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e-fundresearch: "What is your current global outlook for the banks & financials equity sector?"

Robert Mumby, Fund Manager, "Jupiter JGF Global Financials L EUR" (ISIN: LU0262307480) in his latest commentary: Valuations for European financials have the potential to improve further provided the European Central Bank’s recently announced bond purchasing measures are executed effectively and no further political disruptions emerge. Company earnings in the US look to be supported by the early signs of recovery in house prices and some pick up in investment banking activity mainly from strong corporate bond issuance. The slowdown in global economic growth is a threat to earnings particularly in Asia and Europe, although in the West the impact of recession is mitigated by the cautious approach to lending in recent years and by ongoing de-leveraging and cost saving initiatives. Companies involved in outsourcing, risk management, technological change and the boom in corporate bond investment and issuance have good earnings prospects, and well-managed property companies should continue to benefit from increased values for property with attractive yields and a reduction in financing costs."

Sotiris Boutsis, Fund Manager, "Fidelity Funds - Global Financial Serv A-EUR" (ISIN: LU0114722498) (20.09.2012): “Banks and financials are inextricably linked to the global economic situation.  Given that most advanced economies remain in deleveraging mode, the economic outlook remains subdued.  Economic data is not likely to significantly rebound in a sustainable manner before over indebtedness and structural imbalances are addressed. Recent monetary intervention can improve sentiment in the short term and remove some tail risk, but cannot alone address the structural problems. These require more time.
There are a number of areas where I do see a positive outlook within the sector. There are opportunities in selected emerging economies, where debt penetration is very low and there are favourable demographic and policy drivers. The property sector in particular will benefit from low interest rates and also offers asset backing at a time when the value of money is coming under question. And in developed markets positions in niche areas such as mortgage servicing which have gone through significant consolidation are also attractive. So stock picking is very important in this environment.”