Also reflecting improved investor sentiment, Bank of America Merrill Lynch's most recent monthly survey of fund managers showed that just 3% of fund managers participating in the January survey expect the global economy to weaken over the next year, compared with 27% holding that view in December.

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In addition to participating in the Mexican stock market, investors in this fund will gain some diversification from the U.S. dollar.

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Mr. Meckler and Ms. Martin were reluctant: Their group, the Patriots, had decided not to endorse or fund specific candidates, so they worried that participating might violate their followers' wishes, and their nonpartisan tax status.

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And there will be hand-wringing about whether UK taxpayers should be increasing their potential financial exposure to the eurozone's debts by participating in a 200bn-euro top-up of the International Monetary Fund's resources.

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And that's why we have a big problem with fees, we have a big problem with mutual fund governance, we have a big problem with mutual funds participating in the governance of our industrial corporations and other kinds of corporations in the U.S. They don't take the responsibility for ownership, because that doesn't produce any returns for the owners of the management companies.

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This week Neil Barofsky, the New York lawyer who was appointed as the programme's inspector-general last year, has recommended that any firm participating in PPIP should have to disclose the names of its beneficial owners such as hedge-fund partners.

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