- September 3, 2010 - Deflation Or Inflation - How Either Outcome Affects Art Investment
Expectations in the financial markets have changed significantly since our last report on the art fund market in which we discussed how investors were shifting their concerns from weathering the financial crisis to anticipating the inflationary effects of rising government spending and debt.
In our June Issue of Art Fund Tracker, we enumerated the factors that led us to believe – as we still do – that an allocation to real assets like fine art in the form of a well diversified art fund could help protect against the damaging by-products of inflation and volatility. Since then.
- September 3, 2010 - Managing Director Quits Scottish Private Bank, Interim MD Named
Managing director David Cathie has left Edinburgh-based Adam & Co, Citywire reports.
A spokesperson for the RBS-owned bank is quoted as saying: “After five years as managing director of Adam & Company, David Cathie has decided that now the strategy for the bank has been set, it is now the right time to leave to company to pursue fresh challenges. In his time with the group, David has played a central role in leading the success of the bank and Adam is now well positioned for further success within the UK.
- September 3, 2010 - Morgan Stanley Hires For Latin American Business
As private banks look to increase their Latin American coverage, Bank Morgan Stanley, the Swiss subsidiary of the US bank, has hired Luca Majic as an investment advisor covering Argentina, WealthBriefing has learned.
“Luca's in-depth knowledge of the Argentine market will make him an important addition to our team as we continue to grow our Latin America business,” said an internal memo seen by this publication.
Majic joins from Banco Santander Geneva, and has experience in various private markets including Argentina, the US and Switzerland.
- September 3, 2010 - Natixis Overhauls Asset Management Business, Appoints Two New CIOs
The French banking group Natixis has created two investment departments within its asset management business, appointing two chief investment officers to replace its deputy CEO in charge of investments. Ibrahima Kobar and Emmanuel Bourdeix have been appointed as CIO of fixed income and CIO of equity, asset allocation and structured products, respectively, to replace Dominique Sabassier. The pair, who both report to Pascal Voisin in their new roles, will also join Natixis Asset Management’s executive committee.
- September 3, 2010 - Banking Pay Reforms Taking Hold, More Focus On Long-Term - Report
Bankers are reducing their use of big unconditional payouts to hire and retain staff and instead are trying to set pay more in line with long-term performance to avoid undue risk-taking, according to a new report on the industry.
An international survey of wholesale banks found that most are now implementing compensation systems in line with the standards published by the Financial Stability Board in September 2009. Substantial changes are taking place in governance, risk adjustment and deferred pay-outs, the report said.
- September 3, 2010 - Investor Confidence Dropped In August - Survey
Worldwide, investor confidence fell 4. 4 points from July’s revised reading of 92. 1, according to the State Street Investor Confidence Index for August.
- September 3, 2010 - Man Group Hires GLG CEO, Approves GLG Acquisition
Man Group, the alternative investment management firm, has appointed GLG co-chief executive Emmanuel Roman to the newly-created role of chief operating officer - an appointment which will take effect after the acquisition of GLG, which shareholders approved yesterday, is completed.
The acquisition will see Pierre Lagrange, senior managing director of GLG, continue in his role, which involves overseeing investment management and running GLG’s flagship European long short equity strategy. Noam Gottesman will remain co-CEO of GLG with Roman, running GLG’s global opportunity strate.
- September 3, 2010 - Head of Asia-Pacific Wealth Arm At Merrill Lynch Resigns
Antony Hung, Merrill Lynch's head of wealth management in Asia-Pacific, will retire after a career spanning almost 18 years at the US firm, this publication can confirm.
Wilson Ho, head of North Asia wealth management for Bank of America's wealth unit, will serve as interim head of the Asian unit, a spokesperson said.
"I can confirm that Antony is retiring to spend more time to pursue alternative professional interests.
- September 3, 2010 - French Private Bank Names New Equity Management Head
Quilvest, the Paris-based private bank, has appointed Valérie Maillard as its new head of equity management, Citywire reports.
Maillard joins from Neuflize OBC Asset Management, where she had worked in the Parisian firm’s equity management team.
Quilvest had not responded to enquiries from WealthBriefing on the matter at the time of publication.
- September 3, 2010 - CISI Qualification To Be Added To FSA's "Appropriate Exam" List
The Financial Services Authority, the UK regulator, has agreed to publish the Chartered Institute for Securities & Investment’s Certificate in Private Client Investment Advice and Management as the proposed appropriate examination for investment managers. The move effectively ends uncertainty over whether this qualification will satisfy the demands of the Retail Distribution Review.
Under the RDR package of reforms, from the end of 2012 advisors will have to hold a Level 4 qualification - equivalent to undergraduate standard - as part of the regulator’s .
