德拉吉是個狠角色。
受欧洲央行零利率冲击 小摩关闭欧洲货币市场基金
2012年07月06日 23:19
文 / 莫西干
BBG：欧洲央行把央行隔夜存款利率下降到零后，摩根大通对新投资者关闭了旗下5个欧洲货币市场基金。
摩根大通昨天给客户发出通知，它们旗下5个欧元定价的货币市场基金和流动性基金（liquidity funds）将不再接受新的投资者。因为0利率可能给投资者带来负的回报。
昨天，欧洲央行行长德拉吉说，零利率对经济只有“轻微”的影响。
摩根大通网站上说，“几乎肯定的是，零利率将使资金大量涌向短期票据，把收益率拉低到负区间。所以我们采取了限制认购和转入这些基金的措施，保护当前股东的权益免受摊薄。”
摩根大通资产管理部门的发言人Kristen Chambers表示，限制是临时的。摩根大通表示，我们仍受理客户赎回和转移他们的基金股权的要求，并定期评估是否接受新的资金。
摩根大通的网站还说，没有其它的全球流动性基金面临关闭的危险，“但为了保护我们的现有投资者，如果环境允许，我们会毫不犹豫地限制新的投资。”
JPMorgan, the world’s biggest provider of money-market funds, won’t accept new cash in five euro-denominated money- market and liquidity funds because the rate cut may result in losses for investors, the company said in a notice to shareholders. Goldman Sachs won’t accept new money in its GS Euro Government Liquid Reserves Fund, and BlackRock, the world’s largest asset manager, is restricting deposits in two European funds.
“The European market environment is in unchartered territory with such historically low -- or even negative -- yields for high-quality issuance,” Goldman Sachs (GS) said in a memo to fund shareholders, citing the ECB’s rate cut. “It is not currently feasible for our portfolio managers to deploy capital without substantially diluting the yield for the existing base of shareholders.”
The ECB yesterday reduced its benchmark rate to a record low of 0.75 percent and took its deposit rate to zero. Money funds have been struggling to invest client assets at a profit as interest rates globally are near record lows and Europe’s sovereign debt crisis has reduced the supply of available debt. Managers have been forced to cut fees to keep customer returns above zero, and some have abandoned the business.
The deposit rate cut “will almost certainly move cash bids in short-dated instruments into negative territory, and so we have taken the step to restrict subscriptions and switches into the funds in order to protect existing shareholders from yield dilution,” JPMorgan said on its website.
沒有留言:
張貼留言