the FTs rankings
has been driven by the ability of its
alumni to secure highly paid jobs. An FT
poll shows average earnings three years
after graduation from Judge are
$164,714 for the class of 2013 or 107
per cent more than their earnings
before their MBAs. One reason behind
this trend is a willingness among alumni
to move long distances first to study,
then to find jobs upon graduation.
Milan Cooper graduated from Judge
in 2013. He moved from New Zealand,
where he had worked as a patent attor-
ney and after graduating was hired by
Bain, the management consultancy, in
Oslo. Three years later, he has more
than doubled the salary he earned
before his MBA.
There are many other courses that
would get you into Bain but it helped to
have a recognised university like Cam-
bridge on my CV, Mr Cooper says.
Judges tuition fees are relatively low:
51,000 compared with the 75,100
charged by LBS, which was also on Mr
Coopers MBA shortlist. Judges course
lasts 12 months, shorter than many
other MBAs. This means lower foregone
earnings and it is why the schools
course has the highest value-for-money
score on this years FT MBA list.
Career opportunities exist for gradu-
ates planning to stay in Cambridge, one
of the UKs fastest-growing cities last
year, data from the Centre for Economic
Judge has attempted to make itself the
hub for all Cambridge students with
start-up ambitions through its Entre-
preneurship Centre, which it estab-
lished in 2015.
However, remaining in the UK is
likely to become more difficult for many
of its students as Britain leaves the EU
and enacts tighter immigration controls
for those from outside Europe.
Foreign applicants will
think twice about
coming if Brexit dims
UK career prospects
Prof Loch, a German national who
taught at Insead for 17 years before tak-
ing charge at Judge in 2011, insists that
the importance of the Cambridge brand
will shield his school from any Brexit
backlash.
Cambridge is one of those British uni-
versities, alongside Oxford, Imperial
Judge Business and Bath, that have been given privi-
Schools star is leged visa status. The Home Offices
on the ascent pilot scheme was launched last year to
ease restrictions on those seeking mas-
ters degrees.
Meanwhile, the threat of cuts to EU
research money is a small factor for
Judge, Prof Loch argues. But he admits
that the falling value of the pound will
make it more difficult to recruit faculty.
It was the Cambridge alumnus, Sir
Isaac Newton, who pointed out that
what goes up must come down. It is a
phrase worth co-opting to help keep
Judges leadership well grounded.
A full list of the top MBA courses can be
found in the FTs Global MBA Ranking
2017 magazine and at ft.com/mba

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14 FINANCIAL TIMES Monday 30 January 2017

Lucy Kellaway Explore more data

and visual journalism
at ft.com/data

I am a difficult Graphical Insight SpaceX

person at Elon Musks SpaceX company made history in 2012 when one of its Dragon
spacecraft became the first from a private company to dock with the International

work and Space Station. SpaceX has designed their Falcon 9 two-stage rocket system to be
affordable and flexible, capable of launching satellites, delivering cargo to the ISS
and, eventually in developed form, taking manned missions to orbit or further.
proud of it Below, we take a closer look at how the system works.
The rocket Mission profile
Composite fairing Key to Falcon 9s
Used for satellite affordability is its Payload
launches re-usable first stage, separation
Dragon spacecraft designed to be
Has two brought, in some
components: instances, to a soft Boostback
a pressurised landing near the burn
capsule, which will launch site
eventually carry
people, and Flip manoeuvre
unpressurised First stage
Thrusters turn
cargo trunk separation
first stage
Grid fins
Second stage around
deploy
Contains fuels for

Difficult Leader the second-stage

engine
Entry
Interstage burn
Connects first and
second stages Ascent
and contains
second-stage
Chris Tosic engine
Last week I had a disagreement on a of the job if you do not enjoy There are lots of different sorts of hopes he is right, given the size of the Grid fins Cost per
matter of principle with a man at work. sometimes getting up the noses of difficult. The books list various challenge that faces her. Deploy to launch Vertical
When I got home, I gave my daughter a
blow-by-blow account of the bust-up,
readers, you are too bland to be any
good. Indeed, as a journalist, being
common varieties, all of which are
unattractive: narcissists, psychopaths,
To settle the matter in my case I
asked a male colleague who, being
manoeuvre the
stage during
$62m landing
expecting her loyal support. Instead personally difficult can serve you victims, gossips, blamers and people thoroughly difficult himself, has never re-entry Engine thrust at
sea level Floating
she rolled her eyes. rather well. I can think of one or two who fly off the handle. been known to deviate from the truth.
landing pad
Poor X, she said, siding with my
adversary.
writers who are so impossible that their
text is never tampered with. Their
Yet there is a further sort of difficult
that I cannot find in any book, and is
No, he said. You arent difficult. You
are immovable, determined, stubborn
First stage 1.5m lb Avoids
Contains Merlin damage from
Poor X? I repeated, thunderstruck. words invariably command pride of not at all unattractive. That is being a and sometimes impossible. engines and their Launch
sea water
You can be very difficult, she place because no editor can face the woman. Women are far more likely to All of which makes me long to be fuel tanks
explained. I dont think you realise it. fuss that would result from doing be called difficult than men. Google merely difficult. Indeed the badge
She is right about the second point. I otherwise. reveals twice the matches for a difficult woman is one I am inclined How the Merlin engines work
do not see myself as difficult I am Being difficult has other advantages difficult woman as for a difficult to wear with pride. Stripped of
perfectly reasonable. To check this was too. It means people tend not to lean on man and most of the references to baggage, it is a compliment that means LOX liquid 3 RP-1 1 Fuels are diverted
the consensus view, the following you for small favours. As one of the difficult men do not count because requiring skill to understand. Proust oxygen kerosene through valves
morning I conducted a survey. I most important tricks of survival in the they continue with to pin down. is more difficult than Enid Blyton. London bus 2 They are then
bearded the first colleague I saw and corporate world is to avoid grunt work, Equally, most of the people calling There is another point about being to same scale
4 burnt in a pre-burner
demanded: Am I difficult? He looked this makes it a powerful weapon. Being women difficult are men. The four difficult. It is a perk that comes with 2 3 Exhaust from the
uncomfortable at being put on the spot difficult also means you are likely to be colleagues I consulted first thing were position. When you are junior, being pre-burner drives
when he had barely taken his coat off. better at getting your own way. It is a all male. Later I put the same question difficult is likely to result in the sack. Landing legs 1
a turbine
Yes, he said. I asked three more balancing act you must be difficult to four FT women. Not especially, The more senior you become, the more Deploy to support
people. All gave the same answer. enough to insist that things are done as was the consensus view. scope there is for you to be difficult the returning 4 It drives two pumps
Being difficult at work is not you see fit, without being so difficult The difficult label is applied to any and more of a call for it, too. first stage supplying fuels to the
generally thought to be a good thing. that people refuse to work with you. woman who is sometimes prepared to This summer I will leave journalism main combustion
On Amazon there are 1,387 titles on be contrary, who does not always agree and start all over again, training to be a Merlin engines chamber
how to deal with difficult people with The more senior you with other people, and who fights her maths teacher. Being difficult with my Nine in total. Two 5 5 Fuel is also
titles such as Since Strangling Isnt an own corner. All of that is vital if you new colleagues will be out of the can be shut down circulated round
Option. I failed to find a single volume
become, the more scope want to get things done or change question, so I am going to enjoy it to without affecting the combustion
called What to do When the Difficult there is for you to be anything at all. Prime Minister Theresa the hilt while I can. mission success chamber and nozzle
Person is Me. Or How to be Difficult and May, according to former cabinet as a coolant
Influence People.
difficult and more of a minister Ken Clarke is a bloody lucy.kellaway@ft.com
FT graphic: Ian Bott Source: FT research

As a columnist, being difficult is part call for it, too difficult woman and one sincerely Twitter: @lucykellaway

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Monday 30 January 2017
Teff times Big food groups on healthy kick
as lean upstarts start muscling in ANALYSIS, PAGE 17
Goldman piles
pressure on
May to protect
City post-Brexit
3 UK warned of European challengers
3 US bank employs 6,000 in Britain
MARTIN ARNOLD AND PATRICK JENKINS
LONDON
Goldman Sachss chief executive has
emerged as a thorn in the side of
Theresa May, UK prime minister, warn-
ing that European financial centres
could challenge London unless her
government gives more priority to the
City in Brexit negotiations.
The stance was evident when Wall
Street bosses met Mrs May at the World
Economic Forum in Davos 10 days ago
to discuss her strategy for leaving the
EU, according to several people briefed
on the closed-door meeting.
Lloyd Blankfein, head of the US
investment bank for more than a dec-
ade, asked Mrs May where financial
services ranked in her top three priori-
ties for Brexit, according to the people.
Blankfein talked tough, said one of
the people. He said there was no reason
why European financial centres cant set
up as effective rivals.
The Goldman boss mostly asked
questions of Mrs May and delivered
them in a light-hearted way, the people
said. Despite the cordial mood, some
Wall Street chiefs in the room detected a
deeper concern about the UKs position
in Mr Blankfeins comments. There
was a particular exchange between
them, said one person.
Goldman was one of the biggest
donors to the Remain campaign in
Junes referendum and employs about
6,000 staff in the UK, its main European
operation. Mr Blankfein has expressed
bemusement to colleagues over how
Mrs May appears to treat finance like
any other industry despite its contribu-
tion to the economy and its exchequer.
Bankers looked on enviously last
October as Mrs May gave Nissan a guar-
Tradition strains Londons
last open-outcry pit
The London Metal Exchange lost its
second senior executive in two months
last week. With brokers complaining
about higher fees and low volumes,
the 140-year-old bourse is at a critical
point, facing rising competition from
US and Chinese electronic rivals.
Analysis i PAGE 18
Companies
Admiral.........................................................20
Alibaba...........................................................18
Anbang Insurance Group...................18
Apple.........................................................1,7,16
BAE Systems................................................2
Babcock International.............................2
Bank of America......................................15
BlackRock................................................15,16
Blackstone....................................................15
Bouygues......................................................18
Braemar Shipping Services..............20
CME Group..................................................18
Chobani..........................................................17
Crawshaw....................................................20
Danone...........................................................17
Dat Group....................................................16
The Financial Times Limited 2017
15
Uphill drive VW hopes to manoeuvre
around EU damages claims REPORT, PAGE 16
Dash for debt Appetite for bonds remains strong but
looming interest rate rises threaten to damp demand
Ex-FCA head
McDermott
Global debt sales in fastest start to a year since 2013
Value of all bank syndicated bond offerings (year-to-date)
set to join
StanChart
Total debt sales ($bn)
800
Average deal size ($m)
500 CAROLINE BINHAM AND LAURA NOONAN
The former acting head of the UKs
financial watchdog is joining Standard
Chartered in the latest move through
the revolving door from officialdom to
the financial sector.
640 400 Tracey McDermott, who left the
Financial Conduct Authority in July
after failing to secure the top job on a
permanent basis, is joining the bank as
head of corporate, public and regulatory
affairs, according to people familiar
with the move.
She joins StanCharts management
antee that its terms of trade would not 480 300 committee as Bill Winters, chief
be hurt by Brexit to win a commitment executive, pushes forward with a
from the Japanese carmaker to expand restructuring to turn round the banks
production at its UK plant. performance.
Mrs Mays meeting with top Wall The bank, which is listed in London
Street executives came only hours after but mostly operates across Asia, the
her address to the Davos elite, outlining Middle East and Africa, has had a tough
plans for the UK to step up to a new few years in which it was fined by US
leadership role in the global economy 320 200 regulators for sanctions breaches and
after Brexit and remain a great global incurred heavy losses on risky loans
trading nation. that turned bad. But its shares have
Some foreign bank bosses were still gained two-thirds in the past year, amid
reeling from her earlier speech in signs that the worst is behind it.
London, when she confirmed for the Mr Winters, who was a member of the
first time that the UK would not be stay- Independent Commission on Banking
ing in the EUs single market or customs that shaped the UKs regulatory
union. City bankers fear this could cut 160 100 response to the financial crisis, has
them off from EU clients. promised to tighten StanCharts compli-
A number of financiers spoke publicly ance and controls and recently warned
at Davos about their plans to move of a zero tolerance approach to rule-
thousands of jobs out of London as they breaking in a memo to staff.
prepared for a hard Brexit, including The list of the banks regulatory woes
the heads of HSBC, UBS and JPMorgan include the US investigations over sanc-
Chase. 0 0 tions and failings in anti-money laun-
Mr Blankfein told Bloomberg TV that dering policies, with a monitor still in
his bank was already slowing down its 1995 2000 05 10 15 17 place until the end of 2017 to make sure
recent shift of resources to the UK Source: Dealogic historic failings have been rectified.
because of Brexit. He said immigration Hong Kong authorities are scrutinis-
had to be Mrs Mays declared priority. ing its role in a 2009 initial public
The prime minister also had a one-to- offering while the FCA has its own probe
one meeting with Stephen Schwarzman ERIC PLATT NEW YORK through bank-syndicated debt sales Potential US tax reforms that could into StanChart, examining how robust
of Blackstone to discuss the best way to JENNIFER HUGHES HONG KONG since the year began, 18 per cent remove the tax-deductibility of inter- its financial-crime controls were in rela-
THOMAS HALE LONDON
approach Donald Trump, before her ahead of 2016s haul a year that est payments would, in effect, lift the tion to correspondent banking beyond
meeting with the new US president last A breakneck start to the year for went on to set the high water mark for cost of borrowing too. Europe.
Friday. The Blackstone boss chairs borrowing by companies and gov- bond offerings according to data There is a big question mark over StanChart declined to comment as
Mr Trumps new strategic and policy ernments across the globe has raised from Dealogic. The figure does not this policy, said James Sarni, a man- did Ms McDermott, who is expected to
forum, which provides the president questions about its sustainability. include bonds sold at auction, such as aging principal with Payden & Rygel, recuse herself from discussion of the
with advice from US business leaders. US Treasuries, or municipal debt. referring to the proposal to remove FCA probe.
Also meeting Mrs May in Davos were Bond sales have started the year at the But debt sales are likely to slow once interest payment deductions. A litigator by training and known for
Larry Fink of BlackRock, James fastest pace since 2013, led by record US interest rates start rising and the Im not willing to say I see another her attention to detail, Ms McDermott
Gorman of Morgan Stanley, Brian offerings from banks in the US and countrys companies are encouraged record year but I think it is highly left the FCA last year. She led the watch-
Moynihan of Bank of America and borrowers in Asia. to repatriate cash held overseas, likely that we could have another year dog in a temporary role after the defe-
Jamie Dimon of JPMorgan. All parties Companies, countries and agencies diminishing the prospects of another of very strong issuance, Mr Sarni nestration of Martin Wheatley as chief
declined to comment. have raised more than $610bn record being set in 2017. added. executive in 2015.
UK investors face forced share sales to
retain airlines licence to fly in the EU
PAUL MCCLEAN BRUSSELS will drop to 49 per cent after Brexit, longer be a European airline with rights
provided the shares of Sir Stelios to fly anywhere, he told Fortune maga-
Some Ryanair and easyJet sharehold-
Haji-Ioannou the founder, who is a zine after last Junes referendum.
ers could be ordered to sell their stakes
dual UK and Cypriot national are IAG, the parent company of British
to EU nationals after Brexit if airlines
classed as EU-owned. Sir Stelioss shares Airways, also has provisions to force
are forced to use drastic legal powers in
are now classed as UK-owned and if this non-EU shareholders to divest within
the scramble to comply with the blocs
continues easyJets shares will be just 10 days but declined to say what per-
foreign ownership rules.
16 per cent EU-owned. centage of its shareholder base would be
When Britain leaves the union, the low- Both Ryanair and easyJet have provi- EU-nationals post-Brexit.
cost airlines would, under their current sions to force investors to sell, should Under their company rules, Ryanair,
structure, breach a strict condition of they fail to lift their shareholder base easyJet and IAG can issue a restricted
their European licences and flying above the 50 per cent threshold. share notice to non-EU shareholders
rights, which requires majority control Ryanair plans first to target sharehold- requiring them to sell their shares to an
and ownership by EU nationals. ers who failed to fill out nationality EU national within a number of days.
Dublin-registered Ryanair is 60 per forms within the required time, accord- EasyJet declined to comment, and
cent owned by EU-nationals, but this ing to company documents. Ryanair said it was too early to say for
will fall to 40 per cent once UK share- Michael OLeary, chief executive of sure what action it would take. IAG
holders are excluded. EasyJet is 84 per Ryanair, has warned of chaos in the said: We will continue to comply
cent owned by EU nationals, but this airline industry after Brexit. Wed no with the . . . regulations.
Companies / Sectors / People
Direct Line..................................................20 IAG....................................................................15 Octopus Investments...........................20 Stanford Graduate School of Property.......................................................20
Business...........................................................1
easyJet...........................................................15 Iliad..................................................................18 Orange...........................................................18 Technology...............................................7,18
Incae Business School.............................1 PanaHome...................................................16 Tencent..........................................................18
Eni....................................................................20 People
Essentra.......................................................20 Insead................................................................1 Panasonic.....................................................16 Total............................................................1,20 Blankfein, Lloyd........................................15
Fastjet............................................................20 JPMorgan Chase......................................15 PepsiCo..........................................................17 Twitter..............................................................1 Bollor, Vincent........................................18
Fevertree.....................................................20 Kellogg...........................................................17 Pfizer...............................................................12 UBS .................................................................15 Bryant, John................................................17
Gazprom.........................................................9 Kind Snacks................................................17 Portmeirion................................................20 Volkswagen.................................................16 Chamberlain, Matthew.........................18
General Electric........................................12 Lamprell.......................................................20 Reckitt Benckiser.......................................2 Drahi, Patrick.............................................18
Sectors
General Mills...............................................17 London Metal Exchange.....................18 Rolls-Royce....................................................2 Fischer, Seth...............................................16
Airlines...........................................................15
GlaxoSmithKline.......................................12 Mars.................................................................17 Royal Dutch Shell...................................20 Jones, Garry...............................................18
Automobiles................................................16
Goldman Sachs....................................12,15 Meatsnacks..................................................17 Ryanair...........................................................15 Mller, Matthias........................................16
Banks................................................................4
Google...........................................................1,7 Mitie................................................................20 SFR...................................................................18 OLeary, Michael.......................................15
Construction...............................................16
Mondelez......................................................17 Shanghai Futures Exchange............18 Richard, Stphane...................................18
Graze...............................................................17
Morgan Stanley........................................15 Slater & Gordon.......................................16 Financial Services....................................16
Rogerson, Simon.....................................20
HSBC...............................................................15
Netflix................................................................1 Smith & Nephew.......................................2 Financials......................................4,16,18,20 Soriano, Sbastien..................................18
Hong Kong Exchanges and
Clearing.........................................................18 Nintendo.......................................................16 Sprue Aegis...............................................20 Food & Beverage.....................................17 Haji-Ioannou, Sir Stelios ....................15
Hotel Chocolat.........................................20 Nissan..........................................................2,15 Standard Chartered ..............................15 Insurance.....................................................20 Zuckerberg, Mark.......................................1
Week 5
16 FINANCIAL TIMES Monday 30 January 2017

COMPANIES
INSIDE BUSINESS
Technology
ON MONDAY

Apple set for return to revenue growth Jonathan

Increase of 4% in iPhone
unit sales expected,
improving on a flat 2015
TIM BRADSHAW SAN FRANCISCO
Apple is expected to return to revenue
growth when the US technology com-
pany reports quarterly results today,
after it recorded its first decline in full-
year sales in more than a decade.
78m devices in the holiday quarter. That
would mark an improvement compared
with the same period in 2015, when
iPhone sales were flat. Nonetheless,
it is a sharp slowdown from the
release of the iPhone 6 in the last three
months of 2014, when unit sales jumped
46 per cent.
Top executives at Apple missed out on
a portion of their bonuses for last year
after the worlds most valuable com-
pany missed its internal sales and profit
Ford
Apples stock has risen by about 20 20 % nue in the country last year, as the
per cent over the past six months, with Rise in the worlds number of customers actively using
many analysts attributing the rally of
the last few weeks to growing confi-
dence the iPhone maker will be able to
most valuable
companys stock
over six months
iPhones and iPads rose.
Last year Apple revealed that more
than 1bn devices based on its iOS oper-
Whatever the deal,
repatriate its $200bn-plus of overseas
cash at a lower tax rate under the 40 %
ating system are in active use.
That disclosure formed part of an
Britain cannot just
Trump administration.
While the iPhone still accounts for
about two-thirds of Apples revenue,
Leap in spending
on the App Store
in 2016, led by
effort that continued throughout the
year to persuade investors that Apple
should be valued more like an internet
copy out EU laws
and an even greater portion of its profit, popular games services business, akin to Amazon or
the company has put a growing empha- Netflix, with a stable and recurring

Analysts predict overall revenue to
rise about 2 per cent to $77.4bn for the
three months ending in December,
the first quarter of Apples 2017
financial year. Unit sales of the iPhone,
the performance metric most
closely watched by Wall Street, are
expected to grow by 4 per cent to about
targets.
In October, Apple reported that net
profit fell 14 per cent to $45.7bn for its
2016 financial year, as revenue dropped
8 per cent to $215.6bn. But Apple also
said that it expected to return to growth
this year, guiding analysts to revenue of
$76bn to $78bn for the first quarter.
Automobiles. Litigation
C
sis on its services business. income from a loyal base of customers, all it one of the conundrums of Brexit. The UKs
Apple said this month customers rather than a gadget company such as prospective departure from the EU might offer
spending on the App Store leapt by 40 BlackBerry or Nokia that could more the country an unparalleled chance to banish
per cent in 2016, thanks to the popular- easily be disrupted by the next big tech red tape and other unnecessary legislation that
ity of games such as Pokmon Go and trend. So far, Apples new devices such bears down on business. But it is also an oppor-
Super Mario Run. as Apple Watch and Apple TV have not tunity business is supposedly anxious not to seize too hard.
Growth from apps accelerated in reached sufficient scale to offset the Already concerned about access to EU markets, bosses
China, in spite of a drop in overall reve- iPhones decline. are mainly intent on preserving legal and regulatory cer-
tainty in the wake of Britains exit. European regulations
may be far from perfect, runs the reasoning, but at least
conformity prevents additional barriers being placed in
the path of their products and services.
Best then not only to retain all of the so-called acquis
communautaire of existing laws after Britains departure,

VW manoeuvres around EU damages claims
Carmaker is resisting calls for
US-style remedies in Europe
after emissions scandal
PATRICK MCGEE FRANKFURT
When Volkswagen pleaded guilty this
month to criminal charges in the US
over the German carmakers diesel
emissions scandal, the companys great
hope was that it would be able to move
on and focus on an ambitious strategy to
become a leader in electric vehicles by
2025.
But in Europe, where almost 9m of the
11m VW diesel cars equipped with test-
cheating software were sold, consumer
litigation is just beginning.
Tens of thousands of VW car owners
are demanding compensation and
thereby to be treated in the same man-
ner as their counterparts in North
America, where the scandal has cost the
If they start to offer a big
deal like they did in the
US, they fear 2.4m people
will want the same thing
company more than $20bn. The latest
part of this European effort will take
place today, when a London-based court
holds a preliminary hearing on a case
brought on behalf of more than 20,000
UK owners of VW cars.
However, having offered compensa-
tion and vehicle buybacks to US car
owners caught up in the emissions
affair, VW is strongly resisting calls
by the European Commission and
some other EU politicians for similar
steps in Europe. And differences
between US and EU legal systems mean
the company is unlikely in Europe to
face anything like the $21bn of scandal-
related expenses it has run up in North
America.
In the US, the case against VW
was close to overwhelming. In Septem-
ber 2015 VW admitted it had installed
illegal software, dubbed a defeat device,
in about 500,000 diesel cars, which
served to understate emissions of
harmful nitrogen oxides in official tests.
The Washington-based Environmen-
tal Protection Agency sued VW, while
hundreds of legal complaints by
aggrieved US car owners were turned
into one large case that amounted
to a de facto class action lawsuit.
A court in California overseeing this
civil litigation demanded VW get
the affected vehicles off the road as
soon as possible, and because the com-
pany had no viable fix for them it
was forced to offer a car buyback
to about 480,000 owners of
2-litre diesel vehicles. In
addition, car owners
VWs e-Golf is were offered at least $5,100 each.
part of its But in Europe the legal position is far
strategy to more nuanced. VW is in the peculiar
become a world position of having admitted to installing
leader in electric cheat software in almost 9m diesel cars
cars by 2025; while at the same time maintaining
below, Matthias the technology did not violate EU laws.
Mller, VW chief The problem for any lawyer fighting
executive Krisztian for damages is that, even though VWs
Bocsi/Bloomberg
cheat software falls within the colloquial
meaning of an illegal defeat device
anything intended to circumvent a vehi-
cle emissions test it is less clear that
the technology breaches the EUs tech-
nical definition.
The applicable EU laws contained in a
2007 regulation defining illegal defeat
devices refer to any element of design
that alters any part of the emission
control system . . . [during] normal
vehicle operation and use.
One person familiar with VWs legal
strategy, who declined to be identified,
said the companys software was an
inter-engine measure.
In other words, the technology
affected NOx discharges before they
reached the emission control system.
Furthermore, the software was acti-
vated in test conditions in a laboratory,
not during normal use on the road.
Meanwhile, while VW concedes its
diesel cars could not pass strict US NOx
emissions tests without cheating, the
company argues that its
European vehicles could in
fact pass EU equivalents,
which are less onerous.
Notwithstanding
VWs defence, Germanys federal motor
transport authority, or KBA, said
in December 2015 that the companys
software did constitute an illegal defeat
device.
However, unlike the EPA, the KBA
has not sued VW. And whereas the EPA
rejected multiple proposals by VW to fix
its US diesel cars, last month the KBA
granted approval for VW to make
changes to the near 9m vehicles in
Europe affected by the affair, saying
they would then meet all EU require-
ments without harming performance.
Several lawyers acting on behalf of
VW car owners in Europe reject the
9m $5,100
VW diesel cars Minimumpayment
equipped with made to each US
cheating software driver in addition
sold in Europe to buyback offer
KBAs authority to take this action.
However, in contrast to the US, class
action lawsuits are not part of German
law, so while thousands of European car
owners are suing VW, they are doing so
on a case-by-case basis.
As VWs home market, Germany is
the EU country with the largest number
of car owners affected by the scandal: a
total of 2.4m.
But VW feels confident it can see off
most of the German cases. German
courts have already decided on more
than 100 cases and, according to
the company, they have sided with VW
in roughly three-quarters of them.
Ralph Sauer, partner at German law
firm Dr Stoll & Sauer, has filed 1,200
cases on behalf of VW car owners in var-
ious German cities. He has more than
8,000 in the pipeline.
VW is fighting every claim individu-
ally, says Mr Sauer. If they start to
offer a big deal like they did in the US,
they fear 2.4m people will want
the same thing.
In the UK, the law firms Harcus Sin-
clair and Slater & Gordon have applied
on behalf of 24,000 British owners of
VW cars for a so-called group litigation
order, which has similarities to a US
class action suit.
Londons high court will hear the
application today, but even if compen-
sation is later awarded, VW is not
expected to run up a similar bill to what
it did with individual US car owners.
Indeed, VW has rejected the case for
paying compensation in Europe. Matth-
ias Mller, chief executive, told German
media last year that paying out some
arbitrary amount in Europe could
cause irreparable damage to VW given
the number of cars involved.
VW says it will fix the software prob-
lem, and it can cite data for instance
from Dat Group, which compiles used
car sales information showing that
the value of its European diesel vehicles
has not fallen following the affair.
To have compensation . . . you need
a loss, and there is no evidence of a loss,
Paul Willis, head of VW in the UK, told
the British parliament last year.
but to commit to remain under the EUs regulatory
umbrella in future. That means periodically checking the
Westminster fax machine to see which new laws parlia-
ment has been required by Brussels to pass.
It is certainly a vision that offers exporting companies
and their investors a degree of certainty. But it is also one
that sells Britains wider interests worryingly short.
Regulation is, after all, a dynamic process. Promising to
swallow whatever you are sent in future is not some mod-
est concession. It exposes Britain not only to a stream of
future directives about product standards, but also to a
host of legislation promoting fuzzier social and environ-
mental goals, as well as harmonising edicts whose princi-
pal purpose is to sweep more activities into Brussels
bureaucratic embrace.
Worse, these affect not only the 13 per cent of Britains
economy that comes from trade with Europe. They are
loaded on to every business, voluntary organisation and
government body with consequent costs for all.
Shorn of its representation on European institutions, the
UKs only guarantee against harmful or unnecessary law
making is that any Brussels directive would also affect EU
businesses. But while that could work with sectors where
the bloc has important political concerns, such as car mak-
ing, it might be less of a check with ones, such as the finan-
cial markets, where it has fewer indigenous interests.
The Bank of Englands governor, Mark Carney, has
already pointed out the risks
of passivity in finance, warn-
ing Britain must not put
It exposes Britain
itself in the position of cut- to laws promoting
ting and pasting [regulatory]
changes which might not be
fuzzier social and
suitable for the UK. In environmental
extremis, he frets, these
could even pose a threat to
goals
financial stability.
But well beyond the financial markets there are risks for
Britain in staying fully within the EUs regulatory ambit.
First, there is the escalating financial burden, estimated in
2004 by the then European trade commissioner, Lord
Mandelson, at 4 per cent of gross domestic product.
That figure looks big enough already, but excludes the
burden of national regulation and administrative costs of
overall compliance, as well as the fact EU regulation has
been growing far faster than the economy. Lump all these
factors together and the Association of European Cham-
bers of Commerce came up in 2009 with a figure of more
than 12 per cent of GDP. Many of these costs may be neces-
sary and proportionate, but others duplicate or serve little
purpose other than to extend the commissions remit. Har-
monising measures can also prescribe solutions that fit
poorly with a countrys cultural or even geographical cir-
cumstances.
Take the 2009 renewables directive, which sits on top of
the EUs climate targets and specifies (entirely unneces-
sarily) that 20 per cent of the blocs electricity must come
from specific technologies, such as wind, hydro and solar,
by 2020. Likely to cost British consumers a thumping
10bn in subsidy, this has been especially burdensome
because the UK had precious little renewable energy to
begin with.
Concerns about control and a desire to avoid such regu-
latory activism have already led the UKs financial rule-
makers to seek a more distant relationship. They favour a
deal based on the legal concept of equivalence.
Its appeal is that it allows countries that share the same
objectives to recognise one anothers standards with the
aim of easing commerce. It does not require identical rules
and compliance procedures.
As a model for recovering regulatory sovereignty, this
has much to recommend it at least for EU-facing busi-
nesses. It marries external co-operation with the liberali-
sation that comes from adopting rules that fit with your
own circumstances. These are the goals Britain should
strive for, not extending the self-forged manacles of regu-
lation by accepting rules from the Brussels fax.
jonathan.ford@ft.com

Construction Financial services

PanaHome stake tests Japan governance code BlackRock warns on risk of Brexit uncertainty
LEO LEWIS TOKYO
An activist fund with a history of pres-
suring Japanese management has
emerged as the largest minority share-
holder of PanaHome, the housebuilder
at the heart of a spiralling proxy battle
and pivotal test of Japans corporate
governance code.
As of Friday, Oasis Capital, which is led
by Seth Fischer, held 4.83 per cent of
PanaHome, putting the fund ahead of
Japans Government Pension Invest-
ment Fund on the shareholder register
and creating what other minority inves-
tors have called a focal point for
applying pressure to management.
Investors now plan to lobby the proxy
advisory group Institutional Share-
holder Services.
The imbroglio centres on a dispute
over what one investor called a fan-
tasy low valuation by PanaHomes
majority shareholder, Panasonic. It has
revived fears among investors that Japa-
nese companies have made little more
than cosmetic progress on governance.
The establishment of Japans first cor-
porate governance code in 2015 was
hailed in many quarters as tangible suc-
cess of the Abenomics programme.
Since then, however, even people
involved in writing the code have admit-
ted Japan has yet to make the cultural
shift necessary for companies to genu-
inely cater to shareholder interests.
Mr Fischers engagement with Japa-
nese management in recent years has
included a three-year campaign to con-
vince Kyoto-based Nintendo to pursue
growth beyond the traditional console
business and release games on mobile
phones an effort that bore fruit in
December 2016 with the launch of Super
Mario Run.
Mr Fischer said: It is important that
prominent companies such as Pana-
sonic take a lead role in applying good
corporate governance, rather than
undermining it and with it the confi-
dence of all shareholders.
JOE RENNISON NEW YORK
BlackRock, the worlds largest asset
manager, is warning bondholders that
Brexit remains a major risk event for
investment portfolios this year as the
UK prepares to negotiate its exit from
the EU.
The fund manager, responsible for over-
seeing $5.1tn in global assets, will insert
warnings into prospectuses of mutual
funds that have significant exposure
to Europe by the end of this month,
according to a spokesperson.
The warning underlines the potential
for bouts of market volatility this year,
as the British government publishes
a bill to authorise Brexit and a number
of eurozone countries prepare for
important elections.
There is a wave of political uncer-
tainty in Europe, said Robert Smith,
president and chief investment officer
at US investment advisers Sage Advi-
sory. But it is tough to run away from
extremely dominant issuers. It is one
It is tough to run away
from extremely
dominant issuers
Robert Smith, Sage Advisory
thing to say they are forewarning us that
this risk is there but how you neutralise
that is difficult.
In recent years, European companies
have issued hefty amounts of dollar-
denominated debt as investors poured
money into US bond funds. Sales of dol-
lar debt from European companies in
2016 climbed to their highest level since
the financial crisis, comprising nearly a
fifth of the $1.5tn of investment grade
and high yield debt sold to investors,
according to data from Dealogic.
This exposure means portfolios could
suffer if market turmoil from Brexit and
European elections blows back across
companiesin the region.
Monday 30 January 2017
Food & beverage
Old guard faces
tough fightback
against lean and
hungry entrants
Newcomers are driving
growth as sugar backlash
brings sharp disruption
SCHEHERAZADE DANESHKHU
CONSUMER INDUSTRIES EDITOR
Teff is a gluten-free, high-fibre ancient
grain native to Ethiopia. It is more likely
to crop up in the vocabulary of Holly-
wood stars than executives of big pack-
aged food companies.
But Kellogg, the US food group, is roll-
ing out teff-based snacks based on Afri-
can recipes as it battles falling sales of its
core cereal products. The new products
are part of a drive to turn round its
snacks business and become what it
calls a global snacks powerhouse.
The consumer backlash against sugar,
salt and artificial ingredients has
redrawn the contours of the food indus-
try. Theres probably more change
today than any time weve seen, cer-
tainly in my history in the industry,
John Bryant, the 51-year-old Kellogg
chief executive, told an investor confer-
ence in September.
Were seeing consumers beliefs
around food change rapidly.
A multitude of small upstarts have
emerged to cater to these changes in
consumer taste and are eating into the
market share of the big food groups. Kel-
logg, General Mills and Mondelez are
seeking ways to respond.
Alexia Howard, analyst at Bernstein,
says: Its hard to believe that in the
space of a few short years the sector has
been transformed from being a safe,
sluggish defensive haven beloved by
long-term investors into a rollercoaster
ride where disruption threatens at
every turn.
This disruption is from new entrants,
which are driving almost all of the
industrys growth, according to the mar-
ket research company Nielsen.
While the biggest 25 food and bever-
age companies accounted for 45 per
cent of total industry sales in the US in
2015, according to Nielsen, they drove
only 3 per cent of the industrys growth
from 2011 to 2015.
That equated to a compound annual
growth rate of just 0.1 per cent.
Nielsen found that a long and mighty
tail of 20,000 companies drove 49 per
cent of growth in the industry equat-
ing to a compound 6.3 per cent. The rest
came from private label and medium-
sized companies.
One of the most fertile areas for
growth is in healthy snacks. Snacks
used to be biscuits, confectionery, crisps
and soft drinks, says Jack Skelly, food
analyst at Euromonitor.
But the category is being redefined
[to] include yoghurt, savoury snacks,
energy bars and nut-based snacks,
he adds.
Sales of traditional snacks are still ris-
ing at a robust rate 5 per cent in 2015
and have a retail value of $505bn. But
healthier, protein-based snacks, are
growing faster, rising 40 per cent since
2011 and 7 per cent last year, with a
retail value of $140bn.
The growth in these markets is being
driven by entrepreneurial companies
such as Chobani in yoghurt; Meat-
snacks, which makes Wild West jerky;
Kind Snacks in nutritional bars; and
Graze, which specialises in boxes of nuts
and seeds.
Chobanis share of the US yoghurt
market increased fourfold in five years,
from 5 per cent in 2010 to 20 per cent in
Protein fix
Nuts, milk derivatives
and grains to the fore
The healthiest snacks really do use
less sugar and fat than their
conventional counterparts.
In place of high levels of flour, fats,
cocoa and sodium, they favour more
protein, including nuts and milk
derivatives, such as skimmed milk
products and probiotic cultures, as
well as grains. The demonisation of
sugar has inevitably created a change
in the types of ingredients used in
snacks, says John George, ingredients
analyst at Euromonitor.
In 2015, 15.5m tonnes of sweeteners
were used in conventional snacks
globally but new, healthier snacks
contained less than a fifth 3m
tonnes, according to Euromonitor.
Marcia Mogelonsky, director of
FINANCIAL TIMES 17
COMPANIES
Crunch time
Upstarts eat incumbents lunch
US snack bar market (% share) US yoghurt market (% share)
25 2015 2016
35
General
20
Mills
33.5 Danone
15
Kellogg
30
2015. At the same time, that of General 25
Mills, producer of Yoplait, fell sharply,
from 35 per cent to 20 per cent. 10
But Big Food is fighting back. Kellogg
sells its teff snacks under its Kashi 21.8 Chobani
brand, a Californian natural food com- Kind
pany it acquired in 2000. And the com- 20
pany is renewing its efforts in the cate- 5 19.6 General
gory of healthy snacks. This month the Mills
groups recently launched venture capi-
tal arm, 1894, made its first investment,
leading a $4.25m funding round for Kuli
Kuli, a start-up that sells drinks and 0 15
snacks focused on moringa, a plant pro-
tein considered a superfood. 2011 12 13 14 15 16
Source: Euromonitor
General Mills is also ramping up its General Mills is redoubling its efforts in the category of health snacks Bloomberg
efforts in healthy snacks. This month
the maker of Lucky Charms cereal and
Hagen-Dazs ice-cream made its second
investment in Rhythm Superfoods, as
part of a $6m financing round for the
maker of kale crisps.
It has also announced a raft of better-
for-you products including gluten-free
Very Berry Cheerios and Nature Valley
Granola Cups.
Ms Howard says: General Mills
learned its lesson and reacted very well
to the rise of Kind snack bars by dou-
bling down on innovation in their
Nature Valley brand. But Kelloggs sales
in this sector have bent to the might of
this new entrant.
Kind, launched by the entrepreneur
Daniel Lubetzky, has taken a 12 per
cent share of the US snack bar market
from almost nothing in 2011. Over the
same period, Kelloggs share has
The sector has been
transformed from being a
sluggish, defensive haven
to a rollercoaster ride
declined from 30 to 20 per cent, accord-
ing to Bernstein.
Mr Lubetzky says Kind bars which
cost roughly three times as much as a
Kellogg equivalent are selling well
because they taste good, contain little
sugar and, depending on the bar, are
stuffed with nuts, fruit or wholegrains.
Were lucky that we are not con-
strained by a legacy of sugary products,
so we can focus on premium products,
he says.
A company whose number-one
ingredient in many processes is sugar
has a harder time convincing consum-
ers to trust them that they are going to
give them a nutritional product.
Kind hopes to make a similar impact
in the UK, where it is sold in 3,000 stores
having entered last year. Eventually it
hopes to have a British manufacturing
facility.
Mr Skelly predicts that the health-ori-
ented companies will eat further into
the market share of the big packaged
food groups. Snack companies such as
Mondelez may think their biggest rivals
are Mars or PepsiCo but the reality is dif-
ferent. Brands such as [Chinas] Yili and
[Frances] Lactalis may be the real
future competitors, he says.
He cites Danones acquisition of
WhiteWave of the US as a sign of the
French companys direction towards
more nutritious products.
Mr Lubetzky is undaunted. Every
large conglomerate has tried to copy us
and yet they cut corners because they
need to achieve a price thats more
affordable, he says.
We are very lucky that we can
command a premium for a premium
product.
Insight at Mintel, the market research
group, says: The overarching trend is
a concern that heavily processed
foods are not as nutrient dense or
healthy as ingredients that are in a
more natural state. Teff and farro may
have seemed exotic in past decades,
but they are becoming more familiar
to those whose food experiences have
become more extensive.
Between 2014 and 2015, the
percentage of new food and drink
products containing chia seeds rose by
70 per cent; those containing teff by 31
per cent and quinoa 27 per cent,
according to Mintel. The demand has
pushed up prices for on-trend
ingredients. Quinoa prices peaked in
January 2014, according to Mintec, the
commodity data group.
Launches of food and drink
products containing kale grew
sevenfold between August 2011 and
July 2016, according to Mintel.
18 FINANCIAL TIMES Monday 30 January 2017

COMPANIES

Property Telecoms

Chinese pump $33bn into overseas property Watchdog in

Record for 2016 highlights
disruption caused by
tighter capital controls
GABRIEL WILDAU SHANGHAI
Chinese real estate investment abroad
rose by more than half last year to a
high, highlighting the potentially dis-
ruptive impact of tighter capital con-
trols imposed late in the year to discour-
age outbound money flows.
Overseas investment from China in
residential, commercial and industrial
property totalled $33bn in 2016, up 53
per cent from a year earlier, according to
global real estate group JLL, as Chinese
buyers snapped up office buildings,
hotels and residential land.
The US was the most popular destina-
tion for the second consecutive year,
drawing $14.3bn of investment, fol-
lowed by Hong Kong, Malaysia and Aus-
tralia. The UK ranked fifth, down one
spot from 2015, but in value terms
investment rose to $2.2bn, up from
$1.8bn in 2015. The UKs best year was
2014, when it drew $4.9bn to rank first.
The biggest deal of the year
was Anbang Insurance Groups $6.5bn
purchase of Strategic Hotels and Resorts
from private equity group Blackstone.
Other big deals included hotel pur-
chases by China Life Insurance and New
York office deals by China Investment
Exchanges. Technology
Corporation, the sovereign wealth fund,
JLL said.
have a significant amount of
capital outside the country, so their
We believe that Chinese investors
will continue to be major movers of cap-
investment decisions are not so
reliant on Chinese governmental scru-
ital into global real estate for many
years. But a similar increase in 2017 may
be challenging given the recent discus-
tiny.
In a joint statement last month, four
agencies, including the Peoples Bank of
sion about China monitoring its capital China and the State Administration of
outflows, said David Green-Morgan, Foreign Exchange, mentioned real
research director for JLL in Singapore. estate among several categories of for-
Many of the biggest players already eign investment that they would target
for greater scrutiny.
While hotel, office and residential
53 % $14.3 bn land account for the large majority of
Increase in What the US, overseas deals, Chinese investors are
investment in the most popular increasingly interested in industrial
foreign real estate destination, parks and logistics centres. Foreign
in a year attracted industrial parks are an element of the
France warns
governments One Belt, One Road
plan to establish infrastructure links
convergence
with Africa, central Asia and the Middle
East.
presents risk
The JLL data covers transactions
by institutional investors but does not
track home purchases by Chinese
to investment
individuals, who have become a major
force in markets such as New York and HARRIET AGNEW PARIS
London, Vancouver and Sydney.
The head of the French telecoms regu-
Chinese buyers accounted for 27 per
lator has warned that the growing
cent of all purchases by foreigners of US
trend for mobile operators to offer
homes from April 2015 to March 2016,
bundles of telecoms and TV services
according to the National Association of
across Europe risks harming invest-
Realtors, a figure that includes buyers
ment in their networks.
from Hong Kong and Taiwan. Such pur-
chases accounted for $27bn in the If telecom operators are massively
period. investing in content . . . theres a high
risk that this deters investment in tele-
com networks in France, Sbastien
Soriano, chairman of Arcep, told the
Financial Times.
I would prefer to hear them with a
clearer message of investing in fibre, in

LME regroups after trading battle claims chief
Bourse seeks to balance
tradition with the need to
win electronic business
HENRY SANDERSON
When the London Metal Exchange was
launched in a coffee house in 1877, its
benchmark three-month futures con-
tract was based on the time it took for
ships to go from Chile to London.
Things have changed since then, with
high-frequency trades in copper
between China and New York taking
less than a millisecond. And it was the
continuing rapid evolution of the busi-
ness that was largely responsible for the
departure of Garry Jones last week.
As LME chief executive he faced a
tough balancing act of attracting high-
frequency and other electronic traders,
while keeping brokers, who still use
dealers in Londons last open-outcry pit,
happy.
With brokers complaining about
higher fees and low trading volumes, the
He has been squeezed
between the members
and shareholders
requirements
LME is at a critical point as it battles
growing competition from electronic
rivals in China and the US.
Mr Jones is the second senior execu-
tive to leave the LME in two months
after the departure of Stuart Sloan as
chief operating officer in December.
The interim boss, Matthew Chamber-
lain, who is tipped as a possible perma-
nent replacement, has the difficult task
of winning electronic business, while
adhering to the exchanges traditions.
Mr Chamberlain, a 34-year-old
former banker and computer science
graduate, is one of the youngest heads of
a big exchange.
He will need to start laying out a new
vision for the 140-year-old bourse,
where dealers use hand signals and
shout their bids.
He will have to marry the LMEs his-
tory as a venue for industrial companies
to hedge risk with investors that want to
trade at the click of a button.
Hong Kong Exchanges and Clearing
paid more than $2bn for the LME in
2012. Mr Chamberlain will also have to
show HKEx led by Charles Li, a fast-
talking former journalist and
banker that he can deliver
profits.
The exchange was
confident that, by
working closely with
members and indus-
Traditional brokers, who still use dealers in Londons last open-outcry pit, were angry at higher LME fees under Garry Jones, below Simon Dawson/Bloomberg
try, it will drive growth in both existing
and new contracts, Mr Chamberlain
said.
If it fails to attract electronic mem-
bers, the LME could be left behind by
Comex, run by CME Group, and the
Shanghai Futures Exchange.
CMEs metals trading volume aver-
aged 460,000 contracts a day last year,
up 34 per cent from 2015, while volumes
on the LME fell 7.7 per cent.
Mr Jones tried to court electronic
traders by offering direct access. It was a
battle he did not win, according to some
traders.
He also angered traditional brokers,
who complained over higher fees
and margins that required
them to pay up before
receiving money from cli-
ents. Last year some disil-
lusioned brokers consid-
eredsettinguparivalmetalsexchange.
He has been squeezed between the
members requirements and the share-
holders requirements, said Geoffrey
Sambrook, a former broker who writes
under the name Lord Copper. But how
do you square the circle? They are really
in a difficult position as volumes have
been declining for two years.
However,ifanyonecanachieveresults,
perhaps it is Mr Chamberlain, who has
worked at the LME for four years. He is
popular in the metals community and
has a background in financial trading
technology, having worked on the HKEx
purchase while head of European finan-
cial technology at UBS. His relative
youth and background may win over
the brokers and electronic traders.
Michael Overlander, head of com-
modities brokerage Sucden, said. A
fresh pair of eyes that wont be dis-
trusted, and that doesnt come with a
history may be one of Chamberlains
distinct advantages.
The LME will have to decide how far it
embraces technology. Under Mr Jones it
remained cautious about high-fre-
quency traders. It did not offer co-loca-
tion, where traders can place computers
close to an exchanges matching engine,
which puts together buy and sell orders.
Failing to win over both trading com-
7.7% munities is a mistake Mr Chamberlain
Fall in trading cannot afford to make, according to one
volumes on the trader.
LME in 2015. Rival If you make the assumption that
CME was up 34% some time in the future the market goes
electronic, which is not unreasonable,
$2bn then the point at which it goes electronic
What Hong Kong you need to be the winner in your
Exchanges and space, the trader said.
Clearing paid for Additional reporting by Neil Hume and
LME in 2012 Philip Stafford in London
4G, in 5G, than this kind of permanent
discussion about content.
Mr Sorianos comments come as the
countrys four telecoms operators
Orange, SFR, Bouygues and Iliad
weigh up the benefits of owning and cre-
ating TV content, including exclusive
sports rights, that can be broadcast over
their broadband and mobile networks.
These operators have been locked in a
brutal price war since 2012, when
Xavier Niels Iliad launched its mobile
service, Free.
Content is seen as a potential means to
differentiate from competitors,
improve average revenue per user and
reduce the churn rate a measure of
customer loss although the cost of
doing so can be expensive.
If the trend [convergence]
develops a new regulatory
framework might be
needed
Convergence of media and telecoms is
a strategy in particular backed by SFR,
the French telecoms provider owned by
cable entrepreneur Patrick Drahis
investment vehicle Altice, which
announced in December it will offer
eight entertainment channels to cus-
tomers of its network. SFR is fighting to
keep customers after losing 2.5m sub-
scribers since it was bought from Viv-
endi just over two years ago.
Orange owns sports rights and OCS
(previously known as Orange Cinma
Sries) TV content also available for
subscribers of other providers. Orange
chief executive Stphane Richard said
in December he was also open to buying
leading French pay-TV channel Canal
Plus, which is owned by Vivendi.
Vivendi, under the control of billion-
aire Vincent Bollor, is building a Euro-
pean media content business across
France, Italy and Spain. As part of this
plan, Vivendi has built up stakes in Tele-
com Italia and Italian broadcaster Medi-
aset.
Bouygues, owner of French television
channel TF1, and Iliad have an open
model of allowing clients to access as
wide a range of content as possible with-
out a premium on exclusivity.
Mr Soriano says that a good solution
to the price war should be differentia-
tion by networks, rather than differenti-
ation by content.
He adds: A really bad scenario for us
would be a scenario where two players
would be engaged in media differentia-
tion strategies. Then theres a high risk
that the market goes to a duopoly, which
for us is terrible. Duopolies are very
hard to regulate.
Mr Soriano says that Arcep which
concentrates on ensuring Frances tele-
coms providers continue to invest in
infrastructure is largely powerless to
prevent convergence, and says that if
the trend develops a new regulatory
framework might be needed.

Contracts & Tenders

Technology

Alibaba and Tencent open new front in red envelope war

YUAN YANG BEIJING
Alibaba and Tencent, Chinas two top
technology groups, have opened a new
front in their rivalry over the lunar new
year tradition of gifting hongbao red
envelopes with money inside using
Pokmon Go-like add-ons to attract new
customers.
For the past three years, Alibaba
and Tencent have gone head-to-head to
attract users to their mobile payment
platforms by offering virtual hong-
bao stuffed with cash, in a twist on the
Chinese holiday tradition.
But this year both Tencents WeChat
and Alipay, Alibabas online payment
platform, have switched strategies to
promote their offline mobile payments
and augmented-reality games. Instead
of sending virtual red envelopes directly
to users, the rivals new front is offline
mobile payments, meaning payments to
high-street vendors as opposed to ecom-
merce websites.
Such payments are usually completed
by scanning a physical QR code. Both
companies are rolling out spring festival
add-ons to encourage users to gift physi-
cal objects through their apps, hoping
that the habit will stick.
People are used to using WeChat to
swipe QR codes, rather than Alibabas
Alipay payments app. WeChats
new mini-programs will help it consoli-
date its advantage in offline payments,
said Chen Lin, assistant professor at the
China Europe International Business
School in Shanghai. Alipay is on the
back foot, so its putting out the Five For-
tunes game, she added.
Players can also leave a red envelope
for someone else in a GPS-tagged loca-
tion something that one factory boss
in Guangdong did to encourage his
workers to turn up for overtime during
the holiday season.
Tencents offering is a game aimed at
younger users on its QQ messaging plat-
form, where players hunt for red enve-
lopes placed in their neighbourhood and
guarded by virtual avatars. Some 250m
people have played the game, according
to Tencent. Online gaming is the com-
panys biggestsourceofrevenue.
In Alipays Five Fortunes game, players
collect prizes by using their smartphone
to swipe street-side fortune signs that
arepopularChineseholidaydecorations.
Hongbao, red
envelopes with
money inside,
are traditional
lunar new year
gifts in China
Both companies have likened their
augmented-reality offerings to Pokmon
Go, the interactive smartphone game
that is banned in China.
In the run-up to this weekends lunar
new year, Tencent and Alibaba gave out
a total of Rmb450m ($65m) in fes-
tive hongbao to 511m users.
Some 14bn virtual red envelopes were
sent between Tencents WeChat users
on the lunar new years eve on Friday
an increase of more than 75 per cent
from the previous year. Alipay did not
release its virtual red envelope figures.
Alibaba is trying to mollify disgrun-
tled Five Fortunes players with improve-
ments in the game, the company said.
Players who did not collect all five of the
fortune cards needed to win prizes com-
plained to the company on social media
in 2016, prompting it to make it easier to
win this spring festival, Alibaba said.
Monday 30 January 2017 FINANCIAL TIMES 19
20 FINANCIAL TIMES Monday 30 January 2017

Energy
Shell to install chargers for electric cars
Points at European petrol
stations planned, with
Total eyeing similar move
ANDREW WARD ENERGY EDITOR
Royal Dutch Shell is preparing to intro-
duce battery-charging points at some
European petrol stations, and Total is
working on a similar move, as the
regions biggest oil groups react to rising
installing charging points at some
domestic filling stations. Italys Eni
already has the facilities at some of its
domestic and central European outlets.
Electric vehicles are often portrayed
as a mortal threat to the oil industry
because of their potential to displace the
biggest source of demand for petro-
leum, but Mr Abbott said the transition
would take decades.
In the meantime the gradually
increasing number of electric cars on
COMPANIES
vehicle, you will want to have a coffee or
something to eat.
Shell would not say how many sta-
tions would get charging points but Mr
Abbott said demand would be greatest
in urban areas and he expected the UK
rollout to begin quite soon.
The sight of plug-in vehicles
recharging on Shell forecourts will pro-
vide further evidence of global oil
groups especially in Europe adapt-
ing their businesses for the shift from
SMALL TALK
Kate
Burgess
If you are not going to be one solution, said Mr
Abbott. Hydrogen, electric vehicles
sitting
charging
and biofuels will all have their place.
Carmakers are ploughing huge invest-
ments into battery technology and, to a
It is too early to crow
your
vehicle, you
lesser extent, hydrogen-powered vehi-
cles to meet stringent emissions rules.
the year of the rooster
will want
Debate among analysts and investors is
intense over the implications for oil is set to challenge Aim
to have a demand, about a quarter of which
comes from passenger vehicles.
coffee or The International Energy Agency said
something

sales of electric vehicles.
A selection of Shells filling stations in
Britain and the Netherlands the
Anglo-Dutch groups home markets
will be the first to offer the service later
this year, according to John Abbott, its
director of downstream business.
Total of France said it was thinking of
the road would create commercial fossil fuels to low-carbon energy.
opportunities for Shell as drivers looked Shell also hopes to benefit from
for places to make the half-hour pit growth in other petrol substitutes. The
stops typically required, he added. company is part of a consortium plan-
We have a number of countries ning to build a network of 400 hydrogen
where were looking at having battery filling stations in Germany and it is a
charging facilities, he told the Financial partner in the worlds largest producer
Times. If you are sitting charging your of sugarcane ethanol in Brazil. Theres
Insurance. Rate review
in its latest annual outlook that the
worldwide stock of electric cars would
to eat rise from 1.3m in 2015 to more than 30m
in 2025 and 150m in 2040. This would
cut oil demand by 1.3m barrels a day by
2040, it added, a small fraction of the
96m barrels consumed per day last year.
Additional reporting by Peter Campbell
T
he Chinese year of the monkey 2016 has
been good for the Alternative Investment Mar-
ket. At least compared with the UKs midsized
quoted companies, which bore the brunt of
uncertainty after Britains vote to leave the EU.
A report from consultancy EY shows that profit warn-
ings from Aim businesses increased a tenth in the second
half of last year against the previous six months. Alerts
from mid-cap companies in the FTSE 250 index rose more
than a third over the same period.
The findings follow an analysis of stock market returns
by London Business School academics, Paul Marsh, Elroy
Dimson and Scott Evans, showing that returns from mid-
market companies lagged behind both the UKs 100 larg-

Motor insurers braced for higher payouts

Providers fear change to
compensation rate when
result of report is announced
OLIVER RALPH
INSURANCE CORRESPONDENT
It has been nine years since a serious
traffic accident in the UK left a young
girl with life changing injuries. Her
father, who asked only to be known as
Christy, says that after years of legal
wrangling he has been left with a com-
pensation payment that has done little
to soothe concerns about his daughters
financial future.
One of the things that particularly
stung was the method used to calculate
the compensation. The formula used by
UK courts left the family with far less
than they were expecting.
That could change next month when
Liz Truss, the Lord Chancellor, is due to
announce the result of a review of the
rate used by courts to work out lump
sum compensation payments.
Any change to the so-called Ogden
rate would potentially affect payments
worth billions of pounds that are made
by the insurance industry especially
motor insurers and public sector bod-
ies such as the NHS.
It would mean that reserves for past
claims that have not yet been paid might
have to rise, while the costs of future
claims would also go up. Analysts at
Macquarie have highlighted Admiral
and Direct Line as the two insurers most
exposed to the change. Direct Lines lat-
est annual report says a 1 percentage
point decrease in the Ogden rate would
wipe 190m off its profits.
Insurers would be likely to pass any
added costs on to customers in the
shape of higher premiums.
When calculating the size of compen-
sation awards, the courts have to make
an assumption about how much interest
the money will earn when it is invested.
This assumption is known as the dis-
count rate the higher the rate, the
lower the initial lump sum required and
vice versa. The rate has been set at 2.5
per cent since 2001, but interest rates
have fallen sharply since then.
The Association of Personal Injury
Lawyers has been campaigning for a
change, saying that in a low interest rate
world, 2.5 per cent is far too high.
We think the rate has been wrong for
many years, says Neil Sugarman, presi-
dent of Apil. It assumes a far greater
return than [people] are able to achieve,
so they are in grave danger of running
out of money.
The Ministry of Justice says the Lord
Chancellor has a duty to make sure per- assets. Analysts doubt the government
sonal injury claimants are fairly com- will go so far, with many pencilling in
pensated and so has launched a review. a reduction to 1 or 1.5 per cent. Even
The process has been long and contro- that would have a dramatic effect on
versial. The government ran consulta- insurers.
tions on the issue in 2012 and 2013 but According to James Shuck, an analyst
never released the results. at UBS, about 40 per cent of total claims
Apil wants to see the Ogden rate low- costs would be influenced by a change in
ered to minus 0.5 per cent, reflecting the the Ogden rate. There will be an imme-
low investment returns available on safe diate impact it could be painful in the
short term, says Kamran Hossain, ana-
UK comprehensive lyst at RBC Capital Markets.
Share prices in the sector have already
car insurance reacted.
Average annual premium () Since the Lord Chancellor announced
850 the potential change in early December,
Admirals shares are down 4 per cent
800 and Direct Lines are flat, while the FTSE
750 100 has risen 6 per cent.
The Association of British Insurers
700 has launched a legal challenge, aiming
650 to delay the decision. It says that, while
victims should be adequately compen-
600 sated, the government consultations on
550 the issue have not been properly com-
pleted. The ABI lost in the High Court
2012 13 14 15 16 this month and was refused leave to
Sources: Willis Towers Watson; Confused.com appeal.
James Dalton, director of general
Any change to insurance policy at the ABI, says:
the rate would Despite consulting over three years ago
affect motor and not letting anyone know the out-
insurers in come of that process, the Lord Chancel-
particular, who lor seems to want to rush out a new dis-
are likely to pass count rate at a time of significant global
on the cost financial uncertainty.
customers Mr Hossain says the impact of any
Getty
increase would be felt more widely than
the insurers themselves: In the
medium term, pricing will go up. The
government is aware that if claims costs
go up, prices will follow and they have
been wanting to avoid that, for example
with the whiplash reforms.
Motor insurance rates have been
increasing for two years and, according
to figures from the AA released on Tues-
day, are up 12 per cent in the past year.
Analysts say fresh upwards pressure
on premiums would counteract govern-
ment efforts to keep prices down,
through, for example, a tougher stance
on fraudulent whiplash claims.
Any change to the Ogden rate will
come too late to help Christy and his
family, who have to hope their compen-
sation will last for the rest of their
daughters life.
est and most international quoted companies and, unex-
pectedly, Aim.
Plenty of junior market groups did set alarm bells blar-
ing last year. Shares in Aim darling Portmeirion, maker of
bone china, wobbled during the summer over the effects of
the referendum. Sprue Aegis alerted investors last spring
to problems with batteries in some of its smoke alarms.
Fastjet, the low-cost African airline, shuffled its manage-
ment and raised cash twice last year after warning about
costs. Crawshaw, the budget butcher from Rotherham,
blamed Brexit, rain and price wars for slipping sales.
Aim companies issued 141 warnings over earnings
expectations last year about half the total number of
alerts from all stock market-quoted companies in the UK.
But Aim has 1,000 or so constituents nearly twice as
many as the 630-odd companies on the main market. And
many are immature start-ups, highly speculative explor-
ers or technology hopefuls with kill-or-cure ideas.
It would be odd if the junior market, where the median
market capitalisation is 20m, did not have a few upsets
and neer do wells.
It is striking that profit
warnings from junior mar-
FTSE 250
ket companies have fallen companies may
40 per cent since 2008. At
the height of the financial
simply be the
crisis, Aim company klaxons first in the queue
sounded 240 times, accord-
ing to EY. Compare that with
for bad news
FTSE 250 businesses issuing
54 warnings 10 fewer than in 2015 and 2008. Or FTSE
100 groups that put out 26 alerts in 2008, 20 in 2015 and 23
last year.
Aims cheerleaders will argue the worst no-hopers have
been winnowed out and the quality of companies on Aim
has improved with better established companies coming
to market, including Hotel Chocolat, purveyor of posh con-
fectionery, and Fevertree, maker of top-end tonic water.
They may be right. Then again, FTSE 250 companies
may simply be the first in the queue for bad news. The
index has a large number of support services companies,
including Essentra, the cigarette filter maker, and Mitie,
the government outsourcer. For many, uncertainty has led
to contract delays and cancellations, and rising costs and
weak sterling have affected competition and pricing. It is
hard for these companies to gauge when things have bot-
tomed out, says Alan Hudson, EYs head of restructuring.
Many have had to switch on hazard lights several times.
But a tail back is forming behind them.
EY says profit warnings ticked up noticeably in January
21 in the first 25 days alone. Shock warnings from FTSE
100 goliaths, Pearson and BT, hogged headlines. But two
FTSE small-caps also sounded alarm bells last week. Lam-
prell, which builds oil rigs, signalled 2017 revenues would
be at the lower end of reduced expectations and Braemar
Shipping Services edged down operating profit forecasts
because of a marked deterioration in its technical divi-
sion.
Mr Hudson worries the impact of sterling will worsen
this year as currency hedges unwind and inflationary
stresses escalate. There will be lots of tension between
food producers and retailers, he says.
Last years scuffle over the price of Marmite was a taste
of things to come as merchants battle to pass on the effects
of higher business rates, wages and input costs to consum-
ers. Mr Hudson sees a vice-like squeeze on margins in
2017. The smaller the business, the harder it will be. And
online retailers under constant pressure to invest in sys-
tems and IT will not escape, he adds darkly.
The junior market weathered the year of the monkey
well. But the year of the rooster will be at least as challeng-
ing. It is far too early to crow yet.
kate.burgess@ft.com

Financials Property

Octopus lifts target for venture capital funds
HUGO GREENHALGH AND AIME WILLIAMS
Octopus Investments is set to raise the
largest amount of funds in the history
of venture capital trusts as it extends
the target for its Titan VCT to 120m.
Octopus had initially aimed to raise
70m in 2016 for Titan the UKs larg-
est VCT with 380m of assets under
management but has subsequently
increased the target as limits imposed
on wealthy individuals pension
contributions have driven investors
interest in alternative tax-efficient
investments.
Octopus said its Titan fund raised
30m in December alone. That gives
you a feel for financial advisers thinking
about this, said Simon Rogerson, chief
executive. It really is a much more
mainstream asset class than it was two
to three years ago.
The move comes as the latest figures
from the Association of Investment
Companies reveal fundraising by ven-
ture capital trusts is booming.
Between April and December last
year, fundraising by VCTs reached
169.5m up 53 per cent compared
with the same period in 2015. Total
funds under management across the
industry now stand at 3.6bn.
VCTs were first launched in 1995 with
the aim of investing in early-stage
growth companies. VCTs have subse-
quently invested more than 6bn.
Investors benefit from a combination
of an upfront 30 per cent income tax
relief as well as the performance of the
underlying assets. VCTs typically have a
dividend yield of between 5 and 7 per
cent, and payouts are tax free.
VCTs offer the chance to invest in
some of the UKs fastest-growing com-
panies, but have risk levels to match,
said Zoe Fatchen, director at Gowling
WLG, the law firm.
As a result, VCTs may be best suited
to an experienced investor who has
already taken advantage of a range of
lower risk alternatives, she added.
However, not everyone is convinced
that Octopuss 120m target for Titan
represents a shift in the industry
towards much larger VCTs raising ever
greater amounts.
Bill Nixon, managing partner at
Maven Capital Partners, which manages
a range of six generalist funds, said a
sensible fundraising limit was between
20m and 30m each year.
There are limitations on what can be
invested in one year and one company,
he added. The super VCT of 300m to
400m [of assets under management]
is untested, quite frankly.
Bond-like income eyed by property trusts
JUDITH EVANS income has been further boosted by
fears that capital growth in the current
A new real estate investment trust pre-
property cycle is drawing to an end,
paring for a London listing will buy
according to analysts.
properties with ultra-long leases to tap
LXi, run by the private equity real
into investor appetite for bond-like
estate firm Osprey Equity Partners, will
returns.
buy properties with 20- or 30-year infla-
LXi Reit, whose board includes senior tion-protected leases, such as hotels,
figures in the UK property industry, will industrial properties and retail sites.
this week announce plans for a 200m This profile is similar to that of Secure
flotation in February, according to a per- Income Reit, a fund whose management
son familiar with the plans. The trust company is chaired by Nick Leslau, the
will be able to issue up to 200m addi- well-known property investor.
tional shares through a placing pro- Shares in Secure Income, which owns
gramme in its first year. assets including 55 Travelodge hotels
It is the latest in a series of flotations
and equity raises tapping into demand
for steady income in a low-yield envi- 200m 20-30years
ronment, particularly among pension Sum LXi Reit Leases that Reits
funds and insurance companies which aims to raise are buying for
need to match long-term liabilities. The with its flotation inflation-linked,
shift in investor focus from growth to next month long-term yields
and the theme parks Alton Towers and
Thorpe Park, have outperformed all
other London-listed property stocks
over the past year, with a rise of 19.4 per
cent, according to Canaccord Genuity
data. By contrast, developers, especially
those with exposure to London, experi-
enced falls as large as 26 per cent.
Secure Income now has a market cap-
italisation of almost 720m after raising
140m in a heavily oversubscribed
placing last October.
Impact Healthcare Reit, which is also
focused on long leases, is planning a
180m flotation in March and will invest
in residential care homes. Civitas Social
Housing, the first Reit investing in social
homes, was oversubscribed before its
350m float in November, also targeting
long-term inflation-linked yields.
LXi will target a dividend yield of at
least 5 per cent a year.
Monday 30 January 2017 FINANCIAL TIMES 21

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous days trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per $ per per $ per Oil Brent $ Sep Gold $

-0.09% -0.04% -0.29% -0.06% -0.01% -0.318% -1.12% -0.41%

0.10% 0.32% 0.34% 0.375% 0.270% 0.708%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Dec 28 - - Index All World Dec 28 - Jan 27 Index All World Dec 28 - Jan 27 Index All World Dec 28 - Jan 27 Index All World Dec 28 - Jan 27 Index All World Dec 28 - Jan 27 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
11,814.27 2,083.59
2,294.69 19,403.06 19,467.40
2,268.88 15,575.81 7,184.49
15,361.10 7,106.08 11,451.05 2,026.46
Day -0.09% Month 1.36% Year 20.54% Day -0.25% Month 1.62% Year 25.84% Day 0.32% Month 1.63% Year 19.92% Day -0.29% Month 2.98% Year 19.57% Day 0.34% Month 0.36% Year 16.51% Day 0.81% Month 2.34% Year 10.04%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,660.78 23,360.78 3,064.85
47,421.12 9,504.10
5,487.44 1,446.93
45,909.31 9,327.10 21,754.74
1,424.91 2,898.30
Day 0.10% Month 3.63% Year 23.93% Day -0.40% Month 4.68% Year 12.61% Day -0.29% Month 1.49% Year 7.85% Day -0.09% Month 1.46% Year 9.34% Day -0.06% Month 8.28% Year 23.86% Day 0.43% Month 6.75% Year 20.40%

Dow Jones Industrial New York Bovespa So Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
66,033.99 27,882.46
3,159.17
20,093.78 19,329.26
19,945.04 4,839.98 19,203.94 26,210.68
59,781.63 4,838.47 3,096.10
Day -0.04% Month 0.80% Year 24.29% Day -0.24% Month 12.50% Year 72.07% Day -0.56% Month 0.01% Year 11.09% Day -0.57% Month -0.32% Year 2.55% Day 0.31% Month 1.58% Year 7.51% Day 0.63% Month 8.04% Year 13.87%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 19215.78 19180.40 Cyprus CSE M&P Gen 69.22 70.37 Italy FTSE Italia All-Share 21117.18 21227.49 Philippines Manila Comp 7333.67 7332.64 Taiwan Weighted Pr 9447.95 9424.05 Cross-Border DJ Global Titans ($) 258.41 258.28
Australia All Ordinaries 5765.60 5726.00 Czech RepublicPX 936.89 938.08 FTSE Italia Mid Cap 33100.26 33157.70 Poland Wig 55657.70 55560.23 Thailand Bangkok SET 1590.80 1591.00 Euro Stoxx 50 (Eur) 3303.33 3319.13
S&P/ASX 200 5714.00 5671.50 Denmark OMXC Copenahgen 20 904.82 897.12 FTSE MIB 19329.26 19439.65 Portugal PSI 20 4609.78 4583.03 Turkey BIST 100 83826.54 83128.26 Euronext 100 ID 934.12 937.45
S&P/ASX 200 Res 3609.20 3627.40 Egypt EGX 30 13091.05 12882.88 Japan 2nd Section 5450.76 5443.61 PSI General 2505.84 2496.03 UAE Abu Dhabi General Index 4624.17 4606.50 FTSE 4Good Global ($) 5717.32 5710.23
Austria ATX 2733.07 2726.22 Estonia OMX Tallinn 1096.14 1098.19 Nikkei 225 19467.40 19402.39 Romania BET Index 7495.74 7401.72 UK FT 30 3099.80 3088.70 FTSE All World 288.09 288.13
Belgium BEL 20 3605.30 3610.21 Finland OMX Helsinki General 8989.20 8991.59 S&P Topix 150 1273.74 1269.81 Russia Micex Index 2266.05 2229.20 FTSE 100 7184.49 7161.49 FTSE E300 1446.93 1451.12
BEL Mid 6281.34 6276.63 France CAC 40 4839.98 4867.24 Topix 1549.25 1545.01 RTX 1195.61 1163.62 FTSE 4Good UK 6347.23 6328.02 FTSE Eurotop 100 2846.40 2857.67
Brazil Bovespa 66033.99 66190.62 SBF 120 3833.72 3851.15 Jordan Amman SE 2146.43 2132.37 Saudi-Arabia TADAWUL All Share Index 7134.88 7128.12 FTSE All Share 3897.49 3886.07 FTSE Global 100 ($) 1398.86 1399.30
Canada S&P/TSX 60 920.60 923.50 Germany M-DAX 22881.12 22861.96 Kenya NSE 20 2812.04 2824.32 Singapore FTSE Straits Times 3064.85 3051.78 FTSE techMARK 100 4217.54 4203.33 FTSE Gold Min ($) 1558.36 1591.32
S&P/TSX Comp 15575.81 15615.52 TecDAX 1857.58 1859.65 Kuwait KSX Market Index 6852.30 6819.09 Slovakia SAX 307.71 307.69 USA DJ Composite 7050.58 7054.22 FTSE Latibex Top (Eur) 4123.80 4140.60
S&P/TSX Div Met & Min 938.07 966.19 XETRA Dax 11814.27 11848.63 Latvia OMX Riga 751.93 743.99 Slovenia SBI TOP 744.36 740.11 DJ Industrial 20093.78 20100.91 FTSE Multinationals ($) 1627.40 1630.44
Chile IGPA Gen 21323.89 21467.57 Greece Athens Gen 636.54 660.59 Lithuania OMX Vilnius 563.88 563.68 South Africa FTSE/JSE All Share 52973.83 53405.74 DJ Transport 9444.28 9468.77 FTSE World ($) 510.60 510.72
China FTSE A200 8648.76 8619.21 FTSE/ASE 20 1710.77 1773.26 Luxembourg LuxX 1691.39 1709.84 FTSE/JSE Res 20 35491.29 35325.93 DJ Utilities 657.70 655.87 FTSEurofirst 100 (Eur) 4120.94 4137.28
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 23360.78 23374.17 Malaysia FTSE Bursa KLCI 1686.36 1692.22 FTSE/JSE Top 40 46146.76 46497.50 Nasdaq 100 5168.06 5156.92 FTSEurofirst 80 (Eur) 4523.46 4544.33
Shanghai A 3308.06 3297.96 HS China Enterprise 9804.05 9854.36 Mexico IPC 47421.12 47611.44 South Korea Kospi 2083.59 2066.94 Nasdaq Cmp 5660.78 5655.18 MSCI ACWI Fr ($) 435.96 436.17
Shanghai B 338.51 338.66 HSCC Red Chip 3768.56 3779.29 Morocco MASI 12430.74 12521.41 Kospi 200 270.48 268.15 NYSE Comp 11283.19 11313.12 MSCI All World ($) 1803.75 1805.81
Shanghai Comp 3159.17 3149.55 Hungary Bux 32714.58 32918.47 Netherlands AEX 485.87 486.45 Spain IBEX 35 9504.10 9512.80 S&P 500 2294.69 2296.68 MSCI Europe (Eur) 1488.88 1488.91
Shenzhen A 2005.61 1991.66 India BSE Sensex 27882.46 27708.14 AEX All Share 738.30 739.30 Sri Lanka CSE All Share 6137.70 6130.05 Wilshire 5000 24009.09 24052.55 MSCI Pacific ($) 2445.86 2435.17
Shenzhen B 1114.49 1114.46 Nifty 500 7455.15 7417.70 New Zealand NZX 50 7134.26 7113.33 Sweden OMX Stockholm 30 1538.76 1553.89 Venezuela IBC 27867.67 28331.45 S&P Euro (Eur) 1506.25 1511.28
Colombia COLCAP 1371.38 1365.24 Indonesia Jakarta Comp 5312.84 5317.63 Nigeria SE All Share 26289.95 26240.45 OMX Stockholm AS 542.75 546.36 Vietnam VNI 697.28 697.28 S&P Europe 350 (Eur) 1488.76 1493.41
Croatia CROBEX 2108.89 2109.13 Ireland ISEQ Overall 6534.03 6531.40 Norway Oslo All Share 787.55 789.54 Switzerland SMI Index 8379.57 8405.48 S&P Global 1200 ($) 2005.64 2007.11
Israel Tel Aviv 100 12.50 12.48 Pakistan KSE 100 49963.77 50192.36 Stoxx 50 (Eur) 3031.74 3043.15
(c) Closed. (u) Unavaliable. Correction. Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jan 27 %Chg %Chg Jan 27 %Chg %Chg Jan 27 %Chg %Chg Jan 27 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Alphabet 31.7 845.03 -11.95 Tesco 353.4 206.55 17.55 Actelion N 460.5 254.17 0.00 Softbank . 984.2 8977.00 21.00 Antofagasta 822.50 7.9 21.9 Booker 212.30 14.9 21.0 Laird 165.75 12.2 8.3 Industrial Metals 2346.74 5.4 4.6
Microsoft 29.2 65.78 1.51 Astrazeneca 231.1 4239.00 -59.00 Santander 435.7 5.36 -0.01 Mitsubishi Ufj Fin,. 769.4 752.90 10.90 Anglo American 1369.00 6.2 18.0 Kaz Minerals 452.00 10.2 26.5 Hostelworld 210.00 9.8 -6.1 Beverages 17734.10 3.8 6.0
Facebook 25.8 132.18 -0.60 Booker 204.5 212.30 29.20 Novartis N 353.8 67.29 0.00 Toyota Motor 495.3 6704.00 -60.00 Royal Bank Of Scotland 231.80 4.9 3.2 Ferrexpo 143.20 10.1 6.5 Gocompare.com 81.75 7.6 15.1 Tobacco 55999.30 3.5 6.2
Amazon.com 25.0 835.77 -3.38 British American Tobacco 182.7 4920.50 -9.00 Unicredit 298.4 27.71 -1.51 Mizuho Fin,. 452.4 216.60 3.70 Diageo 2244.00 4.3 6.4 Wh Smith 1627.00 8.4 4.4 Findel 205.00 6.2 9.6 Mining 16862.88 2.7 13.9
Apple 24.9 121.95 0.01 Vodafone 174.8 193.35 0.85 Intesa Sanpaolo 296.1 2.27 0.02 Toshiba 401.6 259.90 1.40 Tesco 206.55 4.2 -0.1 Imi 1177.00 7.8 13.2 Chemring 194.75 5.8 14.6 Food & Drug Retailers 3155.53 2.6 2.3
Alphabet 24.3 823.31 -8.84 Diageo 159.6 2244.00 26.00 Nestle N 295.4 68.13 0.00 Sumitomo Mitsui Fin,. 391.7 4598.00 79.00 Admiral 1805.00 4.2 -1.2 Ashmore 308.90 6.2 9.3 Aberforth Geared ome Trust 214.88 5.7 11.3 Industrial Engineering 10962.04 2.3 6.9
Intel 16.8 37.98 0.42 Glaxosmithkline 157.9 1520.00 -9.00 Roche Gs 275.0 220.58 0.00 Fanuc 336.3 22690.00 40.00 Carnival 4340.00 4.1 5.2 Man 132.70 6.0 12.2 Macau Property Opportunities Fund 144.00 5.7 19.3 Nonlife Insurance 2719.31 2.2 -1.3
Starbucks 16.2 56.12 -2.34 Bt 148.7 302.80 0.70 Lvmh 270.3 186.85 -3.60 Fast Retailing Co., 299.9 36960.00 440.00 Ashtead 1639.00 4.1 3.7 Zoopla Property 364.00 5.9 14.0 Mears 505.00 5.6 10.7 Life Insurance 7812.37 1.9 -1.4
Chevron 13.3 113.79 -2.76 Hsbc Holdings 144.1 687.60 3.70 Daimler Ag Na O.n. 245.9 71.56 0.00 Shin-etsu Chemical Co., 294.3 9890.00 -210.00 Standard Chartered 781.60 3.8 17.8 Vesuvius 465.70 5.8 17.8 Blackrock World Mining Trust 380.00 5.4 12.9 Automobiles & Parts 8148.16 1.7 5.2
Nvidia 13.2 111.77 2.12 Rio Tinto 136.9 3567.50 34.00 Siemens Ag Na 222.7 119.70 0.00 Kddi 282.7 3094.00 92.00 Johnson Matthey 3253.00 3.5 2.2 Nex 569.50 5.7 -29.9 City Of London Investment 367.50 5.0 7.3 Chemicals 12707.61 1.6 3.2
Rio Tinto 3567.50 3.4 12.9 Vedanta Resources 1049.00 5.4 19.3 Carpetright 174.00 4.2 15.2 Banks 4363.81 1.6 5.3
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
British American Tobacco 4920.50 3.4 6.5 Card Factory 249.80 4.9 -1.3 Diverse ome Trust (the) 94.75 3.8 2.4 Real Estate & Investment Servic 2444.36 1.1 -1.0
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Wynn Resorts 103.08 7.58 7.94 Booker 212.30 29.20 15.95 W__rtsil__ 47.40 3.17 7.17 Citizen Holdings Co., 729.00 26.00 3.70 Bt 302.80 -21.8 -17.5 Restaurant 287.00 -16.0 -11.6 Lonmin 132.75 -21.9 -6.2 Fixed Line Telecommunication 3479.11 -20.8 -16.6
Maxim Integrated Products 44.71 2.74 6.53 Tesco 206.55 17.55 9.29 Vestas Wind Systems A/s 65.23 1.56 2.45 Inpex 1127.00 40.00 3.68 Dixons Carphone 317.20 -8.1 -10.5 Pz Cussons 304.00 -10.0 -9.1 Braemar Shipping Services 250.00 -14.7 -10.3 Mobile Telecommunications 4336.83 -6.0 -4.0
C.r. Bard 238.44 11.88 5.24 Centamin 151.10 7.70 5.37 Novozymes B A/s 35.43 0.81 2.33 Concordia Fin Ltd 627.10 19.80 3.26 Easyjet 974.00 -6.7 -3.1 Essentra 408.70 -7.7 -11.3 Photo-me Int 149.75 -12.0 -8.7 Food Producers 7299.67 -3.9 -9.3
General Dynamics 185.14 7.84 4.42 Acacia Mining 414.90 20.80 5.28 Luxottica 50.80 1.08 2.17 Kddi 3094.00 92.00 3.06 Paddy Power Betfair 8105.00 -6.6 -7.6 Cmc Markets 112.20 -7.5 2.8 Kenmare Resources 310.00 -9.9 23.5 Personal Goods 29271.73 -3.4 -0.4
Range Resources 35.71 1.27 3.69 Fresnillo 1428.00 56.00 4.08 B. Sabadell 1.40 0.03 2.05 Bridgestone 4208.00 117.00 2.86 Vodafone 193.35 -6.2 -3.3 Henderson 222.50 -7.1 -5.6 Lindsell Train Investment Trust 701.47 -9.0 -23.1 Software & Computer Services 1821.04 -2.3 -3.8
Sage 610.00 -5.2 -6.9 William Hill 261.00 -6.9 -10.1 Devro 170.75 -8.7 -10.0 Oil Equipment & Services 16315.94 -2.0 -0.2
Downs Downs Downs Downs
Barratt Developments 472.50 -4.5 2.2 Hunting 575.50 -6.8 -8.3 Enquest 48.25 -8.5 14.9 Oil & Gas Producers 8225.13 -1.8 -3.3
Robert Half Int 46.30 -3.63 -7.27 Nostrum Oil & Gas 449.00 -20.60 -4.39 Unicredit 27.71 -1.51 -5.17 Dainippon Sumitomo Pharma Co., 1954.00 -57.00 -2.83
Hikma Pharmaceuticals 1855.00 -4.3 -2.0 Carillion 219.80 -6.8 -6.9 Ncc 187.00 -8.2 3.5 Pharmaceuticals & Biotech. 12920.52 -1.2 -3.7
Gap 22.58 -1.29 -5.40 Carillion 219.80 -7.50 -3.30 Atlas Copco Ab Ser. A 29.80 -0.90 -2.93 Tokuyama 507.00 -11.00 -2.12
Babcock Int 897.00 -4.1 -5.9 Ladbrokes Coral 119.50 -6.6 3.0 Connect 139.75 -8.2 -8.5 Forestry & Paper 19097.62 -1.0 6.3
American Airlines 46.95 -2.64 -5.32 Berendsen 828.00 -28.00 -3.27 Kone 41.30 -1.23 -2.89 Shin-etsu Chemical Co., 9890.00 -210.00 -2.08
Whitbread 3963.00 -3.8 5.0 Ocado 244.70 -6.6 -7.3 Communisis 44.50 -6.8 2.6 Industrial Transportation 2879.55 -0.9 -5.7
Colgate-palmolive 64.68 -3.56 -5.22 Cls Holdings 1576.00 -53.00 -3.25 Sandvik Ab 12.59 -0.34 -2.62 Advantest 2129.00 -41.00 -1.89
Unilever 3233.50 -3.8 -1.8 Btg 542.50 -6.5 -8.1 Oxford Instruments 735.50 -6.7 0.5 Gas Water & Multiutilities 5902.00 -0.8 -2.5
Air Products And Chemicals 142.01 -6.80 -4.57 Rank 194.10 -4.80 -2.41 Ericsson , Telefonab. L M Ser. B 5.55 -0.13 -2.33 Sekisui House, 1847.00 -34.50 -1.83
Associated British Foods 2429.00 -3.7 -11.5 Greencore 222.40 -5.8 -9.8 Circassia Pharmaceuticals 88.00 -5.4 -6.4 Travel & Leisure 8731.25 -0.8 -0.2
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jan 27 Currency Mid Change Mid Change Mid Change Jan 27 Currency Mid Change Mid Change Mid Change Jan 27 Currency Mid Change Mid Change Mid Change Jan 27 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 15.8855 -0.0470 17.0062 0.0086 19.9346 -0.1229 Indonesia Indonesian Rupiah 13358.5000 20.0000 14300.9346 70.7586 16763.5038 -28.4307 Poland Polish Zloty 4.0464 -0.0261 4.3318 -0.0129 5.0777 -0.0491 ..Three Month 0.7972 0.0025 0.8529 0.0057 - -
Australia Australian Dollar 1.3238 -0.0037 1.4172 0.0010 1.6612 -0.0100 Israel Israeli Shekel 3.7716 -0.0198 4.0377 -0.0072 4.7330 -0.0401 Romania Romanian Leu 4.2077 -0.0083 4.5045 0.0068 5.2802 -0.0273 ..One Year 0.7982 0.0026 0.8523 0.0057 - -
Bahrain Bahrainin Dinar 0.3770 0.0001 0.4036 0.0014 0.4731 -0.0014 Japan Japanese Yen 115.0550 0.3100 123.1720 0.7565 144.3818 -0.0714 Russia Russian Ruble 59.5900 -0.7750 63.7940 -0.6063 74.7791 -1.2148 United States United States Dollar - - 1.0705 0.0037 1.2549 -0.0040
Bolivia Bolivian Boliviano 6.9300 - 7.4189 0.0256 8.6964 -0.0278 ..One Month 115.0549 0.3098 123.1721 0.7565 144.3818 -0.0715 Saudi Arabia Saudi Riyal 3.7504 0.0001 4.0149 0.0140 4.7063 -0.0149 ..One Month - - 1.0704 -0.1884 1.2550 -0.0040
Brazil Brazilian Real 3.1517 -0.0399 3.3740 -0.0309 3.9550 -0.0628 ..Three Month 115.0546 0.3091 123.1721 0.7566 144.3816 -0.0719 Singapore Singapore Dollar 1.4271 0.0018 1.5278 0.0072 1.7909 -0.0035 ..Three Month - - 1.0701 -0.1883 1.2552 -0.0040
Canada Canadian Dollar 1.3125 0.0021 1.4051 0.0071 1.6470 -0.0026 ..One Year 115.0527 0.3055 123.1721 0.7566 144.3818 -0.0728 South Africa South African Rand 13.4850 0.1275 14.4364 0.1859 16.9222 0.1064 ..One Year - - 1.0684 -0.1883 1.2562 -0.0040
Chile Chilean Peso 651.0500 2.0500 696.9811 4.5962 816.9988 -0.0317 Kenya Kenyan Shilling 104.0000 - 111.3371 0.3848 130.5090 -0.4173 South Korea South Korean Won 1159.1500 - 1240.9271 4.2893 1454.6106 -4.6512 Venezuela Venezuelan Bolivar Fuerte 9.9950 0.0150 10.7001 0.0530 12.5427 -0.0212
China Chinese Yuan 6.8780 - 7.3632 0.0255 8.6312 -0.0276 Kuwait Kuwaiti Dinar 0.3052 0.0001 0.3267 0.0012 0.3830 -0.0012 Sweden Swedish Krona 8.8294 -0.0272 9.4524 0.0037 11.0800 -0.0696 Vietnam Vietnamese Dong 22592.5000 - 24186.4290 83.5967 28351.2608 -90.6353
Colombia Colombian Peso 2926.2750 -9.3750 3132.7222 0.8271 3672.1652 -23.5448 Malaysia Malaysian Ringgit 4.4315 0.0025 4.7441 0.0191 5.5611 -0.0146 Switzerland Swiss Franc 0.9982 -0.0026 1.0686 0.0009 1.2526 -0.0073 European Union Euro 0.9341 -0.0032 - - 1.1722 -0.0078
Costa Rica Costa Rican Colon 553.2300 0.3800 592.2599 2.4526 694.2451 -1.7415 Mexico Mexican Peson 21.0210 -0.1375 22.5040 -0.0689 26.3791 -0.2575 Taiwan New Taiwan Dollar 31.3460 - 33.5574 0.1160 39.3359 -0.1258 ..One Month 0.9340 -0.0032 - - 1.1721 -0.0078
Czech Republic Czech Koruna 25.2398 -0.0881 27.0204 -0.0005 31.6733 -0.2121 New Zealand New Zealand Dollar 1.3749 -0.0077 1.4718 -0.0031 1.7253 -0.0152 Thailand Thai Baht 35.2875 0.0250 37.7770 0.1573 44.2821 -0.1101 ..Three Month 0.9337 -0.0032 - - 1.1720 -0.0078
Denmark Danish Krone 6.9464 -0.0243 7.4365 -0.0002 8.7171 -0.0584 Nigeria Nigerian Naira 304.7500 -0.2500 326.2499 0.8610 382.4290 -1.5376 Tunisia Tunisian Dinar 2.3093 0.0236 2.4722 0.0337 2.8979 0.0204 ..One Year 0.9319 -0.0032 - - 1.1714 -0.0078
Egypt Egyptian Pound 18.7185 0.0310 20.0391 0.1023 23.4897 -0.0361 Norway Norwegian Krone 8.3202 -0.0350 8.9071 -0.0066 10.4409 -0.0775 Turkey Turkish Lira 3.8611 -0.0030 4.1334 0.0110 4.8452 -0.0193
Hong Kong Hong Kong Dollar 7.7586 0.0006 8.3059 0.0294 9.7362 -0.0304 Pakistan Pakistani Rupee 104.8150 - 112.2096 0.3879 131.5317 -0.4206 United Arab Emirates UAE Dirham 3.6730 -0.0001 3.9321 0.0135 4.6092 -0.0149
Hungary Hungarian Forint 291.0654 -1.0844 311.5998 -0.0798 365.2563 -2.5331 Peru Peruvian Nuevo Sol 3.2870 -0.0150 3.5189 -0.0038 4.1249 -0.0320 United Kingdom Pound Sterling 0.7969 0.0025 0.8531 0.0057 - -
India Indian Rupee 68.0665 -0.0100 72.8685 0.2412 85.4162 -0.2857 Philippines Philippine Peso 49.8605 0.0605 53.3781 0.2491 62.5696 -0.1239 ..One Month 0.7969 0.0025 0.8530 0.0057 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jan 27 Jan 26 Jan 25 Jan 24 Jan 23 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
Strlg Day's Euro Strlg Strlg Year Div P/E X/D Total FT 30 3099.80 3088.70 3083.10 3073.40 3094.00 0.00 3166.20 3064.40 Mining 13.87 Equity Invest Instr 1.30 Media -1.57 FTSE 100 Price Change FTSE 100 Price Change
Jan 27 chge% Index Jan 26 Jan 25 ago yield% Cover ratio adj Return FT 30 Div Yield 1.60 1.60 1.61 1.62 1.62 0.00 3.93 2.74 Basic Materials 12.51 Industrials 1.15 Gas Water & Multi -2.46 3I Group PLC 698.00 -10.00 Legal & General Group PLC 243.80 5.30
FTSE 100 (100) 7184.49 0.32 6563.96 7161.49 7164.43 5931.78 3.63 0.81 33.82 3.07 5860.37 P/E Ratio net 27.89 27.82 27.67 27.59 27.60 0.00 19.44 14.26 Industrial Eng 7.68 Oil Equipment & Serv 0.84 Technology -2.65 Admiral Group PLC 1805 72.00 Lloyds Banking Group PLC 65.87 0.80
FTSE 250 (250) 18190.80 0.27 16619.65 18142.66 18133.35 16196.55 2.73 1.81 20.21 12.47 13029.29 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Forestry & Paper 6.42 FTSE 250 Index 0.63 Utilities -2.68 Anglo American PLC 1369 79.50 London Stock Exchange Group PLC 3100 51.00
FTSE 250 ex Inv Co (207) 19471.22 0.32 17789.48 19410.01 19396.40 17585.38 2.79 1.93 18.57 10.83 14223.18 FT 30 hourly changes Tobacco 6.03 Construct & Material 0.63 Software & Comp Serv -2.84 Antofagasta PLC 822.50 60.50 Marks And Spencer Group PLC 344.00 6.80
FTSE 350 (350) 3954.94 0.31 3613.35 3942.65 3943.66 3307.59 3.48 0.94 30.44 1.86 6489.48 8 9 10 11 12 13 14 15 16 High Low Beverages 5.98 FTSE All{HY-}Share Index 0.63 Oil & Gas -3.01 Ashtead Group PLC 1639 64.00 Mediclinic International PLC 810.50 21.00
FTSE 350 ex Investment Trusts (307) 3925.78 0.32 3586.71 3913.24 3914.23 3285.12 3.51 0.94 30.25 1.75 3317.58 3088.7 3100.9 3095 3099.5 3093.9 3101 3104 3095.8 3092.5 3105.4 3088.7 Banks 5.45 FTSE 100 Index 0.58 Oil & Gas Producers -3.12 Associated British Foods PLC 2429 -93.00 Merlin Entertainments PLC 483.40 2.00
FTSE 350 Higher Yield (124) 3769.26 0.06 3443.71 3766.82 3763.62 3038.24 4.67 0.59 36.38 1.37 6432.37 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Automobiles & Parts 5.06 Support Services 0.24 Electricity -3.49 Astrazeneca PLC 4239 -79.50 Micro Focus International PLC 2125 5.00
FTSE 350 Lower Yield (226) 3739.12 0.63 3416.17 3715.88 3722.06 3261.34 1.99 1.99 25.24 2.27 4047.96 Industrial Metals & 4.40 NON FINANCIALS Index 0.12 Health Care -3.68 Aviva PLC 485.50 12.20 Mondi PLC 1773 -16.00
FTSE SmallCap (283) 5225.47 -0.19 4774.15 5235.62 5238.92 4319.36 2.81 1.24 28.66 10.20 7392.31 Electronic & Elec Eq 4.23 Travel & Leisure -0.08 Pharmace & Biotech -4.02
FTSE SmallCap ex Inv Co (149) 4654.97 -0.23 4252.92 4665.62 4675.55 3929.28 2.90 1.60 21.58 5.97 6914.78 FX: EFFECTIVE INDICES Chemicals 3.40 Personal Goods -0.28 Mobile Telecomms -4.05
Babcock International Group PLC 897.00 -38.50 Morrison (Wm) Supermarkets PLC 238.10 -1.90
Bae Systems PLC 592.50 -8.00 National Grid PLC 922.20 -15.80
FTSE All-Share (633) 3897.49 0.29 3560.86 3886.07 3887.13 3258.27 3.46 0.95 30.37 2.04 6467.87 Consumer Goods 3.23 Health Care Eq & Srv -0.54 Real Est Invest & Tr -4.82
Jan 26 Jan 25 Mnth Ago Jan 27 Jan 26 Mnth Ago Barclays PLC 230.60 3.20 Next PLC 3850 -70.00
FTSE All-Share ex Inv Co (456) 3850.76 0.31 3518.17 3838.88 3839.99 3222.94 3.50 0.95 30.01 1.78 3307.62 Financial Services 2.52 Aerospace & Defense -0.69 Industrial Transport -5.12 Barratt Developments PLC 472.50 -22.10 Old Mutual PLC 213.20 4.80
FTSE All-Share ex Multinationals (572) 1153.90 0.37 873.77 1149.67 1149.69 1105.87 3.15 1.38 22.94 1.01 2032.08 Australia 95.41 95.23 93.06 Sweden 78.34 78.21 76.78 Food & Drug Retailer 2.35 Real Est Invest & Se -0.75 General Retailers -5.89 Bhp Billiton PLC 1450 10.00 Paddy Power Betfair PLC 8105 -570.00
FTSE Fledgling (97) 9162.29 0.27 8370.94 9137.60 9129.65 7333.05 2.54 0.10 408.20 8.39 16943.59 Canada 90.04 90.00 87.76 Switzerland 162.46 161.78 161.71 Financials 2.08 Tech Hardware & Eq -0.83 Telecommunications -8.64 BP PLC 486.80 -11.55 Pearson PLC 607.00 18.00
FTSE Fledgling ex Inv Co (47) 12176.20 0.50 11124.53 12115.54 12140.29 10261.26 3.15 -0.91 -34.93 1.70 21930.34 Denmark 107.26 107.44 107.63 UK 78.24 78.00 77.30 FTSE SmallCap Index 1.60 Life Insurance -1.29 Leisure Goods -8.69 British American Tobacco PLC 4920.5 160.50 Persimmon PLC 1917 -15.00
FTSE All-Small (380) 3632.09 -0.17 3318.39 3638.29 3640.30 2997.23 2.79 1.19 30.08 6.90 6595.50 Japan 136.42 137.41 134.89 USA 105.23 104.67 107.87 Household Goods & Ho 1.56 Consumer Services -1.30 Food Producers -9.24 British Land Company PLC 583.00 -7.50 Provident Financial PLC 2694 -88.00
FTSE All-Small ex Inv Co Index (196) 3479.05 -0.20 3178.56 3486.02 3493.44 2935.86 2.91 1.49 23.02 4.31 6546.93 New Zealand 122.64 122.57 119.67 Euro 88.39 88.74 88.35 Nonlife Insurance -1.31 Fixed Line Telecomms -16.56 Bt Group PLC 302.80 -84.35 Prudential PLC 1577 28.50
FTSE AIM All-Share Index (810) 881.19 0.63 805.08 875.68 875.26 687.78 1.59 0.70 88.98 0.41 963.58 Norway 91.04 90.98 89.40
Bunzl PLC 2090 -46.00 Randgold Resources LD 6580 -135.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Burberry Group PLC 1649 -3.00 Reckitt Benckiser Group PLC 6870 45.00
Oil & Gas (16) 8663.47 0.14 7915.21 8651.75 8699.51 6037.06 5.63 -0.10 -178.90 0.00 7776.74 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Capita PLC 509.50 -4.00 RELX PLC 1412 -13.00
Oil & Gas Producers (9) 8281.16 0.13 7565.91 8270.77 8317.48 5746.87 5.69 -0.11 -160.98 0.00 7692.79 Carnival PLC 4340 172.00 Rio Tinto PLC 3567.5 117.50
Oil Equipment Services & Distribution (7)16800.66 0.46 15349.58 16724.13 16748.25 13296.88 3.59 0.40 69.50 0.00 12878.89 FTSE GLOBAL EQUITY INDEX SERIES Centrica PLC 227.00 -1.00 Rolls-Royce Holdings PLC 686.00 -2.50
Basic Materials (28) 5683.84 1.15 5192.92 5619.18 5702.86 2505.99 1.42 2.35 29.98 0.00 5711.36 Coca-Cola Hbc AG 1819 -2.00 Royal Bank Of Scotland Group PLC 231.80 10.90
Chemicals (7) 13539.13 0.46 12369.75 13476.48 13506.79 10423.99 2.21 1.85 24.46 0.00 11970.30 Jan 26 No of US $ Day Mth YTD Total
YTD Gr Div Jan 26 No of US $ Day Mth YTD Total YTD Gr Div Compass Group PLC 1417 9.00 Royal Dutch Shell PLC 2286 -30.00
Forestry & Paper (1) 20839.01 0.11 19039.14 20815.50 21132.85 13210.97 2.59 3.44 11.24 0.00 22359.11 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Convatec Group PLC 244.90 6.90 Royal Dutch Shell PLC 2191 -32.00
Industrial Metals & Mining (2) 2527.81 2.66 2309.49 2462.23 2527.13 586.96 0.00 0.00 -14.96 0.00 2205.99 FTSE Global All Cap 7720 494.64 -0.1 3.2 3.3
3.3 694.86
2.4 Oil & Gas 148 375.91 -0.2 -0.2 0.1 596.08 0.2 3.3 Crh PLC 2844 8.00 Royal Mail PLC 408.70 -5.30
Mining (18) 16164.52 1.25 14768.38 15964.85 16220.84 6493.10 1.31 2.38 32.12 0.00 8500.12 FTSE Global All Cap 7079 462.39 0.3 7.3 -0.3
0.2 624.68
2.5 Oil & Gas Producers 109 349.40 -0.2 -0.2 -0.6 564.73 -0.6 3.4 Croda International PLC 3406 36.00 Rsa Insurance Group PLC 578.50 13.00
FTSE Global Large Cap 1423 433.91 0.0 3.0 3.1
3.2 624.69
2.5 Oil Equipment & Services 29 361.35 -0.5 -0.5 3.3 519.72 3.4 2.6 Dcc PLC 6190 125.00 Sage Group PLC 610.00 -33.50
Industrials (115) 4985.74 -0.01 4555.12 4986.41 4991.30 4067.17 2.37 1.08 39.25 1.14 5085.60
Construction & Materials (15) 6949.16 -0.59 6348.95 6990.63 7039.06 4900.00 1.96 0.28 180.69 0.00 7278.10 FTSE Global Mid Cap 1654 669.72 -0.2 3.8 4.0
4.0 894.17
2.0 Basic Materials 256 459.46 -0.2 -0.2 8.9 690.88 8.9 2.1 Diageo PLC 2244 92.00 Sainsbury (J) PLC 254.50 -8.20
Aerospace & Defense (9) 4781.96 -0.61 4368.94 4811.16 4815.88 4148.12 2.49 -0.47 -85.90 1.37 5074.23 FTSE Global Small Cap 4643 708.64 -0.3 3.3 3.1
3.2 917.42
1.9 Chemicals 126 669.07 0.2 0.2 6.1 1011.67 6.2 2.4 Direct Line Insurance Group PLC 354.90 9.60 Schroders PLC 2923 -64.00
General Industrials (5) 4847.69 0.37 4428.99 4829.72 4851.44 3379.41 2.63 1.16 32.81 0.00 5442.87 FTSE All-World 3077 288.13 0.0 3.2 3.3
3.4 427.36
2.5 Forestry & Paper 15 255.87 -1.0 -1.0 7.4 426.12 7.5 3.1 Dixons Carphone PLC 317.20 -27.80 Severn Trent PLC 2262 52.00
Electronic & Electrical Equipment (11) 6449.62 0.61 5892.56 6410.53 6440.80 4989.47 1.94 1.74 29.55 0.00 5837.11 FTSE World 2541 510.72 -0.1 2.9 3.2
3.3 1017.04
2.4 Industrial Metals & Mining 62 405.32 0.0 0.0 11.9 608.75 12.0 1.5 Easyjet PLC 974.00 -70.00 Shire PLC 4389 -4.00
Industrial Engineering (12) 12057.63 0.22 11016.20 12031.13 11885.46 7055.72 2.16 1.33 34.82 2.81 14532.55 FTSE Global All Cap ex UNITED KINGDOM In 7396 512.84 0.0 3.1 3.3
3.4 709.83
2.3 Mining 53 586.58 -1.3 -1.3 14.3 877.17 14.3 1.4 Experian PLC 1549 10.00 Sky PLC 1005 6.00
Industrial Transportation (7) 4482.87 0.05 4095.69 4480.53 4499.86 3752.43 4.23 1.03 22.94 0.00 3935.87 FTSE Global All Cap ex USA 5811 441.41 0.0 5.1 3.9
4.0 661.22
2.9 Industrials 546 345.25 -0.1 -0.1 4.2 491.39 4.2 2.1 Fresnillo PLC 1428 26.00 Smith & Nephew PLC 1192 -13.00
Support Services (56) 6960.72 0.19 6359.52 6947.21 6947.62 6158.21 2.32 1.75 24.70 2.43 7159.74 FTSE Global All Cap ex JAPAN 6435 505.64 -0.1 3.2 3.3
3.3 716.85
2.4 Construction & Materials 110 483.84 0.1 0.1 5.1 719.25 5.1 1.9 Gkn PLC 348.50 5.50 Smiths Group PLC 1526 36.00
FTSE Global All Cap ex Eurozone 7071 513.19 0.0 3.1 3.3
3.4 707.70
2.3 Aerospace & Defense 26 577.13 0.0 0.0 2.2 814.55 2.2 2.1 Glaxosmithkline PLC 1520 -26.50 Smurfit Kappa Group PLC 2105 -76.00
Consumer Goods (38) 20318.68 0.50 18563.75 20216.68 20162.35 18127.45 2.93 1.78 19.17 1.70 14760.08
FTSE Developed 2099 463.65 -0.1 2.7 3.1
3.2 656.49
2.4 General Industrials 56 237.45 -0.1 -0.1 0.9 364.11 0.9 2.5 Glencore PLC 327.35 9.00 Sse PLC 1492 -14.00
Automobiles & Parts (1) 8189.91 -0.49 7482.55 8229.86 8255.71 6540.18 2.51 1.29 30.97 0.00 7763.93
FTSE Developed All Cap 5677 488.41 -0.1 2.7 3.1
3.1 683.54
2.3 Electronic & Electrical Equipment 71 362.44 0.0 0.0 5.5 474.09 5.5 1.7 Hammerson PLC 547.00 3.00 St. James's Place PLC 1083 23.00
Beverages (5) 17770.08 1.11 16235.27 17575.67 17025.18 15492.42 2.62 1.56 24.38 0.00 12396.75
FTSE Developed Large Cap 898 427.29 0.0 2.5 2.9
3.0 613.94
2.5 Industrial Engineering 104 678.38 0.1 0.1 7.7 951.92 7.7 2.1 Hargreaves Lansdown PLC 1341 31.00 Standard Chartered PLC 781.60 28.70
Food Producers (8) 7331.82 0.76 6698.57 7276.57 7396.55 8477.96 2.21 1.82 24.74 4.06 6272.34
FTSE Developed Europe Large Cap 221 327.65 -0.4 3.9 2.6
2.7 536.27
3.5 Industrial Transportation 100 596.24 -0.1 -0.1 5.9 848.05 5.9 2.2 Hikma Pharmaceuticals PLC 1855 -83.00 Standard Life PLC 350.50 -0.60
Household Goods & Home Construction (15)13620.83 0.66 12444.39 13531.17 13506.09 13243.61 2.49 2.54 15.86 2.86 9480.47
FTSE Developed Europe Mid Cap 313 511.08 -0.5 5.0 3.8
3.8 753.30
2.7 Support Services 79 305.79 -0.2 -0.2 3.6 416.92 3.6 1.8 HSBC Holdings PLC 687.60 9.20 Taylor Wimpey PLC 167.70 0.10
Leisure Goods (1) 5086.13 0.34 4646.84 5069.15 5111.60 5265.29 3.91 1.45 17.57 0.00 4504.01
FTSE Dev Europe Small Cap 708 717.00 -0.4 5.1 3.4
3.4 1025.48
2.5 Consumer Goods 430 432.78 -0.5 -0.5 3.5 632.06 3.6 2.4 Imperial Brands PLC 3716.5 115.50 Tesco PLC 206.55 8.25
Personal Goods (6) 25501.97 0.88 23299.36 25280.73 26293.83 22575.78 3.01 3.18 10.44 2.06 16969.47
FTSE North America Large Cap 291 490.75 0.0 1.6 2.6
2.7 661.70
2.1 Automobiles & Parts 106 381.43 -0.6 -0.6 3.7 537.27 3.7 2.6 Informa PLC 653.50 -12.50 Tui AG 1160 28.00
Tobacco (2) 55999.40 0.00 51162.71 55999.03 55543.46 46305.41 3.41 1.09 26.92 0.00 35428.36
FTSE North America Mid Cap 391 744.72 -0.4 2.7 3.7
3.8 936.40
1.7 Beverages 46 559.87 -0.3 -0.3 1.5 829.21 1.5 2.7 Intercontinental Hotels Group PLC 3785 35.00 Unilever PLC 3233.5 -127.50
Health Care (21) 9513.49 -0.70 8691.81 9580.69 9528.60 9044.88 3.55 0.45 62.81 1.04 7197.89
FTSE North America Small Cap 1447 767.83 -0.3 2.1 2.9
2.9 938.78
1.6 Food Producers 108 574.83 -0.8 -0.8 1.0 861.61 1.1 2.3 International Consolidated Airlines Group S.A. 497.90 4.50 United Utilities Group PLC 899.50 4.50
Health Care Equipment & Services (9) 7413.38 1.07 6773.08 7335.09 7353.03 6961.73 1.45 1.96 35.09 8.10 6386.18
FTSE North America 682 329.54 -0.1 1.8 2.8
2.9 454.92
2.1 Household Goods & Home Construction 49 416.83 -0.5 -0.5 3.1 605.35 3.5 2.3 Intertek Group PLC 3447 -10.00 Vodafone Group PLC 193.35 -12.70
Pharmaceuticals & Biotechnology (12)12825.53 -0.89 11717.79 12941.17 12859.72 12214.92 3.78 0.38 68.83 0.00 8639.15
FTSE Developed ex North America 1417 231.67 0.0 4.2 3.5
3.6 372.70
3.0 Leisure Goods 31 175.31 0.4 0.4 9.6 229.14 9.8 1.3 Intu Properties PLC 269.50 -1.80 Whitbread PLC 3963 -157.00
Consumer Services (94) 4839.43 1.30 4421.45 4777.29 4785.29 4649.12 2.58 2.05 18.92 7.55 4491.31 FTSE Japan Large Cap 173 336.83 0.6 2.3 3.3
3.3 431.03
2.0 Personal Goods 79 600.59 -1.0 -1.0 3.9 831.81 3.9 2.1
Food & Drug Retailers (7) 3290.84 6.26 3006.61 3096.90 3094.91 2684.24 1.32 2.42 31.24 0.00 3819.15 Itv PLC 204.70 3.20 Wolseley PLC 4935 -2.00
FTSE Japan Mid Cap 321 534.95 0.7 3.4 3.6
3.6 658.56
1.7 Tobacco 11 1336.89 0.1 0.1 5.5 2712.18 5.5 3.6 Johnson Matthey PLC 3253 111.00 Worldpay Group PLC 282.00 -3.70
General Retailers (30) 2387.86 0.33 2181.62 2380.01 2375.23 2755.61 3.20 2.05 15.27 2.05 2697.59
FTSE Global wi JAPAN Small Cap 791 576.28 0.1 3.6 3.3
3.3 733.37
1.9 Health Care 178 425.52 -0.2 -0.2 0.6 605.55 0.7 2.1 Kingfisher PLC 332.50 -11.10 WPP PLC 1878 35.00
Media (21) 7810.29 0.58 7135.71 7764.87 7779.29 7170.61 2.85 1.74 20.10 1.50 4752.91
FTSE Japan 494 141.85 0.7 2.5 3.4
3.4 203.79
1.9 Health Care Equipment & Services 66 706.34 -0.3 -0.3 2.7 818.67 2.7 1.1 Land Securities Group PLC 992.00 7.50
Travel & Leisure (36) 8526.82 0.82 7790.35 8457.44 8489.92 8170.17 2.49 2.28 17.62 30.26 7995.98
FTSE Asia Pacific Large Cap ex Japan 543 599.54 0.6 7.6 5.8
5.8 926.81
3.0 Pharmaceuticals & Biotechnology 112 305.38 -0.1 -0.1 -0.2 453.24 -0.1 2.6
Telecommunications (6) 3087.47 0.34 2820.80 3076.95 3083.33 3899.34 5.71 0.33 53.45 0.00 3394.69 FTSE Asia Pacific Mid Cap ex Japan 416 805.31 0.4 7.6 5.8
5.9 1195.59
2.7 Consumer Services 382 406.69 0.2 0.2 3.1 538.25 3.1 1.8
Fixed Line Telecommunications (4) 3544.63 0.28 3238.48 3534.71 3541.90 5314.03 4.94 1.48 13.66 0.00 3195.72
Mobile Telecommunications (2) 4330.27 0.37 3956.26 4314.19 4323.22 4946.39 6.10 -0.14 -113.64 0.00 4275.86
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1446 504.98
959 474.42
0.2
0.6
6.2
7.6
3.9
3.9
5.8
5.8
738.42
2.7 Food & Drug Retailers
779.13
3.0 General Retailers
55 283.06
120 557.98
-0.9
0.0
-0.9
0.0
0.1 390.40
2.5 719.12
0.2
2.5
2.0
1.5
UK STOCK MARKET TRADING DATA
Utilities (7) 8381.24 0.68 7657.34 8324.25 8367.38 8277.56 4.85 1.65 12.48 29.74 9386.98 FTSE Emerging All Cap 2043 659.64 0.4 8.5 5.3
5.4 969.55
2.9 Media 79 319.68 1.0 1.0 5.1 424.50 5.1 1.9 Jan 27 Jan 26 Jan 25 Jan 24 Jan 23 Yr Ago
Electricity (2) 8893.74 -0.20 8125.58 8911.26 8953.65 8243.84 5.53 1.72 10.54 148.19 12706.53 FTSE Emerging Large Cap 525 622.39 0.4 8.4 5.2
5.2 921.08
2.9 Travel & Leisure 128 394.27 0.1 0.1 3.6 527.46 3.6 1.8 SEAQ Bargains 7616.00 8096.00 6587.00 6676.00 7330.00 7330.00
Gas Water & Multiutilities (5) 7800.09 0.93 7126.40 7728.56 7769.49 7831.15 4.67 1.63 13.13 0.00 8727.85 FTSE Emerging Mid Cap 453 845.44 0.0 9.4 6.3
6.4 1233.66
2.8 Telecommunication 95 162.03 0.3 0.3 0.6 297.81 1.0 4.2 Order Book Turnover (m) 142.80 184.99 181.57 178.07 148.38 148.38
Financials (291) 4878.36 -0.05 4457.01 4880.73 4854.68 4075.95 3.63 1.02 27.06 2.75 4442.81 FTSE Emerging Small Cap 1065 682.71 0.2 7.7 5.3
5.4 965.07
2.7 Fixed Line Telecommuniations 44 137.18 -0.1 -0.1 -2.4 277.36 -1.8 4.6 Order Book Bargains 950696.00 1100306.00 1117103.00 917228.00 934777.00 934777.00
Banks (12) 4308.31 0.02 3936.20 4307.28 4272.26 3266.72 4.06 0.35 70.36 0.00 3124.01 FTSE Emerging Europe 112 341.59 0.2 4.3 1.6
1.6 522.47
3.7 Mobile Telecommunications 51 168.05 0.8 0.8 5.2 277.75 5.2 3.5 Order Book Shares Traded (m) 1652.00 1781.00 1898.00 1274.00 1330.00 1330.00
Nonlife Insurance (10) 3108.18 0.65 2839.73 3088.10 3083.66 2702.48 2.95 2.13 15.94 0.00 5385.95 FTSE Latin America All Cap 230 829.79 -0.2 10.8 8.0
8.2 1261.00
3.0 Utilities 167 247.32 -0.3 -0.3 0.3 471.78 0.4 4.0 Total Equity Turnover (m) 8529.73 9178.89 8178.97 7464.11 7711.46 7711.46
Life Insurance/Assurance (10) 7927.23 -0.13 7242.56 7937.23 7891.72 7015.93 3.78 1.36 19.45 0.00 7591.35 FTSE Middle East and Africa All Cap 242 687.15 0.0 8.9 4.5
4.6 3.1 Electricity
1054.98 109 272.34 -0.2 -0.2 0.1 513.97 0.3 4.0 Total Mkt Bargains 1098259.00 1236324.00 1237794.00 1028814.00 1065340.00 1065340.00
Index- Real Estate Investment & Services (20) 2476.64 -0.23 2262.73 2482.39 2464.22 2772.15 2.66 3.56 10.54 0.59 6541.26 FTSE Global wi UNITED KINGDOM All Cap In 324 317.98 -0.2 4.0 2.1
2.2 3.5 Gas Water & Multiutilities
522.28 58 258.31 -0.3 -0.3 0.7 505.34 0.7 4.0 Total Shares Traded (m) 4970.00 5496.00 5364.00 5078.00 6057.00 6057.00
Real Estate Investment Trusts (30) 2523.13 -0.55 2305.21 2536.98 2525.11 2723.62 3.94 2.12 11.94 7.22 3100.44 FTSE Global wi USA All Cap 1909 567.46 -0.1 1.6 2.7
2.8 1.9 Financials
743.25 694 220.62 0.3 0.3 3.4 354.59 3.5 2.9 Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 8152.82 -0.07 7448.66 8158.40 8138.18 7152.50 3.49 2.18 13.14 3.57 9210.98 FTSE Europe All Cap 1429 381.36 -0.4 4.2 2.9
2.9 3.3 Banks
603.64 246 200.90 0.4 0.4 4.3 346.27 4.4 3.2 (c) Market closed.
Equity Investment Instruments (177) 8856.62 -0.07 8091.67 8863.23 8862.30 7201.16 2.53 0.94 42.03 17.20 4796.30 FTSE Eurozone All Cap 649 363.75 -0.8 3.8 2.7
2.8 3.1 Nonlife Insurance
581.42 68 236.05 0.3 0.3 1.8 337.26 1.8 2.2
Non Financials (342) 4595.11 0.41 4198.23 4576.14 4586.45 3846.71 3.40 0.93 31.74 2.34 6676.61 FTSE RAFI All World 3000 3018 6187.00 -0.1 3.5 3.6
3.7 2.9 Life Insurance
8045.03 50 209.20 0.4 0.4 4.4 328.60 4.5 3.0
Technology (17) 1814.39 0.91 1657.68 1798.05 1831.29 1360.64 2.42 0.85 48.61 6.38 2310.71 FTSE RAFI US 1000 994 10341.87 -0.2 0.7 1.9
2.0 2.3 Financial Services
13413.80 147 249.26 0.1 0.1 3.4 339.70 3.5 2.0 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (12) 2035.54 1.05 1859.73 2014.36 2058.34 1783.48 2.32 1.21 35.58 7.93 2737.63 FTSE EDHEC-Risk Efficient All-World 3077 345.98 -0.1 3.4 3.4
3.4 2.2 Technology
476.11 181 205.04 0.0 0.0 5.6 249.21 5.7 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (5) 1985.20 -0.39 1813.74 1992.90 1969.20 1469.26 3.28 -1.49 -20.51 0.00 2313.88 FTSE EDHEC-Risk Efficient Developed Europe 534 275.74 -0.3 4.4 3.0
3.1 2.7 Software & Computer Services
413.80 89 355.35 0.2 0.2 6.8 412.51 6.8 1.0 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 92 153.51 -0.2 -0.2 4.3 193.57 4.4 2.4 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Alternative Energy 10 96.01 0.3 0.3 4.5 128.97 4.5 1.4 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7166.00 7165.77 7157.31 7173.41 7156.26 7165.68 7178.61 7171.14 7171.60 7184.49 7151.16 Real Estate Investment & Services 108 287.18 0.6 0.6 4.0 471.08 4.0 2.6
FTSE 250 18139.78 18169.30 18144.84 18168.53 18134.28 18159.08 18169.30 18172.80 18181.47 18190.95 18131.37 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5232.98 5238.01 5235.73 5234.24 5231.47 5235.01 5233.25 5233.39 5233.86 5239.60 5225.47
FTSE All-Share 3887.88 3888.92 3884.33 3892.12 3883.41 3888.45 3894.39 3891.24 3891.76 3897.49 3882.32 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Time of FTSE 100 Day's high:16:35:29 Day's Low09:27:30 FTSE 100 2010/11 High: 7337.81(13/01/2017) Low: 7142.83(02/01/2017) WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE All-Share Day's high:16:40:34 Day's Low09:28:00 FTSE 100 2010/11 High: 3971.69(13/01/2017) Low: 3873.22(02/01/2017) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Aberforth Smaller Companies Trust Pre 62.388 112.178 36.93 35.03 18.75 17.85 Mar 3 27.35 26 date price(p) Sector code Stock price(p) +/- High Low Cap (m)
price up date High Low Stock Price p +or- BlackRock Income Strategies Trust Pre 3.676 12.744L 7.56 7.07 1.635 1.7 Jan 27 3.27 3.37 01/19 0.10 BOCH Bank of Cyprus Holdings PLC 3.20 -0.06 3.65 3.11 1427.8
There are currently no rights offers by any companies listed on the LSE. BT Group 3rd 17940 13442 1914 2062 15.4 21 - - - - - 01/11 7.00 ZEN Zenith Energy Ltd 10.75 0.79 12.11 7.00 1059.6
Drum Income Plus REIT Pre 0.066L 0.51L 6.47 0.59L 1.3125 - Dec 2 2.625 -

Figures in m. Earnings shown basic. Figures in light text are for corresponding period year earlier. Placing price. *Intoduction. When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
22 FINANCIAL TIMES Monday 30 January 2017

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

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Monday 30 January 2017 FINANCIAL TIMES 23

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Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence CtyLonInv 367.50 17.50 414.00 285.00 6.53 15.91 21.6 TedBaker 2840 -155.00 3150 2069 1.68 26.67 56.8 Mining Redefine 39.29 -0.19 48.00 34.39 8.34 78.58 2897.3 HowdenJny 375.00 0.70 516.50 339.70 2.48 13.79 2132.7
BAE Sys 592.50 -8.00 631.50 455.40 3.53 20.15 5386.6 CloseBrs 1441 -2.00 1494 975.00 3.78 11.59 131.1 AngloAmer 1369 79.50 1529.01 238.10 1.78 -6.91 6832.8 SEGRO 464.60 7.60 477.30 331.40 3.33 6.56 1190.3 Intertek 3447 -10.00 3806 2569 1.45 -15.38 315.2
DBAG 33.13 1.13 33.62 23.30 1.00 15.00 16.3
Industrial Engineering Shaftbry 875.50 -12.50 1008 650.00 1.61 24.66 432.8 Lavendon 268.50 -8.50 286.00 102.31 2.01 59.67 1158.8
Chemring 194.75 10.75 196.00 90.25 1.08 -56.20 934.0 AngloPacif 133.75 2.00 134.50 49.84 5.23 -11.70 122.8
Hargr Lans 1341 31.00 1413 1056 1.65 35.95 552.5 Bodycote 660.00 27.00 664.50 496.10 2.21 22.31 288.8 Town Ctr 272.75 -1.75 332.00 260.00 3.83 12.18 0.0 MngCnslt 6.00 0.25 25.00 3.00 - -3.00 1.9
Cobham 139.00 1.00 264.00 129.80 6.84 -30.70 5706.5 AnGoldA R 159.50 -4.27 317.75 128.67 - 46.67 801.8
HBM Hlth SFr 105.40 3.20 105.60 98.30 - 5.17 17.6 Castings 447.50 5.50 514.50 388.10 3.06 13.71 4.1 Wkspace 749.50 -5.50 878.00 569.00 2.01 5.29 168.6 MearsGp 505.00 27.00 515.00 346.75 2.18 26.71 7.0
Meggitt 429.40 -5.80 485.10 342.40 3.28 18.75 1611.2 Barrick C$ 23.38 0.56 30.45 13.01 0.42 -7.81 3135.5
HenderGp 222.50 -17.10 278.80 192.60 4.63 20.23 2670.2 Fenner 320.00 11.75 322.00 95.25 2.81 -23.53 474.2
RollsRoyceX 686.00 -2.50 875.50 497.00 2.39 -6.14 5590.5
Goodwin 1737.5 -18.50 2350 1410 2.44 15.90 0.5
BisichMg 77.50 0.00 82.50 52.00 5.16 -23.56 0.7 Real Estate Inv & Services MenziesJ 601.00 16.50 634.20 390.00 2.47 73.15 16.1
Senior 202.10 3.00 245.00 161.00 3.07 21.55 1161.4 Indvardn SKr 169.30 1.30 172.00 122.10 2.94 7.61 303.5 EVRAZ 230.30 8.60 280.64 54.00 - -7.57 1064.8 Cap&Count 275.00 5.50 375.80 257.20 0.55 40.44 1847.4 MITIE 201.60 -2.30 295.30 165.00 6.00 -11.14 1357.8
ICG 694.00 -11.00 766.69 500.96 3.73 12.11 219.8 Hill&Sm 1135 -29.00 1319.2 730.50 1.82 27.28 84.9 PageGroup 433.10 5.50 441.00 156.30 2.58 20.53 1130.3
UltraElc 1858 -35.00 2049 1573 2.48 29.97 165.2 Fresnillo 1428 26.00 2057.21 688.80 0.29 87.16 1208.5 CLS 1576 -70.00 1760.19 1125 - 7.29 4.8
Investec 575.00 9.50 585.50 387.00 3.65 13.37 1433.2 IMI 1177 85.00 1208 717.00 3.26 30.57 795.2 PayPoint 967.50 5.00 1176.51 700.00 4.38 35.18 62.6
GemDmnd 120.50 4.25 148.00 96.25 3.10 23.15 146.0 Daejan 6230 -160.00 6450 4401 1.41 6.41 3.4
Automobiles & Parts Jupiter 396.00 -7.00 464.70 324.60 3.41 13.89 1392.7 MelroseInd 200.00 2.25 834.50 135.75 2.05 -178.57 5127.3
Harmony R 31.94 -0.21 67.00 25.87 - -3.97 1309.2 Grainger 235.60 -1.40 249.00 193.00 1.51 13.16 386.0 Rentokil 225.70 6.60 236.90 147.40 1.19 33.14 8569.9
FordMtr $X 12.49 0.13 14.22 11.02 4.51 6.28 34549.9 Liontrust 400.00 0.25 407.00 235.00 3.00 31.77 267.7 Renold 54.50 -0.50 56.50 28.20 - 34.06 23.2 Ricardo 974.00 -2.00 1040 645.00 1.75 20.25 8.8
Hochschild 235.80 10.00 327.60 46.25 - -9.01 1265.5 Helical 295.50 -0.75 418.25 228.00 2.52 3.19 98.9
GKN 348.50 5.50 353.23 245.80 2.50 30.57 3794.5 Man 132.70 7.50 166.10 102.50 5.82 32.85 4291.3 Rotork 258.30 -3.50 269.40 150.30 1.96 36.48 3488.7 RbrtWlts 362.00 -5.50 380.00 242.00 1.96 17.08 0.8
Kenmare 310.00 -34.00 366.25 80.00 - -0.72 169.6 HK Land $ 6.75 0.00 7.35 5.55 2.40 9.27 1191.6
NB GFRIF 97.60 -0.30 98.10 84.25 4.54 22.46 571.9 Severfd 80.00 2.38 86.75 43.00 1.88 19.75 793.2 RPS 223.50 -6.50 244.00 158.52 4.06 72.33 190.1
Banks Lonmin 132.75 -37.25 252.56 44.50 - -1.26 4278.2 Lon&Assc 21.50 0.00 28.38 19.00 0.73 -7.54 1.4
NEX Group 569.50 30.50 867.30 445.90 6.76 53.79 3247.3 SKF SKr 176.80 7.60 181.60 120.00 3.10 23.32 3032.5 Shanks 95.50 2.25 115.75 68.75 3.14 -109.90 195.7
ANZ A$X 29.77 -0.34 31.84 21.86 8.22 16.07 4106.0 Petra 148.60 -7.60 173.60 68.75 1.37 80.80 1792.6 MacauPrp 144.00 7.75 145.50 90.00 - -3.23 52.4
Paragon 406.10 0.50 422.20 225.10 2.88 10.23 961.9 Spirax-S 4369 45.00 4745 2664 1.58 29.64 124.6 SIG 105.50 0.40 149.80 86.60 4.36 13.53 1286.7
BcoSant 455.50 12.50 513.00 230.56 3.89 18.16 32385.6 Petropvlsk 6.81 -0.23 9.15 5.35 - -1.92 3226.2 Mntview 10913 0.00 12000 9700 3.44 10.99 1.0
Providnt 2694 -88.00 3402.27 2125 4.46 15.51 267.5 Tex 127.50 0.00 132.00 96.50 5.49 6.93 0.1 St Ives 75.00 2.00 248.17 69.83 9.53 21.53 154.9
BnkGeorgia 2888 96.00 3561 1538 4.00 8.37 98.0 PolymtIntl 891.50 -34.50 1209 543.50 1.61 25.27 900.2 RavenRuss 47.50 0.50 48.00 28.50 - -2.50 184.4
RathbnBr 2060 29.00 2356 1577 2.62 21.33 22.1 Trifast 207.50 1.50 217.50 108.00 1.35 21.71 157.4 Vp 824.00 -18.50 859.50 615.00 2.04 15.12 3.5
BankIre 0.27 0.02 0.32 0.16 - 15.25 26115.0 RndgldRs 6580 -135.00 9820 4739 0.76 37.82 571.3 RavenR CNV 112.50 0.50 113.50 100.50 - - 30.0
Record 38.00 0.50 41.20 20.94 4.34 15.08 67.8 Vitec 680.00 21.25 689.95 485.00 3.62 24.82 2.1 Watermn 82.50 2.00 101.68 52.50 2.42 12.89 132.9
BkNvaS C$X 78.71 1.32 78.96 51.57 3.68 13.55 1137.9 RioTintoX 3567.5 117.50 3685 1589 4.38 1223.00 3838.0 RavenR Prf 146.00 4.75 147.00 115.00 8.22 - 36.5
S&U 2031 -21.50 2612 1950 3.74 13.25 7.8 Weir 2050 40.00 2060 764.50 2.15 -22.75 736.1 Wolseley 4935 -2.00 5050 3214 1.84 22.23 337.9
BarclaysX 230.60 3.20 267.32 121.10 2.39 -48.38 28619.3 Troy Res A$ 0.14 -0.01 0.77 0.13 - -0.37 2293.1 RavenR Wrt 27.25 0.00 29.13 12.00 - - 0.7
Schroder 2923 -64.00 3073 1960 2.84 17.55 317.6 Industrial General VedantaRs 1049 54.00 1090 195.16 2.67 -2.26 267.5 Safestre 365.00 5.70 415.20 311.90 2.64 8.08 356.7
CanImp C$X 113.16 1.33 113.35 82.63 3.92 11.55 752.1
..N/V 2171 -50.00 2305 1492 3.82 13.04 9.2
Tech - Hardware
HSBCX 687.60 9.20 692.48 392.37 5.78 42.53 20951.6 Coats Group 59.25 -2.25 62.14 21.25 - 49.05 222.8 Savills 779.00 12.00 805.50 542.18 1.54 16.79 177.9
SVG Cap 711.00 0.50 720.00 469.50 - 6.10 115.6 Oil & Gas SchroderRE 56.50 -0.50 61.00 43.43 4.39 8.07 176.4
Laird 165.75 18.00 384.90 123.50 7.84 -20.98 548.0
LlydsBkgX 65.87 0.80 74.00 47.10 3.42 31.37 124454.8 ExovaGroup 192.88 -1.63 215.00 123.00 1.66 23.52 7.0 SpirentCM 96.50 -0.75 102.00 70.25 3.00 50.79 114.2
TP ICAP 451.80 7.30 484.60 270.80 3.73 50.20 4668.8 BPX 486.80 -11.55 521.20 249.44 6.32 -31.48 22529.9 Smart(J) 108.00 2.00 110.00 98.00 2.80 14.19 20.5
RylBkC C$X 94.47 0.30 94.90 64.52 3.45 13.84 1143.2 JardnMt $X 61.48 1.97 63.71 50.63 2.21 11.82 106.4
WlkrCrip 40.00 0.00 50.80 38.00 4.63 40.00 46.1 CairnEng 238.00 -0.60 250.60 131.20 - -5.63 1638.0 StModwen 315.80 4.80 401.04 218.10 1.59 3.59 159.9 Tech - Software & Services
RBSX 231.80 10.90 260.90 148.40 - -5.04 16040.4 Jard Str $X 37.70 1.20 37.76 26.17 0.71 10.09 284.9
Cape 179.25 0.25 244.25 139.00 7.81 27.16 163.1 U+I 162.00 -4.75 223.00 140.00 3.64 25.31 171.0
STB 2215 -110.50 3163.72 1550 3.25 19.34 1.6 Food & Beverages Macfrlne 62.00 0.50 69.82 49.00 2.94 14.00 32.3 AVEVA 1883 -12.00 2149 1221 1.91 44.40 89.1
ExxonMb $X 85.51 -0.38 95.55 73.55 3.23 36.15 10941.4 UNITE Gp 589.00 17.50 667.50 541.57 2.55 5.67 318.7
StandChX 781.60 28.70 796.40 373.40 1.32 -8.09 5424.5 AngloEst 719.75 -28.75 784.50 380.00 0.44 -28.23 9.1 RPC 1071 15.00 1106 646.50 1.60 42.67 908.9 Computcnt 783.50 -6.50 860.50 666.45 2.73 16.85 41.4
GeoPark $ 4.95 0.15 5.42 1.90 - -1.60 151.1 Urban&C 218.00 5.50 278.00 183.00 1.22 7.10 29.5
..7.375%Pf 117.75 0.13 131.50 99.00 6.26 - 29.7 AscBrFdX 2429 -93.00 3465 1910 1.40 34.04 2948.7 Smith DS 440.00 6.10 446.80 329.10 2.91 19.82 3480.0 MicroFoc 2125 5.00 2400 1275 2.53 36.46 546.9
GrnDnGas 150.75 -11.75 300.10 148.00 - -106.09 14.4
..8.25%Pf 132.63 -0.38 144.20 109.00 6.22 - 30.6 Barr(AG) 502.00 -5.50 614.50 455.30 2.66 15.53 195.3 Smiths 1526 36.00 1544.36 864.00 2.70 23.51 1843.7 NCC Grp 187.00 -16.75 377.30 170.25 2.49 103.89 664.3
SmurfKap 2105 -76.00 2211.71 18.24 2.88 12.34 468.3
GulfKeyst 130.00 0.25 1840 112.00 - -0.14 200.2 Retailers RM 141.00 -3.00 170.00 112.00 3.55 9.79 15.4
TntoDom C$X 68.16 0.71 68.60 48.52 2.74 17.30 1968.9 Britvic 587.00 -1.00 738.00 521.00 3.97 13.49 1317.7 HellenPet 4.39 -0.03 4.68 2.74 - 10.56 143.3 AA 245.20 -8.80 309.00 209.50 1.43 245.20 1855.1
VirginMoney 314.00 9.00 388.30 196.10 1.43 11.13 1948.0 CarrsGroup 142.75 -2.75 167.50 129.75 2.61 13.60 16.1 Vesuvius 465.70 25.70 467.70 265.10 3.49 34.24 578.9 Sage 610.00 -33.50 761.00 555.50 2.20 31.84 5032.1
Hunting 575.50 -42.00 650.00 252.75 3.18 -5.43 468.5 AO World 161.10 2.50 198.00 119.60 - 644.40 179.6
Westpc A$X 32.35 -0.08 34.08 27.57 8.12 15.18 4581.5 Coca-Cola HBC 1819 -2.00 1889 1250 1.83 26.69 305.5 SDL 490.00 -6.75 500.00 372.91 0.63 -11.99 21.0
Industrial Transportation ImpOil C$X 43.54 -0.92 48.72 38.41 1.29 46.53 555.3 AshleyL 19.25 0.00 26.50 18.08 10.39 9.17 129.6 TriadGp 79.50 3.50 90.00 20.00 - 7.41 54.5
Cranswk 2279 -133.00 2608.91 1890 1.65 21.54 69.7 JKX 29.00 0.50 35.55 15.50 - -0.86 2.4 Caffyns 525.00 -5.00 605.00 502.00 3.95 5.92 0.2
Basic Resource (Ex Mining) BBA Aviat 282.40 -2.10 288.40 154.60 3.18 -49.03 2157.6
Dairy Cr 592.00 -25.00 697.00 503.00 3.68 21.37 586.9 Braemar 250.00 -43.25 470.00 218.00 10.40 11.36 365.7 Nostrum 449.00 -23.50 504.00 203.00 - -7.67 67.8 Dairy Fm $ 8.25 0.88 8.28 5.56 2.28 27.51 149.1 Telecommunications
Ferrexpo 143.20 13.10 154.00 16.45 1.72 -239.46 8059.4
Devro 170.75 -16.25 320.00 139.34 5.15 47.43 108.7 Clarkson 2310 90.00 2500 1629 2.68 24.60 27.1 OphirEgy 95.50 0.25 103.41 63.49 - -3.75 538.6 Debenhams 52.40 -0.85 82.15 51.25 6.54 7.49 2641.8 BTX 302.80 -84.35 502.30 297.80 4.26 10.26 49123.5
Mondi 1773 -16.00 1814 1108 1.80 19.45 1621.5
Glanbia 15.50 -0.39 18.85 14.00 0.59 34.36 37.4 Eurotunnl 8.84 -0.13 11.82 7.70 2.42 47.75 1176.4 PremOil 94.25 -1.75 99.50 24.75 - -1.21 4554.0 Dignity 2434 -36.00 2940 2240 0.88 22.27 35.2 Inmarsat 627.00 -29.00 1120.75 621.00 6.43 15.08 1945.0
Chemicals Grncore 222.40 -13.60 396.70 215.00 2.33 19.51 2614.0 Fisher J 1541 -40.00 1699 935.00 1.54 19.61 22.6 RylDShlAX 2191 -32.00 2295.5 1382.5 6.55 53.70 2813.7 DixonsCar 317.20 -27.80 477.20 242.00 - 14.96 2214.0 KCOM Gp 89.50 -2.25 121.00 88.25 6.60 7.11 205.0
Bayer X 105.95 3.45 112.00 83.45 2.39 19.10 1688.0 HiltonFd 658.00 -6.50 703.50 486.25 2.07 24.23 2.2 Flybe Grp 45.50 1.25 84.50 29.90 - -15.17 258.1 ..B 2286 -30.00 2403.68 1380 6.16 -37.73 3346.5 Dunelm 667.50 -7.00 1018 659.00 3.07 14.12 147.7 TalkTalk 156.10 -6.90 280.18 144.96 10.17 50.35 2372.5
Carclo 135.88 0.88 169.00 106.75 2.10 30.88 16.9 Kerry 65.68 -1.13 84.80 61.06 0.74 23.28 247.2 OceanWil 1030 17.50 1033 696.50 4.63 20.89 0.8 Schlmbrg $X 84.50 -1.99 87.84 64.58 2.40 -67.10 4758.2 Findel 205.00 9.00 224.75 130.00 - -110.81 4.2 TelePlus 1226 -17.00 1265 799.89 3.75 28.45 70.0
Croda 3406 36.00 3721 2729.11 2.04 24.86 462.6 Nestle SFrX 73.15 -0.20 74.90 72.20 2.55 29.80 4336.4 RoyalMail 408.70 -5.30 549.00 400.80 5.21 19.10 2944.9 SEPLAT 68.25 -3.50 113.43 61.25 9.04 -5.54 31.7 Halfords 368.90 -13.30 452.28 299.50 3.96 11.07 376.0
Elemntis 266.40 -1.70 279.90 179.60 2.13 19.25 400.5 PremFds 40.25 -1.25 62.00 29.65 - 9.82 3105.8 Soco Int 155.00 2.25 179.75 115.00 1.41 -13.11 9.3 Inchcape 713.50 1.50 755.50 574.00 2.89 18.11 600.3 Tobacco
Syngent SFrX 422.00 -9.90 434.90 360.50 2.53 35.05 297.4 PureCircle 275.00 -11.00 562.47 190.00 - 43.92 7.9 Insurance TrnCan C$X 62.71 0.18 65.24 46.29 3.28 -32.72 1840.7 JDSportsF - - - - - - - BrAmTobX 4920.5 160.50 5135 3609 3.13 21.25 3713.7
Victrex 1907 -35.00 1996 1275.58 2.46 19.72 179.3 REA 347.50 -6.00 372.50 210.00 - -54.65 10.2 Admiral 1805 72.00 2288 1665 3.25 16.68 649.1 Lookers 124.75 1.25 169.75 88.00 2.50 8.97 643.3 Imperial BrX 3716.5 115.50 4154 3324 3.91 56.31 2288.1
StckSpirit 177.00 -1.50 185.25 123.00 1.56 24.98 25.8 AvivaX 485.50 12.20 499.80 290.00 4.28 40.46 7374.2 Pharmaceuticals & Biotech Marks&Sp 344.00 6.80 448.00 255.10 5.44 22.34 8158.6
Construction & Materials Tate&Lyl 668.00 -15.50 850.00 529.00 4.19 17.13 2014.8 Beazley 404.10 11.20 413.10 313.90 2.47 12.61 1289.6 BTG 542.50 -38.00 739.50 530.06 - 34.82 1045.5 Travel & Leisure
MossBros 98.00 1.00 111.00 86.50 5.46 21.78 63.7 888 Hldg 220.25 -3.50 237.00 160.50 2.47 39.58 100.9
Alumasc 172.50 0.00 197.55 115.00 3.48 10.87 28.3 TongtHu R 134.50 -0.30 135.50 81.20 2.26 23.66 332.0 Chesnar 360.50 0.75 373.00 248.25 5.25 38.11 38.6 CathayIn 17.25 0.00 21.00 7.10 - -7.74 7.1 Next 3850 -70.00 7110 3550 4.10 8.62 446.7
Boot(H) 204.50 0.00 232.00 161.24 2.98 9.47 38.5 Unilever 3233.5 -127.50 3807.5 2869.5 3.20 22.49 2929.0 Eccles prf 139.00 -0.25 148.00 123.50 6.21 - 14.7 Dechra 1443 21.00 1462 811.00 1.20 103.81 98.8 AirPrtnr 520.00 10.00 520.00 59.90 4.66 22.22 15.3
Ocado 244.70 -17.20 352.13 203.00 - 214.46 2293.1 Cineworld 611.00 19.00 618.00 454.70 2.21 20.47 488.4
ClarkeT 74.75 12.38 91.00 52.00 4.15 11.52 867.3 ..NV 37.90 -1.10 43.10 36.27 3.15 22.49 11.9 Hansard 105.50 -3.00 142.75 94.15 8.39 17.58 12.8 Genus 1729 3.00 2113 1319 1.13 33.84 57.5 Photo-Me 149.75 -20.50 185.50 122.77 3.42 19.40 4513.4
CRH 2844 8.00 3342 1581 1.83 29.35 2111.8 Hiscox 1018 5.00 1106 896.50 2.36 10.52 292.3 GlaxoSmhX 1520 -26.50 1745.56 1314.26 5.26 271.43 10390.9 CompassX 1417 9.00 1559 1128 2.13 23.50 2763.1
Health Care Equip & Services Saga 184.60 -3.00 227.38 170.80 3.90 13.38 2876.6 Dalata Hotel 378.50 0.00 400.17 280.00 - 35.49 1.3
GalfrdT 1340 14.00 1502 739.86 5.07 11.07 227.6 JardineL 1037 36.00 1070 769.50 2.95 36.51 63.2 HikmaPhm 1855 -83.00 2703 1575 1.28 29.59 669.0 SuperGroup 1533 -8.00 1793.66 1100 - 31.35 197.5
Keller 830.00 -7.00 1044 643.50 3.27 28.62 88.3 Bioquell 129.00 -3.25 178.00 119.50 - 61.43 13.9 Lancashire 670.00 0.50 775.00 467.00 1.53 12.51 666.9 Oxfd Bio 4.20 -0.02 7.87 2.98 - -6.77 3682.9 EntInns 131.00 -2.00 136.88 69.80 - -17.70 331.7
ConstMed 994.50 -9.50 1180 935.00 1.85 30.79 45.1 TescoX 206.55 8.25 219.40 143.08 - 80.06 171110.3 FirstGrp 103.60 0.30 116.10 79.55 - 12.05 1980.9
KierGp 1379 20.00 1433 917.50 4.00 58.19 162.1 Leg&Gen 243.80 5.30 252.20 160.50 4.84 13.51 11284.4 RichterG $ 21.55 -0.46 22.39 17.32 1.11 25.89 0.0
Kingsp 27.38 0.16 27.95 17.38 0.89 21.79 309.2 ConvaTec 244.90 6.90 259.75 213.00 - -75.19 1487.9 Old Mut 213.20 4.80 225.61 149.80 4.17 16.66 8325.7 ShireX 4389 -4.00 5377 2707.19 0.47 87.04 2319.6 Support Services Fuller A 1007 -3.00 1200 925.50 1.70 17.23 2.4
LowBonr 69.00 1.00 71.50 53.50 4.03 40.83 20.2 GNStre kr 155.10 4.40 155.10 108.20 0.65 22.55 642.4 PermTSB 2.77 0.08 4.13 1.47 - 14.67 36.6 VecturGp 130.30 -6.70 183.70 122.90 - 108.58 2170.1 Acal 233.75 0.75 280.00 203.20 3.44 32.02 42.8 Go-Ahead 2185 0.00 2722 1775 4.20 13.54 88.3
Marshlls 288.00 5.50 357.41 199.40 2.43 18.08 142.3 UDGHlthC 641.50 -13.50 695.50 491.30 1.50 29.92 1262.2 PhoenixGrp 744.50 21.50 952.00 691.00 6.10 12.92 595.2 Aggreko 1059 42.00 1305 751.00 2.56 20.93 530.5 GreeneKg 677.00 -28.00 914.00 654.50 4.25 16.67 675.2
MorgSdl 822.00 -6.00 850.73 560.00 3.53 15.05 0.5
Real Estate AshtdGp 1639 64.00 1679 749.00 1.37 17.87 1639.6 IrishCtl 4.69 0.06 5.72 3.90 1.97 19.05 3.9
House, Leisure & Pers Goods PrudntlX 1577 28.50 1649 1085 2.46 22.06 3641.3
Norcros 168.50 3.50 197.95 137.00 3.92 7.73 39.2 Harworth Grp 89.00 -0.50 125.00 69.00 - 2.88 22.4 AtknsWS 1400 -29.00 1750 1110 2.66 13.59 196.3 Ladbrokes Coral 119.50 -8.40 164.80 105.60 2.51 17.07 4798.7
BarrttDev 472.50 -22.10 621.50 326.00 3.45 8.70 2823.9 RSA Ins 578.50 13.00 590.00 371.00 0.95 83.84 1727.6
StGobn X 46.86 0.36 48.12 31.47 1.14 82.18 1290.2 SagicFin 80.50 0.00 78.00 60.00 5.74 5.08 0.6 REITs Babcock 897.00 -38.50 1112 780.00 2.88 14.83 1244.5 MandarO $ 1.25 -0.02 1.53 1.18 3.75 20.77 6.0
Bellway 2490 -10.00 2843 1622 3.09 9.02 389.3 Marstons 132.50 -3.50 163.00 126.80 5.36 10.52 1645.0
Tyman 273.00 -7.00 305.00 223.00 3.21 58.71 5.5 StJmsPl 1083 23.00 1126.44 521.00 2.58 28.96 1552.7 Assura 53.50 -1.70 61.00 48.08 5.05 44.58 1415.1 Berendsen 828.00 -17.00 1371 763.50 3.80 15.48 1078.9
Berkeley 2836 49.00 3603 2015 7.05 8.62 468.2 Natl Exp 335.90 -4.10 379.10 252.81 3.17 16.07 1018.2
Stan Life 350.50 -0.60 380.60 248.20 5.24 16.23 5864.2 BigYellw 676.50 -16.50 893.50 629.50 3.68 9.65 208.2 Brammer 165.00 0.00 229.53 57.50 6.48 -16.50 14.3
Electronic & Electrical Equip BovisHme 817.50 20.50 1028 430.00 4.49 8.59 536.4
BritLand 583.00 -7.50 773.35 499.96 4.84 4.70 4237.4 Bunzl 2090 -46.00 2587.89 1752 1.82 29.11 765.2 PPHE Htl 734.00 5.00 875.00 626.00 2.73 10.27 1.1
Dialight 876.50 26.50 895.00 380.00 - -42.34 15.2 Cairn Homes 1.27 -0.02 1.37 0.87 - - 9790.1 Media Restaurt 287.00 -54.50 568.00 229.85 6.06 32.47 5324.8
Cap&Reg 54.50 -2.00 66.75 43.58 5.72 7.79 507.7 Capita 509.50 -4.00 1192 431.30 6.22 40.44 1668.7
e2v Tech 272.50 -0.50 274.25 153.12 1.98 25.09 1113.7 CtrySide 235.00 -4.40 290.00 170.60 - 17.28 1813.7 4imprint 1680 -20.00 1900 1140 1.37 30.66 6.5 Stagech 211.60 -3.70 356.40 193.80 5.10 12.45 735.0
Countrywd 176.00 6.00 393.10 164.20 8.52 7.32 185.7 Carillion 219.80 -16.00 309.60 195.90 8.12 7.79 3685.3
Halma 929.50 4.50 1131 773.50 1.32 32.32 792.4 CrestNic 498.70 6.10 607.50 323.90 3.95 9.39 1434.8 Centaur 48.13 7.63 69.00 32.88 6.23 -8.59 57.5 ThomasCook 86.75 2.05 110.00 52.60 - 108.44 3349.3
DrwntLdn 2469 -8.00 3507.8 2230 1.76 6.06 225.4 Comnsis 44.50 -3.25 49.51 32.50 4.63 6.39 2943.9
MorganAd 301.00 0.90 310.80 187.50 3.65 28.13 136.5 GamesWk 840.50 -4.50 885.00 420.00 6.19 21.96 5.1 DlyMailA 688.00 -62.50 836.00 571.00 3.14 12.20 2601.5 TUI 1160 28.00 1219 813.00 4.18 22.35 558.1
Gt Portld 617.00 3.50 806.00 534.50 1.47 3.81 931.5 ConnectGp 139.75 -12.50 168.00 125.30 6.65 10.35 254.2
OxfordIn 735.50 -53.00 810.00 610.00 1.77 76.61 27.3 Gleeson 545.00 -15.00 628.00 385.00 2.17 12.63 9.6 HaynesPb 149.00 25.50 152.50 95.00 5.03 -13.67 4.5 Whitbrd 3963 -157.00 4402 3283 2.16 18.52 734.2
Green Reit 1.32 0.01 1.54 1.19 1.66 6.83 63.5 DCC 6190 125.00 8029.92 4654 1.57 27.21 222.8
Renishaw 2844 119.00 2995 1618 1.64 29.97 290.2 Headlam 526.00 11.00 538.00 408.00 3.48 15.61 23.2 ITE Grp 155.50 -7.50 181.25 118.06 4.12 -43.19 134.2 Willim H 261.00 -19.40 415.70 235.50 4.79 11.25 3188.1
Hammersn 547.00 3.00 604.50 400.00 4.08 7.64 1400.0 DeLaRue 580.50 4.50 647.00 395.50 4.31 12.56 59.4
Spectris 2428 -25.00 2517 1441 1.97 25.45 279.6 McBride 162.25 -3.75 206.00 127.00 - 17.45 351.1 ITV 204.70 3.20 272.90 141.00 2.93 17.06 22878.4 Hansteen 109.60 0.70 121.10 94.50 4.65 6.18 3625.4 Diploma 1017 23.50 1061.04 621.50 1.83 30.00 200.3 Utilities
TT Elect 152.25 -0.75 168.25 116.43 3.61 24.17 15.8 McCarthy&S 164.60 1.80 284.98 129.36 0.61 11.84 2322.4 Pearson 607.00 18.00 989.50 552.00 8.57 -22.07 7372.4 HIBERNIA 1.23 0.04 1.43 1.14 1.24 8.69 1488.2 Elctrcmp 483.80 3.90 508.50 200.70 2.43 97.27 703.9
XP Power 1800 10.00 1845.07 1415 3.72 17.34 2.4 Persimn 1917 -15.00 2255 1170 - 11.52 1874.8 Quarto 317.50 0.00 325.00 210.80 3.41 8.73 0.3 Centrica 227.00 -1.00 248.39 182.50 5.29 -16.33 9127.9
INTU 269.50 -1.80 323.90 254.70 5.08 7.31 2286.2 Essentra 408.70 -34.00 894.00 366.70 5.06 16.22 908.8
Philips 27.74 -0.19 29.45 20.78 2.93 67.60 4415.9 RELX NV 15.65 0.22 16.47 13.54 2.28 25.72 3381.2 DeeVally 1745 5.00 1830 1100 3.58 16.14 2.1
Financial General LandSecs 992.00 7.50 1211 810.00 3.61 14.72 1554.6 Experian 1549 10.00 1618 1064 2.01 23.13 2047.1
PZCusns 304.00 -33.60 374.60 245.80 2.67 21.73 521.8 RELX PLCX 1412 -13.00 1514 631.02 2.10 27.21 3424.4 Drax 381.90 4.10 393.20 211.30 1.49 9.36 615.6
3i 698.00 -10.00 729.50 389.10 2.68 4.17 1451.8 LondonMtrc 147.50 1.20 167.80 133.90 6.14 163.89 1381.7 HarvyNah 60.88 -2.13 80.95 50.34 6.32 7.46 114.3
ReckittBX 6870 45.00 7786 5839.08 2.02 31.69 1212.1 STV Grp 365.00 3.00 475.00 300.00 2.74 10.00 4.4 Natl GridX 922.20 -15.80 1148 888.90 4.70 16.95 7728.7
AberAsM 271.10 6.60 354.40 208.50 7.19 21.48 2668.3 McKaySec 192.50 -0.25 255.25 140.00 4.57 12.36 26.9 Hays 153.90 -0.80 165.00 91.10 1.82 18.39 2509.2
Redrow 440.80 -5.20 463.70 100.00 1.36 9.32 413.1 ThmReut C$X 59.10 -0.90 60.13 47.56 2.81 29.07 319.1 Pennon 791.50 15.00 958.00 761.00 4.08 21.45 2007.5
BrewDlph 310.40 2.40 316.90 150.00 3.90 22.33 295.3 MucklGp 469.00 2.63 521.00 380.00 4.44 6.85 1.5 Homesve 593.00 -9.50 633.50 353.68 2.14 30.10 140.3
TaylorWm 167.70 0.10 211.90 109.44 1.08 11.22 11133.5 WPPX 1878 35.00 1904 1204 2.38 29.21 3854.8 UtdUtils 899.50 4.50 1065.55 853.50 4.27 14.35 1055.0
PrimyHth 105.25 -2.75 115.50 100.18 4.81 11.32 589.7

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence Leeds 37.50 0.00 43.35 33.50 - 8.52 0.3 Industrial Engineering Stratex 1.98 -0.08 2.66 1.43 - -0.22 315.4 Palace Cap 357.50 -5.00 378.75 300.00 4.48 13.39 4.1 Servoca 21.00 -1.00 28.70 18.00 1.43 9.91 63.0
Cohort 424.00 15.50 433.50 276.00 1.25 22.58 27.2 MattioliWds 767.50 0.00 799.50 435.00 1.43 36.37 20.6 600 Grp 12.25 2.50 13.39 7.00 - 8.83 88.4 ZincOx# 0.45 0.00 1.23 0.30 - -0.12 2769.2 PnthrSec 307.50 0.00 403.00 285.00 5.85 7.95 10.0 Tribal Grp 72.50 2.25 73.64 22.25 1.89 -2.09 4.1
Miton 35.88 1.38 37.00 20.00 1.87 18.88 346.1 MS Intl 174.00 -1.00 205.00 138.00 4.60 21.22 2.3 PSPI 450.00 0.00 5451.93 53.00 - 214.80 0.7 Utilityws 181.00 -3.75 202.50 112.00 3.04 9.00 57.9
Banks Numis 251.75 -4.75 260.00 175.00 4.57 11.24 82.2
Oil & Gas SIR 316.00 -0.50 322.00 240.50 - -14.36 41.3
Pres Tech 218.50 18.00 235.00 90.00 3.84 45.40 10.0 Tech - Hardware
Caribbean Inv 18.75 2.25 35.00 6.00 - -4.06 204.5 Park Grp 83.50 -1.00 87.99 59.25 2.93 16.12 55.3 AmeriRes 25.75 -0.75 34.18 19.75 - -15.30 6698.9 SiriusRE 0.57 0.00 0.58 0.42 3.99 7.71 5093.3
TP Group 6.13 0.00 6.74 2.38 - 306.25 1409.7
PolarCap 371.00 -19.00 420.00 262.00 6.74 18.43 70.4 AndesEnrg 22.13 -0.25 33.00 13.70 - -8.52 4.5 SumGermny 0.98 0.00 1.03 0.85 2.63 6.41 1.8 AminoTech 181.50 -1.00 192.00 100.00 2.82 301.50 25.6
Basic Resource (Ex Mining) Industrial General BorSthnPet 4.49 0.25 5.88 1.26 - -11.11 406.3 IQE 38.75 -0.50 42.75 16.00 - 10.53 10723.2
Share 27.00 -0.50 30.00 26.00 2.30 58.95 43.5 TaliesinPr 3562.5 0.00 3639 2569.25 - 5.12 0.1
CropperJ 1325 -5.00 1370 560.00 0.64 41.67 2.1 RM2 28.00 -0.25 41.00 20.00 - -2.50 190.0 ClontarfEn 0.52 -0.03 1.08 0.15 - -10.40 8415.1
ShoreCap 227.50 0.00 420.01 210.00 - 18.65 15.0 Tech - Software & Services
Egdon Res 11.75 -0.13 20.33 6.65 - -5.50 53.5 Retailers
Chemicals STM Group 54.00 2.50 63.00 30.30 1.67 11.82 70.5
Insurance Brady 81.00 4.00 83.75 50.00 2.28 -38.81 50.0
Ithaca Engy 109.00 2.50 109.75 16.88 - -3.94 2440.4 ASOS 5310 140.00 5512 2557 - 117.74 427.1
Scapa 326.50 5.25 344.00 174.75 0.54 48.01 164.7 Food & Beverages Helios 145.00 0.00 192.00 140.00 1.03 12.22 0.2 Eckoh 38.75 -0.50 55.00 30.00 1.16 56.16 428.8
PetrelRes 5.50 -0.13 8.30 2.75 - -34.81 15.0 Koovs 49.00 1.50 96.90 14.75 - -1.51 50.9
EgSoltns 41.00 0.00 66.00 40.00 - -10.25 6.5
Construction & Materials FinsbryFd 106.50 -3.00 139.00 102.00 2.44 17.75 147.1
Media Rockhop 27.25 -0.25 41.00 18.64 - 1.90 6577.5 StanlGib 11.25 0.00 72.80 7.78 - -0.17 660.7
Nichols 1591 19.00 1690 1165 1.61 24.58 8.7 Sound Energy 72.00 3.75 102.00 14.50 - -18.46 7053.8 Ingenta 184.00 0.50 189.00 110.00 - -73.31 2.7
Abbey 1195 0.00 1300 925.00 1.05 6.63 86.9 Cello Gp 98.00 -0.50 115.06 79.50 2.92 80.99 35.8 Support Services
RealGdFd 34.50 -0.50 48.00 29.00 - 5.92 93.7 UnJackOil 0.16 0.02 0.22 0.10 - -8.00 30180.3 Iomart 319.50 9.50 320.00 225.00 0.99 29.02 59.0
AccsysTch 63.00 1.13 75.75 51.73 - -15.49 81.9 M&Csaatc 336.63 -18.38 380.00 275.25 2.14 26.14 392.6
Wynnstay 542.50 -15.00 570.00 371.18 2.10 18.20 11.3 AndSyks 427.50 0.00 448.75 236.00 5.57 16.73 0.2 K3BusTc 243.00 0.00 365.00 235.00 0.62 19.76 63.4
Aukett 3.13 0.00 4125 2.82 7.04 4.22 31.1 MissionMk 43.50 2.00 49.00 33.00 4.71 9.02 97.9 Pharmaceuticals & Biotech Begbies 49.50 -0.63 54.00 38.45 4.44 495.00 20.6 OMG 45.25 -1.00 52.00 40.13 1.44 26.01 19.5
Electronic & Electrical Equip Health Care Equip & Services Next15Cm 342.00 20.25 365.00 216.75 1.08 61.07 170.8 Abcam 812.50 16.50 905.50 572.00 1.01 44.79 372.1 Christie 86.00 -3.00 155.00 71.00 2.91 8.53 8.0 Progility 1.38 -0.03 3.17 0.55 - -1.13 14.9
CeresPow 8.53 0.74 11.00 5.00 - -6.31 786.8 Advnc Med 200.50 -2.00 239.00 153.25 0.40 28.68 734.5 YouGov 219.00 -9.25 265.00 125.00 0.46 68.44 1352.4 AllcePharm 48.25 1.00 55.41 40.50 2.28 9.79 40.5 Empres 121.50 3.50 126.90 70.00 0.82 12.79 72.6 RhythmOne 39.00 -1.00 44.50 15.44 - -8.71 991.3
ElektronT 8.13 -0.13 9.00 5.01 - - 44.6 AVO 63.50 -10.50 209.88 47.00 - -1.80 95.3 e-Thera 8.50 0.00 26.25 7.00 - -1.84 3.2 Gattaca 302.00 -12.00 524.80 255.00 7.39 9.74 12.2 SciSys 107.50 7.00 117.99 65.00 1.66 12.65 17.9
Mining
FlowGp 7.13 0.63 27.00 5.76 - -1.34 768.0 CareTech 364.50 21.50 375.00 210.00 2.30 16.67 30.4 Genedrive 60.00 0.00 120.00 45.00 - -1.07 0.0 Hargreaves 255.75 -1.13 278.75 155.00 8.48 -8.52 6.8 WANdisco 331.50 -61.50 409.97 90.00 - -7.64 19.2
AMC 12.00 -0.25 16.59 2.26 - -12.35 4136.0
LPA 189.00 4.50 206.00 89.12 0.82 34.49 121.2 ImmunDiag 245.00 2.50 250.00 110.00 0.49 -2.25 3.1 HtchChMd 2202.5 -15.00 2530 1612.5 - -208.18 1.8 Impellam 760.00 0.00 870.00 600.40 0.82 12.41 10.2
Tristel 158.50 3.50 182.66 87.11 1.72 41.06 42.6
BotswanaD 1.88 0.43 2.99 0.75 - -12.50 381.7
Mereo Bio 282.50 9.00 340.00 240.00 - - 2.2 JhnsnSrv 111.25 0.25 116.00 83.00 1.89 20.60 340.3
Travel & Leisure
ThorpeFW 309.50 12.00 325.00 203.00 1.21 27.61 9.8 CentAsiaM 234.50 1.50 240.50 132.00 5.94 12.91 55.3
ReNeuron 2.45 -0.20 3.87 2.25 - -6.13 3466.2 LonSec 2000 0.00 2150 1750 3.85 18.69 0.0 Celtic 72.00 0.00 78.00 69.69 - 101.41 1.1
Zytronic 392.50 -7.50 426.95 311.10 3.14 15.04 5.4 House, Leisure & Pers Goods Connema 1.95 0.40 4.30 1.14 - -7.36 3555.9
Sareum 0.93 0.08 1.73 0.21 - -23.13 28709.8 NewmkSec 1.35 -0.05 3.15 1.05 7.41 4.35 98.3 ..6%CvPf 65.00 0.00 79.75 56.35 4.98 - 2.5
Financial General Airea 35.50 0.00 38.00 16.00 2.54 11.79 6.0 C'royG&NR 15.75 -0.25 50.00 13.00 - -4.30 30.0 ..Cv Pf 140.00 0.00 155.00 120.00 - - 0.2
Vernalis 31.50 -0.88 65.00 31.00 - -9.84 2.8 NWF 174.00 6.00 183.77 137.00 3.10 14.26 2.3
Ambrian 2.50 0.00 6.40 1.75 - -4.03 130.0 Churchll 917.50 25.00 955.00 675.00 1.99 22.71 6.5 GrekaDrill 3.82 0.17 5.00 1.70 - -3.06 275.4 Cortex Holdings 29.75 0.00 41.50 29.50 - 5.30 30.0
Petards 28.00 0.00 34.00 11.75 - 17.28 5.4
Arbuthnot 1489.5 14.50 1770.55 1165 1.88 29.04 2.1 gamingrealms 17.25 0.00 23.00 15.00 - -4.46 28.9 HighldGld 177.50 2.25 187.00 49.50 2.82 64.13 1629.7 Real Estate RedhallGp 12.00 1.50 12.90 5.20 - -35.29 1171.0 Dart 510.00 26.25 684.00 354.50 0.78 7.20 518.1
BP Marsh 206.50 -2.00 222.00 144.00 1.33 6.93 12.1 Mulberry 1103 10.50 1174.5 900.00 0.45 298.11 8.6 KarelianDd 0.58 0.05 1.13 0.40 - -9.43 270.2 FltchKng 53.00 0.00 55.00 38.00 3.77 20.95 20.0 GoalsSocc 107.00 -0.50 131.07 83.14 1.87 -10.29 12.2
Renew 435.00 14.50 460.00 290.17 1.70 18.65 43.9
Camellia 10553 -497.00 11330 7300 1.22 15.80 0.2 Portmern 959.00 6.50 1275 740.00 3.13 15.38 3.4 OracleC 2.73 0.08 3.65 2.10 - -27.25 154.2 InlandHms 62.50 -0.63 86.78 46.05 2.24 4.64 162.4 MinoanGp 7.13 0.13 14.47 6.00 - -6.99 2.3
Restore 366.50 4.50 392.00 252.04 0.71 55.53 52.0
Fairpoint 15.25 0.50 167.00 13.00 42.95 -1.07 186.5 TelfordHms 323.50 1.25 382.15 254.01 4.39 15.33 256.4 ShantaGold 9.50 -0.88 13.38 4.55 - -3.76 675.1 Lok'nStor 462.50 5.00 500.00 265.00 1.80 28.48 13.4 PeelHtls 131.50 0.50 134.13 91.78 1.14 25.92 4.5
SafeCharge 234.50 32.25 272.20 183.00 3.66 18.84 437.0
WalkerGb 203.50 0.00 221.85 155.15 1.42 16.92 57.1 Sirius Min 18.50 0.50 52.50 10.28 - -61.67 48522.0 LXB Retail 36.38 0.00 104.00 33.50 - - 6.3

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin WWd 513.00 -1.50 517.00 378.00 - 573.4 -10.5 JPM Emrg 702.00 2.50 767.00 478.20 0.85 815.8 -13.9 Ruffer Inv Pr 236.38 2.38 238.00 191.00 1.44 229.8 2.9 F&CComPrp 135.70 0.00 138.90 98.00 4.42 132.4 2.5 CrysAmber 209.50 0.50 213.34 140.00 1.2 218.6 -4.2
Price +/-Week High Low Yld NAV or Pm EP Global 283.50 -6.25 297.75 200.00 1.16 302.6 -6.3 JPM EurGth 266.75 -0.25 273.00 205.83 2.19 297.2 -10.2 Schroder ToRt 265.75 -0.13 271.00 185.00 1.43 278.1 -4.4 F&CUKRealE 100.50 0.25 102.75 76.40 4.98 97.6 3.0 IndiaCap 77.50 2.25 83.25 54.00 - 95.6 -18.9
3i Infra 190.50 -1.00 203.40 165.00 3.81 - - Estabmt 194.00 -1.00 202.50 143.00 2.53 244.7 -20.7 JPM EurInc 140.75 2.00 145.00 104.98 3.37 159.0 -11.5 SchdrAsiaP 352.50 3.00 368.50 237.00 1.19 400.6 -12.0 Longbow 103.50 0.38 106.50 98.00 5.80 - - Infra India 7.75 -0.63 17.50 6.89 - 48.6 -84.1
AbnAsianIn 204.00 0.00 211.25 137.87 4.17 216.6 -5.8 Euro Ast 1055 -5.00 1197 915.00 6.80 1135.1 -7.1 JPM EuSm 305.50 2.75 318.00 245.00 1.05 357.9 -14.6 Schdr Inc 273.75 2.50 284.25 220.29 3.76 295.3 -7.3 PictonProp 79.75 2.50 80.21 56.88 4.14 80.4 -0.8
AbnAsian 980.00 0.00 1016 688.00 1.07 1118.9 -12.4 EuroInvT 798.00 2.50 810.00 593.85 1.75 926.0 -13.8 JPM Clavr 628.25 2.25 638.00 520.00 3.42 696.5 -9.8 SchdrJap 192.00 -0.63 199.25 127.00 1.04 210.3 -8.7 SLIPropInc 86.25 0.00 88.50 64.41 6.57 79.4 8.6
AbnEmgMkts 530.75 0.50 551.50 364.50 - 610.7 -13.1 F&C Cp&I
F&CGblSmlr
283.00
1235
-3.63
8.00
301.00
1263
234.00
859.00
3.59
0.87
286.9
1221.3
-1.4
1.1
JPMGIConv
JPM GEI
92.38
119.50
-1.88
1.75
95.10
128.31
84.25
74.00
4.87
4.10
100.4
123.8
-8.0
-3.5
SchdrOrient
SchdrUK
232.00
168.38
-3.00
0.38
246.75
171.50
160.50
136.63
3.49
3.09
237.6
190.5
-2.4
-11.6
UKComPrp 84.55 -0.25 87.25 65.00 4.35 83.5 1.3 Guide to FT Share Service
AbnJapInv 548.50 -8.75 559.00 400.00 0.77 606.7 -9.6 Property Securities
AbnLatAmIn 70.63 -0.25 76.75 41.78 5.49 78.9 -10.5 F&CMgdG 166.50 -1.00 171.90 137.01 - 169.5 -1.8 JPM Gl Gr&Inc 282.00 -1.50 288.00 170.50 1.13 - - SchdrUKMd 440.50 5.25 465.60 352.56 2.15 540.4 -18.5 TR Prop 289.00 -5.50 323.00 241.70 2.89 331.0 -12.7
AbnNewDn 202.88 3.88 203.26 128.25 1.92 230.5 -12.0 F&CMgdI 126.50 0.00 133.00 106.50 3.20 127.9 -1.1 JPM I&C Uni 343.50 2.50 350.00 306.50 - 370.7 -7.3 ScotAmer 317.00 0.75 333.51 239.50 3.39 316.3 0.2
AbnNewIndia 388.00 4.63 413.00 276.00 - 431.6 -10.1 FidAsian 364.75 -1.00 375.00 227.50 0.55 380.5 -4.1 JPM Ind 629.00 13.50 698.00 430.00 - 703.1 -10.5 Scottish Inv 772.50 -21.50 809.50 540.00 1.65 858.4 -10.0 VCTs 52 Week Dis(-) For queries about the FT Share Service pages e-mail
AbnNewThai 504.00 -0.50 517.50 367.75 1.63 588.0 -14.3 FidChiSpS 178.00 -1.40 199.40 109.00 1.01 208.7 -14.7 JPM JpSm 315.38 0.38 324.00 232.00 - 365.6 -13.7 ScottMort 341.60 2.50 348.00 218.80 0.87 331.5 3.0 Price +/-Week High Low Yld NAV or Pm ft.reader.enquiries@morningstar.com.
AbnSmlInCo 211.00 4.00 215.00 173.00 3.98 264.7 -20.3 Fid Euro 186.60 -2.00 192.00 151.20 1.78 211.5 -11.8 JPM Jap 341.38 1.75 354.73 243.00 0.82 383.2 -10.9 ScottOrtll 921.75 0.75 1012 665.80 1.25 1045.1 -11.8 AlbionDev 65.00 0.00 69.64 63.00 7.69 71.0 -8.5
All data is as of close of the previous business day. Company classifications
Abn UK 334.50 -0.25 342.00 265.19 3.26 359.3 -6.9 Fid Jap 105.13 -1.50 108.25 70.25 - 126.7 -17.0 JPM Mid 914.50 2.50 1034 760.00 2.19 1038.0 -11.9 SecTstScot 165.00 -2.50 172.75 119.50 3.52 171.0 -3.5 Albion Ent 92.50 0.00 94.40 83.00 5.41 96.5 -4.1
are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
Abf Gd Inc 214.88 11.63 218.00 163.00 4.19 230.6 -6.8 Fid Spec 229.25 2.25 234.50 168.70 1.46 - - JPMRussian 535.50 -0.50 565.00 264.00 2.43 632.1 -15.3 Seneca I&G 160.75 0.00 161.31 136.35 3.72 160.5 0.2 AlbionTech 63.50 0.00 74.64 61.50 7.87 69.8 -9.0
100 constituent stocks are shown in bold.
Abf Sml 1157 46.00 1157.9 835.00 2.25 1332.2 -13.2 FinsG&I 648.00 -7.50 684.00 521.00 1.96 647.3 0.1 JPM Smlr 832.50 0.25 854.90 669.79 1.32 1029.6 -19.1 Shires Inc 224.63 0.25 239.01 180.78 5.45 256.3 -12.4 AlbionVCT 67.00 0.00 68.50 62.00 7.46 69.6 -3.7
ArtemisVCT 66.00 -0.50 79.70 55.10 6.06 71.8 -8.1 Closing prices are shown in pence unless otherwise indicated. Highs & lows
AcenciADbt $ 1.51 0.01 1.51 1.25 3.55 1.6 -5.6 FstPacfic HK HK$ 5.90 0.20 6.35 4.70 2.15 - - JPM US Sml 266.38 -4.25 288.19 148.00 - 276.0 -3.5 StdLf Eqt 396.00 -1.88 439.00 360.00 3.76 432.0 -8.3
Baronsmead 2nd VT 88.50 0.00 100.25 82.00 16.38 91.5 -3.3 are based on intra-day trading over a rolling 52 week period. Price/earnings
Alliance 652.00 2.50 664.50 447.33 1.73 684.5 -4.7 For & Col 547.00 -0.50 559.00 343.50 1.76 594.1 -7.9 KeystoneInv 1642.5 -13.00 1802 190.00 3.11 1829.5 -10.2 StdLf Sml 374.75 5.50 383.00 258.00 1.55 401.0 -6.5
BSC VCT 82.50 0.00 108.00 81.50 6.67 85.2 -3.2 ratios (PER) are based on latest annual reports and accounts and are updated
AllianzTech 844.00 1.25 859.50 507.20 - 894.6 -5.7 Geiger 28.50 -0.25 32.25 10.00 - 32.0 -10.9 Law Deb 532.00 6.00 549.00 433.50 3.05 605.7 -12.2 StrategicEq 214.13 -0.38 218.00 169.03 0.36 230.5 -7.1
..VCT2 57.75 0.00 60.97 54.00 7.79 60.6 -4.7 with interim figures. PER is calculated using the companys diluted earnings
Art Alpha 264.00 -11.50 280.75 204.75 1.48 334.9 -21.2 GenEmer 608.50 -3.00 644.00 412.50 - 701.0 -13.2 Lazard WorldTst 306.38 1.13 309.00 227.00 2.14 354.2 -13.5 Temp Bar 1227 5.00 1270 921.96 3.25 1310.1 -6.3
Crown Place 28.50 0.00 29.50 24.75 8.77 30.2 -5.6 from continuing operations. Yields are based on closing price and on dividends
..Sub 2.60 0.00 11.00 1.50 - - - GRIT 11.00 -1.25 13.00 1.67 - - - LinTrain 701.47 -69.11 932.50 488.00 1.15 546.7 28.3 TempEmerg 617.00 3.00 626.50 370.00 1.34 712.6 -13.4
Inc&GthVCT 85.50 0.00 100.00 84.00 14.04 95.2 -10.2 paid in the last financial year and updated with interim figures. Yields are
Aurora Inv 180.00 -1.50 184.00 149.00 0.56 176.7 1.9 GoldenPros 41.25 -3.13 58.50 18.51 - 50.6 -18.5 Ln&StLaw 378.50 4.00 383.75 313.75 3.80 393.0 -3.7 TRIG 111.00 0.80 111.50 88.75 6.98 - -
KingsAYVCT 19.50 0.00 20.00 17.00 5.13 20.5 -4.9 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Axiom 92.50 0.00 99.75 90.00 - - - Hansa 877.50 16.25 916.50 684.94 1.82 1267.4 -30.8 Lowland 1407 38.00 1440 1117.03 3.84 1507.3 -6.7 ThreadUKSel 187.50 1.50 189.95 151.95 2.35 209.1 -10.3
Nthn 2 VCT 72.00 -1.00 81.00 65.50 7.64 77.8 -7.5 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
BG Japan 595.25 1.75 695.50 385.00 - 593.0 0.4 ..A 853.75 0.00 862.33 675.00 1.87 1267.4 -32.6 M&GHighInc 162.50 -2.50 173.70 136.00 4.58 175.3 -7.3 TREurGth 825.00 15.75 825.00 563.00 0.85 946.4 -12.8
Nthn 3 VCT 100.00 0.00 103.00 85.00 5.50 107.6 -7.1 capital changes where appropriate.
BG Shin 606.50 -7.00 627.00 383.00 - 568.8 6.6 Hend Alt 277.75 2.63 301.38 199.00 1.19 322.9 -14.0 Majedie 302.63 -1.38 311.00 237.00 2.64 316.9 -4.5 TroyInc&G 74.75 -0.63 79.50 66.63 4.05 74.3 0.6
Bankers 709.50 -2.50 725.32 522.00 2.24 761.8 -6.9 Hen Div 91.25 -0.50 95.50 84.50 5.59 89.4 2.1 Man&Lon 288.00 0.38 304.59 224.25 0.73 367.2 -21.6 UtilicoEmg 199.00 0.50 212.00 159.00 3.27 225.7 -11.8 NthnVent 76.00 0.00 84.63 68.00 7.89 78.9 -3.7 Trading volumes are end of day aggregated totals, rounded to the nearest
BH Global 1271 21.00 1328 1180 - 1424.0 -10.7 HenEuroF 1140 0.00 1158 873.00 2.21 1208.0 -5.6 MCAsiaUncnst 339.00 2.50 351.70 238.00 2.29 400.6 -15.4 UtilEmSubs 17.25 -0.25 27.25 9.51 - - - ProVenGI 75.00 0.25 77.69 70.00 8.00 77.9 -3.7 1,000 shares.
..USD $ 12.68 0.03 13.24 11.80 - 14.1 -10.1 HenEuro 977.50 -6.00 1004.25 764.98 1.89 1050.9 -7.0 MCGlobPort 226.38 -2.13 233.00 161.00 1.83 226.5 -0.1 UIL Inv 153.50 0.25 193.55 92.50 4.89 277.6 -44.7 ProVenVCT 95.50 2.63 97.00 89.50 6.81 99.5 -4.0 Net asset value per share (NAV) and split analytics are provided only as a
BH Macro 2072 -14.00 2145 1870 - 2214.0 -6.4 HenFarEs 350.50 1.50 364.00 252.00 5.65 345.0 1.6 Marwyn Val 143.00 -0.75 205.00 135.00 - - - ValAndInc 251.75 0.25 268.75 219.00 3.65 304.6 -17.4 UnicornAIM 132.00 0.00 140.79 127.50 4.73 153.9 -14.2 guide. Discounts and premiums are calculated using the latest cum fair net
..EUR 20.13 0.00 20.80 18.10 - 21.6 -6.8 HenHigh 182.13 -1.00 195.25 156.63 5.00 181.1 0.6 MercantIT 1740 10.00 1769 1369 2.49 1909.0 -8.9 VEIL 303.13 0.13 317.25 255.54 - - - Ordinary Income Shares 52 Week HR asset value estimate and closing price. Discounts, premiums, gross redemption
..USD $ 20.10 -0.13 20.70 17.90 - 21.4 -6.1 HenInt Inc 147.75 0.63 150.75 103.77 3.11 150.3 -1.7 MrchTst 458.50 0.25 475.75 374.50 5.23 477.4 -4.0 Witan 908.50 -2.50 929.73 683.00 1.92 960.2 -5.4 Price +/-Week High Low Yld WO GRY 0% yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BiotechGth 703.25 -12.75 764.90 517.86 - 746.5 -5.8 Hen Opp 927.00 44.50 938.53 676.50 1.94 1120.8 -17.3 Mid Wynd 433.00 -1.00 436.00 312.00 0.99 421.8 2.7 WitanPac 284.50 -2.63 297.75 206.00 1.63 334.1 -14.8 are displayed as a percentage, NAV and terminal asset value per share (TAV)
JPM I&C 82.75 0.13 85.15 68.00 8.46 -34.6 10.0
BlckRCom 89.75 -0.38 92.75 47.43 6.69 88.2 1.8 HenSmlr 671.75 13.75 684.26 511.38 2.23 797.6 -15.8 Miton Global 221.00 0.25 222.00 145.00 - 236.0 -6.4 WwideHlth 2130 -17.00 2320 1541 0.77 2203.6 -3.3 in pence.
JupiterDv&G 3.38 -0.88 4.99 1.75 34.07 38.6 -62.5
BlckREmEur 300.63 -2.00 309.96 171.25 - 345.1 -12.9 Herald 896.50 13.50 915.00 617.00 - 1104.1 -18.8 MitonUKMic 59.50 2.00 60.97 49.00 0.24 - -
Conventional - Private Equity 52 Week Dis(-) M&GHI&Gt 48.75 0.00 52.40 40.00 15.28 -92.0 77.6 X FT Global 500 company
BlckRFrnt 141.00 -1.50 145.97 96.50 3.68 136.2 3.5 HICL Infra 160.60 -0.70 185.50 150.20 4.64 146.0 10.0 Monks 593.50 -3.00 875.50 360.50 0.67 628.3 -5.5
Price +/-Week High Low Yld NAV or Pm Rghts&Icp 1775 5.00 1792 985.00 2.03 - - trading ex-dividend
BlckRGtEur 286.75 -0.75 290.50 231.00 1.74 298.7 -4.0 Highbridge Multi 198.50 0.00 200.25 176.10 - 210.5 -5.7 MontanSm 644.50 3.75 657.00 489.00 1.16 759.6 -15.2
Impax Env. 218.13 -0.88 225.00 141.00 0.64 248.2 -12.1 Mur Inc 728.50 -1.00 768.12 595.00 4.39 798.5 -8.8 AbnPvtEq 119.50 -0.75 121.00 82.50 1.85 147.4 -18.9 Income Shares 52 Week HR trading ex-capital distribution
BlckR I&G 193.50 -1.50 198.56 160.50 3.10 195.6 -1.1
Ind IT 393.13 0.13 419.50 322.35 1.27 429.8 -8.5 Mur Int 1145 -2.00 1196 759.00 4.98 1152.8 -0.7 Altamir 13.11 0.05 13.36 8.86 4.16 18.9 -30.6 Price +/-Week High Low Yld WO GRY 0% # price at time of suspension from trading
BlckRIncStr 108.13 -0.13 127.50 93.43 6.11 121.8 -11.2
IntBiotech 552.50 -15.25 588.00 369.33 - 612.5 -9.8 NB DDIF $ 1.03 0.00 1.07 0.95 - - - Electra 4652 35.00 4866.68 3280 2.49 5228.8 -11.0
BlckRckLat 424.38 12.63 459.82 246.00 3.69 500.1 -15.1 M&GHghIc 48.25 -0.75 52.28 38.25 15.44 -92.0 22.1
Intl PP 152.40 0.60 164.60 139.00 4.23 138.8 9.8 NewCtyEgy 15.25 0.00 16.50 8.00 - 17.8 -14.3 F&C PvtEq 295.63 3.25 299.00 224.00 3.86 318.6 -7.2 The prices listed are indicative and believed accurate at the time of publication.
BlckRckNrAm 163.63 -0.38 177.00 107.50 2.81 168.4 -2.8 Capital Shares 52 Week HR
InvAsTr 239.63 2.13 250.00 156.00 1.52 273.0 -12.2 NewCityHY 60.75 -0.75 62.00 51.16 7.18 57.6 5.5 HVPE 1191 -15.00 1219 860.00 - 1430.9 -16.8 No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRSmlr 1010 15.00 1027 725.00 1.73 1186.3 -14.9
Inv Inc 278.00 -2.00 293.62 245.00 3.69 310.3 -10.4 New Star IT 94.50 0.00 100.34 65.00 0.32 140.8 -32.9 HgCapital 1510 -25.50 1567 981.00 2.65 1587.2 -4.9 Price +/-Week High Low SP WO TAV 0% guarantee that the information is reliable or complete. The FT does not accept
BlckRThrmt 359.75 4.25 361.00 264.50 1.86 438.7 -18.0
InvPerp 77.75 -0.88 80.00 63.00 8.04 74.3 4.6 NorthAmer 1234 -5.00 1284.9 771.00 2.71 1329.9 -7.2 ICG Ent Tr 699.00 4.00 703.00 506.86 1.57 825.2 -15.3 M&GHghIc 0.16 -0.12 1.60 0.05 127.3 127.0 - responsibility and will not be liable for any loss arising from the reliance on
BlckRWld 380.00 19.50 384.00 162.00 5.53 427.3 -11.1
IPST BalR 130.25 -0.50 130.64 108.50 - 131.7 -1.1 NthAtSml 2495 25.00 2605 2025 - 3051.8 -18.2 JPEL Pvt Eq $ 1.29 0.01 1.30 0.90 - 1.6 -19.4 or use of the information.
Brit Emp 653.00 0.50 667.00 405.00 1.79 723.1 -9.7 Zero Dividend Preference Shares 52 Week HR
IPST Gbl Eq 193.00 -4.25 200.28 144.50 3.11 190.0 1.6 Oryx Int 657.50 -5.00 690.00 555.00 - - - JZ Capital 533.00 -0.50 538.00 384.00 - 812.5 -34.4
Brunner 631.50 -9.50 649.00 473.00 2.42 746.7 -15.4 Price +/-Week High Low SP WO TAV 0%
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Caledonia Inv 2752 13.00 2765 2055 1.91 3270.1 -15.8 Abf Gd Inc 158.00 0.50 158.00 150.75 -93.3 - 159.7
IPST UK Eq 174.75 -3.50 180.75 154.00 3.52 175.4 -0.4 PacHorzn 215.75 -0.25 240.63 151.00 0.16 244.2 -11.7 NB PE Ptnr $ 12.35 0.17 12.40 9.85 - 15.5 -20.3 representative of all LSE-listed companies. This service is available to all listed
CanGen C$ 19.19 0.34 19.66 15.73 4.45 29.0 -33.8 JPM I&C 187.00 0.25 187.80 174.91 -37.9 - 192.1
InvPpUK 429.63 1.50 434.00 329.00 3.34 455.0 -5.6 Perp I&G 361.70 -0.30 402.00 330.00 3.57 396.2 -8.7 Nthn Invs 555.00 17.50 600.00 82.00 4.32 478.6 16.0 companies, subject to the Editors discretion. For new sales enquiries please
Cap Gear 3810 -9.50 3849 3300 0.42 3753.3 1.5 JupiterDv&G 130.00 0.00 131.50 108.17 -6.0 - 136.9
Invs Cap A 98.00 -1.00 100.50 81.00 4.76 105.5 -7.1 PerAsset 39310 -90.00 40550 34621 1.42 38923. 1.0 Pantheon 1729 11.00 1755 1175 - 2067.5 -16.4 email daniel.fish@ft.com or call +44 (0)20 7873 4571.
City Merch 192.00 -1.75 196.00 167.00 5.21 188.5 1.9 M&GHghIc 121.13 0.00 122.00 115.50 -92.9 - 122.8
Invs Cap B 99.00 0.00 100.00 83.00 4.71 105.5 -6.2 9 PantheonR 1560 0.00 1591.2 1120 - 2066.2 -24.5
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PrincssPE 9.14 0.28 9.17 6.91 5.11 10.1 -9.5
City Lon 400.60 -4.50 420.30 338.46 3.93 394.0 1.7 Invs CapU
JLaingInf
394.50
131.70
0.00
-0.40
396.00
141.10
330.00
113.10
3.54
5.15
422.3
117.7
-6.6
11.9
PolarFins
..Sub
129.88
12.38
-1.13 137.00 83.50 2.48
-0.38 15.50 1.00 -
136.8
- -
-5.1
Riverstone 1280 -52.00 1358 719.50 - 1469.1 -12.9 UILFn20 133.38 0.38 134.75 124.00 -28.5 -36.7 154.9 Data provided by Morningstar
DiverseInc 94.75 3.50 97.00 72.50 2.96 91.6 3.4 UIL Finance 2022 ZDPs 109.75 0.25 111.00 100.00 -14.3 -18.9 147.0
JPM Amer 363.30 -3.80 379.75 244.10 1.10 379.1 -4.2 PolarHealth 190.00 -2.63 202.00 151.50 2.08 197.7 -3.9 StdLfEuPv 299.00 3.38 303.00 191.00 1.77 341.8 -12.5
Dun Inc 247.38 1.00 255.00 190.00 4.55 272.3 -9.2
Dun Sml 207.25 2.25 218.00 173.75 2.90 256.3 -19.1 JPM Asn 283.38 -1.00 296.83 183.00 0.88 319.9 -11.4 PolarTech 873.50 7.50 897.00 503.50 - 877.6 -0.5 Conventional - Property ICs 52 Week Dis(-) Investment Companies - AIM
EcofinGlobal 117.38 -0.38 135.50 106.00 - - - JPM Brazil 63.75 -0.13 70.18 33.30 0.78 74.3 -14.2 ProspJap $ 1.13 -0.02 1.19 0.89 - 1.3 -13.1 Price +/-Week High Low Yld NAV or Pm
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Direct Property
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AEW UK REIT 94.00 0.00 101.50 89.50 7.98 - -
Edin Inv 697.50 -5.50 748.00 618.00 3.49 727.7 -4.2 ..MG 696.50 -1.50 712.03 541.40 1.25 712.4 -2.2 RobecoNV 30.38 0.00 - - - - - AbnFrntrMkts 64.88 0.00 67.88 50.00 - 70.4 -7.8
..MI 107.00 0.00 109.96 92.00 3.64 109.5 -2.3 RolincoNV 28.32 0.00 - - - - -
CustdnREIT 109.00 2.00 111.72 99.00 5.81 - - www.morningstar.co.uk
24
The Monday interview
Satya Nadella, Microsoft
A love of
learning and
acceptance
of mistakes
The technology chief tells
Madhumita Murgia about
taking his company along
the bumpy road of
working with robots
S
atya Nadella, Microsofts chief
executive, was faced with an
unusual PR debacle in March.
The troublemaker was Tay, a
teenage girl-inspired bot,
which had been programmed to inter-
act with Twitter users.
Within hours of activating her on the
social media site, Tay was parroting rac-
ist, misogynistic and pornographic lines
that other users prompted her to repeat.
Microsoft rapidly grounded the objec-
tionable bot with a statement that said it
was deeply sorry for the unintended
offensive and hurtful tweets from Tay.
The experiment and Tays acciden-
tal re-emergence a few days later to send
Twitter users streams of random mes-
sages, including one blaming its behav-
iour on the alcohol was, publicly, a
disaster. Yet Mr Nadella dealt with it
empathetically. He emailed the Micro-
soft team behind Tay artificial intelli-
gence researchers, software engineers,
and improv comedians the morning
after Tay was neutralised.
The first way we dealt with this was
by making sure that the team didnt feel
bad for actually taking the risk, Mr
Nadella says.
Months later the same team launched
Zo, another female millennial-inspired
bot, on to Facebook Messenger and chat
app Kik.
Youve got to make sure that if you
make mistakes, you learn from [them],
Mr Nadella says.
This encapsulates the management
style of the 49-year-old chief executive
frank, decisive and forgiving.
When he took the role in 2014, ana-
lysts viewed him as a safe option a
classic engineer and company man who
had been with Microsoft since 1992.
Born in the southern India city of
Hyderabad, Mr Nadella is the son of a
civil servant and a teacher of Sanskrit
drama. He has a reputation for being
industrious. Early in his career, he spent
weekends in Chicago to complete an
MBA at the Booth School of Business, a
flight of several hours from Microsofts
headquarters in Redmond, Washington
state.
There was doubt that he was bold
enough to right the ship at Microsoft,
which had spent decades producing
flops including the music player Zune
and Windows Mobile. Yet three years in,
Microsofts stock has jumped nearly
$200bn in value to more than $492bn.
Mr Nadella is now focused on the
companys future, which he is betting on
artificial intelligence the rise of smart
machines that can augment human
capability.
It is going to be about people working
with machines. So that means you have
got to be able to understand machines
and how they work, he explains on the
sidelines of a conference in Munich,
Germany. There is no walk of life that is
not going to require computational
understanding. He chuckles at the
mention of a 2015 McKinsey report
Chuck Dietrich is co-founder of Mobile
Second Data Labs, a company acquired by
opinion
Microsoft in late 2015.
He says: Selling a company to
Microsoft would not have even crossed
The my mind four years ago. The company
had a reputation in Silicon Valley and
colleague
elsewhere for being too insular,
controlling and closed. However, that
seemed to change when Satya took
the helm. A wave of energy, curiosity
and open mindedness seemed to have
taken over.
which estimated that activities taking
up more than 20 per cent of a chief exec-
utives working time could be auto-
mated by an intelligent assistant, say-
ing: I really need that.
He is future-proofing Microsoft and
its workers so the company gets the
most out of AI. In September, he created
an AI team of more than 5,000 academ-
ics and engineers to design the operat-
ing system of the future.
But he is also looking beyond Micro-
soft to the rest of the world.
The most exciting thing to me is
beyond what we are doing ourselves,
which is to take the same AI capability
we have and make it available so every-
body can use it, he says. Take the state
I was born in [Andhra Pradesh] and the
state I live in [Washington]. Both are
using essentially the same machine-
learning algorithms to make high school
dropout predictions. That to me is
democratising AI.
At Microsofts Redmond campus, a
newly opened AI school teaches work-
ers how the technology is applied in user
products such as Microsofts digital
assistant Cortana.
Current and former workers say this
new Microsoft is unrecognisable from
the one under Steve Ballmer. It may be
down to times changing, while Mr
Monday 30 January 2017
Nadella emphasises curiosity, Mr
Ballmer prioritised defending the
groups PC business.
Mr Nadella, a voracious reader whose
interests cover game theory, German
philosophy, global macroeconomics and
English classical poetry, likes to quote
from Mindset, a book by Stanford psy-
chologist Carol Dweck; many Microsoft
employees keep a copy of it, too.
Ms Dwecks theory is that most people
fall into one of two groups: learn-it-alls,
who are life-long students, and know-it-
alls, who act on presumed knowledge.
Even if the learn-it-all starts with less
innate capability, they will always do
better than the know-it-all, says Mr
Nadella.
Given our success, there were times
You have got to be
able to understand
machines and
how they work
Satya Nadella is when we [Microsoft] acted like know-it-
preparing alls. One of the things that has been a
Microsoft for real learning for me is how important it
a world where is to have a learning culture that fosters
artificial true innovation.
intelligence sits The notion that you went to school
at the heart until you were 21 and then after that got
of many jobs into a profession and stayed in that
Reuters
same profession until youre 80 is just
not going to be true any more, because
of the pace of technological change in
that period, he says.
Life-long learning, he continues, will
be powered by AI in partnership with
services such as LinkedIn, Microsofts
largest-ever acquisition, at $26.2bn,
which was made last June.
The [LinkedIn] news feed will show
you learning modules so that you can
Week ahead seek the jobs of the future, so that your
The FTs take economic opportunity is maximised,
on what to look Mr Nadella says.
out for in the
coming week As the Tay debacle showed, the world
now runs online has a long way to go before AI brings
only. For us bots that can seamlessly replace
guidance on human jobs. But Mr Nadella hopes
what is to build superhuman combinations
happening
of the two.
in markets, He says: I think it is the coming
economics,
companies and together of liberal arts and sciences that
politics, go to: are going to keep the human creativity
ft.com/weekahead
and ingenuity [alive] in an age where
machines are intelligent.

THE AUTHORITY ON GLOBAL FUND MANAGEMENT | FINANCIAL TIMES | Monday January 30 2017
War brews
between Fed
and White House
A conflict is brewing between
the Trump administration and
the Federal Reserve, writes
John Dizard.
The White House believes
investment in infrastructure
will jump-start a resurgence in
the real economy, while tax
rates for production in the US
will fall and tariffs will cover
the fiscal costs.
But Janet Yellen is warning
about inflation risk. The Fed
wants restraint and the White
House wants stimulus
Evan Vucci/AP Photo; Andrew Harrer/Bloomberg
VIEW FROM THE US, PAGE 9
Vanguard and State Street also expand policing of companies they invest in
BlackRock bulks up governance staff
MADISON MARRIAGE
BlackRock, Vanguard and State
Street have expanded their corpo-
rate governance teams significantly
in response to growing pressure from
policymakers and clients to demon-
strate they are policing the compa-
nies they invest in.
The move by the worlds three
largest asset managers, which
together control nearly $11tn of
assets, will help address fears that
investors are not doing enough to
monitor controversial issues around
executive pay and board diversity at
the companies they invest in.
New York-based BlackRock now
fm
has the largest corporate governance
team of any global asset manager,
after hiring 11 analysts for its stew-
ardship division over the past three
years, bringing total headcount to 31.
Vanguard, the Pennsylvania-based
fundcompanythathasgrownquickly
onthebackofitslow-costmantra,has
nearly doubled the size of its corpo-
rate governance team over the same
periodto20employees.
State Street, the US bank, has
almost tripled the size of the govern-
ance team in its asset management
division to 11. Both Vanguard and
State Street said their governance
teams will continue to grow this year.
The focus on corporate govern-
ance comes as regulators and politi-
cians around the world increasingly
scrutinise the relationship between
companies and their shareholders.
Asset managers have previously
been accused of routinely supporting
company proposals in order to avoid
damaging their relationships with
senior executives.
Theresa May, the British prime
minister, launched a far-reaching
consultation on reforming corporate
governance in the UK last November
in a bid to improve business behav-
iour. The government wants to
strengthen shareholders power, but
is also considering whether to force
large investors to disclose their vot-
ing records at companies annual
general meetings.
The EUs shareholder rights direc-
tive a vast set of rules that is
expected to come into force across
Europe in 2019 is similarly
expected to strengthen sharehold-
ers rights, as well as to force large
investors to reveal more information
about how they engage with compa-
nies.
continued on page 2
Emissions scandal
Luxembourg
pension fund
blacklists
Volkswagen
PAGE 2
Helena
Morrissey
moves to
LGIM
CHRIS NEWLANDS
Leading City fund manager Helena
Morrissey is to join Legal & General
Investment Management as the UKs
biggest asset manager moves to widen
itsappeal withfemale investors.
Ms Morrissey, an activist for gender
equality in the workplace, will take
on the new role of head of personal
investing and will report directly to
Mark Zinkula, the chief executive.
She also joins LGIMs board.
The 50-year-old, who stepped
down as chairwoman of rival Newton
Investment Management at the end
of last year, has gained prominence in
the City after setting up The 30%
Club, a pressure group campaigning
to make UK boardrooms 30 per cent
female.
Ms Morrissey said: I want to bring
more women into investing, but not
just women, young people too. There
are lots of people out there currently
being ignored by the market.
Her move brings to an end a 23-
year career at Newton, where she also
spent 15 years as chief executive. I
didnt want another chief executive
role, said Ms Morrissey. I wanted to
do something I enjoyed and where I
felt I could make a difference.
In her new role, Ms Morrissey will
be responsible for building LGIMs
direct ties with investors, particularly
through the use of mobile phones and
robo-advice in which investments are
sold based on simple questions asked
by a computer.
2 | FTfm
INSIDE
Face to face
Chris Rule, the CIO
of a British pension
wealth fund,
champions insourcing
PAGE 4
Mifid II
2.5bn cost of EU
regulation rattles
asset managers
PAGE 6
Executive pay
Madison Marriage on the
disparity between CEO
pay in the US and the UK
PAGE 8
Readers write
A selection of comments
from our readers
PAGE 8
Cartoon
BlackRock and Vanguard
crush smaller ETF rivals
PAGE 8
Corporate governance
London Business Schools
David Pitt-Watson calls
on the UK to take all
stakeholders into account
PAGE 9
ETFs
Many ETF providers are
struggling to mount any
meaningful challenge
against BlackRock
and Vanguard
PAGE 10
fm
JANUARY 30 2017
Editor Chris Newlands
Tel: +44 (0) 20 7775 6382
email: chris.newlands@ft.com
Deputy editor Madison Marriage
Tel: +44 (0) 20 7873 3817
email: madison.marriage@ft.com
Reporter Chris Flood
Tel: +44 (0) 20 7873 3892
email: chris.flood@ft.com
Reporter Attracta Mooney
Tel: +44 (0) 20 7775 6237
email: attracta.mooney@ft.com
Reporter Cat Rutter Pooley
Tel: +44 (0)20 7775 6942
email: cat.rutterpooley@ft.com
Production Jearelle Wolhuter
Tel: +44 (0) 20 7873 4872
email: jearelle.wolhuter@ft.com
Advertising Aman Dogra
Tel: +44 (0) 20 7873 4017
email: aman.dogra@ft.com
FINANCIAL TIMES
Number One Southwark Bridge
London SE1 9HL
+44 (0) 20 7873 3000
The Financial Times Limited 2017.
Reproduction of the contents of FTfm in
any manner is not permitted without the
publishers prior consent. FINANCIAL
TIMES and FT are registered Trade
Marks and Service Marks of the Financial
Times Limited
Luxembourg pension fund blacklists VW
PENSIONS INDUSTRY
German carmaker
excluded because of
emissions scandal
ATTRACTA MOONEY AND
MADISON MARRIAGE
Luxembourgs 16bn pension
fund has blacklisted Volkswa-
gen in response to the scandal
that has engulfed the German
carmaker since 2015, when it
emerged the company had
cheated in US emissions tests.
The grand duchys Fonds de
Compensation, which was set
up to hold Luxembourgs
excess pension revenues,
added VW to its exclusion list
last November due to the com-
panys involvement in the
violations of environmental
norms.
In September 2015, US regu-
lators accused Volkswagen of
using defeat devices to cheat
emissions tests in its diesel
cars, resulting in its share price
falling by a third and leading to
far-reaching financial reper-
cussions for the company.
Earlier this month,
Volkswagen agreed to plead
guilty to three felonies and pay
$4.3bn to settle a US Depart-
ment of Justice investigation
into the emissions scandal.
The FDCs decision to black-
list Volkswagen is a further
blow to the company, which
has struggled to put the emis-
sions scandal behind it.
BlackRock
bulks up
governance
staff
continued from page 1
Glenn Booraem, Vanguards
head of corporate governance,
said: Vanguard continues to
invest in the research and
infrastructure that enable
advocacy and voting across a
global portfolio, and we expect
to continue our focus on this
important capability over the
coming years.
Other large asset managers
that have expanded their stew-
ardship teams over the past
three years include Fidelity
International, which now has
12 governance analysts; Legal
& General Investment Man-
agement, which has 10; Aber-
NEWS
Volkswagen is embroiled in an emissions scandal Fabian Bimmer/Reuters
$4.3 bn
Amount Volkswagen agreed to
pay to settle a US Department
of Justice investigation into
its emissions scandal
2 bn
Amount demanded by 80
investors in VW, including
BlackRock, in a lawsuit over
the carmakers handling of
the emissions scandal
BlackRock now has the largest corporate governance team of any global asset manager, while State Street has nearly
tripled the size of the governance team within its asset management division Craig Warga/Bloomberg; Scott Eisen/Bloomberg
deen Asset Management,
which has 20; and US public
pension funds Calpers and Cal-
strs, which have 29 and 12
respectively.
Large pension funds and
other institutional investors
are simultaneously demand-
ing more information from
their external asset managers
on their approach to corporate
governance, putting pressure
In September 2015, Nordea
Asset Management, the
investment management arm
of the Nordic bank, became
the first big investor to pub-
licly state it was banning its
fund managers from making
investments in VW due to the
emissions issues.
At the time the Scandinavian
asset manager held 500,000
VWstocks.SasjaBeslik,headof
sustainable finance at Nordea,
said fund managers at the
215bn investment house are
still not allowed to invest in the
carmaker.
on fund houses to increase
resources in this area.
Rakhi Kumar, head of cor-
porate governance at State
Street Global Advisors, said cli-
ent demand for information
on the companys approach to
this issue had gone up signifi-
cantly.
The belief is that better gov-
ernance analysis helps inves-
tors avoid companies that are
FINANCIAL TIMES Monday 30 January 2017
Last Friday it emerged that
Martin Winterkorn, Volkswa-
gens former chief executive, is
being investigated for fraud by
German prosecutors, who wid-
ened their probe into the com-
panys emissions cheating to
include him and 15 additional
people.
The carmaker is also facing
legal action in Germany from
investors who claim to have
suffered billions of euros in
losses as a result of the fall in
VWs share price. The com-
panys share price is still nearly
11 per cent lower than before
on the brink of a costly scan-
dal. This issue has come to the
fore over the past two years
after the exposure of serious
governance failings at Petro-
bras, the Brazilian oil com-
pany, and Volkswagen, the
German carmaker, which
caused their share prices to fall
dramatically.
An investment director at a
large US pension fund, speak-
the emissions cheating
became public.
Last September, BlackRock,
the worlds largest fund house
and the second-largest private
investor in VWs non-voting
preference shares, joined 80
other investors in a lawsuit
demanding 2bn over the car-
makers handling of the emis-
sions scandal.
VW is also facing legal action
outside its home market, rais-
ing fears that the carmaker
could suffer further financial
hits. Class actions against the
carmaker, which allow one
person to sue on behalf of a
group of individuals or compa-
nies, have been filed in the US
and Australia.
Despite was questioned
about its diesel emissions in
2014. The automaker did not
publicly disclose that 11m
vehicles were fitted with
cheating software until Sep-
tember 2015.
Luxembourgs FDC also
banned investments in several
other companies, including
BHP Billiton and Vale, in
November.
The pension scheme said the
decision to exclude the two
mining companies related to
their involvement in a deadly
mine disaster that took place in
Brazilin2015.
VW did not respond to a
request for comment about
the pension funds decision to
blacklist the carmaker.
ing on condition of anonymity,
said his scheme looked for
careful governance analysis at
the external asset managers it
uses. US asset managers are
putting more firepower
behind evaluating corporate
governance, which is increas-
ingly being viewed as a risk
management issue. Compa-
nies with poor governance are
higher risk, he said.
FINANCIAL TIMES Monday 30 January 2017 FTfm | 3

NEWS

Active managers accuse FCA of using flawed data

REGULATION
Regulators damning
industry report lead
to heated discussions
CHRIS FLOOD
Active asset managers have
accused the Financial Conduct
Authority of using flawed and
misleading data in the UK
financial regulators far-reach-
ing investigation into whether
competition in the fund indus-
try is working effectively.
The discord came to a head
last week when the regulator
held a series of meetings with
senior industry figures to dis-
cuss proposed reforms of the
investment industry.
A senior investment profes-
sional who was present at one
of the meetings, who requested
anonymity, said the discus-
sions became very heated
with some not very pleasant
exchanges between industry
executivesand FCAstaff.
He said: People are very
cross. Does the FCA not under-
stand that vilifying one of the
UKs gold-standard industries
is not helpful, particularly in
the context of the uncertainty
surrounding Brexit and the
likelihood that UK managers
will not be able to continue to
passport their funds into the
single European market?
The FCA meetings were set
up after the regulator pub-
lished a damning report last
November that suggested
charging structures across the
industry should be overhauled
to improve investors returns.
Active managers bore the
brunt of the FCAs criticism for
failing to outperform their
indices after fees, a finding
that is consistent with a large
body of academic evidence,
and for failing to provide value
for money for retail investors.
Active fund managers are
increasingly questioning the
quality and the breadth of the
data used by the FCA.
Toby Illingworth, executive
There were some not very
pleasant exchanges in
meetings between the FCA
and industry executives
Chris Ratcliffe/Bloomberg
Does the FCA not
understand that
vilifying one of the
UKs gold-standard
industries is not helpful?
director at the New City Initia-
tive, an organisation that rep-
resents the interests of 54
investment managers with
combined assets of 400bn,
said the FCA had failed to dis-
tinguish between various
types of active funds.
The FCAs performance
analysis bundled all active
managers together, even
though there are huge differ-
ences in the risks and returns
generated across multiple
strategies, he said.
He added that there was
lots of evidence to suggest
that smaller managers were
more nimble and delivered
outperformance, even though
they shouldered a heavier bur-
den of regulatory costs.
He highlighted a controver-
sial figure put forward by the
FCA that indicated a 20,000
investment in a passively man-
aged fund tracking the FTSE
All-Share index over 20 years
could yield a return 44 per
cent larger than that of an
actively managed equivalent.
Mr Ilingworth said this was
based on a period of strong
equity market performance,
whereas the real value of active
management was demon-
strated when stocks were more
volatile ornotperformingwell.
The chief executive of a large
fund house, who did not want
to be named, said the FCA
appeared to be suggesting that
active managers had to take
more risks if they wanted to
justify their higher fees.
But the holy grail of invest-
ing is to add value without tak-
ing disproportionate risks.
Managers that delivered good
returns with low levels of risk
should be celebrated, not cas-
tigated, he said.
The FCA declined to com-
ment for this article.

a significant reorganisation. Harvard

Movers
& shakers
C GMO has appointed Scott Hayward
as chief executive of the $88bn
Boston-based investment manager.
Mr Hayward is a former chief
executive of Quantitative
Management Associates, an
investment arm of Prudential
Financial, the US insurance company.
He replaces Peg McGetrick who has
acted as interim chief executive since
the departure of Brad Hilsabeck in
June 2016.
Andrew Dyson is due to take over
as QMAs chairman and chief
executive on April 1. He was
previously head of global distribution
for Affiliated Managers Group, the
Massachusetts multi-boutique
manager.
Andy Martin has also joined GMO
as head of investment teams, a new
role. Previously, he worked for
Cambridge Associates, the
investment consultancy.
C Deborah Gilshan will move to
Standard Life Investments in May as
governance and stewardship director
for the 269bn Edinburgh-based
assert manager. Ms Gilshan is
currently head of sustainable
ownership at RPMI Railpen, the UKs
25bn pension fund for railway
workers.
C Harvard Management, which runs
the US universitys $35.7bn endowment
fund, is to lay off half of its 230 staff in
has also appointed Rick Slocum as
chief investment officer. He is a former
chief investment officer of The
Johnson Company, a New York-based
family office.
Vir Dholabhai from APG, the Dutch
pension provider, Adam Goldstein
Scott Hayward from Columbia Investment
Management, and Charlie Saravia
from P1 Capital, a Miami-based
investment adviser, will all join as
managing directors in Harvards
investment team by the end of March.
C Eisler Capital, the $1bn London-
based hedge fund company founded
in 2016 by Edward Eisler, an ex-
Goldman Sachs partner, has hired
Anton Merlushkin as head of
Deborah quantitative strategies and
Gilshan technology. Mr Merlushkin previously
worked in a similar role at Credit
Suisse, the Swiss bank.
C Jason Guthrie has joined
WisdomTree as director of capital
markets in Europe for the $41bn US
exchange traded fund provider. Mr
Guthrie was previously in a similar
position at Deutsche Bank. He
replaces Zach Hascoe, who is
Jason Guthrie returning to WisdomTrees
headquarters in New York.
C Nicolaas Marais has joined Wells
Fargo Asset Management as
president with responsibility for multi-
asset class solutions, research and
product management. Mr Marais
worked for the UK asset manager
Schroders before his move to the
$482bn fund arm of the US financial
services provider.
4 | FTfm
CIO of 12bn pension
pot threatens
to cull external
managers
CHRIS RULE
Chief investment officer
of British wealth fund
champions insourcing
ATTRACTA MOONEY
C
hris Rule, the man
charged with investing
12bn on behalf of more
than 232,000 current and
former local authority
workers in England, begins his meet-
ing with the Financial Times earlier
this month by apologising.
Standing in his office in Southwark
in the south of London, he explains
the air-conditioning is on the blink. It
is a crisp, cold January evening, but
Mr Rules small office, located in a
building that also houses London Fire
Brigades headquarters, is sweltering.
The building managers are on the
case, he says, but for now the only
way to cool down is to resort to shirt
sleeves and big glasses of cold water.
Mr Rule seems unperturbed, if a lit-
tle hot. The father of three has other
things on his mind, namely the radi-
cal overhaul happening across the
UKs local authority pension funds.
In 2015 George Osborne, the chan-
cellor at the time, called on the 89
local authority retirement funds
across England and Wales to create
six supersized pension pots or Brit-
ish wealth funds.
The plan was that these funds
would work together to reduce run-
ning costs and invest more in infra-
structure. Since then, proposals for
the formation of eight local authority
partnerships have been put forward
to the government for approval.
Mr Rule is the chief investment
officer of one of these pools: the Local
Pensions Partnership, or LPP, which
was set up to oversee the combined
assets of the London Pensions Fund
Authority and the Lancashire County
Pension Fund. The two pension
schemes plans for a partnership pre-
dates Mr Osbornes proposals, but his
demands cemented their efforts.
Mr Rule says: People [across local
authorities] have done a lot of heavy
lifting over the past 12 months and
Born January 1979
Total pay Not disclosed
Education 2000 BSc (geography/
geology), University of Manchester
Career 2001 Risk manager, GNI
Fund Management
2004 Principal and senior fund
manager, Old Mutual Asset
Management
2009 Investment director, Key
Asset Management
2011 Chief investment officer, SEB
Alternative Solutions & Key Asset
Management
2013 Head of alternatives, SEB
Investment Management
2014 Chief investment officer,
London Pensions Fund Authority
2016 Chief investment officer and
managing director (investments),
Local Pension Partnership
FACE TO FACE
got the sector massively further for-
ward than many stakeholders or
commentators would have believed
was possible in that space of time.
Last month, LPP received the seal of
approval from the government, when
Marcus Jones, the UK minister for
local government, signed off its plans.
But the minister flagged some con-
cerns, not least the size of the fund.
LPP is short by almost half the 25bn
figure Mr Osborne indicated he
wanted the pooled fundstomanage.
It is no secret that the minister
would like us to be that magic 25bn
[in assets]. But it is important to real-
ise that we are up and running; we are
live today, Mr Rule says.
LPP, which began operating in
April 2016, is one of the few local
authority partnerships that is already
functioning. It has also received regu-
latory approval from the UKs finan-
cial watchdog, unlike the majority of
the other local authority pots.
Mr Rules job at LPP is highly pres-
sured, especially at a time when
record-low interest rates are hurting
returns and driving up liabilities for
retirement schemes. LPP has been
tasked with undertaking the majority
of the work that the two local author-
ity funds once did, from asset alloca-
tion to pension administration.
The 38-year-old is at pains to stress
that LPP has already used its
increased scale to reduce costs for its
two founding funds, despite falling
far short of the desired level of assets.
The partnership has a far bigger
allocation to infrastructure than other
local authority pools. At the size we
are, we are already getting significant
discounts when we are negotiating
withthird-partymanagers,he says.
The former Old Mutual fund man-
ager is now focused on axing asset
managers in favour of running more
moneyinternallyinordertocutcosts.
Our intention is to expand our
internal capability, develop new
internal strategies and therefore be
able to insource more of the assets.
That is clearly where we get the great-
est fee savings, because we can oper-
ate at a much lower cost.
Last November, LPP launched a
5bn global equity fund, consisting of
the pooled cash of the LPFA and
LCPF. About 40 per cent of the assets
are managed internally by LPP, while
a trio of fund houses MFS, Robeco
and Magellan run the remaining 60
per cent.
FINANCIAL TIMES Monday 30 January 2017
Local Pensions
Partnership
Founded April 2016
Assets under management 12bn
Employees 250
Headquarters London and
Preston
Ownership Lancashire County
Pension Fund and London
Pensions Fund Authority
Morgan Stanley, Harris Associates
and Baillie Gifford, which previously
ran equities for the pension funds,
were axed as a result. This move is
expected to save 7.5m a year in
investment management costs. The
trend of cutting managers is set to
continue as part of Mr Rules aim of
running around half of LPPs assets
internally, up from a third currently.
The managers most at risk are
those running equities: Mr Rule
would like to manage about 80 per
cent of LPPs investments in stock
markets internally.
But he adds: I would never expect
to be 100 per cent internal. There will
always be areas that we want to go
and get [external] expertise for.
We are only going to allocate
money internally where we believe
that is better than anything we can
get externally. There is no point sav-
ing 5m in costs if it costs us 30m in
returns.
If LPP manages more money itself,
it needs to grow its investment team.
There are 25 investment staff posi-
tions at LPP, almost double the com-
bined size of the now-defunct invest-
ment teams at the two founding pen-
sion funds. Some of the LPP positions,
however, are yet to be filled.
Mr Rule admits that convincing
employees to switch from private sec-
tor asset management, where higher
salaries are the norm and offices have
working air con, is a difficult task.
If they dont care about anything
apart from money, we are going to
have a challenge attracting and
retaining them because there is
always going to be someone that will
pay more than us, he says. We can
offer people a degree of autonomy
that perhaps they would not have in a
traditional asset manager.
As Mr Rule continues to extol the
virtues of a career in a local authority
pension fund, it starts to become
clearer why he left the private sector.
There is always a bit of a conflict
with an asset management firm, and I
say that having worked all my career
in asset management firms. As an
individual, sometimes it can cause
you to question the merit of what you
are doing, he says. We are the asset
owner. It is not about how we can gen-
erate fee income and profitability. We
have adifferentlenswe lookthrough.
 Asset Management
Asset Management

Asset Management
sset Management Asset Management

Asset Management
et Management
6 | FTfm FINANCIAL TIMES Monday 30 January 2017

THE BIG PICTURE

2.5bn cost
of Mifid II
rattles asset
managers
Complying with the EUs far-reaching
financial reform legislation will not be
cheap or easy, writes Attracta Mooney

I
n less than a years time, one of
the EUs most ambitious and
contentious sets of financial
reforms will come into force.
Aimed at preventing a repeat
of the market turmoil encountered
during the financial crisis, the second
instalment of the Markets in Finan-
cial Instruments Directive better
known as Mifid II will change the
way a many financial services compa-
nies, from investment banks to asset
managers, operate.
Complying with the far-reaching
legislation, which comes into force in
2018, will not be cheap or easy. Opi-
mas, a consultancy, estimates Mifid II
will cost the finance industry more
than 2.5bn to implement.
With many of the new rules
focused on banks, they face the big-
gest costs. But asset managers will be
uniquely affected because they will
encounter many regulations for the
first time.
Peter Harrison, chief executive of
Schroders, the UKs largest listed
fund house, last year said Mifid II
could have a one-off impact on the
companys cost to income ratio.
A senior executive at a large inter-
national asset manager, who
requested anonymity, says: What is
worrying is the sheer weight of
change [required]. Mifid touches just
about every part of the business,
which is a real pain.
When faced with managing this
amount of mandatory change, there
is always the worry at the back of your
mind that, however good your plan-
ning and execution is, you will miss
something.
The issues keeping asset managers
up at night include Mifid IIs impact
on fixed income trading, new rules
about research, the demise of com-
mission payments for financial advis-
ers, new reporting requirements and
investor protection measures.
Unbundling of research
One of the most high-profile aspects
of Mifid II involves big changes to how
asset managers pay for the research
they use to make investment deci-
sions.
For decades, asset managers have
lumped together trading and
research costs into a single fee, often
receiving research from an invest-
ment bank or broker in exchange for
using them to carry out trades.
But Mifid II requires asset manag-
ers to budget separately for research
and trading costs, a move known as
unbundling. Four in 10 asset manag-
ers are not confident they will be pre-
pared for Mifid II unbundling,
according to a recent survey of asset
managers by Electronic Research
Interchange, a marketplace for
research.
Fund houses are now grappling
with the big question of who will pay
for this research.
Asset management companies
have two options: to absorb the cost of
paying for external research them-
selves, or to pass the cost on to their
investors through higher fees.
Despite a looming deadline, a poll
of 220 asset management executives
across Europe carried out last
autumn found that more than half
still did not know how they will pay
for research when the rules come into
force.
More than a fifth of fund managers
planned to charge investors an extra
fee to cover research costs, according
to the survey by RSRCHXchange, an
online marketplace for institutional
research. Just under a fifth planned to
follow the lead of Neil Woodford, the
British fund manager, who last year
said his company would cover the
cost of research.
One executive at a boutique asset
manager fears Mifid II could drive up
the cost of research. Smaller invest-
10.3m 65
Expected cost Number of pieces
of complying of data, up from
with Mifid II 23, investment
for Europes companies will
largest asset have to provide
managers for transaction
each reporting
ment managers may be disadvan-
taged, given the relative impact any
increased expense would have on us,
he says.
The end of commission payments
In 2013, the UK financial regulator
went further than its European coun-
terparts when it banned the practice
of asset managers paying commis-
sions to financial advisers in return
for product recommendations.
Now the EU is following the UKs
lead. Under Mifid II, commission pay-
ments sometimes referred to as
kickbacks or rebates to independ-
ent financial advisers will be banned.
Passive fund providers, which tra-
ditionally do not pay rebates, hope
the directive will enable them to win
more business.
Larry Fink, chief executive of
BlackRock, which owns iShares, the
worlds largest provider of passive
funds, said of Mifid II last year: We
are likely to see a historic shift on how
assets are being managed and
invested, as our distribution partners
are changing both their product pref-
erences and their use of technology to
adapt to these rule changes.
Best execution and liquidity
Philip Warland, senior public policy
adviser at Fidelity International, the
Bermuda-based fund house with
$226bn in assets, says one of the big-
gest issues when it comes to Mifid II is
the directives unintended impact on
fixed income markets.
Currently an asset manager look-
ing to buy or sell a bond will approach
several investment banks or brokers
for price quotes. This means that two
fund managers buying the same bond
at the same time could end up paying
different prices, depending on the
quotes they receive.
But under rules aimed at creating
greater liquidity in bond markets,
fund houses, investment banks and
brokers will have to disclose more
information about bond trading
prices in advance.
Fund managers fear this could
encourage investment banks to
retreat from the bond trading market
if the increased disclosure require-
ments mean they generate less
money.
Michael McKee, a partner at DLA
Piper, the law firm, says: The idea is
if you have more transparency, that
could drive down prices. That could
happen, but that might be at the
expense of [having] fewer players in
the market. So pricing might not get
worse, but liquidity could be the
problem.
Fund houses also face additional
rules aimed at ensuring that when
they trade, they are getting the best
possible execution for their investors.
This means they must consider issues
such as price, speed, costs and likeli-
hood of settlement.
Andrew Glessing, head of compli-
ance at Alpha, the investment consul-
tancy, says: What the regulator does
not want to see is that [companies]
buy a host of bonds from the first bro-
ker they went to when they could
have gotten it cheaper elsewhere.
Trade and transaction reporting
Europes largest asset managers are
expected to spend an average of
10.3m each to make sure they com-
ply with Mifid II and additional
reporting requirements are expected
to account for a large chunk of that.
Under the new rules, fund houses
will have to report information about
FINANCIAL TIMES Monday 30 January 2017 FTfm | 7

THE BIG PICTURE

agers to outline the target mar-
ket each fund is aimed at. The
goal is to ensure investors are
sold appropriate products.
Mr Tuffy says: Beyond
defining the target market,
asset managers are also
Mifid II required to perform ongoing
could surveillance to ensure the fund
is being sold to the correct
have a investors and that the product
one-off continues to match the risk
impact profile and investment needs
on of investors.
Schroders The fund industry has
cost to
income
ratio
PETER HARRISON,
CHIEF EXECUTIVE
dubbed these changes know
your distributor because the
rules will require a much
deeper level of engagement
between asset managers and
wealth managers, financial
advisers and banks.
Asset managers will also
have to carry out stress tests on
some funds to understand how
they will react in some market
conditions.
[Mifid IIs investor protec-
tion measures] will have an
impact on the way asset man-
agers run their businesses day
to day, says Ms Griem.
What next for the industry?
Tony Kirby, executive director
in the Mifid team at EY, the
consultancy, estimates that
about a quarter of fund houses
are scrambling to be ready for
the directive, while about a
fifth are well prepared.
The bigger fund houses are
in the best position as they
tend to have large regulatory
teams. But smaller houses are
finding it tough to get ready for
the January 2018 deadline, not
least because of the cost and
complexity of the rules.
For the smaller companies
the next 11 months will be
crunch time, says Mr Tuffy.
There is still a lot of work to
do by the industry to be ready
to go live in January 2018. 2017
is when the rubber meets the
road and asset managers will
have to stay focused to ensure
they get everything done in
time.

We are
likely to see
a historic
shift on
how assets
are being
managed
and
invested
LARRY FINK,
CHIEF EXECUTIVE
OF BLACKROCK

Joe Waldron; Justin Chin/Bloomberg certain trades immediately, including

price and volume.
Mr Glessing says preparing for this
part of Mifid II is proving tricky for
asset managers.
This is because whether asset man-
agers have to report trade informa-
tion will be dependent on the regula-
tory status of the party on the other
side of the trade.
Investment companies will also be
required to provide so-called transac-
tion reporting within a day of placing
a trade. Fund managers will have to
provide 65 different pieces of data, up
from 23, including the name of the
trader involved.
What is This is probably the biggest opera-
tional challenge for asset managers,
worrying is says Sean Tuffy, head of regulatory
the sheer intelligence at Brown Brothers Har-
riman, the US bank. Complying with
weight of transaction reporting requirements
change will require significant investment.

[required]. Investor protection

Mifid touches Transparency reporting will be the
biggest expense for asset manage-
just about ment companies that are preparing
every part of for Mifid II, but this will shift to inves-
tor protection when the regulation
the business, comes into force, according to Anna
which is a Griem, an analyst at Opimas.
Mifid II introduces several meas-
real pain ures aimed at protecting investors,
including rules requiring asset man-
8 | FTfm
A special relationship on high executive pay
THE LAST WORD
Madison
Marriage
N
early 23 years have
passed since protesters
brought a 20-stone pig,
nicknamed Cedric, to
British Gass annual
meeting. Their aim was to draw
attention to what they saw as exces-
sive pay for the energy companys
chief executive.
The publicity stunt, designed to
embarrass the British Gas boss at the
time, Cedric Brown, has been high-
lighted several times by investment
professionals over the past week
when discussing the distinct differ-
ence in executive pay levels in the US
and the UK.
The sense is the pig stunt would
never have happened across the
Atlantic. This is despite the fact that
executive pay levels in the US have
been described to me by several
prominent European fund managers
as egregious, frightening and on
a different planet.
The best-paid chief executive of
any US-listed company last year
John Hammergren of McKessen, the
pharmaceutical company earned
nearly $80m more last year than Brit-
ains best-paid chief executive, Mar-
tin Sorrell of WPP, the advertising
conglomerate.
The average chief executive in the
READERS WRITE. . .
Fintech lures millennial investors
away from asset managers
Millennial here. I would trust a
computer to manage my money
before a human. Humans make
mistakes and will screw you at
every opportunity; the computer
does exactly what it is told. Humans
also have to be paid, which means
the advisers salary is coming out of
my pocket Lad On Tour, via
FT.com
Millennial here. I went for pension
advice from an adviser. The guy
offered to transfer my existing
pension to a commercial platform
that charged several per cent per
year and meant I still had to go
through him for trades. Oh, and
there was a 2k fee for the privilege
of having him move my pension. Er,
no thanks. Winters going to come
for these legacy businesses. I want
Almost 23 years ago, protesters brought a 20-stone pig to British Gass annual meeting Justin Williams/PA
terparts, which has contributed to the
The business of
America is business.
People admire the
American dream of
going from nothing to
becoming a billionaire
data, instant access, etc. The fact
they are normally cheaper than the
traditional businesses is just a
bonus Pseudonym, via FT.com
@Pseudonym The fact that you
have an FT subscription indicates
you probably work for a bank,
consultancy/accountancy or in
some arm of asset management
(just an assumption) and have
higher education and high financial
literacy. So while I fully agree with
you, remember not all millennials or
otherwise will have the confidence
or know-how to manage things
themselves 54321, via FT.com
This article is an excellent
illustration of the lack of
understanding of the venture
capitalists pouring money into
fintech. When you are young,
roughly 20-45, you borrow to
finance education, housing, family;
OPINION
S&P 500 earns more than double the
average for chief executives of Brit-
ains 100 largest companies. Why is
the difference so stark?
One fund manager suggested
American investors, politicians and
citizens are less incensed about high
pay levels than their European coun-
issues as seriously as we do. Some-
big gap in remuneration levels.
The business of America is busi-
ness. People admire the American
dream of going from nothing to
becoming a billionaire. In the UK,
people are much more sensitive
about wealth, he said.
The result is that large asset man-
agers appear much more comfortable
outlining tough plans for policing
45-70 you save to finance
retirement. The principal exception
is pension products nowadays in
defined contribution form with a
good deal of individual control,
hence the need for robo-advice.
Hardly anyone 20-45 has time to
think about where their savings are
going, they will simply hand that
decision over to the pension
provider. In any case, the lions share
of pension contributions are made
by the older age cohort that has
reached higher salary bands. So the
market for fintech robo-advice is
the 45-70 group. Any robo-adviser
start-up stressing this millennial
story has to be a candidate for early
failure Alistair Milne, via FT.com
C You can comment on FTfm
articles online or via email at
ftfmreaders@ft.com. Comments
may be edited for length and clarity
high pay in the UK market than they
do in corporate America. And the
lack of an official corporate govern-
ance code in the US is one of the main
reasons they feel handicapped.
Governance is at a different stage
of development in the US. They are
not used to shareholders taking these
times when we knock on [compa-
nies]doors,theyaresurprisedtohear
fromus,explainsone UKinvestor.
Another adds: The standards of
corporate governance in the US are
lower than in the UK. The number of
unacceptable remuneration policies
[in the US] is frustratingly stubborn.
If we applied UK standards to US
companies, we would be voting
BlackRock and Vanguard crush ETF rivals
On ft.com/ftfm
Many providers of exchange traded funds will have left their fizz on ice after
struggling to mount any meaningful challenge against the two largest fund
houses globally, which together control 55% the global ETF market Ian Dicks
FINANCIAL TIMES Monday 30 January 2017
against absolutely everything all the
time.
I do have some sympathy for the
argument put forward by many in the
industry that asset managers have
bigger corporate governance battles
to fight in the US.
This includes the push for proxy
access the right to propose board
members at companies and the
fight against the practice of allowing
one individual to hold the role of
chairman and chief executive at the
same company.
But I am not convinced that apply-
ing UK standards to US companies
even if that means an asset manager
votes against the remuneration report
of every US company it has exposure
to is necessarily a bad thing. Espe-
cially if those pay policies are deemed
unacceptable inothermarkets.
As Howard Sherman, executive
director at MSCI, the index provider,
says: [Investors] role is to make sure
the management team is top-notch,
and that means dealing with what, in
many cases, are eye-popping pay
packages. What would make a differ-
ence is if greater numbers of large
investors were to express their dissat-
isfactionwithegregiouspayplans.
If Britains most outspoken inves-
tors on executive pay clubbed
together to call out excessive prac-
tices in the US market, I am sure they
would be heard by corporate Amer-
ica. And they would not need to bring
a pig along to company meetings to
reinforce their point.
Madison Marriage is the
deputy editor of FTfm
FINANCIAL TIMES Monday 30 January 2017
Fed and White House face Mexican stand-off
W
ar talk can be fun for
adolescent boys and
politicians. War itself
is not quite so fun. At
the moment, it looks
as though the market could be walk-
ing into wars on a couple of fronts,
apparently with all the exuberance
and joy of, say, Europe in July 1914.
One front being opened is between
the administration of Donald Trump,
the new US president, and any coun-
try that does not go along with bor-
der adjustment taxes, which would
penalise imports to the US.
Less noticed, but perhaps more sig-
nificant for markets this year, is a
conflict between the administration
and the current majority on the board
of the Federal Reserve.
In the end, it is very difficult to find
a good news spin on all this for equity
markets. I guess you could say it will
present some buying opportunities
in-between waves of headlines.
The Trump-Fed conflict is being
foreshadowed by exchanges of omi-
nously competing growth forecasts.
The Trump team believes they can
attain 4 per cent gross domestic prod-
uct growth by clearing away the rub-
bish of excessive regulation and
bringing manufacturing jobs back to
the US.
In the UK, some stakeholders seem more equal than others
VIEWPOINT
David
Pitt-Watson
I
t is not often that august bodies
representing company directors,
workers, international investors
and company secretaries agree
on anything. Rarer still when
they reach agreement on a topic as
contentious as corporate governance.
So the letter that the Institute of
Directors, the Trades Union Con-
gress, the International Corporate
Governance Network and the Insti-
tute for Company Secretaries jointly
wrote and delivered last week to
Theresa May, the UK prime minister,
is worth noting.
The letter makes one particular
request. It asks that the government,
which is in the process of reviewing
corporate governance practices in the
According to them, investment in
ports, roads and pipelines will help
jump-start this resurgence in the real
economy. Tax rates for production in
the US will come down and border-
adjustment charges for countries
with trade surpluses will cover the fis-
cal costs.
Janet Yellen, chairwoman of the
Fed, and her fellow governors are
making it clear they do not agree with
this plan. For the next year, they will
attempt to offset any further fiscal
stimulus with monetary tightening.
Ms Yellens January 19 speech at
Stanford University was pretty blunt
by Fed chair standards. After con-
gratulating herself and her colleagues
on getting pretty much everything
right, she laid down the law to anyone
who might become president the fol-
lowing day.
I think that allowing the economy
to run markedly and persistently
hot would be risky and unwise.
Waiting too long to remove accom-
modation could cause inflation
expectations to begin ratcheting up,
driving actual inflation higher and
making it harder to control, she said.
So in what will almost certainly be
her last year as chairwoman, Ms
Yellen has turned into an inflation
hawk. The 75 basis points of policy
rate increases seem to be no longer
just an expectation, but a decision.
Any upside surprises to inflation can
be expected to meet the iron fist of
removed accommodation.
The timing of Ms Yellens speech,
which came less than a day before
President Trumps inaugural address,
UK, finds a way to police legal obliga-
tions that everyone agrees are good
ones, but which can be breached with
impunity.
The duties of the boards of direc-
tors who run British companies are
well defined. They are to promote the
success of the company for the bene-
fit of all shareholders, and in so doing
to have regard for the interests of
workers, consumers and other stake-
holders.
That is what Section 172 of the
Companies Act, the main piece of leg-
islation governing company law,
requires. It would seem to many that
the directors of Sports Direct, the UK
retailer accused of employment
abuses, and BHS, the retailer that col-
lapsed last year and jeopardised its
pension fund in the process, breached
some of those duties. But there was no
one to hold them to account.
There are of course many aspects of
corporate governance. Remunera-
tion and private companies were two
OPINION
Collision course: Janet Yellen and Donald Trump Andrew Harrer/Bloomberg
is even more striking than the con-
tent. The speech did not include any
nods to forthcoming productivity
increases driven by deregulation and
infrastructure spending. Nor did it
refer to an increase in potential
growth created by tariff increases.
Apparently she does not believe
I think that allowing
the economy to
run markedly and
persistently hot would
be risky and unwise
JANET YELLEN
on which the signatories commented.
But this proposal simply asks that
those who are protected by law can
ask that the law be respected.
Such a proposal is complementary
to the role of investors in shareholder
stewardship. Such stewardship is an
important part of our governance
system. If it is done well it will help
prevent bad practice. But it is not the
job of any investor to police the law.
For small investors it is impossible.
That is why the UK Shareholders
Association, which represents small
investors, told the parliamentary
committee investigating corporate
governance that at the moment it
appears that companies can ignore
[the law] when it suits them, pro-
vided it does not upset the major
institutional shareholders.
Study after study suggests that
companies who pay attention to their
stakeholders end up being more suc-
cessful financially.
Those companies that breach obli-
there will be any beneficial shock
comparable to the late 90s tech
boom.
Rather, she suggested that mone-
tary policy in the US is going to be as
tight, if not tighter than expected. To
MsYellenthisisjustanotherlate-cycle
economy with a tendency to low pro-
ductivitygrowthandhigherinflation.
This view puts her and her col-
leagues in direct conflict with the
Trump teams policy prescriptions.
The Fed wants restraint and the
former campaign staffers in the
White House want stimulus. This
fight will get more serious, and more
public, over the coming months.
The trade-war front that opened
Theresa May, UK prime minister
gations hit the headlines, and bring
the system into disrepute. It is no use
telling those investors who have suf-
fered that they shouldnt worry
because most businesses behave well.
They need to have someone to com-
plain to, who is free of conflicts and
who can set things straight.
This does not mean that people
need to go to court. In other fields,
such as broadcasting standards, there
is a simple mechanism where people
FTfm | 9
with the Mexican conflict last week
was, if anything, more predictable
than the Fed-White House struggle.
Wall Street just did not want to see it.
Since the election, most establish-
ment Republicans, along with the
stock indices, believed that Mr
Trump would follow through on his
promises to pull back on environ-
mental and financial regulation.
For some reason they did not
believe he would follow through on
his promises of tough, if not indeed
harsh, trade measures. Actually, Don-
ald Trump has been quite publicly
and consistently protectionist since
the 1980s, well before there was any
Dodd-Frank law or Clean Power Plan.
Whether you call them tariffs or
border adjustments, the effects of
taxes on imports and subsidies of
exports will tend to be offset by
increases in the price of the dollar.
After all, if relatively more goods are
being produced in the US, and more
corporate capital is being spent at
home, there will be less demand for
foreign currencies.
And all of this assumes that there
will be no retaliatory tariffs or bor-
der adjustments by the USs trading
partners, which would reduce the
demand for Americas exports.
The market is underestimating the
probable effects of Fed policy on
equity prices, and overestimating the
immediate effects of any fiscal stimu-
lus. You have already enjoyed the
promise of tax cuts in your equity
portfolio. Now you should prepare for
interest rates that go higher than
expected, for longer than expected.
can complain. No one goes to jail, but
if a broadcaster knowingly and
repeatedly breaches required stand-
ards, they cannot expect their licence
to be renewed.
It is in no ones interest if, when our
carefully crafted laws are breached,
you cannot make a complaint and the
abused can find no remedy.
It should have particular resonance
for Mrs May, who, in her first speech
as prime minister, told us she would
be on the side of working families,
workers, consumers, stakeholders,
and through their pensions
investors in our capitalist system.
She said her government would do
everything we can to give you more
control over your lives. When we take
the big calls, well think not of the
powerful, but you.
Here is an opportunity, with broad
industry support, to do just that.
David Pitt-Watson is an executive fellow
in finance at the London Business School
10 | FTfm
BlackRock and Vanguard crush ETF rivals
INVESTMENT STRATEGY
Record-breaking year for
ETF inflows benefited fund
giants that slashed fees
CHRIS FLOOD
Champagne corks should be popping
in celebration across the exchange
traded fund industry after a third
successive year of record-breaking
growth.
But many ETF providers will have
left their fizz on ice after again strug-
gling to mount any meaningful chal-
lenge against BlackRock and Van-
guard, the two largest fund houses
globally, which have enormous pas-
sive investment businesses.
Both asset managers registered
record ETF inflows in 2016, tighten-
ing their grip on the market. Together
the fund giants now control 55 per
cent of the global ETF market up
from 52 per cent at the end of 2012.
Many asset managers with smaller
ETF businesses are floundering in the
face of this competition. HSBC, the
UK bank, recorded a second year of
net outflows from its ETF operations
in Europe in 2016, while Ossiam, the
boutique owned by Natixis, the
French asset manager, reported out-
flows of 47m.
The question for smaller providers
and newcomers to the ETF industry,
which drew a record $390bn from
investors last year, is whether it is
worth even attempting to compete
with BlackRock and Vanguard.
Vanguards ETF inflows rose by
nearly a sixth to $97bn last year, while
new business for BlackRocks ETF
arm, iShares, increased by nearly a
tenth to $140bn.
As the two companies ETF busi-
nesses get bigger, so does their ability
to cut fees, making their products
even more attractive to new inves-
tors. Both announced additional fee
cuts in December, escalating the price
war that is hurting their competitors.
Investmentadvisersandfundselec-
tors are taking note of the fee cuts, and
believe it is a safe bet to pick Black-
Rock or Vanguard when buying an
ETF, according to Deborah Fuhr, co-
founderof ETFGI,theconsultancy.
Advisers are unlikely to be criti-
cised for buying an ETF from the
industrys two largest providers, espe-
cially when they have been the most
aggressiveincutting fees, shesays.
The competitive strains facing ETF
houses became more acute in Europe
last year when overall inflows into the
European ETF market dropped by a
third to $54bn.
Even some of the largest estab-
lished European ETF houses, includ-
ing Lyxor, UBS and Amundi, suffered
substantial falls in net new business
last year.
Deutsche Asset Management, the
second-biggest competitor in the
NEWS
European ETF market, was the worst
Far fewer affected. Investors globally pulled
new ETFs nearly $12bn from its ETF business
last year.
are passing Source, the lossmaking London-
the $100m based provider, was put up for sale by
its owner, Warburg Pincus, last year
milestone fewer than three years after being
for assets acquired by the private equity group.
ETF inflows for Source dropped 69
within per cent last year.
a year As private equity managers gener-
ally own businesses for eight to 10
of their years before looking for a buyer, War-
launch, the burg Pincuss decision to make an
early exit highlighted the problems
recognised facing smaller ETF companies.
mark of A senior ETF executive, who
requested anonymity, says: If Source
success is struggling to make a profit, then
what does this say about the viability
of the other 28 smaller ETF managers
operating in Europe?
Last year, Commerzbank, Ger-
manys second-largest lender, also
decided to spin its ETF business off
into a separate unit. It registered net
outflows of $508m in 2016.
Some of the other midsized pro-
Winners and losers in the 2016 race among ETF providers
Net inflows ($bn)
-50 0 50
BlackRock
Vanguard
State Street
Charles Schwab
Nomura
First Trust
Deutsche Asset Management
WisdomTree
Sources: ETFGI; BlackRock
viders must also be thinking long and
hard about their strategic options,
says Ms Fuhr.
One of the few European-based
managers that prospered last year
was UK-based ETF Securities, which
registered a tenfold increase in
inflows to $4.6bn. This was driven by
a strong recovery in demand for com-
modity ETFs, particularly gold.
Mark Weeks, the chief executive of
ETF Securities, recognises the prob-
lems facing smaller investment com-
panies running ETFs, despite wide-
spread predictions that assets under
management in the industry are
likely to grow rapidly.
Far fewer new ETFs are passing the
$100m milestone for assets within a
year of their launch, the recognised
mark of success. Much of the ETF
industrys future asset growth is likely
togotoestablishedprovidersandtheir
mainbenchmarkproducts,hesays.
Too many providers want to be all
things to all investors. But trying to
beat BlackRock by being a smaller me
too iShares is just not a comfortable
positionforanyETFprovidertobein.
100
FINANCIAL TIMES Monday 30 January 2017
Deutsche Bank
Smart beta and robo-
advice for ETF unit
Deutsche Asset Management
launched its first exchange
traded fund 10 years ago, an
important milestone for the
development of a business that
is now the worlds sixth-largest
ETF manager with assets of
$77bn.
But the German banks ETF
arm faces a critically important
period after a difficult year in
2016, when it struggled to win
new business in both the US
and European markets.
Investors globally withdrew
just under $12bn from
Deutsches ETF business in
2016, a disappointing
performance after the previous
year, when it attracted record
inflows of $28bn, according to
ETFGI, a London-based
consultancy.
Observers believe some
BlackRock
and Vanguard
investors switched to
alternative ETF providers due to
now control concerns about the health of
55% of the
global ETF
Deutsche Bank, after US
regulators threatened to impose
market a huge fine on the German
between them
Michael Nagle/Bloomberg
lender for mis-selling mortgage-
backed securities during the
financial crisis.
Client loyalty and staff morale
have also been tested by
multiple strategic
reorganisations of Deutsches
investment business over the
past five years.
Press reports in October
indicated that Deutsche was
considering selling parts of the
asset management business in
order to strengthen the banks
capital position, a development
that was later denied by John
Cryan, the chief executive.
Deutsche is aiming to fight
back with the launch this year of
more smart-beta ETFs, a
halfway house between active
and passive management.
Plans are also in motion for
the launch early this year of a
low-cost automated robo-
advice service that will
encourage wealth clients to buy
150 both passive and active funds
sold by Deutsche.
 FTfm

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Guide to pricing of Authorised Investment
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Compiled with the assistance of the IMA. The
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Other explanatory notes are contained in the
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Prospectus data, price histories, charges and
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is available online at www.ft.com/funds.

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Aspect Diversified GBP 121.53 - -1.39 0.00 Capital Value Fund Cls V 148.86 148.86 -0.80 0.45 Candriam Bds USD Cap $ 939.25 - 0.33 0.00

Aspect Diversified CHF SFr 111.33 - 0.84 0.00 Dollar GBP Hedged Inc 98.62 98.62 0.12 - Candriam Total Return Bond Cap 134.19 - 0.23 0.00
Abbey Life Assurance Company Limited (UK)
100 Holdenhurst Road, Bournemouth BH8 8AL 0345 9600 900 Aspect Diversified Trends USD $ 117.96 - 0.29 0.00
additional fund prices can be found @ www.abbeylife.co.uk
Aspect Diversified Trends EUR 116.38 - 0.28 0.00
Insurances
Life Funds Aspect Diversified Trends GBP 122.63 - 0.30 0.00
Prop. Acc. Ser 2 1481.30 1559.30 0.00 -

Selective Acc. Ser 2 1730.00 1821.00 -7.40 - Artemis Fund Managers Ltd (1200)F (UK) Brown Advisory Funds plc (IRL)
57 St. James's Street, London SW1A 1LD 0800 092 2051 Atlantas Sicav (LUX) http://www.brownadvisory.com Tel: 020 3301 8130
American Ser. 4 2205.30 2321.40 11.90 - Authorised Inv Funds FCA Recognised
Regulated
Custodian Ser. 4 527.40 555.20 -0.10 - Artemis Capital R ACC 1434.39 1514.10 -1.60 1.51 American Dynamic $ 3902.71 - -23.50 0.00 Brown Advisory US Equity Growth Fund USD B $ 23.22 - -0.11 0.00 Canada Life Investments (UK) Capita Asset Services (UK)
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 40 Dukes Place, London EC3A 7NH
Equity Ser. 4 623.40 656.20 -0.90 - Artemis European Growth R Acc 304.96 321.77 -2.32 1.09 American One $ 3547.60 - -24.57 0.00 Brown Advisory US Flexible Equity SRI Fund USD B $ 16.17 - -0.01 0.00
Authorised Inv Funds Order Desk and Enquiries: 0345 922 0044
European Ser 4 672.30 707.60 -2.40 - Artemis European Opps R Acc 88.12 92.99 -0.25 0.66 Bond Global 1478.07 - -9.69 0.00 Brown Advisory American Fund USD B $ 17.37 - -0.04 0.16 Asia Pacific B Acc 974.23 - 7.27 1.06 Authorised Inv Funds
CF Heartwood Cautious B Acc 137.24 - 0.11 0.30
Fixed Int. Ser. 4 930.10 979.00 1.80 - Artemis Global Emg Mkts I GBP Acc 115.67 - 0.22 - Eurocroissance 899.25 - -4.39 0.00 Brown Advisory US Smaller Companies Fund USD B $ 19.84 - -0.10 0.00 Balanced B Acc 170.47 - -0.26 1.70
CF Heartwood Cautious Income B Inc 113.00 - 0.08 3.03
Intl Ser. 4 542.80 571.40 1.20 - Artemis Global Emg Mkts I GBP Dist 112.60 - 0.21 - Far East $ 740.47 - 10.46 0.00 Brown Advisory US Small Cap Blend Fund USD B $ 14.23 - -0.08 0.00 Corporate Bond B Inc 213.22 - -0.06 3.83
CF Heartwood Growth B Acc 162.44 - 0.30 0.67
Japan Ser 4 466.80 491.40 1.10 - Artemis Global Energy R Acc 33.29 35.27 0.38 0.36 Brown Advisory US Flexible Equity Fund USD B $ 12.10 - -0.01 - European B Acc 298.92 - -2.34 1.79
CF Heartwood Balanced Income B Inc 116.96 - 0.03 3.72
Man. Ser. 4 1894.80 1994.50 0.90 - Artemis Global Growth R Acc 231.22 243.97 0.19 0.87 Brown Advisory Global Leaders Fund $ 10.34 - -0.03 0.00 Global Bond B Inc 108.02 - 0.21 2.60
Bank of America Cap Mgmt (Ireland) Ltd (IRL)
CF Heartwood Balanced B Acc 138.73 - 0.15 0.46
Money Ser. 4 524.90 552.50 0.00 - Artemis Global Income R Acc 120.72 127.41 -0.06 3.06 Regulated Global Equity B Acc 786.63 - -1.34 1.46
Global Liquidity USD $ 1.00 - 0.00 0.61 CF Heartwood Defensive Multi Asset Fund B Accumulation 114.12 - 0.14 0.03
Prop. Ser. 4 1062.20 1118.10 0.00 - Artemis Global Income R Inc 93.90 99.10 -0.05 3.14 Global Equity Income B Inc 149.97 - -1.06 3.22
CF Seneca Diversified Growth A ACC 243.47 - 0.20 2.05
Custodian Ser 5 505.00 531.50 -0.10 - Artemis Global select R Acc 91.98 97.00 0.19 0.00 Global High Yield Bond B Inc 99.68 - 0.21 5.16
CF Seneca Diversified Growth B ACC 145.13 - 0.12 2.61
International Ser 5 519.70 547.10 1.20 - Artemis High Income R Inc 79.28 84.43 0.02 6.01 Barclays Investment Funds (CI) Ltd (JER) Global Infrastructure B Acc 139.51 - -0.02 1.99
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 CF Seneca Diversified Growth N ACC 143.30 - 0.12 2.39
Managed Ser 5 1814.10 1909.60 0.80 - Artemis Income R Acc 378.56 401.27 -1.86 4.05 Global Resource B Acc 119.90 - -0.31 0.42
FCA Recognised
CF Seneca Diversified Income A INC 91.88 - 0.03 5.06
Money Ser 5 513.90 541.00 0.00 - Artemis Income R Inc 212.43 225.17 -1.04 4.18 Bond Funds Japan B Acc 64.96 - -0.02 0.65
Sterling Bond F 0.47 - 0.00 1.46 CCLA Investment Management Ltd (UK) CF Seneca Diversified Income B INC 109.67 - 0.03 5.04
Property Ser 5 1017.00 1070.60 0.00 - Artemis Monthly Dist R Inc 71.53 75.79 -0.03 4.01 Senator House 85 Queen Victoria Street London EC4V 4ET Portfolio III B Acc 117.85 - 0.03 1.86
Authorised Inv Funds CF Seneca Diversified Income N INC 108.35 - 0.03 5.05
Pension Funds Artemis Pan-Euro Abs Ret GBP 121.28 - -0.92 - Portfolio IV B Acc 121.45 - 0.01 2.22
DIVERSIFIED INCOME 1 UNITS GBP INC 1.53 1.53 0.00 - Investment Adviser - Morant Wright Management Limited
American 2660.00 2800.00 16.40 - Artemis Strategic Assets R Acc 85.49 90.46 0.17 0.00 Baring Asset Management (UK) Portfolio V B Acc 123.19 - -0.06 1.55
Authorised Funds DIVERSIFIED INCOME 2 UNITS GBP INC - - - - CF Morant Wright Japan A 364.25 - -0.02 0.14
Equity 5557.50 5850.00 -10.00 - Artemis Strategic Bond R M Acc 90.41 95.98 0.00 3.84 Portfolio VI B Acc 123.89 - -0.05 1.54
UK Authorised Unit Trust CF Morant Wright Japan A Inc 358.26 - -0.02 0.14
DIVERSIFIED INCOME 3 UNITS GBP INC - - - -
European 1393.50 1466.80 -5.70 - Artemis Strategic Bond R M Inc 56.20 59.66 0.00 3.91 Baring Eastern Trust GBP Acc 832.50 - 3.20 0.00 Portfolio VII B Acc 120.98 - -0.03 1.08
The Public Sector Deposit Fund CF Morant Wright Japan B 389.85 - -0.02 0.61
Fixed Int. 1722.90 1813.50 5.00 - Artemis Strategic Bond R Q Acc 90.54 96.11 0.00 3.81 Baring Eastern Trust GBP Inc 816.90 - 3.10 0.00 North American B Acc 1247.34 - 2.87 1.16
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.32 CF Morant Wright Japan B Inc 364.84 - -0.02 0.58
International 1190.70 1253.40 2.80 - Artemis Strategic Bond R Q Inc 56.17 59.63 0.00 3.88 Baring Europe Select Trust GBP Inc 3362.00 - -8.00 0.51 Strategic Return B Acc 110.52 - -0.16 0.00
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.00 CF Morant Wright Nippon Yield ACC A 377.40 - 0.40 1.85
Japan 509.90 536.80 1.30 - Artemis UK Select Fund Class R Acc 477.75 505.65 -2.02 1.41 Baring European Growth Trust GBP Inc 1224.00 - -7.00 0.78 Total Return B Acc 105.48 - -0.01 1.53
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.00 CF Morant Wright Nippon Yield ACC B 393.61 - 0.42 1.84
Managed 5040.50 5305.80 3.80 - Artemis UK Smaller Cos R Acc 1356.68 1459.07 -0.67 0.84 Baring German Growth Trust GBP Acc 769.00 - -1.40 0.84 UK Equity B Acc 108.69 - -0.31 1.71
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.26 CF Morant Wright Nippon Yield Fund A Inc 318.88 - 0.34 1.91
Property 2736.70 2880.70 0.00 - Artemis UK Special Sits R Acc 556.79 591.42 0.51 1.53 Baring German Growth Trust GBP Inc 700.60 - -1.30 0.84 UK Equity & Bond Income B Inc 244.36 - -0.52 4.21
The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.00 CF Morant Wright Nippon Yield Fund B Inc 332.71 - 0.35 1.90
Security 1481.40 1559.30 0.10 - Artemis US Abs Ret I Acc 108.51 - 0.06 0.00 Baring Global Growth Trust GBP Inc 475.90 - 0.00 0.00 UK Equity Income B Inc 432.00 - -1.18 3.93
Selective 2217.40 2334.10 4.10 - Artemis US Equity I Acc 153.26 - 0.80 0.33 Baring Japan Growth Trust GBP Acc 179.10 - 0.10 0.01 UK Government Bond B Inc 48.75 - 0.03 1.74
CCLA Investment Management Ltd (UK)
Formerly Hill Samuel Life Assurance Ltd Artemis US Ex Alpha I Acc 168.69 - 0.79 0.01 Baring Korea Trust GBP Acc 307.10 - 2.40 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603
Artemis US Extended Alpha I Hedged Acc 1.14 - 0.00 - Baring UK Growth Trust GBP Inc 263.40 - -1.10 1.37 Property & Other UK Unit Trusts
Managed Ser A (Life) 1801.40 1906.30 1.30 -
CBF Church of England Funds
Artemis US Select I Acc 155.39 - 1.21 0.19 Baring Strategic Bond Fund GBP Inc 116.30 - 0.10 0.33
Managed Ser A (Pensions) 1223.70 1288.10 1.00 - Investment Inc 1498.23 1514.80 -40.63 3.78
Artemis US Select I Hedged Acc 1.12 - 0.00 - Baring Dynamic Capital Growth Fund GBP Acc 703.30 - -0.70 2.18
Formerly Target Life Assurance Ltd Investment Acc 3197.73 3233.10 -86.73 -
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603 Artemis US Select I Inc 138.51 - 1.08 0.16 Baring Dynamic Capital Growth Fund GBP Inc 275.00 - -0.30 2.22
Global Equity Inc 171.47 173.36 -5.97 4.31
Castle Fund Administrators Limited (GIB)
Managed (Life) 1821.20 1917.10 0.60 - Other International Funds
Artemis US Smlr Cos I Acc 172.29 - 1.07 0.00 UK Authorised Open-Ended Investment Company Global Equity Acc 264.19 267.11 -9.21 - The Vaccicure Fund 100000.00 - - -
Managed Growth (Life) 591.80 623.00 0.30 - Baring Multi Asset Fund GBP Acc 165.80 - -0.10 1.26 Candriam Investors Group (LUX)
UK Equity Inc 157.10 158.52 -3.06 4.05 FCA Recognised
Managed (Pensions) 7343.20 7729.70 3.10 - Baring Multi Asset Fund GBP Inc 155.90 - -0.10 1.30
Candriam Eqts L Australia Cap A$ 1120.48 - 11.78 0.00
Artisan Partners Global Funds PLC (IRL) UK Equity Acc 244.51 246.72 -4.76 -
Managed Growth (Pensions) 744.20 783.30 0.60 - Common Investment Fund Cavendish Asset Management Limited (1200)F (UK)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Candriam Eqts L Sust World Cap 315.74 - 0.86 0.00
Baring Targeted Return Fund GBP Acc 154.70 155.30 -0.40 2.88 Fixed Interest Inc 166.95 167.78 -0.60 3.96 Chelsea House, Westgate, London W5 1DR
additional fund prices can be found on our website Tel: 44 (0) 207 766 7130
Candriam Bds Euro Cap 1143.81 - -3.07 0.00 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
FCA Recognised Baring Targeted Return Fund GBP Inc 115.20 115.60 -0.20 2.94 Fixed Interest Acc 533.50 536.18 -1.93 -
Authorised Inv Funds
Artisan Partners Global Funds plc Candriam Bds Euro Infl Linked Cap 142.83 - -0.47 0.00
Property Fund Inc 128.96 133.28 -1.80 5.76 Cavendish Opportunities Fund B Class 1216.00 - 1.00 1.39
Artisan Global Equity Fund Class I USD Acc $ 14.83 - 0.01 0.00 Candriam Qt-Eqts Europe Cap 2369.82 - 5.03 0.00
Cavendish Opportunities Fund C Acc 1286.00xd - 2.00 1.40
Artisan Global Opportunities I USD Acc $ 13.67 - -0.03 0.00 BlackRock (JER)
Candriam Qt-Eqts USA Cap $ 2662.90 - -4.34 0.00
Regulated Cavendish Worldwide Fund B Class 365.60 - -0.30 1.00
Artisan Global Value Fund Class I USD Acc $ 17.73 - -0.01 0.00 CCLA Fund Managers Ltd (UK)
BlackRock UK Property 41.27 - 0.00 3.48 Senator House 85 Queen Victoria Street London EC4V 4ET Cavendish Worldwide Fund C Acc 379.70xd - -0.30 0.80
Artisan US Value Equity Fund Class I USD Acc $ 13.65 - -0.03 0.00 Property & Other UK Unit Trusts
BLK Intl Gold & General $ 6.04 6.37 -0.13 0.00 Candriam Investors Group (BE) Cavendish AIM Fund B Class 219.60 - 2.10 0.49
Artisan Global Opportunities Class I EUR Acc 19.23 - 0.10 0.00 COIF Charity Funds (UK)
Algebris Investments (IRL) FCA Recognised
Investment Inc 1357.88 1372.90 -12.05 3.62 Cavendish Asia Pacific Fund B Class 199.70 - 0.80 1.16
Regulated Candriam Sust Euro Bonds Cap 360.35 - -0.89 0.00
Algebris Financial Credit Fund - Class I EUR 143.95 - 0.35 0.00 BLI - Banque de Luxembourg Investments S.A. Investment Acc 13662.00 13813.11 -121.17 - Cavendish Asia Pacific Fund C Acc 211.10 - 0.80 1.15
Candriam Sust North America Cap $ 44.17 - -0.25 0.00
Algebris Financial Income Fund - Class I EUR 129.03 - 0.14 0.00 Ashmore Sicav (LUX) FCA Recognised
Ethical Invest Inc 209.20 211.52 -1.80 3.73 Cavendish European Fund B Class 176.60 - -0.60 1.36
2 rue Albert Borschette L-1246 Luxembourg BL-Equities Europe B 6135.69 - 14.92 0.00 Candriam Sust World Cap 29.25 - 0.08 0.00
Algebris Financial Equity Fund - Class B EUR 112.42 - -0.45 0.00 FCA Recognised Ethical Invest Acc 281.97 285.09 -2.42 - Cavendish Japan Fund B Class 202.00 - -0.40 1.06
BL-Equities America B $ 5877.94 - -16.20 0.00
Algebris Asset Allocation Fund - Class B EUR 98.18 - -0.05 0.00 Ashmore SICAV Emerging Market Debt Fund $ 100.50 - 0.14 8.07 Global Equity Inc 161.21 163.00 -2.51 4.41 Cavendish North American Fund B Class 246.20 - 0.60 0.47
BL-Equities Japan B 16921.00 - 65.00 0.00 Candriam Investors Group
Algebris Macro Credit B EUR Acc 106.12 - 0.31 - Ashmore SICAV Emerging Market Frontier Equity Fund $ 157.32 - 0.08 1.10 Global Equity Acc 251.33 254.11 -3.91 -
Other International Funds Cavendish Technology Fund B Class 396.70 - 0.80 0.03
BL-Emerging Markets B 162.91 - 1.05 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 87.00 - -0.13 6.44 Fixed Interest Inc 136.22 136.91 -1.38 4.14 Candriam Eqts L Emerging Mkts Cap 744.25 - 9.32 0.00 Cavendish UK Balanced Income Fund B Class 146.50 - -0.40 4.70
BL-Global Equities B 776.33 - 2.00 0.00
Ashmore SICAV Global Small Cap Equity Fund $ 141.47 - -0.05 0.00 Fixed Interest Acc 820.92 825.04 -8.31 - Candriam Eqts L Euro 50 Cap 561.76 - -1.20 0.00
The Antares European Fund Limited Cavendish UK Select Fund B Class 164.80 - -0.60 1.84
BL-Global 30 B 1405.84 - -0.57 0.00
Other International EM Mkts Corp.Debt USD F $ 96.92 - 0.15 7.81 Property Inc 111.33 115.06 0.64 5.78 Candriam Eqts L Europe Cap 953.70 - 0.53 0.00
AEF Ltd Usd (Est) $ 592.10 - 0.90 - BL-Global 50 B 1697.99 - 0.07 0.00
EM Mkts Loc.Ccy Bd USD F $ 80.97 - -0.51 4.00 Local Authorities Property Fd (LAMIT) (UK) Candriam Eqts L Japan Cap 21163.00 - 71.00 0.00
AEF Ltd Eur (Est) 590.84 - 0.63 0.00 BL-Global 75 B 2320.21 - 0.76 0.00 Cedar Rock Capital Limited (IRL)
Property 281.51 305.24 2.49 4.81 Candriam Bonds Credit Opportunities 197.25 - 0.09 0.00 Regulated
BL-Global Flexible EUR B 153.96 - -0.16 0.00
Cedar Rock Capital Fd Plc $ 369.21 - -2.82 0.00
Candriam Bds Euro Conv. Classic Cap 3407.80 - -6.74 0.00
Arisaig Partners Cedar Rock Capital Fd Plc 475.97 - 3.30 0.00
CG Asset Management Limited (IRL) Candriam Bds Euro Corp ExFin Cap 167.34 - -0.17 0.00
Other International Funds Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Cedar Rock Capital Fd Plc 361.70 - -5.44 0.00
Candriam Bds Euro Gov.Cl.Cap 2267.91 - -8.82 0.00
Arisaig Africa Consumer Fund Limited $ 11.48 - 0.02 0.00 00 353 1 434 5098
Arisaig Asia Consumer Fund Limited $ 64.66 - 0.08 0.00 FCA Recognised Candriam Bds Euro High Yield Cap 1077.12 - 0.10 0.00
Capital Gearing Portfolio Fund Plc 30870.56 30870.56 -157.30 0.54
Arisaig Global Emerging Markets Consumer Fund $ 9.26 - -0.02 0.00 Candriam Bds Euro High Yield R Cap 120.27 - 0.01 0.00 Charles Schwab Worldwide Funds Plc (IRL)
Aspect Capital Ltd (UK) Regulated
CG Portfolio Fund Plc
Arisaig Global Emerging Markets Consumer UCITS 11.16 - 0.05 0.00 Other International Funds Candriam Bds Euro Long Term Cap 8030.32 - -41.44 0.00
Real Return Cls A 206.35 206.35 -2.66 1.76 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Aspect Diversified USD $ 394.50 - -4.46 0.00
Arisaig Global Emerging Markets Consumer UCITS STG 12.04 - 0.00 0.00 Candriam Bds Euro Sh.Term Cap 2089.40 - -0.64 0.00
Dollar Fund Cls D 158.50 158.50 0.51 1.81
Aspect Diversified EUR 235.20 - 1.79 0.00
Arisaig Latin America Consumer Fund $ 22.53 - -0.04 0.00 Candriam Bds International Cap 995.88 - -0.54 0.00
 FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Multi Asset Open Defen N-GACC-GBP 1.19 - 0.00 1.37 Foord Global Equity Fund (Lux) | R $ 11.09 - 0.00 - Haussmann Cls C 2269.87 - 15.86 0.00

Sterling Core Plus Bond GMACC 11.43 - 0.02 2.03 Regulated Haussmann Cls D SFr 1193.09 - 8.21 0.00
Chartered Asset Management Pte Ltd Electric & General (1000)F (UK)
Other International Funds Stuart House St.John's Street Peterborough PE1 5DD Foord Global Equity Fund (Sing) | B $ 13.29 - 0.00 0.00
Sterling Core Plus Red Dur 10.77 - 0.01 0.56
CAM-GTF Limited $ 287997.97 287997.97 -5188.64 0.00 Orders & Enquiries: 0845 850 0255 Foord International Trust (Gsy) $ 35.70 - 0.13 0.00
Strategic Bond Fund Y-ACC-GBP 1.17 - 0.01 3.20
Authorised Inv Funds Henderson Global Investors (UK)
CAM GTi Limited $ 649.39 - -6.70 0.00
Authorised Corporate Director - Carvetian Capital Management Strategic Bond Fund Y-GACC-GBP 1.17 - 0.00 3.19 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Raffles-Asia Investment Company $ 1.58 1.58 0.01 1.94 Electric&General Net Income A 178.20 - 0.70 1.76 www.henderson.com
Target 2020 A-ACC-GBP 0.63 - 0.00 0.32 Franklin Templeton International Services Sarl (IRL) Authorised Inv Funds
Dodge & Cox Worldwide Funds (IRL) JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
6 Duke Street,St.James,London SW1Y 6BN Target 2025 A-ACC-GBP 1.53 - 0.00 0.49 Asia Pacific Capital Growth A Acc 942.50 - 4.40 0.14
Other International Funds
www.dodgeandcox.worldwide.com 020 3713 7664 Ennismore Smaller Cos Plc (IRL) Target 2030 A-ACC-GBP 1.69 - 0.00 0.54 Franklin Emerging Market Debt Opportunities Fund Plc Asian Dividend Income Inc 102.59 107.77 1.38 6.07
FCA Recognised 5 Kensington Church St, London W8 4LD 020 7368 4220 Franklin Emg Mkts Debt Opp CHFSFr 17.57 - 0.33 7.99
UK Invest Grade Long Credit GACC 109.50 - 0.10 3.56 Cautious Managed A Acc 252.60 - -0.60 3.12
Dodge & Cox Worldwide Funds plc - Global Bond Fund FCA Recognised
EUR Accumulating Class 13.02 - 0.08 0.00 Franklin Emg Mkts Debt Opp EUR 12.48 - 0.25 6.11
Ennismore European Smlr Cos NAV 117.62 - -0.19 0.00 UK Opportunities Fund W-ACC-GBP 217.40 - -0.40 1.26 Cautious Managed A Inc 151.20 - -0.40 3.19
EUR Accumulating Class (H) 9.79 - 0.00 0.00 Franklin Emg Mkts Debt Opp GBP 10.94 - 0.24 6.53
Ennismore European Smlr Cos NAV 138.79 - 0.45 0.00 UK Opportunities Fund W-INC-GBP 123.80 - -0.30 1.31 China Opportunities A Acc 1106.00 - 2.00 0.00
EUR Distributing Class 11.87 - 0.08 3.68 Franklin Emg Mkts Debt Opp SGD S$ 23.22 - 0.50 4.67
Cheyne Capital Management (UK) LLP (IRL) Institutional OEIC Funds Emerging Markets Opportunities A Acc 188.80 - 0.80 0.72
Regulated EUR Distributing Class (H) 8.91 - 0.00 3.91 America 5.35 - 0.02 0.57 Franklin Emg Mkts Debt Opp USD $ 17.64 - 0.34 6.16
Ennismore European Smlr Cos Hedge Fd European Growth A Acc 205.80 - -0.80 1.05
Cheyne Convertibles Absolute Return Fund 1389.94 - 2.34 0.00 Emerging Markets 3.93 - 0.00 0.53
GBP Distributing Class 12.25 - 0.04 3.59 Other International Funds European Selected Opportunities A Acc 1509.00 - -15.00 0.71
Cheyne Global Credit Fund 123.99 - 0.01 0.00 NAV 500.20 - 0.02 0.00 Europe (ex-UK) Fund ACC-GBP 4.59 - -0.02 1.26
GBP Distributing Class (H) 9.07 - 0.00 3.95 Frontier Capital (Bermuda) Limited Fixed Interest Monthly Income A Inc 21.88 22.82 0.01 5.53
Cheyne European Mid Cap Fund 1062.57 - -8.37 0.00 Fidelity Pre-Retirement Bond Fund 129.80 - 0.20 2.79 Other International
USD Accumulating Class $ 10.03 - 0.00 0.00 Global Care Growth A Inc 247.50 - -1.40 0.18
Commercial Property-GBP Class 71.42 - -0.53 -
Dodge & Cox Worldwide Funds plc-Global Stock Fund Equinox Fund Mgmt (Guernsey) Limited (GSY) Global Focus 3.71 - 0.01 0.47
Global Equity Income A Inc 58.77 - -0.08 3.27
Regulated Global Real Estate-GBP C Class 45.26 - -0.50 -
Cheyne Capital Management (UK) LLP USD Accumulating Share Class $ 19.06 - 0.05 0.00 Index Linked Bond 3.16 - 0.02 0.59
Equinox Russian Opportunities Fund Limited $ 116.66 - 5.99 0.00 Global Growth Fund 2638.58 2752.24 8.72 0.00
Other International Funds GBP Accumulating Share Class 24.91 - 0.16 0.00 Index Linked Bond Gross 3.84 - 0.02 0.59
Cheyne European Event Driven Fund 140.14 - 2.17 - Global Technology A Acc 1314.00 - 3.00 0.00
GBP Distributing Share class 17.96 - 0.12 0.75 Index-Linked Bond Fund Gross Inc 14.87 - 0.07 0.59
Cheyne Real Estate Credit Holdings Fund 169.61 - 1.98 0.00 Multi-Manager Absolute Return A Acc 140.60 - 0.00 0.26
EUR Accumulating Share Class 26.81 - 0.26 0.00 Euronova Asset Management UK LLP (CYM)
Japan 2.55 - -0.02 0.83
Cheyne Real Estate Credit Holdings Fund III 120.22 - 6.13 0.00 Regulated Multi-Manager Active A Acc 206.80 - 0.00 0.00
Dodge & Cox Worldwide Funds plc-International Stock Fund Smaller Cos Cls One Shares 37.47 - -0.07 0.00 Long Bond 0.54 - 0.00 2.48
Cheyne Real Estate Debt Fund Class A1 139.20 - 2.76 0.00 Multi-Manager Distribution A Inc 133.50 - 0.30 3.20
USD Accumulating Share Class $ 15.22 - 0.02 0.00
Smaller Cos Cls Two Shares 25.90 - -0.04 0.00 Long Bond Gross 0.92 - 0.00 2.44
Cheyne Total Return Credit Fund - December 2017 Class $ 223.94 - 4.81 0.00 Multi-Manager Diversified A Acc 82.72 - 0.15 3.18
EUR Accumulating Share Class 16.78 - 0.14 0.00
Cheyne Total Return Credit Fund 2020 $ 122.11 - -6.76 0.00
Smaller Cos Cls Three Shares 13.05 - -0.02 0.00 Long Bond Fund Gross Inc 12.12 - 0.01 2.48 Fundsmith LLP (1200)F (UK) Multi-Manager Global Select Acc 218.20 - 0.50 0.01
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Smaller Cos Cls Four Shares 16.76 - -0.03 0.00 Pacific (Ex Japan) 4.70 - 0.02 1.32
USD Accumulating Share Class $ 22.37 - 0.05 0.00 www.fundsmith.co.uk, enquiries@fundsmith.co.uk Multi-Manager Income & Growth A Acc 166.30 - 0.30 2.19
Pan European 3.15 - -0.02 1.74 Authorised Inv Funds
GBP Accumulating Share Class 27.65 - 0.17 0.00 Multi-Manager Income & Growth A Inc 149.30 - 0.30 2.22
Cohen & Steers SICAV (LUX) Fundsmith Equity T Acc 296.41 - 0.25 0.76
Select Emerging Markets Equities 1.62 - 0.00 1.06
Regulated GBP Distributing Share Class 17.43 - 0.10 0.68 Multi-Manager Managed A Acc 260.80 - -0.10 -
European Real Estate Securities 21.8180 - 0.1598 1.79 Fundsmith Equity T Inc 276.83 - 0.23 0.77
Select Global Equities 3.81 - 0.00 0.97
EUR Accumulating Share Class 27.18 - 0.25 0.00 Multi-Manager Managed A Inc 255.60 - -0.10 -
Europ.RealEstate Sec. IX 29.9040 - 0.2190 0.00 South East Asia 4.78 - 0.00 1.74
Sterling Bond Acc 210.69 219.78 0.06 2.51
Gbl Listed Infrastructure I $ 10.5573 - 0.0009 1.17 Sterling Core Plus Bond Gr Accum 2.32 - 0.00 2.55 GAM Sterling Bond Inc 63.68 66.42 0.02 2.54
funds@gam.com, www.jbfundnet.com
Gbl Listed Infrastructure IX $ 10.7260 - 0.0009 0.00 Sterling Core Plus Bond Inc 1.46 - 0.01 2.61
Regulated Strategic Bond A Inc 124.60 - 0.00 4.63
Eurobank Fund Management Company (Luxembourg) S.A.
Gbl RealEstate Sec. I $ 10.9631 - -0.0010 2.01 Regulated UK 3.97 - 0.00 2.15 LAPIS TOP 25 DIV.YLD-D 101.35 - -0.29 - UK & Irish Smaller Companies A Acc 573.10 - -0.10 0.00
Gbl RealEstate Sec. IX $ 13.3626 - -0.0012 0.00 (LF) Absolute Return 1.35 - 0.01 0.00 UK Aggreg Bond Gr Accum 1.97 - 0.00 2.73
UK Absolute Return A Acc 153.60 - 0.10 0.00
(LF) Eq Emerging Europe 0.88 - 0.01 0.00 UK Corporate Bond 1.27 - 0.01 3.44
GYS Investment Management Ltd (GSY) UK Alpha A Acc 127.30 - -0.50 1.23
Dragon Capital Group (LF) Eq Flexi Style Greece 0.89 - 0.00 - UK Corporate Bond - Gross 2.46 - 0.00 3.33 Regulated
Consistent Unit Tst Mgt Co Ltd (1200)F (UK) 1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam UK Equity Income & Growth A Inc 632.10 - -1.50 3.86
(LF) Eq Mena Fund 14.00 - 0.09 0.00 Taurus Emerging Fund Ltd $ 156.71 159.91 4.41 0.00
Stuart House, St John's Street, Peterborough, PE1 5DD Fund information, dealing and administration: funds@dragoncapital.com UK Corporate Bond Fund Gross Inc 11.46 - 0.00 3.43
UK Index A Acc 571.10 - -1.40 2.05
Dealing & Client Services 0345 850 8818 Other International Funds (LF) Greek Government Bond 21.12 - -0.05 0.00 UK Gilt Fund Inc 1.33Asset Management
- 0.00 1.87
Authorised Inv Funds
Consistent UT Inc 55.34 58.65 -0.23 3.99
Vietnam Property Fund (VPF) NAV $ 0.80 - 0.01 0.00
(LF) Greek Corporate Bond 13.15 - -0.01 0.00 UK Gilt Gross 2.18 - 0.00 1.84 Generali Worldwide
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
UK Property A Acc

UK Property A Inc
Asset Management 193.08 203.24 0.05

97.68 102.81 0.03

-

-
Consistent UT Acc 134.60 142.70 -0.60 3.99 (LF) FOF Dynamic Fixed Inc 12.61 - 0.05 - UK Long Corp Bond 1.46 - 0.00 3.76 International Insurances UK Tracker A Acc 258.90 - -0.80 2.02
Practical Investment Inc 219.30 235.90 0.10 3.17 DSM Capital Partners Funds (LUX) (LF) FOF Real Estate 17.14 - 0.07 0.00 UK Long Corp Bond - Gross 2.79 - 0.00 3.63 Global Multi-Strategy Managed $ 4.98 5.36 0.05 0.00
www.dsmsicav.com US Growth A Acc 935.90 - -1.20 0.00
Practical Investment Acc 1110.00 1194.00 1.00 3.17 Regulated UK Long Corporate Bond - Gross Inc 11.71 - 0.01 3.74 UK Multi-Strategy Managed 5.30 5.71 -0.01 0.00
DSM Global Growth I2 Acc 148.97 - 1.44 0.00 EU Multi-Strategy Managed 3.02 3.25 0.02 0.00
Retail Share Classes
DSM Global Growth I1 Acc 111.27 - 1.08 0.00 Emerging Markets - retail 1.55 - 0.00 0.00 Global Bond USD $ 3.55 3.83 0.00 0.00
DSM US Large Cap Growth I3 $ 105.66 - -0.09 - {*}CAR - Net income reinvested

DSM US Large Cap Growth A 103.16 - 0.63 -

Genesis Asset Managers LLP
DSM US Large Cap Growth I1 100.00 - - - Findlay Park Funds Plc (IRL) Other International Funds
FIL Investment Services (UK) Limited (1200)F (UK) 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Emerging Mkts NAV 6.98 - 0.03 0.00
DSM US Large Cap Growth I2 103.16 - 0.62 -
130, Tonbridge Rd, Tonbridge TN11 9DZ FCA Recognised Hermes Investment Funds Plc (IRL)
Coronation Fund Managers Callfree: Private Clients 0800 414161 American Fund USD Class $ 89.96 - 0.10 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
+44 (0)20 7389 8840 www.coronation.com FCA Recognised
Broker Dealings: 0800 414 181
Enquiries: +27 (21) 680 2837/2457 coronationfunds@coronation.co.za American Fund GBP Hedged 48.61 - 0.05 0.00 HPB Assurance Ltd Hermes Abs Return Credit Fund Class F Acc 1.25 1.25 0.01 0.00
Unit Trust
Other International Funds American Fund GBP Unhedged 71.45 - 0.22 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Gross Accum Cash 1.28 1.28 0.00 0.00 Hermes Abs Return Credit Fund Class R Acc 2.09 2.09 0.01 0.00
Global Equity Fund of Funds - Class A $ 15.34 - -0.02 0.00 International Insurances
MoneyBuilder Global 3.19 3.19 0.01 0.22 Latin American Fund USD Class $ 14.15 - 0.08 0.00 Holiday Property Bond Ser 1 0.54 - -0.02 0.00 Hermes Asia Ex-Japan Equity Fund Class F Acc 2.11 2.11 0.01 0.00
Global Emerging Markets - Class A $ 14.20 - -0.01 0.00
OEIC Funds Latin American Fund GBP Unhedged 11.45 - -0.01 0.00 Holiday Property Bond Ser 2 0.64 - -0.02 0.00 Hermes Asia Ex-Japan Equity Fund Class R Acc 3.89 3.89 0.01 0.00
All Africa $ 14.10 - 0.14 0.00
Allocator World Fund N-ACC-GBP 1.50 - 0.00 0.92
Hermes Europe Ex-UK Equity Fund Class F Acc 1.68 1.68 -0.01 0.00
Africa Frontiers $ 14.63 - 0.23 0.00 EdenTree Investment Management Ltd (UK) Asia Pacific Ops W-Acc 1.52 - 0.00 1.21
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 The First Investor QSCC Hermes Europe Ex-UK Equity Fund Class R Acc 3.35 3.35 -0.02 0.00
Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Authorised Inv Funds Cash Fund Y-Acc-GBP 1.00 - 0.00 0.00 5th Floor, Barwa Bank Building, Grand Hamad Street PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Hermes European Alpha Equity Fund Class F Acc 1.56 1.56 -0.01 0.00
Amity UK Cls A Inc 216.30 - 0.10 1.59 Cash Fund Y-Inc-GBP 1.00 - 0.00 0.17 , P.O. Box 16034, Doha, State of Qatar Enquiries 0117 90090000
+ 974 4459 6111 Hermes European Alpha Equity Fund Class F Dis 1.49 1.49 -0.01 1.20
Amity UK Cls B Inc 215.50 - 0.10 2.44 www.hl.co.uk
Extra Income Fund Y-ACC-GBP 1.19 - 0.00 3.79 http://www.tfi.com.qa/ Authorised Inv Funds Hermes European Alpha Equity Fund Class R Acc 3.22 3.22 -0.01 0.00
Higher Income Cls A Inc 131.60 - -0.20 4.55 Extra Income Fund Y-GACC-GBP 1.22 - 0.00 3.77 Other International Funds Hargreaves Lansdown Funds
TFI GCC Equity Opportunities Fund (Q)QAR 1275.53 - 9.44 0.00 Hermes Global Emerging Markets Fund Class F Acc 1.58 1.58 0.00 0.00
Higher Income Cls B Inc 136.40 - -0.10 4.50 Unit Trust
Global Enhanced Income W-ACC-GBP 1.55 - 0.01 3.66
HL Multi-Manager Special Situations Trust A Acc 325.40 342.52 1.40 0.50 Hermes Global Emerging Markets Fund Class R Acc 3.41 3.41 0.01 0.00
CP Global Asset Management Pte. Ltd.
UK Equity Growth Cls A Inc 246.70 - -0.90 0.80 Global Enhanced Income W-INC-GBP 1.32 - 0.00 4.90
Asset Management
Asset Management
et Management Ass
HL Multi-Manager Special Situations Trust M Acc 325.38 342.50 1.39 0.50 Hermes Global Equity Fund Class F Acc 2.01 2.01 0.00 0.00
www.cpglobal.com.sg, Tel: +65 6466 6990 UK Equity Growth Cls B Inc 251.70 - -0.80 1.62

Asset Management Asset Management

Global Property W Inc 1.45 - 0.01 3.03
International Mutual Funds HL Multi-Manager Income & Growth Trust A Acc 181.22 190.69 0.29 3.99 Hermes Global Equity Fund Class R Acc 4.50 4.50 0.00 0.00
Amity Balanced For Charities A Inc 110.40 - -0.20 5.30 Index Emerging Markets P-Acc 1.33 - -0.01 1.97
CP Multi-Strategy Fund $ 135.92 - 8.97 - HL Multi-Manager Income & Growth Trust M Acc 181.22 190.67 0.29 3.99 Hermes Global ESG Equity Fund Class F Acc 1.52 1.52 0.01 0.00
Amity European Fund Cls A Inc 240.00 - -1.60 1.28 Index Emerging Markets P-Inc-GBP 1.14 - 0.00 1.98
HL Multi-Manager Income & Growth Trust A Inc 103.78 109.21 0.16 4.09 Hermes Global High Yield Credit Fund Class F Acc 1.36 1.36 -0.01 0.00
Amity European Fund Cls B Inc 242.10 - -1.70 2.01 Index Europe ex UK Fund P-Inc-GBP 1.21 - -0.01 2.57
CP Capital Asset Management Limited HL Multi-Manager Income & Growth Trust M Inc 103.78 109.21 0.17 4.09 Hermes Global High Yield Credit Fund Class R Acc 3.04 3.04 0.01 0.00
Amity Global Equity Inc for Charities A Inc 117.50 - 0.00 3.64 Index Europe ex UK P-Acc 1.25 - -0.01 2.31 First State Investments (UK) (1200)F (UK)
www.cpgbl.com, email: fundservices@cpgbl.com HL Multi-Manager Balanced Managed Trust A Acc 217.02 228.26 0.80 1.03 Hermes Global Small Cap Fund Class F Acc 1.34 1.34 0.00 0.00
International Mutual Funds Amity International Cls A Inc 249.10 - 0.00 1.26 23 St Andrew Square, Edinburgh, EH2 1BB
Index Japan Fund P-Inc-GBP 1.42 - -0.01 1.77
CPS Master Private Fund $ 177.71 - -1.01 - enquiries@firststate.co.uk HL Multi-Manager Balanced Managed Trust M Acc 217.03 228.26 0.80 1.03 Hermes Global Small Cap Fund Class R Acc 2.23 2.23 0.00 0.00
Amity International Cls B Inc 251.00 - 0.00 1.96 Index Japan P-Acc 1.46 - -0.01 1.41 Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
CP Global Alpha Fund $ 147.69 - -0.51 - HL Multi-Manager Equity & Bond Trust A Inc 116.49 122.47 0.21 2.30 Hermes Multi Asset Inflation Fund Class F GBP Acc 1.03 1.03 0.00 0.00
Amity Sterling Bond Fund A Inc 105.10 - 0.10 5.10 Authorised Funds
Index Pacific ex Japan P-Acc 1.42 - 0.01 3.02
Emerging Markets Bond A Accumulation 1.28 - 0.00 5.21 HL Multi-Manager Equity & Bond Trust M Inc 116.50 122.47 0.21 2.30 Hermes Multi Strategy Credit Fund Class F Acc Hed 1.11 1.11 0.00 0.00
Amity Sterling Bond Fund B Inc 114.40 - 0.10 5.10 Index Pacific ex Japan P-INC-GBP 1.16 - 0.01 3.46
Emerging Markets Bond A Income 1.07 - 0.01 5.34 HL Multi-Manager Equity & Bond Trust A Acc 162.15 170.46 0.30 2.27 Hermes US All Cap Equity Class F Stg Acc 1.37 1.37 0.01 0.00
DAVIS Funds SICAV (LUX)
Index UK P-Acc 1.19 - -0.01 3.19
Regulated Global Listed Infrastructure Acc 233.57 - 0.93 2.34 HL Multi-Manager Equity & Bond Trust M Acc 162.16 170.46 0.30 2.27 Hermes US All Cap Equity Class R Acc 2.28 2.28 0.01 0.00
Davis Value A $ 45.59 - 0.06 0.00 Edinburgh Partners Limited (IRL) Index US P-Acc 1.75 - 0.01 1.43
Global Listed Infrastructure Inc 176.97 - 0.71 2.38 HL Multi-Manager Strategic Assets A Acc 111.40 114.81 0.12 - Hermes US SMID Equity Fund Class F Acc 2.34 2.34 0.01 0.00
27-31 Melville Street, Edinburgh EH3 7JF
Davis Global A $ 32.49 - -0.07 0.00 Index World P-Acc 1.55 - 0.01 1.70
Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230 Global Property Securities A Accumulation 201.46 - 0.70 1.99 HL Multi-Manager Strategic Assets A Inc 111.26 114.67 0.12 - Hermes US SMID Equity Fund Class R Acc 4.24 4.24 0.00 0.00
FCA Recognised MBuilder Inc Red Duration Y-ACC 10.86 - 0.00 2.69
Global Property Securities A Income 153.75 - 0.53 2.02 HL Multi-Manager Strategic Bond Trust A Acc 177.56 183.05 -0.21 1.94
Edinburgh Partners Opportunities Fund PLC MBuilder Inc Red Duration Y-GACC 11.05 - 0.00 2.68
Emerging Opportunities I USD $ $ 1.19 - 0.01 0.91 Global Resources A Shares 297.42 - -2.40 0.62 HL Multi-Manager Strategic Bond Trust M Acc 177.56 183.05 -0.21 1.94
Hermes Property Unit Trust (UK)
MBuilder Inc Red Duration Y-GINC 9.87 - -0.04 2.70
European Opportunities I EUR 2.63 - 0.01 1.43 Greater China Growth A Shares 664.32 - 2.45 0.29 HL Multi-Manager Strategic Bond Trust A Inc 144.45 148.91 -0.16 1.97 Property & Other UK Unit Trusts
Mbuilder Inc Red Duration Y-INC 9.87 - -0.04 2.70 Property 5.98 6.42 0.09 3.11
European Opportunities I GBP 2.22 - 0.00 - Indian Subcontinent A Acc 417.80 - 1.94 0.00 HL Multi-Manager Strategic Bond Trust M Inc 144.45 148.91 -0.16 1.96
MoneyBuilder Balanced Y-INC-GBP 0.59 - 0.00 4.12

Asset Management
European Opportunities I USD $ 2.81 - -0.01 1.62 HL Multi Manager Emerging Markets A Acc 114.69 118.16 0.55 0.71

Asset Management Asset

MoneyBuilder Income Fund Y-ACC-GBP 12.26 - 0.01 3.49 Hermes UK Residential Real Estate (UK)
European Opportunities A EUR 2.56 - 0.00 0.93 HL Multi-Manager European A Acc 122.68 126.47 0.52 0.34
Deutsche Asset Management (LUX)
Property & Other UK Unit Trusts
MoneyBuilder Income Fund Y-GACC-GBP 14.13 - 0.01 3.48
Tel: + 44 207 545 9070 www.dws.co.uk Global Opportunities I USD $ 1.74 - 0.00 1.15 HL Multi-Manager UK Growth A Acc 118.44 122.10 0.06 1.71 VISTA UK Residential Real Estate 1.02 1.06 0.03 -
FCA Recognised Multi Asset Alloc Advent N-ACC-GBP 1.32 - 0.00 0.98
Global Opportunities I GBP 1.39 - 0.01 1.13 HL Multi-Manager High Income A Inc 107.21 110.52 0.05 2.86
Deutsche Invest I Top Dividend GBP RD 132.73 132.73 -0.16 2.14
Multi Asset Balanced Inc N-GINC-GBP 1.11 - 0.01 4.21
Global Opportunities A GBP 1.30 - 0.01 0.68 HL Multi-Manager High Income A Acc 110.41 113.82 0.06 2.81
Deutsche Invest I Top Euroland GBP RD 121.45 121.45 -0.53 1.35
Multi Asset Balanced Inc N-INC-GBP 1.10 - 0.00 3.48 INDIA VALUE INVESTMENTS LIMITED (INVIL)
Deutsche Invest I Multi Opportunities GBP CH RD 100.83 100.83 0.24 0.00 Pan European Opportunities I EUR 1.82 - 0.00 - www.invil.mu
Multi Asset Inc & Growth N-INC-GBP 1.12 - 0.00 4.02 Foord Asset Management Other International Funds
Deutsche Invest I Global Bonds GBP CH RD 102.33 102.33 0.03 0.00 Website: www.foord.com - Email: info@foord.com Haussmann
Multi Asset Open Advent N-ACC-GBP 1.26 - 0.00 0.61 NAV 9.50 - -0.01 0.00
FCA Recognised - Luxembourg UCITS Other International Funds
Multi Asset Open Defen N-ACC-GBP 1.18 - 0.00 1.38 Foord International Fund | R $ 36.04 - 0.04 - Haussmann Cls A $ 2638.23 - 21.94 0.00
 FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Money Acc (Gross) F 95.55 - 0.00 0.25 Monthly Income Plus (No Trail) Inc F 107.97 - -0.05 5.71 Invesco Jap Eqty Core A $ 19.73 - 0.13 0.08 Emerging Markets Acc 324.60 - 2.80 0.90

Monthly Income Plus Acc F 311.37 - -0.16 5.59 Pacific (No Trail) Acc F 247.99 - 1.06 0.96 Invesco Japanese Equity A $ 20.28 - -0.13 0.00 Emg Mkts Inc 281.00 - 2.40 0.90
Intrinsic Value Investors (IVI) LLP (IRL) M & G Securities Ltd (UK)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Monthly Income Plus Acc (Gross) F 371.08 - -0.17 5.55 Pacific (No Trail) Inc F 230.89 - 0.98 1.09 Invesco Korean Equity A $ 24.31 - -0.31 0.00 European Alpha Acc 750.10 - -5.60 0.95 Property & Other UK Unit Trusts
FCA Recognised Charibond 126.38 - 0.05 3.63
Monthly Income Plus Inc F 108.88 - -0.06 5.73 Tactical Bond (No Trail) Acc F 146.35 - 0.03 2.33 Invesco PRC Equity A $ 53.81 - -0.14 0.05 European Alpha Inc 677.20 - -5.00 0.60
IVI European Fund EUR 20.47 - 0.00 -
(Accum Units) 3879.07 - 1.50 3.63
Monthly Income Plus Inc (Gross) F 109.08 - -0.05 5.73 Tactical Bond (No Trail) Inc F 121.75 - 0.03 2.36 Invesco Pacific Equity A $ 53.52 - -0.02 0.26 European Smaller Cos Acc 518.70 - -0.90 0.33
IVI European Fund GBP 23.20 - -0.07 -
NAACIF 83.55 - 0.00 4.19
Pacific Acc F 1328.81 - 5.66 0.59 UK Focus (No Trail) Acc F 192.15 - -1.64 2.22 Invesco Global Technology A $ 16.76 - -0.07 0.00 Global Equity Income Acc 161.60 - 0.10 4.01
(Accum Units) 7837.45 - -0.89 4.06
Pacific Inc F 1208.68 - 5.15 0.60 UK Focus (No Trail) Inc F 154.14 - -1.32 2.28 Invesco UK Eqty A 8.94 - 0.02 1.32 Global Equity Income Inc 103.50 - 0.10 4.12
M&G Property Portfolio A Acc 125.64 125.64 0.00 3.15
Tactical Bond Acc F 71.14 - 0.01 1.84 UK Enhanced Index (No Trail) Acc F 463.42 - -1.37 3.18 Managed Bal Inc 153.80 - -0.10 1.91
M&G Property Portfolio A Inc 111.59 111.59 0.00 3.21
Tactical Bond Inc F 60.77 - 0.01 1.85 UK Enhanced Index (No Trail) Inc F 278.74 - -0.82 3.26 UK Income Acc 1309.00 - -5.00 4.26

Tactical Bond Acc (Gross) F 74.07 - 0.02 1.83 UK Growth (No Trail) Acc F 164.32 - -0.73 2.47 UK Income Inc 610.10 - -2.40 4.33

Tactical Bond Inc (Gross) F 60.81 - 0.02 1.86 UK Growth (No Trail) Inc F 127.70 - -0.56 2.53 UK Omega Acc 239.10 - -0.90 1.57 M & G (Guernsey) Ltd (GSY)
Regulated
Invesco Fund Managers Ltd (UK) UK Focus Acc F 232.15 - -1.99 1.74 UK Smaller Companies Equity (No Trail) Acc F 333.38 - 0.15 0.85 UK Omega Inc 222.40 - -0.80 1.57
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH The M&G Offshore Fund Range
Dealing: 0800 085 8571 UK Focus Inc F 186.12 - -1.59 1.77 UK Smaller Companies Equity (No Trail) Inc F 304.55 - 0.14 0.85 UK Smaller Cos Inc 1850.00 - -2.00 1.63 Corporate Bond A 1347.23 - 0.33 3.98
Investor Services: 0800 085 8677
Kames Capital ICVC (UK)
UK Growth Acc F 617.54 - -2.74 1.98 UK Strategic Income (No Trail) Acc F 740.36 - -2.88 3.21 Global Basics X 3025.00 - -5.14 0.17
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
www.invescoperpetual.co.uk
UK Growth Inc F 375.77 - -1.66 2.02 UK Strategic Income (No Trail) Inc F 527.91 - -2.05 3.29 0800 45 44 22 www.kamescapital.com Global Dividend A 155.84 - 1.26 2.66
Authorised Inv Funds LF Funds (Banque Libano-Francaise Group) (LUX)
Authorised Funds
INVESCO PERPETUAL Funds UK Smaller Cos Equity Acc F 1017.82 - 0.46 0.42 US Enhanced Index (No Trail) Acc F 112.67 - 0.46 - www.eblf.com - lffunds@eblf.com Global Leaders A 4284.36 - -12.18 1.03
Diversified Monthly Inc B Acc 124.74 - -0.06 0.00
Asian Acc F 636.03 - 2.20 0.59 Regulated
UK Smaller Cos Equity Inc F 775.70 - 0.35 0.42 US Enhanced Index (No Trail) Inc F 112.45 - 0.46 - Global High Yield Bond X 1000.79 - 0.20 5.26
Diversified Monthly Inc B Inc 107.34 - -0.05 0.00 LF Total Return Bond Fund - Class A $ 124.48 - 0.23 0.00
Asian Inc F 564.74 - 1.96 0.60
UK Strategic Income Acc F 185.27 - -0.72 3.22 US Equity (No Trail) Acc F 313.75 - 1.65 0.28 Global Macro Bond A 13461.12 - 37.33 2.52
Diversified Growth B Acc 1.48 - -0.01 3.12 LF Total Return Bond Fund - Class D $ 117.78 - 0.21 0.00
Asian Equity Income Acc F 75.29 - 0.60 3.48
UK Strategic Income Inc F 132.09 - -0.52 3.30 North American Dividend A 224.31 - 1.91 1.77
Ethical Cautious Managed B Acc 1.26 - -0.01 1.98
Asian Equity Income Inc F 60.22 - 0.48 3.58
US Equity Acc F 748.94 - 3.94 0.00 Optimal Income A 148.13 - 0.00 3.96
Ethical Cautious Managed B Inc 1.17 - -0.01 2.01
Balanced Risk 6 Acc 55.49 - -0.09 0.00 Lloyds Investment Fund Managers Limited (1000)F (JER)
Invesco Perpetual Funds (No Trail) Recovery A 11956.51 - -85.94 2.17
Ethical Corporate Bond B Acc 1.81 - 0.00 3.25 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Balanced Risk 8 Acc 57.96 - -0.12 0.00 Asian (No Trail) Acc F 268.16 - 0.94 1.01 Other International Funds Strategic Corproate Bond A 136.82 - 0.02 3.97
Ethical Corporate Bond B Inc 1.03 - 0.00 3.31
Balanced Risk 10 Acc 60.56 - -0.17 0.00 Asian (No Trail) Inc F 238.75 - 0.83 1.02 Lloydstrust Gilt 12.4100xd - 0.0400 2.12
UK Inf Lkd Corp Bd A Inc 110.90 - 0.11 2.19
Ethical Equity B Acc 2.05 - -0.01 2.14
Childrens Acc F 439.04 - -3.18 1.94 Asian Equity Income (No Trail) Acc F 155.06 - 1.25 3.48 Lloyds Investment Funds Limited
UK Select A Asset Management 1578.41 - -0.84 1.08
Asset Management
High Yield Bond B Acc 2.61 - 0.00 5.48 Euro High Income 1.6040xd - 0.0010 2.98
Corporate Bd Acc (Gross) F 217.76 - -0.08 3.47 Asian Equity Income (No Trail) Inc 124.05 - 1.00 3.58 Invesco (LUX)

Corporate Bd Inc (Gross) F 89.31 - -0.03 3.56 Balanced Risk 6 No Trail Acc Asset Management 113.70 - -0.18 0.01
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 High Yield Bond B Inc
Asset Management 0.99 - 0.00 5.62 European 9.0210 - -0.0210 0.68

Asset Management
FCA Recognised
Investment Grade Bond B Acc 168.89 - -0.80 1.50 High Income 0.8776 - 0.0012 4.60 M&L Capital Management Limited
Asset Management
Corporate Bond Acc F 192.50 - -0.08 3.48 Balanced Risk 8 No Trail Acc 118.71 - -0.25 0.18 Invesco Management SA
c/o Capita Financial Administrators (Ireland) Limited
Invesco Active Multi-Sector Credit Fund A 3.06 - 0.00 0.00 Investment Grade Bond B Inc 1.20 - -0.01 3.24 International 5.1760 - 0.0120 0.44
Corporate Bond Inc F 89.26 - -0.03 3.55 Balanced Risk 10 No Trail Acc 124.08 - -0.34 0.27 Tel:+353 1 400 5300
Invesco Asia Balanced A dist $ 13.94 - 0.02 3.74 Sterling Corporate Bond B Acc 0.79 - 0.00 3.06 North American 20.6100 - 0.0900 0.00 FCA Recognised
Distribution Acc F 113.76 - 0.04 5.25 Corporate Bond (No Trail) Acc F 171.75 - -0.07 3.72 M&L Global Growth Class A USD Accumulation $ 1.08 - 0.00 -
Invesco Asia Consumer Demand Fund A income $ 12.83 - -0.02 0.13 Sterling Corporate Bond B Inc 0.33 - 0.00 3.11 Sterling Bond 1.5110xd - 0.0020 3.08
Distribution Acc (Gross) F 131.87 - 0.05 5.22 Corporate Bond (No Trail) Inc F 118.03 - -0.04 3.81 M&L Global Growth Class B GBP Accumulation 1.16 - 0.00 -
Invesco Asia Infrastructure (A) $ 12.61 - -0.01 0.80 Strategic Bond B Acc 1.17 - 0.00 2.68 UK 7.2540 - -0.0080 1.12
Distribution Inc F 63.14 - 0.02 5.37 Distribution (No Trail) Acc F 175.59 - 0.07 5.24 M&L Global Growth Class C USD Income $ 1.07 - 0.00 -
Invesco Asia Opportunities Equity A $ 107.66 - 0.80 0.00 Strategic Bond B Inc 1.20 - 0.00 2.73 Lloyds Gilt Fund Limited
Distribution Inc (Gross) F 63.17 - 0.02 5.37 Distribution (No Trail) Inc F 110.94 - 0.04 5.36 Lloyds Gilt Fund Quarterly Share 1.2980xd - 0.0040 1.68 M&L Global Growth Class D GBP Income 1.15 - 0.00 -
Invesco Balanced Risk Allocation Fund A 16.10 - -0.01 0.00 UK Equity B Acc 2.89 - -0.01 2.11
Emerging European Acc F 53.22 - 0.41 1.44 Emerging European (No Trail) Acc F 111.40 - 0.87 - Monthly Share 1.2490 - 0.0040 1.68 M&L Global Growth Class E USD Accumulation $ 1.08 - 0.00 -
Invesco Emerging Europe Equity Fund A $ 10.21 - 0.07 - UK Equity Absolute Return B Acc 1.21 - 0.00 0.00
Emerging European Inc F 47.66 - 0.38 1.47 Emerging European (No Trail) Inc F 96.28 - 0.75 -
Lloyds Money Fund Limited M&L Global Growth Class F GBP Income 1.15 - 0.00 -
Invesco Emerging Local Currencies Debt A Inc $ 6.73 - -0.03 6.25 UK Equity Income B Acc 2.38 - 0.00 4.24
European Equity Acc F 1060.25 - -11.70 1.56 European Equity (No Trail) Acc F 188.34 - -2.07 1.96 Sterling Class 52.6140 - 0.0000 -0.19
Invesco Emerging Mkt Quant.Eq. A $ 10.95 - -0.01 0.00 UK Equity Income B Inc 1.76 - 0.00 4.37
European Equity Inc F 870.34 - -9.61 1.58 European Equity (No Trail) Inc F 152.91 - -1.68 2.00 Lloyds Multi Strategy Fund Limited
Invesco Energy A $ 19.84 - 0.11 0.00 UK Opportunities B Acc 1.91 - -0.01 - Conservative Strategy 1.2100 - 0.0010 1.67
European Equity Income Acc F 89.27 - -0.85 3.38 European Equity Income (No Trail) Acc F 185.01 - -1.78 3.37
Invesco Euro Corporate Bond Fund (A) 17.35 - 0.00 0.00 UK Smaller Companies B Acc 3.01 - 0.00 1.41 Growth Strategy 1.7130 - 0.0030 1.22
European Equity Income Inc F 65.32 - -0.63 3.48 European Equity Income (No Trail) Inc F 135.43 - -1.30 3.47
Invesco Euro Inflation Linked Bond A 15.75 - -0.08 0.00 Aggressive Strategy 2.2300 - 0.0050 0.00
European High Income Acc F 94.15 - -0.33 3.93 European ex UK Enhanced Index (No Trail) Acc F 111.79 - -0.68 -
Invesco Euro Reserve A 321.60 - 0.00 0.00 Global USD Growth Strategy $ 1.4660 - 0.0010 0.00
European High Income Inc F 65.20 - -0.24 4.02 European ex UK Enhanced Index (No Trail) Inc F 111.61 - -0.68 - Kames Capital Investment Portfolios ICVC (UK)
Invesco Euro Bond A 7.27 - -0.02 0.00 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
European Opportunities Inc F 96.20 - -0.62 1.54 Dealing Daily Majedie Asset Management LTD (UK)
European High Income (No Trail) Acc F 194.92 - -0.70 3.92 0800 45 44 22 www.kamescapital.com
Invesco European Growth Equity A 24.98 - -0.06 0.00 www.majedie.com
European Opportunities Acc F 101.07 - -0.65 1.52 European High Income (No Trail) Inc F 135.00 - -0.48 4.01 Authorised Funds Authorised Inv Funds
Invesco Global Absolute Return Fund A Class 11.57 - -0.04 0.00 Property Income B Acc 122.67 125.73 -0.06 4.52 Lothbury Property Trust (UK) Global Equity X Acc GBP 1.48 - 0.00 0.52
European Smlr Cos Acc F 232.69 - -0.41 0.93 European Opportunities (No Trail) Acc F 212.88 - -1.36 1.96
Property Income B Inc 108.05 110.75 -0.06 4.63 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Invesco Global Bond A Inc $ 5.47 - -0.01 0.55 Global Focus X Acc GBP 1.46 - 0.00 0.46
Global Bd Acc (Gross) F 145.75 - 0.28 1.14 European Opportunities (No Trail) Inc F 195.04 - -1.24 2.00 Property & Other UK Unit Trusts
Invesco Global Conservative Fund 90 (EUR) A 11.52 - 0.02 0.00 Lothbury Property Trust GBP 1799.48 1939.85 2.26 3.35 UK Equity X Acc 173.75 - -0.40 2.38
Global Bd Inc (Gross) F 88.69 - 0.17 1.14 European Smaller Companies (No Trail) Acc F 287.50 - -0.50 1.35
Invesco Global Equity Income Fund A $ 60.72 - -0.39 0.00 Kames Capital VCIC (IRL) UK Focus X Acc 186.53 - -0.22 1.66
Global Bond Acc F 136.62 - 0.26 1.13 Global Balanced Index (No Trail) Acc F 183.61 - -0.22 1.95
Invesco Global Inc Real Estate Sec A dist $ 9.27 - -0.01 2.24 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
Global Bond Inc F 88.66 - 0.17 1.14 UK Income X Inc 149.55 - -0.43 4.71
Global Bond (No Trail) Acc F 153.93 - 0.30 1.37 FCA Recognised
Invesco Global Inv Grd Corp Bond A Dist $ 12.16 - 0.00 3.04 Absolute Return Bond B GBP Acc 1102.12 - 0.33 1.14 UK Smaller Companies A Acc 291.19 - -0.39 1.38
Glbl Distribution Acc 57.52 - -0.06 4.39 Global Bond (No Trail) Inc F 137.59 - 0.26 1.38
Invesco Global Leisure A $ 41.90 - 0.28 0.00 Eq Market Neutral B Acc 994.77 - 0.15 -
Glbl Distribution Acc (Gross) 59.00 - -0.06 4.39 Glbl Distribution Acc (No Trail) 116.58 - -0.14 4.25
Invesco Global Smaller Comp Eq Fd A $ 64.74 - -0.29 0.00 Eq Market Neutral Plus B Acc 972.80 - -4.20 -
Glbl Distribution Inc 52.05 - -0.06 4.40 Glbl Distribution Inc (No Trail) 105.50 - -0.12 4.35 Majedie Asset Management LTD (IRL)
Invesco Global Structured Equity A $ 46.78 - 0.00 1.15 High Yield Global Bond A GBP Inc 533.27 - 0.10 3.68 FCA Recognised
Glbl Distribution Inc (Gross) 52.07 - -0.06 4.40 Gbl Emerging Markets (No Trail) Acc F 214.70 - 0.54 0.98 M & G Securities (1200)F (UK) US Equity Z Acc GBP 1.65 - 0.01 0.00
Invesco Global Total Ret.(EUR) Bond Fund A 13.42 - 0.02 0.00 High Yield Global Bond B GBP Inc 1113.62 - 0.19 4.24 PO Box 9039, Chelmsford, CM99 2XG
Global Emerging Markets Acc F 325.60 - 0.82 0.59 Gbl Emerging Markets (No Trail) Inc F 197.42 - 0.50 0.99
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Tortoise Z Acc GBP 1.16 - 0.00 0.00
Invesco Gold & Precious Metals A $ 5.94 - -0.11 0.00 Investment Grade Global Bd A GBP Inc 566.48 - 0.44 2.27
Global Emerging Markets Inc F 291.77 - 0.73 0.60
Asset Management
Global Equity (No Trail) acc F 265.26 - 0.28 1.37 Authorised Inv Funds
Invesco Greater China Equity A $ 49.00 - 0.34 0.00 Kames Emerging Market Bond Fund - B Acc USD $ 10.54 - 0.01 0.00
Global Equity (acc) F 597.28 - 0.62 0.98 Global Equity (No Trail) inc F 241.61 - 0.25 1.39 Charifund Inc 1522.82 - -5.42 4.67

Global Equity (inc) F 535.48 - 0.55 0.99

Invesco India Equity A $ 56.65 - 0.10 0.00 Kames Global Equity Income B GBP Acc 1491.24 - 5.87 - Charifund Acc 22070.44 - -78.56 4.52 MMIP Investment Management Limited (GSY)
Global Equity Income (No Trail ) Acc F 309.11 - -0.49 3.08 Regulated
Invesco Japanese Equity Adv Fd A 4051.00 - 10.00 0.00 Kames Global Equity Income B GBP Inc 1373.69 - 5.40 -
Global Equity Income Acc F 148.53 - -0.24 3.08 Global Equity Income (No Trail) Inc F 242.35 - -0.38 3.16 M&G Corporate Bond A Acc 66.71xd - 0.01 2.79 Multi-Manager Investment Programmes PCC Limited
Invesco Japanese Value Eq Fd A 1318.00 - 1.00 0.00 Kames Global Diversified Growth Fund - B Acc EUR 10.46 - -0.02 - UK Equity Fd Cl A Series 01 2578.16 2605.95 106.95 0.00
Global Equity Income Inc F 116.45 - -0.18 3.17 Global ex UK Core Equity Index ( No Trail) Acc F 229.59 - -0.21 1.32 M&G Corporate Bond A Inc 40.47xd - 0.01 3.94
Invesco Latin American Equity A $ 6.99 - 0.00 0.00 Kames Global Equity Market Neutral Fund - B Acc GBP 9.87 - -0.01 - Diversified Absolute Rtn Fd USD Cl AF2 $ 1512.00 - -11.81 0.00
Gbl Financial Capital Acc 93.96 - -0.71 4.45 Global ex UK Enhanced Index ( No Trail) Acc F 268.81 - 0.41 1.61 M&G Dividend A Inc 60.80xd - -0.12 4.67
Invesco Nippon Small/Mid Cap Equity A 1199.00 - 9.00 0.00 Kames Global Sustainable Equity Fund - B Acc EUR 11.10 - -0.07 - Diversified Absolute Return Stlg Cell AF2 1521.72 - -12.82 0.00
Gbl Financial Capital Inc 75.35 - -0.57 4.61 Global ex UK Enhanced Index (No Trail) Inc F 110.82 - 0.17 - M&G Dividend A Acc 647.16xd - -1.26 3.19
Invesco Pan European Equity A EUR Cap NAV 19.53 - 0.12 0.00 Kames Absolute Return Bond Global Fund - B Acc GBP 10.18 - 0.00 0.00 Global Equity Fund A Lead Series 1294.16 1299.31 29.16 0.00
Gbl Financial Cap Acc Gross 99.39 - -0.76 5.52 Gbl Fin Cap No Trail Acc 192.64 - -1.46 4.44 M&G Episode Income A Acc 154.08xd - -0.16 2.30
Invesco Pan European High Income Fd A 14.17 - -0.03 2.73 Strategic Global Bond A GBP Inc 1114.05 - 0.13 0.95
Gbl Financial Cap Inc Gross 75.44 - -0.58 5.77 Gbl Fin Cap No Trail Inc 154.51 - -1.17 4.61 M&G Episode Income A Inc 123.00xd - -0.12 3.63
Invesco Pan European Small Cap Equity A 22.83 - 0.10 0.00 Strategic Global Bond B GBP Inc 632.78 - 0.06 1.41
Global Opportunities Acc F 127.81 - 0.41 0.30 Global Opportunities (No Trail) Acc F 330.89 - 1.08 0.69 M&G Episode Growth A Inc 56.30 - 0.00 2.58 Manek Investment Mgmt Ltd (1000)F (UK)
Invesco Pan European Structured Equity A 17.38 - 0.02 0.00 P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Global Smaller Cos Acc F 2215.67 - 2.55 0.14 Global Smaller Companies (No Trail) Acc F 325.66 - 0.38 0.53 M&G Global Basics A Inc 817.52 - -1.38 1.70
Authorised Inv Funds
Invesco UK Eqty Income A 32.27 - -0.13 0.00
Global Smaller Cos Inc F 2112.33 - 2.44 0.14 Global Smaller Companies (No Trail) Inc F 309.32 - 0.36 0.54 Kleinwort Benson Bank (UK) M&G Global Basics A Acc 1247.73 - -2.10 0.42 Growth Fd Acc 53.45 56.54 0.01 0.00
Invesco UK Investment Grade Bond A 1.04 - 0.00 2.15 14 St. George Street, Mayfair, London W1S1FE
Global Targeted Rets Acc 57.86 - -0.03 0.42 Global Targeted Income Fund Acc (No Trail) 102.26 - 0.04 - M&G Global Dividend Fund A Acc 264.58xd - 2.15 1.42
Invesco US Structured Equity A $ 23.61 - -0.11 0.00 Dealing and enquiries: 0800 024 2400
High Income Acc F 850.13 - -2.48 3.15 Authorised Inv Funds M&G Global Dividend Fund A Inc 200.50xd - 1.63 2.79
Global Targeted Income Fund Inc (No Trail) 102.55 - 0.04 - Marlborough Fd Managers Ltd (1200)F (UK)
Invesco US Value Eq Fd A $ 36.12 - 0.05 0.00 Unit Trust Manager/ACD - Host Capital Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
High Income Inc F 447.41 - -1.30 3.23 Global Targeted Rets (No Trail) Acc 117.49 - -0.06 0.86 M&G Glbl Emrgng Mkts A Acc 265.01 - 1.38 0.58
Invesco USD Reserve A $ 87.23 - 0.00 0.00 HC KB Capital Growth A Acc 192.51 - 0.19 1.36 www.marlboroughfunds.com
High Yield Fund Acc 113.06 - -0.20 5.86 High Income (No Trail) Acc F 182.88 - -0.54 3.14 M&G Glbl Emrgng Mkts A Inc 253.74 - 1.32 1.75
Authorised Inv Funds
HC KB Capital Growth A Inc 177.96 - 0.17 1.38
High Yield Fund Acc (Gross) 133.88 - -0.24 5.81 M&G Global High Yield Bond A Inc 50.90 - 0.01 5.15 Balanced 181.66 191.39 0.17 0.55
High Income (No Trail) Inc F 128.28 - -0.37 3.22
HC KB Enterprise Equity Income A Inc 111.59 - 0.20 3.06
High Yield Fund Inc 42.57 - -0.08 6.04 High Yield Fund (No Trail) Acc 235.71 - -0.43 5.84 Invesco Global Asset Management Ltd (IRL) M&G Global High Yield Bond A Acc 125.57 - 0.03 3.76 Bond Income 50.91 53.87 0.01 4.03
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 HC KB Enterprise Equity Income A Acc 172.91 - 0.31 4.00
High Yield Fund Inc (Gross) 42.71 - -0.08 6.04 M&G Global Macro Bond Fund A Acc 131.98 - 0.37 1.19 Cautious Inc 89.45 94.25 0.21 1.91
High Yield Fund (No Trail) Inc 165.34 - -0.30 6.02 FCA Recognised HC KB Endeavour Multi Asset Balanced A Acc 149.24 - 0.39 0.81
Hong Kong & China Acc F 582.95 - 1.52 0.58 Invesco Stlg Bd A QD F 2.67 - 0.00 3.68 M&G Global Macro Bond Fund A Inc 90.02 - 0.25 2.59 Defensive A Inc 114.31 114.31 0.06 0.36
Hong Kong & China (No Trail) Acc F 232.60 - 0.61 1.04
HC KB Endeavour Multi Asset Balanced A Inc 141.05 - 0.38 0.81
Income & Growth Acc F 1002.40 - -1.79 3.75 Invesco Asian Equity A $ 7.14 - 0.05 0.00 M&G Managed Growth A Inc 102.46 - 0.03 1.68 Emerging Markets 306.83 306.83 0.06 1.09
Income & Growth (No Trail) Acc F 237.41 - -0.42 3.74
HC KB Enterprise Fixed Income A Acc 127.57 - -0.22 3.44
Income & Growth Inc F 412.02 - -0.74 3.86 Invesco ASEAN Equity A $ 88.91 - -0.27 0.14 M&G Optimal Income A Inc 149.50 - 0.00 3.86 ETF Global Growth A 171.71 171.71 0.20 0.00
Income & Growth (No Trail) Inc F 178.06 - -0.31 3.85
HC KB Enterprise Fixed Income A Inc 110.97 - -0.19 3.44
Income Acc F 3227.26 - -12.48 3.14 Invesco Bond A $ 26.59 - -0.05 2.03 M&G Optimal Income A Acc 201.88 - 0.01 2.46 ETF Commodity A 86.50 86.50 -0.04 0.00
Income (No Trail) Acc F 178.42 - -0.68 3.11
Income Inc F 1737.76 - -6.71 3.20 Invesco Continental Eurp Small Cap Eqty A $ 223.93 - -1.04 0.00 M&G Recovery GBP A Inc 138.17xd - -1.00 2.02 European Multi-Cap 411.66 411.66 0.01 0.23
Income (No Trail) Inc F 126.47 - -0.48 3.19
Japan Acc F 408.27 - 2.10 0.62 Invesco Emerging Markets Equity A $ 40.20 - -0.20 0.00 M&G Recovery GBP A Acc 316.12xd - -2.29 0.60 Extra Income 80.68 85.38 -0.06 3.96
Japan (No Trail) Acc F 195.18 - 1.01 1.04
Japanese Smlr Cos Acc F 97.64 - -0.52 0.00 Invesco Emerging Markets Bond A $ 21.33 - 0.01 5.31 M&G Strategic Corp Bond A Inc 75.37xd - 0.01 3.93 Far East Growth A Inc 213.15 213.15 0.33 2.62
Japanese Smaller Companies (No Trail) Acc F 250.23 - -1.32 0.00
Latin America Acc F 147.41 - -0.01 0.82 Invesco Continental European Equity A 9.01 - 0.06 1.09 M&G Strategic Corp Bond A Acc 111.52xd - 0.02 2.78 Global 222.45 234.37 0.99 0.00
Latin American (No Trail) Acc F 143.39 - -0.01 1.21
Latin America Inc F 121.66 - -0.01 0.83 Invesco Gilt A 15.69 - 0.01 1.10 M&G UK Income Distribution A Acc 6591.43xd - -13.39 3.05 Global Bond Inc 153.82 162.68 0.34 2.94
Latin American (No Trail) Inc F 127.17 - -0.01 1.23
Managed Growth Acc F 203.03 - -0.12 0.47 Invesco Global Small Cap Equity A NAV $ 131.72 - -0.46 0.00 Lazard Fund Managers Ltd (1200)F (UK) M&G UK Income Distribution A Inc 763.06xd - -1.55 4.38 High Yield Fixed Interest 74.28 78.81 0.02 5.31
Managed Growth (No Trail) Acc F 247.40 - -0.14 0.84
P.O. Box 364, Darlington, DL1 9RD
Managed Growth Inc F 168.04 - -0.10 0.47 Invesco Global High Income A NAV $ 12.30 - 0.01 6.94 M&G UK Inflation Lnkd Corp Bnd A Acc 117.33 - 0.12 0.21 Multi Cap Income A Inc 149.48 149.48 -0.33 4.72
Managed Growth (No Trail) Inc F 225.16 - -0.13 0.85 Dealing: 0870 6066408, Info: 0870 6066459
Managed Income Acc F 186.56 - -0.21 2.53 Invesco Gbl R/Est Secs A GBP F F 9.50 - 0.02 0.80 Authorised Inv Funds M&G UK Inflation Lnkd Corp Bnd A Inc 115.15 - 0.12 1.36 Nano-Cap Growth A Acc 123.4957 135.8000 0.6981 0.00
Managed Income (No Trail) Acc F 224.67 - -0.26 2.52
Lazard Investment Funds (OEIC) B Share Class Special Situations A Acc 1358.85 1437.94 -2.08 0.35
Managed Income Inc F 110.56 - -0.13 2.58 Managed Income (No Trail) Inc F 178.58 - -0.20 2.57 Invesco Global Health Care A $ 113.56 - -0.78 0.00
Developing Markets Acc 104.20 - 0.40 0.00
Money Acc F 90.37 - 0.00 0.25 Invesco Global Select Equity A $ 13.79 - 0.09 0.07 UK Multi-Cap Growth A Inc 273.40 289.31 0.50 0.40
Monthly Income Plus (No Trail) Acc F 180.69 - -0.09 5.57 Developing Markets Inc 102.90 - 0.50 0.09
 FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

UK Micro Cap Growth A 566.65 599.63 14.54 0.13 Morant Wright Fuji Yield YEN Dist 1152.89 - 4.46 2.29 Odey Odyssey USD I $ 117.00 - 0.50 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 374.28 - 0.41 0.00

US Multi-Cap Income 412.62 412.62 0.65 0.55 Morant Wright Sakura Fund Sterling Acc Hedged 14.17 - 0.04 0.00 Odey Swan Fund EUR I 54.37 - 0.20 0.00 Pictet-Premium Brands-I EUR F 150.02 - 0.88 0.00
Putnam Investments (Ireland) Ltd (IRL)
MFM - Third Party Funds Morant Wright Sakura Fund Euro Acc Hedged 14.23 - 0.05 0.00 Odey European Absolute Return GBP S 87.75 - -0.02 0.00 Pictet-Quality Global Equities I USD $ 150.07 - -0.59 0.00 Regulated
Junior Oils 91.60 96.93 2.57 0.00 Putnam New Flag Euro High Yield Plc - E 1021.41 - 0.62 3.63
Morant Wright Sakura Fund Yen Acc Unhedged 1479.86 - 4.19 0.00 Pictet-Russia Index I USD $ 70.14 - 0.35 0.00
Junior Gold C Acc 43.57 43.57 -0.76 0.00
Morant Wright Sakura Fund Dollar Acc Hedged $ 14.24 - 0.04 0.00 Pictet-Russian Equities-I USD F $ 71.93 - 0.11 0.00
Odey Wealth Management (CI) Ltd (IRL)
MFM Artorius Fund 165.86 165.86 -0.19 0.41 www.odey.com/prices
Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.97 - 0.04 0.00 Pictet-Security-I USD F $ 209.38 - -0.28 0.00
MFM Bowland 188.97 204.29 -2.63 1.35 New Capital Fund Management Ltd (IRL) FCA Recognised
Leconfield House, Curzon Street, London, W1J 5JB Pictet-Select-Callisto I EUR 103.29 - -0.24 0.00
Odey Opportunity EUR I 229.64 - 0.19 0.00
MFM Hathaway Inc 118.30 123.87 -1.11 1.56 www.newcapitalfunds.com Pictet-Small Cap Europe-I EUR F 1183.44 - 1.53 0.00
MFM Techinvest Special Situations Acc 167.31 167.31 1.92 0.00 FCA Recognised
New Capital Asia Pacific Bond Fund - USD Ord Inc. $ 92.56 - -0.09 2.76 Pictet-ST.MoneyMkt-I 140.03 - -0.01 0.00
MFM Techinvest Technology Acc 437.60 437.60 -2.43 0.00 Omnia Fund Ltd
New Capital Asia Pacific Equity Income Fund - USD Ord Inc. $ 94.50 - 0.38 2.82 Other International Funds Pictet-ST.MoneyMkt JPY I USD 101293.36 - 3.46 0.00 Ram Active Investments SA
MFM UK Primary Opportunities A Inc 371.24 371.24 -1.01 2.18 Estimated NAV $ 921.66 - 18.50 0.00 www.ram-ai.com
New Capital Dynamic European Equity Fund - EUR Ord Inc. 174.54 - 1.17 1.04 Pictet-ST.MoneyMkt-ICHF SFr 123.10 - -0.01 0.00
Other International Funds
Slater Investments Ltd - Investment Adviser
New Capital China Equity Fund - USD Ord Acc. $ 132.81 - 0.55 0.00 Pictet-ST.MoneyMkt-IUSD $ 136.71 - 0.02 0.00 RAM Systematic Emerg Markets Core Eq $ 88.39 - 0.08 -
MFM Slater Growth 419.72 445.33 0.18 0.11 Morgan Stanley Investment Funds (LUX)
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61 New Capital Global Value Credit Fund - USD Ord Acc. $ 176.80 - -0.07 0.00 Pictet-Timber-I USD F $ 162.02 - -1.28 0.00 RAM Systematic Emerg Markets Eq $ 157.07 - 0.02 -
MFM Slater Income A Inc 154.53 154.53 -0.38 4.84
www.morganstanleyinvestmentfunds.com Pictet Total Ret-Agora I EUR 119.52 - 0.16 0.00
New Capital Global Equity Conviction Fund - USD Ord Acc. $ 97.45 - 0.04 0.00 RAM Systematic European Eq 403.41 - 1.17 -
MFM Slater Recovery 185.50 196.82 -0.11 0.54 FCA Recognised
US Advantage A F $ 62.82 - -0.37 0.00 New Capital Strategic Portfolio UCITS Fund - USD Inst Acc. $ 103.75 - 0.01 0.00 Pictet Total Ret-Corto Europe I EUR 139.88 - 0.00 0.00 RAM Systematic Global Shareholder Yield Eq $ 109.52 - -0.08 0.00

Asian Equity A F $ 43.26 - -0.18 0.00 New Capital Wealthy Nations Bond Fund - USD Inst Inc. $ 116.04 - -0.12 3.30 Pictet Total Ret-Divers Alpha I EUR 107.05 - -0.05 0.00 RAM Systematic Long/Short Emerg Markets Eq $ 114.71 - -0.13 -
Marwyn Asset Management Limited (CYM)
Asian Property A F $ 18.53 - -0.01 0.00 New Capital Swiss Select Equity Fund - CHF Ord Acc.SFr 134.08 - 1.17 0.00 Pictet Total Ret-Kosmos I EUR 111.39 - 0.09 0.00 RAM Systematic Long/Short European Eq 143.09 - 0.19 -
Regulated Optima Fund Management
Marwyn Value Investors 423.33 - -5.93 0.00 Diversified Alpha Plus A F 27.56 27.56 -0.02 0.00 New Capital US Growth Fund - USD Ord Acc. $ 220.56 - 0.48 0.00 Other International Funds Pictet Total Ret-Mandarin I USD $ 122.79 - 0.15 0.00 RAM Systematic North American Eq $ 266.26 - -0.47 -
Cuttyhunk Fund II Limited $ 1671.45 - 4.23 0.00
Emerg Europ, Mid-East & Africa Eq A F 73.09 - -0.38 0.00 New Capital All Weather UCITS Fund - EUR Inst Acc. 100.33 - -0.02 - Pictet-US Equity Selection-I USD $ 202.76 - 0.05 0.00 RAM Tactical Convertibles Europe 148.92 - 0.09 -
JENOP Global Healthcare Fund Ltd $ 12.83 - -0.11 0.00
Pictet-US High Yield-I USD F $ 158.83 - 0.21 0.00 RAM Tactical Global Bond Total Return 142.02 - -0.06 -
McInroy & Wood Portfolios Limited (UK) Emerging Markets Debt A F $ 82.68 - 0.05 0.00 New Capital Dynamic UK Equity Fund - GBP Inst Acc. 104.94 - 0.12 -
Easter Alderston, Haddington, EH41 3SF 01620 825867 OPTIKA Fund Limited - Cl A $ 96.12 - 3.28 0.00
Emerging Markets Domestic Debt AX F 12.46 12.46 0.00 4.35 New Capital US Small Cap Growth Fund - USD Inst Acc $ 100.17 - -0.28 - Pictet-USA Index-I USD F $ 205.69 - -0.14 0.00 RAM Tactical II Asia Bond Total Return $ 134.77 - -0.11 -
Authorised Inv Funds Optima Fd NAV $ 87.38 - 0.38 0.00
Emerging Markets Equity A F $ 36.16 36.16 -0.16 0.00 New Capital Global Alpha Fund - USD Ord Inc $ 101.21 - 0.10 - Pictet-USD Government Bonds-I F $ 637.97 - 0.70 0.00
Balanced Fund Personal Class Units 4582.60 - 8.50 1.61
Optima Discretionary Macro Fund Limited $ 85.48 - -0.73 0.00
Euro Bond A F 16.01 16.01 0.00 0.00 Pictet-USD Short Mid-Term Bonds-I F $ 131.05 - 0.06 0.00
Income Fund Personal Class Units 2568.30xd - -2.50 2.84 Rathbone Unit Trust Mgmt (1200)F (UK)
The Dorset Energy Fd Ltd NAV $ 37.26 - -1.23 0.00
Euro Corporate Bond AX F 26.11 26.11 0.07 1.41 Pictet-USD Sov.ST.Mon.Mkt-I $ 103.39 - 0.01 0.00 PO Box 9948, Chelmsford, CM99 2AG
Emerging Markets Fund Personal Class Units 2014.40 - 7.70 1.69
Platinum Fd Ltd $ 90.13 - 1.06 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Euro Strategic Bond A F 44.99 44.99 0.01 0.00 Pictet-Water-I EUR F 315.98 - 1.00 0.00
Smaller Companies Fund Personal Class Units 4460.60 - -12.20 1.35 Authorised Inv Funds
Platinum Fd Ltd EUR 17.06 - 0.19 0.00
European Currencies High Yield Bd A F 23.58 23.58 -0.01 0.00 Blue Chip Income Inc 153.20 158.23 -0.37 3.90
Platinum Japan Fd Ltd $ 59.49 - 0.69 0.00
European Equity Alpha A F 42.66 - -0.20 0.00 Platinum Capital Management Ltd Blue Chip Income Acc 240.60 248.19 -0.58 3.77
Meridian Fund Managers Ltd Optima Partners Global Fd $ 14.64 - 0.14 0.00 Other International Funds Ethical Bond Inc 91.76 93.82 0.02 4.29
Other International Funds European Property A F 31.81 31.81 -0.21 0.00
Global Gold & Resources Fund $ 284.30 - -30.48 - Northwest Investment Management (HK) Ltd Optima Partners Focus Fund A $ 15.62 - -0.04 0.00 Platinum All Star Fund - A (Est) $ 121.03 - - -
Eurozone Equity Alpha A F 12.05 12.05 -0.05 0.00 Ethical Bond Acc 183.55 187.20 0.06 4.19
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Platinum Global Dividend Fund - A $ 47.06 - - -
Global Energy & Resources Fund $ 37.59 - -0.66 - Other International Funds Global Opportunities Acc 169.66 174.85 0.75 0.00
Global Bond A F $ 39.13 39.13 -0.01 0.00
Northwest $ class $ 2379.19 - -12.74 0.00 Platinum Maverick Enhanced Fund Limited $ 86.74 - - 0.00
Global Brands A F $ 105.96 - 0.23 0.00 Oryx International Growth Fund Ltd Income Inc 887.09 917.33 -2.58 3.64
Other International Funds
Emerging Markets Managed Accounts PLC (IRL) Global Convertible Bond A F $ 43.30 - -0.07 0.00 NAV (Fully Diluted) 7.70 - 0.05 0.00
Income Acc 1432.62 1479.22 -4.15 3.53
info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com
Global Property A F $ 27.45 - -0.14 0.00 Multi Asset Enhanced Growth Acc 145.02 - 0.09 0.29
Regulated
Milltrust ASEAN A $ 98.75 - 0.40 0.00 Indian Equity A F $ 37.79 - 0.06 0.00 Multi Asset Strategic Growth inc 164.43 - 0.11 1.73

Milltrust India A $ 140.36 - 1.46 0.00 Latin American Equity A F $ 48.54 - 0.01 0.00 Multi Asset Strategic Growth acc 177.70 - 0.12 1.71

Milltrust Latin America A $ 92.36 - -0.31 0.00 Short Maturity Euro Bond A F 20.36 20.36 -0.01 0.00 Multi Asset Total Return inc 130.32 - 0.03 1.59

Milltrust Keywise China Fund $ 120.41 - 0.98 0.00 US Dollar Liquidity A F $ 13.05 - 0.00 0.00 Oasis Crescent Management Company Ltd Polar Capital Funds Plc (IRL) Multi Asset Total Return acc 146.29 - 0.02 1.57
Other International Funds Regulated
Milltrust SEDCO MENA Fund (Class A) * $ 104.86 - 0.15 - US Growth A F $ 74.21 - -0.31 0.00 Recovery Inc 454.41 471.10 1.66 2.26
Oasis Crescent Equity Fund R 10.25 - -0.01 0.00 Asian Financials I USD $ 312.62 312.62 0.25 1.10
Pictet Asset Management (Europe) SA (LUX) Recovery Acc 561.71 581.62 2.05 2.22
US Growth AH F 50.70 50.70 -0.21 0.00
15, Avenue J.F. Kennedy L-1855 Luxembourg Biotechnology I USD $ 17.98 17.98 -0.02 0.00
US Growth AX F 59.07 59.07 -0.18 0.00 Tel: 0041 58 323 3000 Strategic Bond I-Class Acc 135.92 136.68 0.08 3.98
Ministry of Justice Common Investment Funds (UK) European Income Acc EUR 11.49 11.49 0.07 0.00
Property & Other UK Unit Trusts Oasis Global Mgmt Co (Ireland) Ltd (IRL) FCA Recognised Strategic Bond I-Class Inc 114.45 115.19 0.07 4.06
US Property A F $ 71.63 - -0.72 0.00
Regulated Pictet-Absl Rtn Fix Inc-HI EUR 107.99 - 0.14 0.00 European Ex UK Inc EUR Acc 10.37 10.37 0.03 0.00
The Equity Idx Tracker Fd Inc 1594.00 1594.00 0.00 2.54
Oasis Global Investment (Ireland) Plc
Pictet-Agriculture-I EUR F 198.47 - 0.14 0.00 Financial Opps I USD $ 12.54 - 0.04 1.59
Distribution Units Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 1.31
Morgens Waterfall Vintiadis.co Inc Pictet-Asian Equities Ex Japan-I USD F $ 230.86 - 1.48 0.00 GEM Growth I USD $ 9.39 - 0.02 0.00
Oasis Global Equity $ 27.94 - -0.07 0.33
Other International Funds
Pictet-Asian Local Currency Debt-I USD F $ 156.24 - 0.51 0.00 GEM Income I USD $ 10.45 - 0.00 0.00
Phaeton Intl (BVI) Ltd (Est) $ 362.82 - -3.39 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 28.81 - -0.09 0.20 Pictet-Biotech-I USD F $ 674.99 - -1.80 0.00 Global Alpha I USD $ 13.71 13.71 -0.05 0.00

Oasis Crescent Variable Balanced Fund 10.67 - -0.01 1.36 Pictet-CHF Bonds I CHF SFr 508.11 - -0.03 0.00 Global Convertible I USD $ 11.53 11.53 -0.03 0.00

OasisCresGl Income Class A $ 10.66 - -0.01 2.58 Pictet-China Index I USD $ 112.80 - 0.99 0.00 Global Insurance I GBP 5.61 - 0.03 0.00 Robeco Asset Management (LUX)
Global Technology I USD $ 28.39 - -0.03 0.00 Weena 850, 3014 DA Rotterdam, The Netherlands
OasisCresGl LowBal D ($) Dist $ 11.81 - -0.03 0.00 Pictet-Clean Energy-I USD F $ 84.00 - -0.58 0.00
Mirabaud Asset Management (LUX) www.robeco.com/contact
www.mirabaud.com, marketing@mirabaud.com OasisCresGl Med Eq Bal A ($) Dist $ 12.15 - -0.03 0.62 Pictet-Digital-I USD F $ 300.24 - -0.15 0.00 Healthcare Blue Chip Fund I USD Acc $ 10.41 10.41 0.00 0.00 FCA Recognised
Regulated Healthcare Opps I USD $ 35.09 - -0.15 0.00 Asia-Pacific Equities (EUR) 150.45 - 0.46 0.00
Oasis Crescent Gbl Property Eqty $ 9.20 - -0.02 1.83 Pictet-Em Lcl Ccy Dbt-I USD F $ 164.67 - -0.57 0.00
Mir. - Conv. Bds Eur A EUR 135.65 - 0.19 0.00
Natixis International Funds (LUX) I SICAV (LUX) Pictet-Emerging Europe-I EUR F 358.01 - 1.19 0.00 Income Opportunities B2 I GBP Acc 2.02 2.02 0.00 0.00 BP US Premium Equities (EUR) 205.45 - -0.26 0.00
Mir. - Conv. Bds Glb A USD $ 117.55 - 0.00 0.00 FCA Recognised
Japan Alpha I JPY 214.09 214.09 0.55 0.00 BP US Premium Equities (USD) $ 232.85 - -0.31 0.00
ASG Managed Futures Fund I/A (USD) $ 96.39 96.39 0.14 - Pictet-Emerging Markets-I USD F $ 560.10 - -0.74 0.00
Mir. - Eq Asia ex Jap A $ 184.35 - -0.65 0.00
Japan I JPY 2100.65 - 6.20 0.99 Chinese Equities (EUR) 80.92 - 1.04 0.00
Harris Global Equity Fund R/A (USD) $ 279.56 279.56 -0.70 0.00 Pictet-Emerging Markets Index-I USD F $ 240.87 - 1.73 0.00
Mir.- EqEurope ExUK Sm&Mid 132.63 - -0.62 0.00
North American I USD $ 19.93 19.93 -0.03 0.00 Em Stars Equities (EUR) 198.84 - -0.16 0.00
Loomis Sayles Global Growth Equity Fund I/A (USD) $ 105.31 105.31 -0.29 - Pictet-Emerging Corporate Bonds I USD $ 116.93 - 0.01 0.00
Mir. - Eq Glb Emrg Mkt A USD $ 97.81 - -0.44 0.00
UK Absolute Equity I GBP 14.70 14.70 -0.06 0.00 Emerging Markets Equities (EUR) 167.92 - 1.33 0.00
Loomis Sayles U.S. Growth Equity Fund I/A (USD) $ 105.27 105.27 -0.71 - Pictet-Emerging Markets High Dividend I USD $ 106.12 - -0.04 0.00
Mir. - Eq Global Focus A USD $ 98.65 - -0.23 0.00
Flex-o-Rente (EUR) 107.76 - -0.04 0.00
Pictet-Emerging Markets Sust Eq I USD $ 93.75 - 0.42 0.00
Mir. - EqPanEuropeSm&Mid 123.19 - 0.22 0.00 Odey Asset Management LLP (UK) Glob.Consumer Trends Equities (EUR) 163.09 - 0.99 0.00
40 Dukes Place, London, EC3A 7NH Pictet-EUR Bonds-I F 568.81 - -1.33 0.00 Polar Capital LLP (CYM)
Mir. - Eq Spain A 27.70 - -0.09 0.00 Natixis International Funds (UK)
Order Desk and Enquiries: 0345 300 2106 Regulated High Yield Bonds (EUR) 140.68 - 0.71 0.00
Authorised Funds Pictet-EUR Corporate Bonds Ex Fin i EUR 148.03 - -0.15 0.00
Mir. - Eq Swiss Sm/Mid A SFr 380.45 - 0.15 0.00 Authorised Corporate Director - Capita Financial Managers European Conviction A EUR 149.53 - 2.88 0.00
H2O MultiReturns Fund N/A (GBP) 1.37 - -0.01 1.46 Lux -O- Rente (EUR) 140.36 - -0.20 0.00
Authorised Inv Funds Pictet-EUR Corporate Bonds-I F 205.97 - -0.18 0.00
Mir. - Glb High Yield Bds A $ 117.92 - 0.18 - European Forager A EUR 169.62 - 2.08 0.00
Loomis Sayles U.S. Equity Leaders N/A (GBP) 1.98 - -0.01 0.22 CF Odey Continental European GBP R Acc 831.42 - -4.05 0.35 New World Financials (EUR) 58.49 - 0.47 0.00
Pictet-EUR Government Bonds I EUR 159.18 - -0.66 0.00
Mir. - Glb Eq High Income A USD $ 100.72 - -0.28 0.00
CF Odey Opus GBP R Inc 3959.22 - 3.91 0.00 Pictet-EUR High Yield-I F 259.85 - 0.14 0.00
Mir. - Glb Strat. Bd A USD $ 110.15 - 0.08 0.00
NatWest (2230)F (UK) CF Odey Absolute Return GBP R 270.35 - 0.62 0.00 Pictet-EUR Short Mid-Term Bonds-I F 137.11 - -0.07 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) Royal Bank of Scotland (2230)F (UK)
Mir. Opp.- Activ.Strategies I $ 103.10 - 1.32 0.00 PO Box 23873, Edinburgh EH7 5WJ** Regulated PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072
CF Odey Portfolio Fund GBP R Inc 150.59 - 0.24 0.10 Pictet-EUR Short Term HY I EUR 125.12 - -0.02 0.00
Enquiries: 0800 085 5588 Monument Growth 24/01/2017 509.67 515.23 -3.67 1.60 Authorised Inv Funds
MIR. OPP.- EMERG.MKT HO $ 108.54 - 0.00 0.00
Authorised Inv Funds Pictet-EUR Sov.Sht.Mon.Mkt EUR I 102.34 - -0.01 0.00 Series 5 (Minumum Initial Investment 75,000)
Mir. - US Shrt Term Credit Fd $ 102.97 - 0.06 0.00
Series 1(Minimum initial investment 16375,000) United Kingdom Equity Index Fund 17.40 - -0.01 1.40
Odey Asset Management LLP (CYM) Pictet-Euroland Index IS EUR 140.07 - -0.17 0.00
MirAlt Sicav-Diversified A Cap. $ 109.93 - 0.87 0.00 United Kingdom Equity Index Fund 13.91 - 0.00 1.40 Prusik Investment Management LLP (IRL)
UK Specialist Equity Inc 20.91 - -0.02 0.00
Regulated Pictet-Europe Index-I EUR F 176.98 - 0.41 0.00 Enquiries - 0207 493 1331
MirAlt Sicav-Europe A dis 68.21 - 1.41 0.00 UK Specialist Equity Inc 20.90 - -0.02 0.00 OEI Mac Inc GBP A 190.44 - 5.42 0.00 Regulated US Spec Equity Fund 24.52 - 0.09 0.00
Pictet-European Equity Selection-I EUR F 652.68 - -1.32 0.00
MirAlt Sicav - North America A dis $ 151.28 - 0.36 0.00 US Spec Equity Fund 18.15 - 0.07 0.00 OEI Mac Inc GBP B 120.48 - 4.94 0.00 Prusik Asian Equity Income B Dist $ 174.18 - 0.26 3.91
UK Sovereign Bd Index Fund 11.05 - -0.06 2.29
Pictet-European Sust Eq-I EUR F 247.11 - 0.13 0.00
UK Sovereign Bd Index Fund 11.28 - -0.05 2.29 OEI MAC Inc USD $ 1005.20 - 28.87 0.00 Prusik Asia A $ 195.21 - -0.40 0.00
UK Specialist Equity Income Fund 9.77 - 0.01 2.32
Pictet-Global Bds Fundamental I USD $ 117.94 - -0.30 0.00
UK Specialist Equity Income Fund 9.80 - 0.02 2.32 Odey European Inc EUR 434.25 - 11.62 0.00 Prusik Asian Smaller Cos A $ 154.40 - 0.07 0.00
MW Japan Fund Plc (IRL) Global Spec Inv Grade Bd Fund GBP 9.59 - 0.00 2.66
Pictet-Global Bonds-I EUR 171.59 - 0.33 0.00
FCA Recognised Global Spec Inv Grade Bd Fund GBP 9.75 - 0.00 2.66 Odey European Inc GBP A 171.65 - 4.72 0.00 Series 6 (Investment Management Customers Only)
MW Japan Fund PLC A $ 27.66 - -0.12 0.00 Pictet-Global Emerging Currencies-I USD F $ 100.46 - -0.28 0.00
Series 2 (Investment Management customers only) Odey European Inc GBP B 97.37 - 2.68 0.00 United Kingdom Equity Index Fund 17.18 - -0.01 1.72
Purisima Investment Fds (UK) (1200)F (UK)
MW Japan Fund PLC B $ 27.72 - -0.13 0.00 United Kingdom Equity Index Fund 13.92 - 0.00 1.72 Pictet-Global Emerging Debt-I USD F $ 386.23 - 0.12 0.00
Odey European Inc USD $ 203.65 - 5.66 0.00 40 Dukes Place, London EC3A 7NH UK Specialist Equity 21.14 - -0.02 0.50
MW Japan Fund PLC C $ 101.00 - 0.28 0.00 UK Specialist Equity Inc 21.14 - -0.02 0.50 Pictet-Global Env.Opport-I EUR 177.27 - 0.27 0.00 Order Desk and Enquiries: 0345 922 0044
Giano Capital EUR Inc 3896.93 - -273.26 0.00 US Spec Equity Fund 25.95 - 0.09 0.27
Authorised Inv Funds
US Spec Equity Fund 19.17 - 0.07 0.27 Pictet-Global Megatrend Selection-I USD F $ 235.28 - -1.01 0.00
Authorised Corporate Director - Capita Financial Managers UK Sovereign Bd Index Fund 11.24 - -0.05 2.29
UK Sovereign Bd Index Fund 11.53 - -0.05 2.29 Pictet-Greater China-I USD F $ 469.32 - 1.42 0.00 Global Total Fd PCG A 214.76 - 0.04 0.63
Morant Wright Funds (Ireland) PLC (IRL) UK Specialist Equity Income Fund 10.81 - 0.02 2.30
FCA Recognised UK Specialist Equity Income Fund 10.81 - 0.02 2.30
Odey Asset Management LLP (IRL)
Pictet-Health-I USD $ 245.56 - -0.72 0.00 Global Total Fd PCG B 213.19 - 0.04 0.42
Morant Wright Fuji Yield EUR Acc Hedged 12.49 - 0.05 - FCA Recognised Global Spec Inv Grade Bd Fund GBP 9.95 - 0.00 2.66
Global Spec Inv Grade Bd Fund GBP 9.97 - 0.00 2.66 Odey Pan European EUR R 303.71 - -0.67 0.00 Pictet-High Dividend Sel I EUR F 167.13 - 0.45 0.00 Global Total Fd PCG INT 210.77 - 0.04 0.20
Morant Wright Fuji Yield EUR Dist Hedged 11.12 - 0.04 2.26 Address and telephone number for Series 5 only
The initial charge you will pay will depend on the amount you invest Odey Absolute Return Focus Fund $ 83.12 - -5.01 0.00 Pictet-India Index I USD $ 99.06 - 1.41 0.00
Morant Wright Fuji Yield GBP Acc Hedged 11.81 - 0.04 0.00 **Address and Telephone number for series 1 only
Odey Allegra European EUR O 251.58 - 0.18 0.00 Pictet-Indian Equities-I USD F $ 487.23 - 1.63 0.00
Purisima Investment Fds (CI) Ltd (JER) Royal London Unit Managers Ltd. (1200) F (UK)
Morant Wright Fuji Yield GBP Dist Hedged 10.75 - 0.04 5.90
Odey Allegra International EUR O 166.29 - 0.89 0.00 Pictet-Japan Index-I JPY F 16505.57 - 50.75 0.00 Regulated 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777
Morant Wright Fuji Yield USD Acc Hedged $ 11.63 - 0.05 0.00 PCG B 181.01 - 0.43 0.00 Authorised Inv Funds
Odey Allegra Developed Markets USD I $ 121.34 - 0.62 0.00 Pictet-Japanese Equities Opp-I JPY F 10164.30 - 13.85 0.00
Royal London Sustainable Diversified A Inc 1.73 - 0.00 1.65
Morant Wright Fuji Yield USD Dist Hedged $ 11.38 - 0.05 2.20 PCG C 178.15 - 0.42 0.00
Odey European Focus Fund 17.66 - 0.01 0.00 Pictet-Japanese Equity Selection-I JPY F 14973.57 - 13.60 0.00
Royal London Sustainable World A Inc 201.90 - 0.40 0.76
Morant Wright Fuji Yield YEN Acc 1208.43 - 4.67 0.00
Odey Giano European Fund EUR R 99.62 - 0.28 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 127.38 - 0.12 0.00
Royal London Corporate Bond Mth Income 90.55 91.93 -0.02 4.02
Morant Wright Fuji Yield B YEN Acc 1065.51 - 3.95 0.00
Odey Naver Fund EUR I 111.40 - 0.00 0.00 Pictet-Multi Asset Global Opportunities-I EUR 120.46 - -0.01 0.00
Royal London European Growth Trust 124.00 125.90 -0.20 0.45
 FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Royal London Sustainable Leaders A Inc 499.10 - 0.20 1.33 Pacific Bas (ex-Japan) 694.10 - 2.20 - SI Worldwide Equity A Inc 1.72 - 0.01 0.00 UK Income A Inc F 231.23 - 0.13 4.53

Royal London UK Growth Trust 521.60 529.50 0.60 1.27 Sterling Bonds 281.50 - 0.10 - SI Worldwide Leaders A Acc 391.16 - 0.73 0.00 UK Income B Acc F 291.26 - 0.17 4.38
Santander Asset Management UK Limited (1200)F (UK)
Royal London UK Income With Growth Trust 224.80 228.20 -0.20 4.38 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 UK Equities 291.10 - -0.70 - SI Worldwide Sus A Acc 1.75 - 0.01 0.00 UK Income B Inc F 247.83 - 0.14 4.51
Authorised Funds
Royal London US Growth Trust 205.80 208.90 0.90 0.00 US Equities 359.40 - 1.20 - SI Worldwide Sus A Inc 1.68 - 0.00 0.00
Santander Atlas Range
Additional Funds Available Santander Atlas Inc Port Acc Inst 324.60 - -0.20 - B Shares
Please see www.royallondon.com for details Pacific Bas (ex-Japan) 693.00 - 2.10 -
Santander Atlas Inc Port Inc Inst 237.70 - -0.10 -

Santander Atlas Port 3 Acc Ret 158.00 - -0.20 -

Santander Atlas Port 3 Inc Ret 106.70 - -0.20 - Saracen Fund Managers Ltd (1000)F (UK)
19 Rutland Square, Edinburgh EH1 2BB
Santander Atlas Port 3 Acc Inst 174.20 - -0.20 -
Dealing: 0115 988 8274
TreeTop Asset Management S.A. (LUX)
Regulated Value Partners Hong Kong Limited (IRL)
Santander Atlas Port 4 Acc Ret 198.80 - -0.20 - Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 www.valuepartners.net, fis@vp.com.hk
E.I. Sturdza Strategic Management Limited (GSY) TreeTop Convertible Sicav
Authorised Inv Funds Regulated
Santander Atlas Port 4 Inc Ret 139.20 - -0.10 - Regulated International A 285.06 - -1.27 0.00
Saracen Growth Fd Alpha Acc 3.91 - -0.02 1.08 Value Partners Asia Dividend Stocks Fund $ 9.61 - 0.10 0.00
Ruffer LLP (1000)F (UK) Santander Atlas Port 4 Acc Inst 181.00 - -0.10 - Nippon Growth Fund Limited 98411.00 - 1414.00 0.00 International B $ 371.97 - -1.85 0.00
40 Dukes Place, London EC3A 7NH Saracen Growth Fd Beta Acc 6.29 - -0.02 1.58 Value Partners Classic Equity Fund USD Z Unhedged $ 11.69 - -0.03 0.00
Santander Atlas Port 5 Acc Ret 215.80 - 0.10 - Strat Evarich Japan Fd Ltd JPY 84949.00 - 426.00 0.00 International C 122.07 - -0.60 3.41
Order Desk and Enquiries: 0345 601 9610 Saracen Global Income & Growth Fund A - Acc 1.53 - 0.00 0.61 Value Partners Classic Equity Fund CHF HedgedSFr 11.93 - -0.03 0.00
Authorised Inv Funds Santander Atlas Port 5 Acc Inst 183.50 - 0.10 - Strat Evarich Japan Fd Ltd USD $ 831.54 - 4.45 0.00 International D 256.26 - -1.19 3.25
Saracen Global Income & Growth Fund A - Dist 1.38 - 0.00 5.27 Value Partners Classic Equity Fund EUR Hedged 12.12 - -0.03 0.00
Authorised Corporate Director - Capita Financial Managers
Santander Atlas Port 6 Acc Ret 303.50 - 0.40 - TreeTop Global Sicav
CF Ruffer Investment Funds Saracen Global Income and Growth Fund -Acc 1.92 - 0.00 1.83
Global Opp.A 145.50 - -0.56 0.00 Value Partners Classic Equity Fund GBP Hedged 12.50 - -0.03 0.00
CF Ruffer Gold Fund C Acc 157.58 - -2.72 0.29 Santander Atlas Port 6 Acc X 216.70 - 0.30 - E.I. Sturdza Funds PLC (IRL)
Saracen Global Income and Growth Fund -Dist 1.63 - 0.01 2.63 Value Partners Classic Equity Fund GBP Unhedged 15.32 - 0.04 0.00
CF Ruffer Gold Fund O Acc 155.42 - -2.70 0.16 Regulated Global Opp.B $ 144.72 - -0.92 0.00
Santander Atlas Port 6 Acc Inst 187.60 - 0.20 -
Saracen UK Income Fund - Acc 1.03 - -0.01 2.52 Nippon Growth (UCITS) Fd - B 84628.00 - 1639.00 0.00 Value Partners Classic Equity USD Hedged $ 14.57 - -0.04 0.00
Equity & General C Acc 406.82 - -0.59 0.00 Global Opp.C 209.01 - -0.94 2.67
Santander Atlas Port 7 Acc Ret 242.80 - 0.50 -
Saracen UK Income Fund - Dist 0.95 - 0.00 5.84 Nippon Growth (UCITS) Fd - D Inst 55156.00 - 1072.00 0.00 Value Partners Greater China Equity Fund $ 9.13 - 0.05 0.00
Equity & General C Inc 375.24 - -0.54 0.00 Sequoia Equity A 142.72 - -0.47 0.00
Santander Atlas Port 7 Acc Inst 193.10 - 0.40 -
. Strategic China Panda Fd - USD $ 2370.81 - 11.32 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 10.98 - 0.02 0.00
Equity & General O Inc 372.46 - -0.56 0.00 Sequoia Equity B $ 148.69 - -0.79 0.00
Authorised Inv Funds For Save & Prosper please see Countrywide Assured
Max 70% Shs Acc Ret 187.80 - -0.20 - Strategic China Panda Fd - USD Inst $ 914.16 - 4.48 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 10.04 - 0.00 0.00
Equity & General O Acc 401.41 - -0.60 0.00 Sequoia Equity C 193.10 - -0.64 2.61
Max 70% Shs Inc Ret 155.00 - -0.20 - Strategic Euro Bond Fd - Acc 1134.59 - -0.48 0.00 Value Partners Health Care Fund USD Class A Unhedged $ 10.06 - 0.00 0.00
European C Acc 531.98 - 1.60 0.06 Schroder Property Managers (Jersey) Ltd
Investments Inc Acc Ret 165.40 - 0.10 - Other International Funds Strategic Euro Bond Fd - Dist 1011.73 - -0.43 0.00

Asset Management
European O Acc 524.91 - 1.55 0.00
Indirect Real Estate SIRE 130.20 136.94 1.02 2.98 Strategic Euro Bond Fd - EUR Inst 1015.35 - -0.42 0.00
Japanese Fund C Acc

Japanese Fund O Acc

211.59

208.51
-

-
0.92 0.28

0.90 0.03
Investments Inc Inc Ret

Equity Inc Inc Inst

106.30

252.30
-

-
0.00

-0.60
-

- Strategic Europe Value Fd - EUR 198.13 - 0.93 0.00 Asset Management Waverton Investment Funds Plc (1600)F
waverton.investments@citi.com
(IRL)

FCA Recognised
Equity Inc Inc Ret 215.00 - -0.60 - Scottish Friendly Asset Managers Ltd (UK) Strategic Europe Value Fd - EUR Inst 174.09 - 0.82 0.00
Waverton Asia Pacific A USD $ 18.73 - -0.03 1.56
Pacific C Acc 343.03 - -3.79 1.01
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Equity Inc Acc Inst 159.30 - -0.40 - Strategic Europe Value Fd - EUR Inst Dist 94.63 - 0.45 0.00
Pacific O Acc 338.17 - -3.74 0.74 Authorised Inv Funds Waverton Global Equity Fund A GBP 17.94 - -0.02 0.36
N&P UK Gwth Inc Ret 172.50 - -0.60 - Managed Growth 254.90 - -0.50 0.00 Strategic Europe Value Fd - Euro R Class 93.29 - 0.44 0.00
Total Return C Acc 443.10 - -1.66 1.28 Waverton Global Strategic Bond Fund A USD $ 8.59 - 0.01 4.83
Stckmkt 100 Track Gwth Acc Inst 106.00 - -0.30 - UK Growth 272.50 - -0.70 0.00 Strategic European Smaller Companies Fd - EUR 1161.75 - 2.93 0.00
Total Return C Inc 302.84 - -1.13 1.30 Waverton UK Fund A GBP 13.56 - -0.04 1.71
Strategic Global Bond Fd - RMB $ 1033.04 - -1.65 0.00
Total Return O Inc 298.65 - -1.13 1.30
Stckmkt 100 Track Gwth Acc Ret 199.60 - -0.50 - Troy Asset Mgt (1200) (UK) Waverton Equity Fund A GBP 17.19 - 0.10 0.33
Strategic Global Bond Fd - USD $ 1045.30 - 0.65 0.00 40 Dukes Place, London EC3A 7NH
UK Growth Acc Inst 310.00 - -1.00 - SIA (SIA Funds AG) (CH) Waverton Sterling Bond Fund A GBP 9.49 - 0.00 5.14
Total Return O Acc 437.15 - -1.66 1.29 Order Desk and Enquiries: 0345 608 0950
UK Growth Acc Ret 357.90 - -1.20 - Other International Fds Strategic Global Quality Fd - USD $ 103.80 - -0.17 - Authorised Inv Funds
LTIF Stability Growth SFr 211.50 - 0.00 - ACD Capita Financial Mgrs
UK Growth Inc Ret 230.00 - -0.70 - Strategic Global Quality Fd - USD Inst $ 111.78 - -0.18 0.00
LTIF Stability Inc Plus SFr 178.30 - 0.00 0.22 Trojan Investment Funds WA Fixed Income Fund Plc (IRL)
Managed OEIC Strategic Quality Emerging Bond Fd - EUR Inst 1005.12 - -0.13 -
Spectrum Fund O Acc 197.49 - 0.30 0.40 Regulated
Glob Em Shs Port Acc Ret 206.10 - 0.90 - Strategic Quality Emerging Bond Fd - USD $ 1016.15 - -0.02 - European Multi-Sector 120.16 - -0.29 0.00
Spectrum Fund O Inc 191.60 - 0.29 0.40
Max 70% Shs Port Acc Ret 288.10 - 0.10 - Standard Life Wealth (JER) Strategic US Momentum and Value Fd - USD Class $ 767.46 - -2.92 0.00
Spectrum Income Fund O Acc 109.64 - 0.03 2.92
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
Max 70% Shs Port Acc X 206.90 - 0.10 - Strategic US Momentum and Value Fd - USD Inst $ 512.85 - -1.94 0.00
FCA Recognised Spectrum Income Fund O Inc 105.88 - 0.03 2.99
S W Mitchell Capital LLP (CYM) Max 70% Shs Port Acc S 167.60 - 0.10 - Standard Life Offshore Strategy Fund Limited
Trojan Ethical Income O Acc 106.03 - -0.13 -
Regulated Bridge Fund 1.7935 - -0.0022 2.03
Investment Port Acc Ret 246.20 - -0.30 -
S W Mitchell European Fund Class A EUR 267.78 - 18.88 - Trojan Ethical Income O Inc 104.54 - -0.12 -
Global Equity Fund 2.2204 - -0.0004 1.32
Investment Port Acc X 174.50 - -0.20 -
Trojan Fund O Acc 294.58 - 0.28 0.41
Global Fixed Interest Fund 1.0033 - 0.0006 4.55
Max 50% Shs Port Acc Ret 270.40 - -0.10 -
Trojan Fund O Inc 243.36 - 0.23 0.41 Yapi Kredi Asset Management (TUR)
S W Mitchell Capital LLP (IRL) Income Fund 0.5397 - -0.0010 2.99
Max 50% Shs Port Inc Ret 235.60 - -0.10 - www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48
Regulated Trojan Global Equity O Acc 270.83 - 1.18 0.86
Sterling Fixed Interest Fund 0.8647 - 0.0003 3.85 Other International Funds
SWMC European Fund B EUR 15289.74 - 70.81 0.00 Max 50% Shs Port Acc X 195.70 - -0.10 -
Trojan Global Equity O Inc 228.58 - 1.00 0.86
UK Equity Fund 2.0297 - -0.0004 3.01 Superfund Asset Management GmbH YKAM Eurobond (Dollar) Bonds and Bills FundTRY 0.098971 - -1.135157 -
SWMC UK Fund B 12110.41 - 78.20 0.00 Max 50% Shs Port Acc S 164.00 - 0.00 -
www.superfund.com, +43 (1) 247 00 Trojan Global Income O Acc 98.75 - 0.09 - YKAM Koc Holding Affiliate and Equity Fund (Equity Intense Fund)TRY 0.828637 - -0.405491 -
SWMC Small Cap European Fund B EUR 13442.80 - 36.71 0.00 Max 100% Shs Port Acc Ret 366.40 - 1.50 - Regulated
Trojan Global Income O Inc 98.73 - 0.09 - YKAM DPM Bonds and Bills (Foreign Currency) Private Fund $ 0.990041 - -0.244087 -
Superfund Green EUR SICAV 794.10 - 0.18 0.00
SWMC Emerging European Fund B EUR 11467.66 - 21.73 0.00 Max 100% Shs Port Acc X 263.00 - 1.10 -
Trojan Income O Acc 302.97 - -0.49 3.57
Superfund Red EUR SICAV 784.16 - 3.53 0.00
Max 100% Shs Port Acc S 192.00 - 0.80 -
Trojan Income O Inc 184.80 - -0.30 3.68
Superfund Blue EUR 860.63 - -0.77 0.00
Enhanced Inc Inc Ins 210.90 - -0.50 -

Enhanced Inc Inc Ret 197.60 - -0.50 -

The Hartford International Funds (IRL) UBS Asset Management (UK)
Enhanced Inc Inc X 168.40 - -0.40 -
Stenham Asset Management Inc Regulated
21 Lombard Street, London, EC3V 9AH
Enhanced Inc Acc Inst 166.90 - -0.40 - www.stenhamassetmanagement.com Client Services 0800 358 3012, Client Dealing 0800 358 3012
Gbl Govt Bond (Ex Japan) Index (GBP) 1870.60 - -5.94 0.00
Other International Funds www.ubs.com/retailfunds
Managed Investments OEIC
Stenham Credit Opportunities A Class USD $ 106.46 - 1.08 0.00 UK Corporate Bond 1702.73 - 0.69 0.00 Authorised Inv Funds Yuki International Limited (IRL)
RobecoSAM (LUX) Max 30% Shs Port Acc Ret 165.00 - -0.10 - Tel +44-20-7269-0207 www.yukifunds.com
Tel. +41 44 653 10 10 http://www.robecosam.com/ Gilt 1676.27 - 1.20 0.00 OEIC
Stenham Equity UCITS USD $ 152.18 - 2.71 0.00 Regulated
Regulated Max 30% Shs Port Acc X 164.90 - -0.10 - UBS Global Emerging Markets Equity C Acc 0.66 - 0.00 1.26
Stenham Growth USD $ 200.36 - 0.59 - Global Eq (Ex Japan) Index Fund 1.51 - 0.00 0.00 Yuki Mizuho Umbrella Fund
RobecoSAM Sm.Energy/A 14.65 - -0.04 1.54 Max 30% Shs Port Acc S 158.50 - -0.10 - UBS Global Optimal C Acc 0.90 - 0.00 0.92 Yuki Mizuho Japan Dynamic Growth 7439.00 - -33.00 0.00
Stenham Healthcare USD $ 173.85 - 0.62 0.00 Global Eq (ex Japan) Class HJ4 1.58 - 0.00 0.00
RobecoSAM Sm.Energy/N 13.41 - 0.02 0.00 Max 30% Shs Inc Port Inc Ret 156.00 - -0.10 - UBS UK Opportunities C Acc 0.81 - -0.01 2.78 Yuki Japan Low Price 30815.00 - 425.00 0.00
Stenham Managed Fund USD $ 110.78 - 1.04 0.00 Global Eq (ex Japan) Class JP5 1.61 - -0.02 0.00
RobecoSAM Sm.Materials/A 171.20 - 0.01 1.35 Max 30% Shs Inc Port Inc X 156.00 - -0.10 - UBS US Equity C Acc 1.11 - 0.00 0.42 Yuki Japan Value Select 15573.00 - 83.00 0.00
Stenham Macro UCITS USD $ 94.92 - -0.03 0.00 Global Eq Ex Japan Index Fund (Hedge) 1.47 - 0.00 0.00
RobecoSAM Sm.Materials/N 177.95 - 0.88 0.00 Max 30% Shs Inc Port Inc S 149.90 - 0.00 - UBS S&P 500 Index C Acc 0.74 - 0.01 1.42 Yuki Asia Umbrella Fund
Stenham Multi Strategy USD $ 110.38 - 1.26 - Gbl Govt Bond (Ex Japan) Index 1.26 - -0.01 0.00 Yuki Japan Rebounding Growth Fund JPY Class 25932.00 - 167.00 0.00
RobecoSAM Sm.Materials/Na 121.06 - 0.59 1.35 Max 60% Shs Port Acc Ret 287.40 - -0.30 - UBS Targeted Return C Acc 12.56 - -0.02 1.74
Stenham Quadrant USD A $ 421.17 - 7.74 - Gbl Govt Bond (ex Japan) Class JP4 1.24 - 0.00 0.00 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1009.52 - 6.35 0.00
RobecoSAM Gl.Small Cap Eq/A 103.28 - -0.20 1.12 Max 60% Shs Port Inc Ret 219.40 - -0.20 - UBS Sterling Corporate Bond Indexed C Acc 0.59 - -0.01 2.92
Stenham Trading Inc USD $ 121.36 - 2.02 - Japan Equity Index Fund 1.09 - 0.00 0.00
RobecoSAM Gl.Small Cap Eq/N 185.39 - 0.54 0.00 Max 60% Shs Port Inc X 169.90 - -0.20 - UBS Multi Asset Income C Inc Net 0.49 - 0.00 3.27
Stenham Universal USD $ 419.54 - 5.40 - Japan Equity Class JP3 1.32 - 0.00 0.00
RobecoSAM Sustainable Gl.Eq/B 200.85 - 0.78 0.00 Max 60% Shs Port Inc S 150.50 - -0.10 - UBS UK Equity Income C Inc Net 0.69 - 0.00 - Zadig Gestion (Memnon Fund) (LUX)
Stenham Universal II USD $ 154.58 - 1.92 0.00 FCA Recognised
RobecoSAM Sustainable Gl.Eq/N 174.70 - 0.69 0.00 Managed Investments OEIC 2 UBS Corporate Bond UK Plus C Inc Net 0.52 - 0.00 3.79
Memnon European Fund I GBP 143.13 - -0.08 0.00
RobecoSAM S.HealthyLiv/B 178.89 - 0.31 0.00 Investments Inc Port Inc Ret 168.70 - 0.00 - Thesis Unit Trust Management Limited (UK) UBS Global Allocation (UK) C Acc 0.74 - 0.00 2.16
Investments Inc Port Inc X 152.90 - 0.00 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
RobecoSAM S.HealthyLiv/N 168.10 - 0.29 0.00 UBS Global Enhanced Equity Income C Inc 0.45 - 0.00 9.89
Authorised Funds
RobecoSAM S.HealthyLiv/Na 122.93 - -0.38 1.08 Gov Bond Inc Inst (gross)

Gov Bond Inc Inst

184.30

151.50
-

-
0.10

0.10
-

-
TM New Court Fund A 2011 Inc 14.18 - 0.00 0.00 UBS US Growth C Acc 1.06 - 0.01 0.00 Money Market
RobecoSAM S.Water/A 213.15 - -0.02 1.56 TM New Court Fund - A 2014 Acc 14.22 - 0.01 0.00 UBS Emerging Markets Equity Income C Inc 0.47 - 0.00 3.73
RobecoSAM S.Water/N 185.37 - 0.89 0.00 Gov Bond Acc Inst 156.00 - 0.10 - TM New Court Equity Growth Fund - Inc 14.60 - 0.01 0.00 UBS FTSE RAFI Dev 1000 Index J Acc 134.75 - 0.21 2.33 Trusts and
Strat Bond Inc Inst (gross) 183.30 - 0.00 -

Strat Bond Inc Inst 150.90 - 0.00 -

UBS MSCI World Min Vol Index J Acc 138.13 - 0.05 2.18
Bank Accounts Gross
Strat Bond Acc Inst 159.80 - 0.00 - Gross Net AER Int Cr
Unicapital Investments (LUX)
Managed Investments OEIC 3 Stewart Investors (UK)
Regulated
Div Inc Port Inc Ret 173.70 - -0.40 - 23 St Andrew Square, Edinburgh, EH2 1BB CCLA Investment Management Ltd
Investments IV - European Private Eq. 192.31 201.92 -14.15 -
enquiries@stewartinvestors.com Senator House 85 Queen Victoria Street, London EC4V 4ET
Corp Bond Acc Inst (gross) 231.20 - 0.10 - Client Services: 0800 587 4141 Investments IV - Global Private Eq. 245.16 257.42 -41.46 0.00 CBF Church of England Deposit Fund 0.35 - 0.35 Qtr
Rubrics Global UCITS Funds Plc (IRL) Corp Bond Inc Inst 147.20 - 0.10 - Dealing Line: 0800 587 3388 Toscafund Asset Management LLP (UK)
www.rubricsam.com Authorised Funds www.toscafund.com
Corp Bond Acc Inst 155.70 - 0.10 - CCLA Fund Managers Ltd
Regulated SI Asia Pacific A Acc 1214.85 - 3.86 0.24 Authorised Funds Unicorn Asset Management Ltd (UK) Senator House 85 Queen Victoria Street, London EC4V 4ET
Rubrics Emerging Markets Fixed Income UCITS Fund $ 124.77 - -0.27 0.00 Multi-Manager OEIC Aptus Global Financials B Acc 3.56 - 0.01 4.25 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 COIF Charities Deposit Fund 0.35 - 0.35 Qtr
SI Asia Pacific A Inc 2.21 - 0.01 0.46
Bal Intl Track Acc Ret 310.80 - 0.20 - Aptus Global Financials B Inc 2.92 - 0.00 4.44 Authorised Inv Funds
Rubrics Global Credit UCITS Fund $ 14.93 - 0.00 0.00 SI Asia Pacific Leaders A Acc 586.49 - 2.28 0.57
Bond Mthly Inc Acc Ret 151.70 - -0.40 - UK Growth A Inc 484.94 - -1.12 0.75
Rubrics Global Fixed Income UCITS Fund $ 159.15 - 0.07 0.00 SI Asia Pacific Leaders A Inc 2.02 - 0.00 0.51
Q Rubrics India Fixed Income UCITS Fund $ 10.90 - 0.02 0.00
Bond Mthly Inc Inc Ret 94.66 - -0.19 - Mastertrust A Inc F 444.53 - 0.40 0.28 Data Provided by
SI Asia Sustainability A Acc 446.50 - 1.11 0.29 Toscafund Asset Management LLP UK Growth B Inc 486.91 - -1.12 1.39
Rubrics India Fixed Income UCITS Fund $ 93.01 - 0.17 0.00 www.toscafund.com
SI Global Emerging Mkts A Acc 736.86 - 2.69 0.27
Other International Funds Mastertrust B Inc F 398.84 - 0.37 0.92
Rubrics International Bond UCITS Fund $ 17.74 - 0.01 0.00 Santander Asset Management UK Limited (1200)F (UK) SI Global Emerging Mkts Leaders A Acc 528.41 - 2.16 0.65 Tosca A USD $ 282.31 - 8.53 -
287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Outstanding British Cos A Acc F 271.25 - -0.92 0.25
Authorised Inv Funds SI Global Emerging Mkts Sus A Acc 280.92 - 1.52 0.39 Tosca Mid Cap GBP 279.28 - 14.93 -
Santander Premium Fund (OEIC) SI Indian Sub-Cont A Acc 417.80 - 1.94 0.00 Tosca Opportunity B USD $ 391.68 - 23.28 -
Outstanding British Cos B Acc F 285.74 - -0.97 0.96
www.morningstar.co.uk
A Shares UK Smaller Cos A Inc F 481.67 - -0.92 1.16
SI Latin America A Acc 2.41 - 0.02 0.16
Data as shown is for information purposes only. No
Europe (ex-UK) 338.80 - -1.60 - Pegasus Fund Ltd A-1 GBP 66.15 - 4.06 0.00 UK Smaller Cos B Inc F 471.24 - -0.89 1.85 offer is made by Morningstar or this publication.
Japan Equities 197.10 - 0.20 - SI Worldwide Equity A Acc 1.69 - 0.00 0.00
UK Income A Acc F 271.87 - 0.15 4.40
16 | FTfm
The week
C US companies that bring
cash back from overseas under
President Trumps proposed
tax reforms should not use the
money only for share
buybacks, according to Larry
Fink, chief executive of
BlackRock.
A letter sent last week by Mr
Fink to the chief executives of
leading US companies fired a
warning shot at those that
might consider using
repatriated cash to engineer a
share-price boost.
As the worlds biggest asset
manager and a shareholder in
most US companies, BlackRock
will now demand evidence that
chief executives have
examined the best uses for any
cash repatriated to the US.
C Harvard is laying off half the
230 staff that work on the
universitys $35.7bn
endowment and will outsource
substantially more of its
investments to
external
asset
managers.
The shake-up
was
announced by
Narv Narvekar,
the recently
appointed chief
executive of Harvard
Management, in a memo that
warned the largest Ivy League
endowment faced another
challenging year.
Harvard will close its in-
house hedge fund strategies
and the team running property
investments will be spun out
into an independent entity.
Only the management of the
natural resources portfolio and
passively managed exchange
traded funds will remain in-
house.
C France attracted strong
support from institutional
investors including Dutch and
French pension funds for its
inaugural sovereign green
Qatars SWF plans to spend $2bn more in Russia following a
controversial investment in Rosneft Andrey Rudakov/Bloomberg
FINANCIAL TIMES Monday 30 January 2017
NEWS
THE LAST WORD QUOTE OF THE WEEK
Madison Marriage INSIDE AND Anonymous
Think British bosses are People are very cross. Does
paid too much? Look ONLINE the FCA not understand
across the pond, where that vilifying one of the UKs
the average CEO in the gold-standard industries is
S&P 500 earns more not helpful, particularly in VIDEO
than double the average the context of Brexit and the Trumps trades
for chief executives of likelihood that UK managers The ramifications of the
Britains 100 largest will not be able to passport new US presidents
Private equity groups are companies funds [into the EU]? protectionist approach
looking to Luxembourg PAGE 8 PAGE 3 VIDEO.FT.COM
bond issued last week.
Dutch asset managers APG,
PGGM and MN subscribed for a
combined 967m. ERAFP and
Ircantec, the French pension
funds, were also among the
200 institutions that invested
in the largest green bond
issued to date. The 7bn bond,
which will mature in 2039, was
three times oversubscribed,
drawing bids of 23bn.
C Large private equity groups
are applying for the right to
market and distribute funds
from Luxembourg as hopes
fade that the UK will remain in
the European
single
market.
Carlyle and
Blackstone are
leading the
move that will give
the two US buyout
groups passporting
rights, allowing them to
continue operating on the
continent following Brexit.
Both companies, which
together control assets of
around $480bn, already have
some staff in Luxembourg. The
initiative provides more
evidence that large asset
managers are searching for
solutions to the Brexit impasse.
C Qatars sovereign wealth
fund plans to spend a further
$2bn in Russia following a
controversial investment in
Rosneft, the state oil producer.
Vladimir Putin, Russias
president, said the $10bn
Russian Direct Investment fund
would also invest in new oil
projects.