The Markets December 1, 2010

MSCI Launches New Indexes for Developed Markets

MSCI Inc. launched the MSCI Micro Cap Indices for all Developed Markets countries and regions covered by MSCI.
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A press release said the MSCI Micro Cap Indices add 4,862 new securities to what’s covered by the MSCI Global Equity Indices, led by constituents from Japan (1,318 securities) and the U.S. (964 securities). The indexes include companies with market capitalizations as low as $29.5 million.   

In conjunction with the MSCI Micro Cap Indices, MSCI is also launching the MSCI All Cap Indices, which aim to provide comprehensive coverage of all capitalization segments and approximately 99.8% of the Developed Markets equity universe.  

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Both the MSCI Micro Cap Indices and the MSCI All Cap Indices follow the principles of the MSCI Global Investable Market Indices Methodology and are constructed with a focus on data quality, and index transparency and consistency across all size segments and geographies, the announcement said.   

MSCI also announced it has extended its Frontier Markets universe to include small cap coverage. The new MSCI Frontier Markets Small Cap Indices cover 26 countries and 242 securities.   

Performance data for all the new indexes will be available on http://www.msci.com at market close on Wednesday, and will be included in the applicable end of day index products for MSCI index clients.
Products December 1, 2010

CFA Offers Guide for Endowments and Charities

Working with industry experts, the CFA Institute has published an investment guide for charitable organizations, donors, and beneficiaries.
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The Investment Management Code of Conduct for Endowments, Foundations, and Charitable Organizations contains specific investment management standards that are supplemented by best practice guidance and examples, according to a press release.   

It requires members of a governing body to:  

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  • Act with loyalty and proper purpose; 
  • Act with skill, competence, prudence, and reasonable care; 
  • Abide by all laws, rules, regulations, and founding documents; 
  • Show respect for all stakeholders; and 
  • Review investment strategy and practices regularly. 

In developing the Endowment Code, CFA Institute partnered with industry groups such as the Council on Foundations, Institute for Private Investors, Philanthropic Foundations Canada, Philanthropy Australia, and European Foundation Centre.   

The announcement said the Endowment Code is appropriate for charitable trusts, endowments, independent foundations, non-governmental organizations, philanthropies, and public funds.  

Charitable organizations that wish to claim compliance with the Endowment Code are asked to inform CFA Institute, which will provide an online list of all that have adopted the Endowment Code or whose existing code of ethics comply with it.

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