Shifting Sands

Investor enthusiasm is an enduring hallmark of the last several years amid low volatility and high investor confidence. Despite a cascade of unsettling geopolitical developments, investors and the markets in which they operate have dutifully soldiered on. Whether it’s the S&P 500 Index achieving a new high when it broke through 2000, or the remarkable performance of developed market sovereign debt, the pacific attitude of investors that “things will work out fine” appears to be an increasingly catholic psychological trait. A common feature among investors that perpetuates this state is a belief that the current interest rate regime will continue. Cheap and easy money is a powerful elixir.

In every era, however, there is an inflection point; a moment in which the course of events moves slightly and the sands beneath begin to shift. There was such a moment last Friday when the world’s central bankers gathered for their annual confab in Jackson Hole, Wyoming. Since 1978, the Federal Reserve Bank of Kansas City has hosted it annual Economic Policy Symposium wherein “… central bankers, policymakers, academics, and economists from around the world” discuss the big issues of the day. This year the focus was on labour markets. In remarks to the conferees, Drs. Yellen and Draghi communicated what appeared to be nuanced, but important, changes in their policy posture that could have meaningful consequences for their respective economies.

Dr. Draghi’s evolution

The European Central Bank (ECB) president, perhaps finally recognising the limitations of monetary policy, endorsed an easing of the eurozone’s restrictive fiscal policies to help generate demand (Translated: were governments to spend more and cut taxes, economic activity would likely rise.) More importantly, he suggested the need for price stability, ie., inflation, to be in a subsidiary position to that of reducing unemployment. Also reading between the lines, it seems that the ECB president is acknowledging that a cheaper currency is required to provide relief from the deflationary pull that internal devaluations create in an economy.

This is hardly revolutionary stuff. When businesses and governments practise austerity by cutting wages, reducing the numbers of employees, and slashing benefits, all in the service of becoming more competitive, prices tend to fall. It is a policy of subtraction.

External devaluation through currency depreciation always has been the path of salvation for those countries struggling with high debt burdens and sclerotic economies. The bank’s consideration of outright purchases of asset-backed securities represents the first step in a more brawny approach to monetary policy. The threat of additional forms of quantitative easing (QE) will help to put downward pressure on the euro, and continue the trend that began in May. Properly exploited, a declining euro and falling interest rates can be the tonic policymakers and investors have been seeking. A cheaper currency will help make the bloc’s economies more competitive as the cost of its goods and services falls relative to its trading partners.

More importantly, if the central bank affects a weaker euro, it provides cover for policymakers to reform fiscal policy, labour laws, business regulation etc, all in an effort to generate a healthy and competitive economy. Of course, this assumes that the leadership of each of the bloc’s countries finds common ground and builds the coalitions necessary to do this. Judging from recent history, the formation of such a “Policy Xanadu” is unlikely.

In an ironic turn of events, President Francois Hollande dismissed a group of “rebel cabinet” members for essentially espousing Dr. Draghi’s thinking on fiscal policy. Although the language they used to make the point had an incendiary flare, the gist of their argument had merit, as the French economy ground to a halt in the second quarter, mirroring the broader Eurozone.

Fiscal considerations aside, the potential change towards a more accommodative monetary policy has significant ramifications for investors. Consider the American and Japanese equity experience on the heels of their falling currencies. The case for Eurozone equities (given their recent weak performance and valuations against this evolving policy backdrop) is considerable. It certainly represents the coming to fruition of the case we made for overweighting portfolios to this market.

Additionally, the pressure on euro government yields is likely to continue as the spectre of additional QE hangs over these markets, and the threat of deflation persists.

Dr. Yellen’s reality

Dr. Yelln’s speech made clear to anyone who read its six pages that the Federal Reserve (Fed)’s position is evolving. I have long argued that the cult of the central banker is wrongheaded. They have been portrayed as great economic seers. In fact, some were even referred and deferred to as oracles. If the perception of these “Lords of Finance” is kind, the reality is less so. Central bankers have no greater insight or forecasting ability than those over whom they hold sway. In the case of the Fed, Dr. Yellen’s comments revealed its struggle to gain insight into the direction and velocity of economic activity of the world’s largest and most vibrant economy is no different (despite the legions of Ph.D.s at their disposal) from that of private market players. It’s clear from her speech that the Fed has underestimated the vitality of the economy, and seems to be struggling to create a framework of analysis to judge the right policy response. In a moment of clarity and simplicity uncharacteristic of those in the economics profession, she averred: “There is no simple recipe for appropriate policy…”. Really.

The bottom line is straightforward: as the Fed grapples with how to judge the health of the economy, the likelihood rises of “falling behind the curve” in setting the appropriate interest rate. This likely will force the Fed to respond by altering interest rates sooner than those who blithely commit capital to 10-year Treasuries at yields below 2.4% might wish. To be sure, the emergence of an interest rate that does not need a microscope to be observed will be disruptive (and even destructive to those who are long leverage and duration). However, if the cause of a changing interest rate regime is faster and more durable growth, any setbacks are likely to be temporary.

These may be the quiet, concluding days of summer, but they are not without event.

September 1, 2014 – Specialist parks agents, Colliers International, has been instructed by administrators, Kirstie Provan and Paul Dounis of Begbies Traynor, to dispose of Beattock Country Park in Dumfries and Galloway. The freehold property is for sale, with Colliers International seeking offers over £1.5 million.

The holiday park extends over more than 50 acres, including a 5.6 acre loch – well stocked with rainbow trout. The park is developed with 129 static caravan/lodge pitches and 65 touring caravan/tent pitches, along with a refurbished bar, office and park shop. The park benefits from a site license for 259 pitches for 12-month holiday use.

Richard Moss, director of Parks, Sports and Marinas, Colliers International, said: “Beattock Country Park is set in a picturesque woodland setting in the heart of Dumfries & Galloway. This area of Scotland is immensely popular with tourists and this is proven by the occupancy of the park. The business has a lot of potential and we, therefore, expect to receive a lot of interest from national and regional parties.”

Kirstie Provan, joint administrator of Beattock Country Park Limited, Cragieland Country Park LLP and Loch View Park Limited from Begbies Traynor, commented: “We have been working closely with the customers and management company at Beattock Country Park to ensure the continuation of services pending the sale. Several parties are showing early interest, we therefore hope to be able to conclude a successful sale in a relatively short timescale.”

Maclay Murray & Spens’ (MMS) Catriona Munro is set to chair the next Scottish Competition Law Forum (SCLF) event, which takes place on 11 September. With online taking a rapidly growing slice of all retail sales, the session will explore some of the different issues facing online and ‘bricks and mortar’ businesses, as well as the approach taken by the Competition and Markets Authority and European Commission to accommodate such structural change.

Catriona Munro, a partner in MMS’ EU & Competition department, said: “Online selling continues to have a transformational effect on retail markets and this event offers an excellent opportunity to explore the competition implications in more depth.”

Speakers include Carolyn Jameson (director, general counsel, Skyscanner); Antonia Horrocks (project director, CMA); Ben Rayment (barrister, Monckton Chambers); and Matthew Johnson (economist, Oxera).

The free event, hosted by MMS’ EU & Competition team, takes place at the firm’s Edinburgh office at Quartermile One, 15 Lauriston Place, Edinburgh EH3 9EP on 11 September. It starts at 5pm and concludes at 7.30pm.

To request an invitation, please contact Emily Randall (Emily.Randall@mms.co.uk or tel 0330 222 1780).

• BCC upgrades 2014 GDP growth forecast from 3.1% to 3.2% – the highest growth rate since 2007
• Growth forecast for 2015 upgraded from 2.7% to 2.8%, but remains unchanged for 2016 at 2.5%
• First increase in official interest rates to 0.75% expected in Q1 2015
• GDP growth will continue at a strong pace of 0.8% in Q3 2014
• Exports of goods and services downgraded: from 1.9% to 0.8% for 2014, from 4.2% to 4.1% for 2015
• John Longworth: “We must ensure the stellar growth in 2014 is not a flash in the pan”

The British Chambers of Commerce (BCC) has today (Thursday) upgraded its GDP growth forecasts for this year and next year – from 3.1% to 3.2% in 2014 and from 2.7% to 2.8% in 2015. With expected growth of 3.2%, 2014 will be the first year since 2007 that growth will have exceeded 3%. This is largely due to stronger employment figures and higher expected growth for Q3 and Q4 2014 than previously forecast in May.

The business group, which represents thousands of companies across the UK, is forecasting a moderate slowdown in growth from 2015, with its prediction for 2016 remaining unchanged at 2.5%. This reflects a deceleration in household consumption and falling public spending as a share of GDP. BCC Director General John Longworth says we must do everything possible to ensure the strong growth in 2014 is not a ‘flash in the pan’. He calls the expected slowdown in 2015 and 2016 a ‘warning sign’ for the UK, which is currently too reliant on consumer spending as a growth driver.

ECONOMIC FORECAST – OVERVIEW

• The BCC is raising its UK GDP growth forecast from 3.1% to 3.2% in 2014, and from 2.7% to 2.8% in 2015.
• Upgrades for 2014 and 2015 are mainly due to: a stronger labour market; higher than expected growth in Q3 and Q4 2014; and upgraded ONS estimates for year-on-year GDP growth in Q2 2014.
• For 2016, the BCC’s GDP growth forecast remains unchanged at 2.5%.
• The first increase in official interest rates is expected in Q1 2015 to reach 0.75% – unchanged since our last forecast in May.
• The BCC expects modest increases of 0.25 percentage points, with interest rates reaching 1.25% in Q4 2015 and 2.25% in Q4 2016.
• After official rates start rising in 2015, household consumption will slow markedly.  But consumption will still contribute to GDP growth more than other areas of the economy.
• The UK unemployment rate is forecast to fall from 6.4% in Q2 2014, to 5.5% in Q2 2015, 5.0% in Q2 2016 and 4.9% in Q2 2017.
• The new forecast for exports of goods and services has been downgraded for the next two years: from 1.9% to 0.8% for 2014, from 4.2% to 4.1% for 2015, and remains unchanged at 4.6% for 2016.
• The downgrade in exports is due to the lower than expected figures for Q2 2014. The ONS also revised down its historical figure for exports in 2013, from 1.9% to 0.5%.

Commenting, John Longworth, Director General of the BCC said:

“Our forecast confirms that Britain has become one of the fastest-growing developed economies. We are leading, rather than following, other major economies when it comes to short-term growth. Businesses up and down the country should be congratulated for their hard work and determination in driving the UK recovery despite a number of international and domestic challenges.

“The task at hand is to ensure that the stellar 2014 growth is not a flash in the pan. We need to invest and export more, innovate, and build. It is disappointing that we have downgraded export growth for the next two years as a strong international trade performance is key if we are to steer away from a reliance on consumer spending. While business investment is forecast to grow strongly over the next three years, it will be growing from a low base. To sustain investment momentum into the future, the government and the Bank of England need to give businesses the confidence they need to invest by keeping official interest rates low for as long as possible. Any future rate rises must be gradual and modest.

“The UK must aim higher than accepting growth rates that simply go back to where they were before the recession, or worse – fall even lower. If we are to maintain a world-leading growth performance, we need a long-term partnership between government and business – with ministers unblocking infrastructure projects and improving access to finance so firms across the UK can invest, create jobs and export. We have a wealth of impressive and enterprising businesses in the UK, and there is no reason why a 3% growth rate should be the height of our ambitions.”

David Kern, Chief Economist at the BCC, said:

“Though our GDP forecasts have been upgraded for the next two years, we are predicting a slight slowdown in the pace of growth from next year. This reflects a deceleration in household consumption, and falling public spending as a share of GDP. Together, these factors will more than offset the increased contributions to GDP growth from investment and trade.

“We predict strong growth of 0.8% per quarter in the second half of this year. But as interest rates start to rise in 2015, indebted households with mortgages will face increased financial pressures, and much weaker household consumptionwill act as a drag on growth. To maintain our world leading performance, we may have to look to other sources of growth. Greater efforts to boost exports and investment, and avoiding premature interest rate increases, will ensure that the recovery is sustainable and that the pace of growth can strengthen in the future.

“The UK recovery remains on course and we are now outperforming other major economies. But many potential obstacles remain up ahead. Geo-political uncertainties such as Ukraine and the Middle East and sluggishness in the eurozone will remain serious challenges for some time. It is therefore doubly important to address the risks that we can tackle, such as the UK’s huge current account deficit. To continue driving the recovery, businesses need a stable and supportive environment that encourages enterprise, with low interest rates.”

OTHER ELEMENTS FROM WITHIN THE FORECAST

Main components of demand

• We expect growth in household consumption to strengthen to 2.9% in 2014, and then slow to 2.8% in 2015 and 2.2% in 2016. Our new forecast is higher than in Q2 for 2014 and 2015, and unchanged for 2016.
• Our new business investment forecast predicts stronger 2014 growth than we expected in Q2, but unchanged growth in 2015 and 2016. We expect business investment to record relatively strong positive growth of 10.7 % in 2014, 7.4% in 2015 and 7.4% in 2016.Even so, business investment will only surpass its Q1 2008 pre-crisis peak in Q3 2016.
• Our forecast is that the real net trade deficit will fall from 1.4% of GDP in 2013 to 0.8% in 2016, while the net deficit in current prices will fall from 1.8% of GDP in 2013 to 1.2% in 2016. As in recent years, the progress of net trade will be mainly due to a higher trade surplus in services.

Main sectors of the economy

• The services sector, the UK economy’s long-standing main growth driver, is forecast to record calendar year growth of 3.3% in 2014, 3.1% in 2015, and 2.7% in 2016. The share of services in total UK output is likely to rise a little further in the next few years.
• Our new forecast for total industrial output predicts positive calendar year growth of 2.0% in 2014, 1.4% in 2015 and 1.4% in 2016.
• Manufacturing output: Our new forecast envisages positive manufacturing growth of 3.0% in 2014, 1.5% in 2015 and 1.6% in 2016.
• Construction output: In full-year terms, we predict construction output growth of 4.3% in 2014, 2.8% in 2015 and 3.0% in 2016.

Official interest rates

• Our new central forecast is that the first increase in UK official interest rates, to 0.75%, will occur in Q1 2015. This timetable is unchanged since our Q2 forecast.
• Further modest increases in official rates can then be expected, in small steps of 0.25 percentage points, with official rates reaching 1.25% in Q4 2015 and 2.25% in Q4 2016.

Unemployment and productivity

• Our new forecast envisages that the UK unemployment rate will fall from 6.4% in Q2 2014 to 5.5% in Q2 2015, 5.0% in Q2 2016 and to 4.9% in Q2 2017. We expect UK unemployment to fall faster, and to a lower level, than we predicted in Q2.
• We are forecasting total UK unemployment to fall from 2.077 million in Q2 2014, to 1.817 million in Q2 2015, to 1.677 million in Q2 2016, and to 1.657 million in Q2 2017 – a net overall fall in total unemployment of 420,000 over the next three years
• We are forecasting that total youth unemployment (people aged 16 to 24) will fall from 767,000 in Q2 2014 (a jobless rate of 16.9%), to 636,000 (a jobless rate of 13.8%) in Q1 2017, a net fall of 130,000
• Productivity: Our forecast envisages modest increases in productivity from current low levels. However, productivity is unlikely to reach its pre-recession level in the next three years.

Public finances

• UK public finances: The OBR forecast, outlined at the time of the March 2014 Budget, is realistic in predicting steady falls in borrowing. But the OBR’s timetable is slightly too ambitious in our view.
• While the OBR is forecasting that UK public sector net borrowing would move into a small surplus in 2018/19, our view is that achieving this aim this would take one to two years longer.

Inflation

• In annual average terms, we are forecasting annual CPI inflation at 1.8% in 2014, 1.9% in 2015 and 2.0% in 2016. In Q2 we predicted 1.9% in 2014, 2.0% in 2015, and 2.1% in 2016.

Over 400 lucky school pupils from Edinburgh, Lothians and the Borders secured their place on a pioneering academy project which aims to boost educational and career opportunities for 15 – 18 year olds.

In just two years, the acclaimed academies project, spearheaded by Queen Margaret University and Edinburgh College, has grown from 34 young people from three East Lothian schools, to 450 pupils from over 50 schools in Edinburgh, East and Midlothian and the Scottish Borders.

On Friday 22 August, all 400 new academy students were brought together at Queen Margaret University, Edinburgh, to begin a programme of learning which will help prepare them for employment in some of Scotland’s most important growth industries.

The initiative, which was conceived by the Vice Principals of Edinburgh College and Queen Margaret University, is hailed as one which is delivering real results for Scotland’s young people. What started as a trial project with three East Lothian secondary schools, has now grown into a unique and highly successful partnership involving the University, Edinburgh College, Borders College, four local authorities and industry partners.

The Hospitality and Tourism Academy started in 2012 with the aim of smoothing the transition between school, college, university and work, as well as raising standards within the industry. The South East Scotland Academies Project now offers four academies for young people. The more recent additions are The Creative Industries Academy, the Food Science and Nutrition Academy, and the Health and Social Care Academy. The academies provide young people with a real insight into key growth industries and improves their employability by developing specialist skills and knowledge.

The project will mark one of its most significant milestones next month when the first cohort of students graduate from the academies project. Having successfully completed the full two year Hospitality and Tourism Academy, the East Lothian pupils will be the first to graduate with an HNC in Hospitality. These academy students will be in a unique position  – leaving 6th year of school whilst also achieving a Higher National Certificate (HNC) in Hospitality. This privileged position secures them a place in specific courses at Edinburgh College or allows them to skip first year and move directly into the second year of BA (Hons) in International Hospitality & Tourism Management at Queen Margaret University.

The addition of key industry partners, such as Double Tree by Hilton, Marriot Hotels, Skills Development Scotland and Creative Scotland, has helped to ensure the academies’ success, allowing young people to develop an understanding of the full range of jobs available within the hospitality, creative industries, food and health sectors.

Nick Hogarth, Reception Manager at Double Tree by Hilton Edinburgh – City Centre, is an enthusiastic supporter of the academies project. He is very keen to help young people develop a better understanding of opportunities within the hospitality industry and encourage them to view it as a first destination career choice. He explained: “From an employer’s view, the academies project helps develop a pool of young people who are better equipped than ever before to enter the industry. It’s difficult for young people to get experience but the academy model hits all the marks – academic education, industry insight and hands-on learning. I only wish that I’d had this opportunity when I was their age.”

All 400 new recruits to the academies project gathered for a photograph in the grounds of Queen Margaret University’s campus in Musselburgh where they will study for part of their academy journey. Learning for all four academies also involves the students taking classes with academics and industry experts at the University, as well as Edinburgh College or Borders College and gaining work experience in industry.

Professor Alan Gilloran, Deputy Principal at Queen Margaret University, said: “The academy model shows partnership working at its very best. By bringing together experts in further and higher education and working directly with schools, local authorities and industry, we can offer young people an incredible start in life – one which can help shape their future and bring about educational and career success.”

Ray McCowan, Vice Principal at Edinburgh College, concluded: “The academies project goes from strength to strength and two years on, the realities of our vision can be clearly seen. Many of the young people are now choosing to study towards careers in these important industries. They will not only be better informed about their own future career direction – they will develop skills and knowledge that can contribute to the growth and development of key industries in Scotland.”

 

On Friday 29^th August, Geoghegans Chartered Accountants will be taking part in the RSABI Great Glen Challenge 2014. With 23 other teams competing in the challenge, team Geoghegans have been preparing for the gruelling task ahead. The team will be taking part in: a half marathon, a 34km mountain bike ride, a 7km kayak course and a 10km walk. This ‘taxing’ task is all to help raise funds for the Scottish Charity RSABI which was established in 1897. The team has already raised over £1,000 for the Charity, who are established to provide financial assistance, support and advice to people who work in Scotland’s in land-based occupations and who are suffering hardship. Every year RSABI helps hundreds of people with backgrounds in farming, crofting, forestry, horticulture, fish-farming, gamekeeping and rural estate work who, due to illness, disability, poverty or crisis, find that they are unable to cope. The team are ready for the challenge ahead and are hoping to bring the winning title back with them. We wish them all the best.

If you would like to donate to this cause you can donate here http://uk.virginmoneygiving.com/team/geoghegans

The Mumpreneurs Networking Club is proud to announce Beverley Anderson as it’s new Edinburgh Manager. Beverley, who is a successful, local business woman was inspired by the ethos of the Club and realised that she could use her experience to help other mums move their business forward. This informal, friendly networking group that started in East Sussex, now has 17 venues and Edinburgh’s first meeting of 2014 is on the 16th September.

The Club founded by Nicky Chisholm and Sara Guiel in Sussex in 2009 has helped and inspired almost a thousand business mums in it’s first year! “As working mums we found it impossible to network at traditional meetings as these are at the most busy times in any family house so we decided to start our own at a time that suits busy Mumpreneurs” says Nicky. The Mumpreneurs Networking Club meets once a month at each venue and welcomes Mumpreneurs and those that want to reach them. Sara says, “We are not an exclusive network. Many professions find strength in meeting and sharing with others from the same disciplines. We also welcome those who would like to reach business mums. We have had a few brave men through our doors and some of our members are not Mums but find the friendly, inspiring, camaraderie empowers them to go forward with their businesses.”

“We are thrilled to have Beverley as our Edinburgh Manager and know she shares our passion for helping business mums. Her energy and commitment will really help build a supportive, inspiring network for all those business mums in the Edinburgh area”.

“I’m inspired by the ethos of the MNC, and excited about using my experience to help other Entrepreneurial Women, Mumpreneurs & Professional Women move their business idea or venture to the Next level.” Says Beverley.

The meetings are an opportunity to say who you are and what you do with clarity. They give you a chance to explore new ideas, build business relationships and find new clients quickly.

To book your place or for more information visit www.agoodgossip.co.uk or call 0131 214 1114 and remember, never under estimate the power of a good gossip!

 

Beverley Anderson – Edinburgh Manager

Asian equity markets have continued to pick up speed so far this summer, as manufacturing activity gathers pace. China’s official manufacturing purchasing managers’ index (PMI) rose to 51.7 in July, its strongest since April 2012, beating expectations.

Stimulus measures implemented by China seem to be having an effect, as Chinese equities, measured by the CSI 300 Index, rose more than 8%, while in Hong Kong, the Hang Seng Index was up almost 7%. There were also strong gains for the Korean Kospi Index, while elsewhere there was a sharp July increase in factory activity in India and Taiwan.

Elsewhere, the US economic recovery faltered slightly in July, as job growth slowed and unemployment unexpectedly rose, but overall it remains on track, contributing to a second quarter GDP growth forecast of 4 per cent.

Against this background US equities fell, while spreads between long and short-dated Treasuries have narrowed, indicating a slowdown. The sedate pace of improvement has validated the Federal Reserve’s policy of reducing monetary easing, while holding off on any move to raise interest rates.

UK equities also fell slightly in July, as the FTSE100 lost ground for the second month in a row, although the index was up more than 2% for the second quarter as a whole.

Measures implemented by the European Central Bank in June, designed to boost the eurozone economy, failed to have the desired effect, as equity markets across the region lost ground. Tensions in Ukraine contributed, as several large European multinationals were hit by concerns over Russian investments.

The consequent poor manufacturing and inflation data piled more pressure on the ECB to enhance its easy monetary policy in the near future. The Euro fell against the US Dollar and German Bund yields were also down, as uncertain investors looked for safer havens.

Edinburgh Rugby kick’s off the first home game against Connacht in the NEWLY branded Guinnness PRO12 league, in the NEWLY named BT Murrayfield, playing on the NEW high tech pitch. New Season and new beginnings!

The last two outings against the Irishmen saw the blacknredarmy triumph with a convincing 43-10 win at BT Murrayfield, however the return leg in Ireland led to different fortunes where they surrendered a half-time time lead to the leave the Sportsground frustrated with a bonus-point.

Join us at BT Murrrayfield for the first home game of the season and help roar on the boys to success!

Continuing delivery of growth and performance

• Strong operational performance with fee business revenue up 12%1 to £758m

• Assets under administration up 4% to £254.1bn, driven by strong net inflows of £4.6bn

• Business unit underlying performance* up 7% to £367m

• Operating profit2 before tax up 12% to £339m

• Acquisition of Ignis Asset Management enhances strategic positioning, and accelerates growth and
returns for shareholders

• Strong balance sheet and cash3 generation up 8% to £250m

• Interim dividend up 7.3% per share to 5.60p

David Nish, Chief Executive, commented:
“Standard Life has continued to perform well in the first half of 2014, driven by our focus on delivering value for money for all of our customers. We have increased revenues, profits and cash, and now have assets under administration of £254bn. “We have the products, experience and proven investment performance to help our customers in all of our markets to save and invest, so that they can look forward to their financial futures with confidence.

“We have an excellent track record of succeeding in evolving markets and we are well placed to deal with the far-reaching reforms to the savings and retirement income rules, announced earlier this year by the UK Government. “We remain committed to providing simple, flexible investment solutions for all of our customers which make saving for the long-term even more attractive, while creating new opportunities for our businesses.”

To view the results click on this link:

H2 results 2014 press release