| Feb 3, 2012 | Vol III: No.04 |
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Industry NewsFINRA Charges Charles Schwab & Co With Violating FINRA Rules by Using Class Action Waiver in Customer Agreements : The Financial Industry Regulatory Authority (FINRA) announced that it has filed a complaint against Charles Schwab & Company charging the firm with violating FINRA rules by requiring its customers to waive their rights to bring class actions against the firm. FINRA's complaint charges that in October 2011, Schwab amended its customer account agreement to include a provision requiring customers to waive their rights to bring or participate in class actions against the firm. Schwab sent the amended agreements to nearly 7 million customers. The agreement also included a provision requiring customers to agree that arbitrators in arbitration proceedings would not have the authority to consolidate more than one party's claims. FINRA's complaint charges that both provisions violate FINRA rules concerning language or conditions that firms may place in customer agreements. FINRA's complaint seeks an expedited hearing because Schwab's conduct is ongoing, as the firm has continued to use account agreements containing these provisions in opening more than 50,000 new customer accounts since October 2011. Read more... _________________________________________________________________________BPI Asset’s Javier Says Philippine Long-Term Bonds Will Advance : Theresa Marcial-Javier, senior vice president in Manila at BPI Asset Management, which oversees 670 billion pesos ($15.7 billion), comments on the outlook for Philippine bonds in an interview. BPI Asset prefers buying debt maturing in between 10 years and 25 years as yields on the notes may fall as much as 50 basis points, she said. “We expect inflation to be generally low. The central bank has a lot of room to cut the policy rate. Our trading team is looking at at least a 50-basis point rate cut. We’ve already seen one 25-basis point cut this year, maybe there will be another 25-basis point reduction by March. ‘‘We expect the currency to remain strong, partly because of inflows plus the overall positive fundamentals of the country. Remittance is a mature industry that will probably grow at most 8 percent. Read more... _________________________________________________________________________Investors kick off 2012 with defensive stance : Investors have begun 2012 in a cautious mood, with U.S. and Japanese asset managers worried about the euro zone debt crisis cutting exposure to stocks and boosting bonds, while European accounts added risky assets, Reuters polls show. The surveys of 55 leading investment houses in the United States, continental Europe, Britain and Japan released on Tuesday showed a typical balanced portfolio held 50.5 percent of its assets in equities this month, the lowest since October. The poll results show a divide in investor morale between Europe and elsewhere. Read more... _________________________________________________________________________Stay prudent amid volatile market conditions, Bangko Sentral tells fund managers : Economic uncertainties in the US and the ongoing debt crisis in Europe have ushered in new challenges for the financial sector, that fund manager in the Philippines to remain prudent and prepare for steeper regulation in the face of volatile market conditions. “The asset management industry, as a whole, faces a market landscape that has fundamentally changed in the last four to five years,” BSP Gov. Amando Tetangco Jr. told members of the Fund Management Association of the Philippines (FMAP). “Today we live in an environment of more stringent capital requirements, steeper yardsticks of governance and higher standards for consumer protection,” Tetangco said. Volatile market conditions will likely persist because of the difficulties the US and the eurozone countries are going through, noted the Bangko Sentral chief. Read more... |
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Exec Moves and ChangesBank of Korea Hires Samsung Asset Manager for Reserves : The Bank of Korea hired a Samsung asset manager to help run its $311 billion foreign-exchange reserves. Eugene Kim, who will resign from the position of chief investment officer at Samsung Asset Management Co. at the end of this month, will replace Chae Sun Byoung as the director of the Reserve Investment Division under the bank’s Reserve Management Group, the central bank said in a statement. Read more... _________________________________________________________________________Spark Capital names new general partner : Spark Capital has promoted Mo Koyfman to general partner and will be based in the firm's New York City office. In his new role he will continue to focus on consumer Web and mobile investments as well as sectors that exhibit network or marketplace dynamics such as education and wellness. Read more... _________________________________________________________________________Parametric appoints Australia managing director to grow regional presence : ?Asset management firm Parametric has announced the appointment of Scott Lawrence as managing director - Australia. Reporting to Parametric chief executive officer Brian Langstraat, Lawrence will be responsible for the development and growth of Parametric's tax-managed investment offerings in the Australian market. Read more... _________________________________________________________________________Grosvenor Fund Management Appoints Donohue Head Of Asset Management; Kilroy To Head Separate Accounts : Grosvenor Fund Management (GFM) has appointed William P. Donohue, Jr. to serve as Managing Director and Head of Asset Management in the Philadelphia, PA office. He will be responsible for U.S. real estate assets managed by GFM, with a focus on GFM fund products. At the same time, Robert R. Kilroy, CFA, who joined GFM in 2009 as Managing Director and Chief Portfolio Manager, has been appointed Managing Director and Head of Separate Accounts. Read more... |
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Industry Launches and DealsArden Asset Management Selects HedgeMark for Holdings-Based Risk Analytics and Managed Account Services : Arden Asset Management LLC, a leading independent fund of hedge funds manager, has selected HedgeMark Risk Analytics LLC, a division of HedgeMark International LLC, to provide position level risk reporting and data aggregation, it was announced today. Arden made its decision following an extensive review of industry risk specialists. Read more... _________________________________________________________________________RBS Agrees to Sell Hoare Govett Broking Unit to Jefferies : Royal Bank of Scotland Group Plc, Britain’s biggest state-owned lender, agreed to sell its Hoare Govett corporate broking unit to Jefferies Group Inc. (JEF) as the U.K. lender shrinks after getting a government bailout. Jefferies will pay a “nominal” amount in cash for the unit, Edinburgh-based RBS said today in a statement. About 50 employees will join Jefferies’s London office, including all of Hoare Govett’s corporate broking team, New York-based Jefferies said in a separate statement. Read more... _________________________________________________________________________Redwood Capital Group and Gemini Partners to Merge, Announce Martial Chaillet as Firm's Chairman : Redwood Capital Group (“Redwood”), a New York-based investment banking firm serving the technology, communications, media, business services and related growth industries, announced today that it has entered into definitive agreements to merge with Gemini Partners (“Gemini”), a leading investment bank based in Los Angeles, CA. The combined firm will maintain the Redwood Capital Group name and will have offices in New York, Los Angeles and Geneva, Switzerland, as well as representative offices in Baltimore, MD, and London, England. The firm also announced that the prominent Swiss financier and investor Mr. Martial Chaillet will become Chairman of the Board of the combined firm and lead Redwood’s Geneva office. Read more... _________________________________________________________________________CACEIS to take over EFG International’s fund admin business : CACEIS and EFG International reached an agreement whereby the activities of SIF Swiss Investment Funds SA (SIF), the Swiss-based fund administration business of EFG International, will be taken over by CACEIS (Switzerland) SA, the Swiss subsidiary of CACEIS. Terms are not being disclosed. The takeover is subject to the approval of the Swiss Financial Market Supervisory Authority (FINMA) and the existing clients of SIF. SIF is one of the six largest third-party fund administrators in French-speaking Switzerland, administering Swiss investment funds on behalf of its clients. The agreement covers some 20 funds, accounting for over CHF800 million (US$873.39 million) in assets. The decision by EFG International to exit the business is as a result of its detailed business review, and its desire to focus on its core business of private banking. Read more... |
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Upcoming ConferencesFebuary 13-15, 2012 The Latest Thinking In Risk, Regulation & Capital Management For The Global Insurance Industry Details _________________________________________________________________________March 14-16, 2012 Conference covers more ground for members of the wealth management and trust community, giving you the resources to be the trusted advisor today's investors demand. Details _________________________________________________________________________ |
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