As an outlier in a world of rising interest rates, and as investment behaviour evolves, Japan offers a growing opportunity to Western asset managers eyeing the ¥2,023 trillion* household savings market. BBH’s Japan team shares how they can best access that opportunity.
The U.K. Financial Conduct Authority (FCA) has opened a public consultation which seeks to reshape the rules around marketing of Long-Term Asset Funds (LTAFs) to allow access to a wider group of retail investors and pension schemes.
High food and energy prices continue to squeeze households globally. Aggressive monetary policy responses and shrinking real incomes have increased global recession risks. Indeed, more and more signs of recession are piling up.
For much of the first half of this year, high interest rates and rising commodity prices helped these currencies outperform their emerging market peers. However, broad-based dollar strength has slowly but surely eaten away at those EM FX gains and this is likely to continue as the Fed remains on its aggressive tightening path.
Banks, asset managers and insurers operating in the EU will be subject to new rules intended to boost the security and resiliency of the financial sector. Adrian Whelan maps out what asset managers need to know.
As the investment landscape in Japan continues to evolve, BBH Relationship Manager Tomoko Kenny asks SMTAM's David Semaya how his firm is addressing three global themes and how Western asset managers can enter this market with the help of industry partners.
Capital and macro markets continue to present market participants and policymakers with a complex and dynamic environment that requires their flexibility to adapt. BBH’s securities lending team provides a mid-year assessment and outlook for H2 2022.
Managers and distributors are increasingly obligated to engage investors on their ESG appetite. Adrian Whelan sets out the MiFID II Sustainability Preferences and other factors that firms should consider.
With the curtailment of trading in Belarusian, Russian and Ukrainian securities, fund liquidity is high on asset managers’ agendas. BBH’s Adrian Whelan addresses some of the key questions around use of side-pockets for UCITS funds.
Asset managers are facing increasingly rigorous regulatory scrutiny and fast paced technological change as they continue to grapple with market shifts. So when IMpower’s FundForum event called on senior industry leaders to share their collective experience and wisdom, they readily gathered to discuss the next phase of evolution. BBH's Janet Du Chenne reports on the main themes.
Partnerships between fund managers and third parties in the distribution ecosystem are on the rise. In this four-part audio series, Killian Lonergan shares his insights on the key trends and how to manage the complexities involved.
Regulations are an inevitable part of any cross-border fund distribution strategy, but the way in which firms adapt to them often dictates whether they help or hinder their European fund distribution models. BBH’s Killian Lonergan looks at three regulatory themes and the approaches that could spell success.
In this edition of In Focus, we provide a comprehensive list and breakdown of 2022 local law changes impacting tax rates, documentation, and market procedures, as well as the newly ratified DTATs and protocols that result in a tax rate impact to our clients.
There is no time like the present to take stock in what has been a dramatic start to the year for capital markets. This article looks at what volatile market conditions, a hawkish shift in central bank policies and a refocus on fundamentals will likely mean for securities lending in the year ahead.
Now in its second edition, this guide by BBH and K&L Gates assesses regulatory, business, and operational considerations for converting a mutual fund to an ETF and presents a case study of a recent switch.
A plan to reform the international tax system and charge multinational enterprises a minimum tax rate has taken a significant step forward with its endorsement by OECD and G20 countries. BBH’s Global Tax Services highlights what clients need to know.
In this edition of InFocus, we answer some frequently asked questions related to new rules that certain Cayman entities must comply with in order to meet obligations under the Common Reporting Standard (CRS).
Regulators are reviewing how gamification and other tech led sales techniques sit within their Regulation Best Interest framework after the recent Robinhood/GameStop events. Here, we discuss their considerations.
More and more asset managers are reviewing operational functions like Currency Hedging and reassessing how they are managing their programs following some of the highest market volatility in years. Here, we explain some critical aspects for consideration.
The global COVID-19 pandemic has brought the topic of operational resilience to the top of the agenda for regulators worldwide. Here, we sum up some of the common areas of focus among the open operational resilience regulatory assessments and how they are influencing policymakers' actions going forward.
A growing number of ETF issuers are turning to securities lending programs as a way to increase revenue, mitigate costs, and counteract downward pressure on fees. In this Exchange Thoughts article, we explore the pivotal role ETFs are playing in the securities lending market.
Environmental, Social, and Governance (ESG) is one of the hottest topics in asset management, and just the start of many acronyms thrown around regularly. Here we discuss the latest ESG acronym: Corporate Sustainability Reporting Directive, or CSRD.
The ability to easily “passport” funds across E.U. borders is a great attraction for asset managers. Here, we discuss the regulations of European Passporting and some of the obstacles that are no longer in the way.
We surveyed private and universal banks on their thoughts about how their approach to business has changed due to working remotely and the future going forward. The survey key findings highlight the challenges, the response, and how we all see new ways of working post-pandemic.
In the final part of our three part series on fund liquidity, we focus on the recently published report from European Securities and Markets Authority (ESMA) on its study of UCITS liquidity risk management.
Despite certain points of tension across the asset management industry in the lead up to Brexit, overall things have been pretty calm in the wake of the “divorce”. Here, we discuss the latest Memorandum of Understanding and what it could mean for the industry.
The first phase of the E.U.’s Sustainable Finance Disclosure Regulation (SFDR) focused on adherence to the E.U.’s ESG agenda, representing the industry’s arrival at basecamp. We outline the three remaining challenges as the focus now turns to the detailed SFDR RTS and Taxonomy alignment.
Established in 1985, the UCITS fund structure is two years older than Rick Astley’s hit “Never Gonna Give You Up.” Ever since, investors in Europe and beyond have never given up on UCITS. We explain with a selection of the "greatest hits" from UCITS funds.
The Sustainable Finance Disclosures Regulation (SFDR) is the important first, big step in a longer E.U. ESG journey to enshrine sustainability across the entire E.U. asset management sector. Lingering questions remain about many of the disclosure requirements and fund classification process as the March 10th deadline nears.
In this edition of In Focus, we provide a comprehensive list and breakdown of local law changes impacting tax rates, documentation, and market procedures, as well as newly ratified Double Taxation Avoidance Treaties (DTAT) and protocols that result in a tax rate impact to our clients.
The recent 2020 U.S. election results bring new reasons to contemplate significant legislation and policy changes that will shape industry growth trends for the next decade. Could private markets be a source for post-COVID recovery?
In the latest FX Quarterly, our strategists highlight the key risks driving global economies, including the ongoing COVID-19 crisis and the transition to a new administration in the U.S. We also provide our outlook on developed and emerging markets in Q1 2021.
Unprecedented, resilient, and exhausting have all been words that have characterised this challenging year. While the long lasting effects of the pandemic on the global economy has yet to be determined, there is a feeling that we are moving into the next phase of the crisis with investors increasingly refocusing on the fundamentals of their investment decisions. We look at the key drivers in our 2021 Securities Lending Outlook.
By selecting this link, you are leaving Brown Brothers Harriman & Co. internet website. This link is provided for informational purposes only. Brown Brothers Harriman & Co. is not responsible for the content within this linked site and no endorsement of their content is implied
If you are leaving to view a video on a third-party website, the views expressed in the video are as of the date in the broadcast. The positions expressed in this material are those of the author and may or may not be consistent with the views of Brown Brothers Harriman & Co. and its subsidiaries and affiliates ("BBH") and are intended for informational purposes only. Information contained herin is based upon various sources believed to be reliable and are subject to change without notice. Furthermore, these positions are not intended to predict or guarantee the future performance of any currencies or markets. This material should not be construed as research, or as investment, legal or tax advice, nor should it be considered information sufficient upon which to base an investment decision. BBH is not affiliated with the third-party site.
Important Information for Non-U.S. Residents
You are required to read the following important information, which, in conjunction with the Terms and Conditions, governs your use of this website. Your use of this website and its contents constitute your acceptance of this information and those Terms and Conditions. If you do not agree with this information and the Terms and Conditions, you should immediately cease use of this website. The contents of this website have not been prepared for the benefit of investors outside of the United States. This website is not intended as a solicitation of the purchase or sale of any security or other financial instrument or any investment management services for any investor who resides in a jurisdiction other than the United States1. As a general matter, Brown Brothers Harriman & Co. and its subsidiaries (“BBH”) is not licensed or registered to solicit prospective investors and offer investment advisory services in jurisdictions outside of the United States. The information on this website is not intended to be distributed to, directed at or used by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Persons in respect of whom such prohibitions apply must not access the website. Under certain circumstances, BBH may provide services to investors located outside of the United States in accordance with applicable law. The conditions under which such services may be provided will be analyzed on a case-by-case basis by BBH. BBH will only accept investors from such jurisdictions or countries where it has made a determination that such an arrangement or relationship is permissible under the laws of that jurisdiction or country. The existence of this website is not intended to be a substitute for the type of analysis described above and is not intended as a solicitation of or recommendation to any prospective investor, including those located outside of the United States. Certain BBH products or services may not be available in certain jurisdictions. By choosing to access this website from any location other than the United States, you accept full responsibility for compliance with all local laws. The website contains content that has been obtained from sources that BBH believes to be reliable as of the date presented; however, BBH cannot guarantee the accuracy of such content, assure its completeness, or warrant that such information will not be changed. The content contained herein is current as of the date of issuance and is subject to change without notice. The website’s content does not constitute investment advice and should not be used as the basis for any investment decision. There is no guarantee that any investment objectives, expectations, targets described in this website or the performance or profitability of any investment will be achieved. You understand that investing in securities and other financial instruments involves risks that may affect the value of the securities and may result in losses, including the potential loss of the principal invested, and you assume and are able to bear all such risks. In no event shall BBH or any other affiliated party be liable for any direct, incidental, special, consequential, indirect, lost profits, loss of business or data, or punitive damages arising out of your use of this website. By clicking accept, you confirm that you accept to the above Important Information along with Terms and Conditions.
1BBH sponsors UCITS Funds registered in Luxembourg, in certain jurisdictions. For information on those funds, please see bbhluxembourgfunds.com