- July 9, 2009 - New Product Launched To Solve Multi-Broker Reporting Headache
Athena Investment Systems, a US-based technology provider for the hedge fund industry, has launched Aura, a real-time information dashboard which the firm says provides an inexpensive method of viewing consolidated positions and trade information across multiple prime brokers.
The Aura dashboard extracts and aggregates raw positions and trades from multiple prime brokers as well as from other sources, including fund administrators and systems for accounting, order management and market data. Aura then calculates real-time exposures, risk, P&L and performance at all lev.
- July 8, 2009 - Singapore Punishes Banks, Firms For Product Shortcomings After Lehman Demise
Singapore’s central bank and regulator has criticised shortcomings among firms which sold and marketed structured products linked to Lehman Brothers, the US investment bank which went bankrupt last autumn.
In a survey of firms which were selling these products, the Monetary Authority of Singapore said the amount of due diligence checks and internal controls differed widely. As a result, a number of banks and intermediaries have been temporarily banned from dealing in and selling advisory services for these products.
- July 3, 2009 - Executive Moves - June 2009
North America
Eaton Vance Investment Counsel, a division of Eaton Vance Management, has appointed Antoinette Russell to the post of vice president, Family Office Services. She previously was senior client advisor and director of SCS Financial.
GenSpring Family Offices, a US wealth manager for ultra-high net worth families, has appointed Bruce Paulson as a director with responsibility for leading the firm’s Midwest expansion from Minneapolis.
- July 2, 2009 - Barclays Wealth Has Big Hiring Goals For Americas - Report
Barclays Wealth plans to hire up to 200 high-end investment representatives over the next four years in a move to expand its new wealth management foothold in the Americas, according to the Wall Street Journal.
Following the collapse of Lehman Brothers into bankruptcy, Barclays acquired Lehman's private investment management unit to gain a presence in the US market.
Since then, the UK bank has recruited roughly 50 representatives, the firm's name for financial advisors, the newspaper said.
- June 29, 2009 - Transparency Holds Key To Wealth Management Recovery - PwC
Big falls in the wealth of high net worth clients have badly shaken people’s confidence in the wealth management industry, putting a premium on transparency and efficiency as the values needed to restore the sector’s health, according to a report by PricewaterhouseCoopers published today.
Transparency is the new “gold standard” of the industry because clients will demand more clarity and information about the state of their investments and how their wealth is being managed, said the report.
Since PwC produced its last global report on wealth management in the boom-year of 20.
- June 25, 2009 - New Asia-Pacific Chairman And CEO At UBS
UBS has moved Chi-Won Yoon up to be chairman and chief executive officer of Asia Pacific and a member of the Swiss giant's group executive board, with immediate effect. He succeeds Rory Tapner, who is leaving after 25 years.
Oswald Grübel, group chief executive officer, said: “Chi-Won becomes the leader of a business that, under Rory’s stewardship over the last five years, has developed into a formidable franchise.
- June 23, 2009 - Morgan Stanley Rolls Out Equity, Debt Structured Products
Morgan Stanley has unveiled three structured products across a range of different asset classes, ranging from emerging market equities to UK government bonds.
The US firm is launching the The Morgan Stanley FTSE Protected Growth Plan 30 which is a six-year plan, offering growth potential and complete capital protection from Morgan Stanley. If the UK’s FTSE 100 Index rises by 10 per cent or more after three years, then investors can exit early and receive a fixed return of 26 per cent.
- June 23, 2009 - At Long Last, Spain's Multi-Family Office Market Shows Real Promise
There have been recent moves in the market for multi-family offices in Spain, as firms seek to exploit the wealthy families’ perceived appetite for advice to help them avoid problems faced by their investments during the financial turbulence.
There has been a flurry of corporate moves and recruitment drives by some firms as it appears the market in Spain is now ripe for a push by multi-family offices. Against this background, one of the most striking developments has been the merger of MdF Family Partners and Achievers Family Office, both based in Madrid.
- June 22, 2009 - Citi Denies Lawsuit Claims Of Negligence, Misrepresentation In Singapore - Report
Citi has rejected a lawsuit by former Singapore private banking client claiming that he lost more than $1 billion as a result of the bank providing inaccurate information and failing to execute some of his trades, Reuters reports.
In the aftermath of the financial crisis - and the bankruptcy of structured products manufacturer Lehman Brothers in particular - many private banking clients have been left nursing huge losses. A number of such clients have commenced legal action against the institutions that advised them, with allegations of poor advice, inadequate due diligence and the .
- June 19, 2009 - After Turmoil, Luxury Goods To Return As Investment Darling - Julius Baer
The luxury goods industry entered recession in 2009, with Bain & Co, a consultancy, predicting there will be a 10 per cent fall in luxury spending by HNW individuals by the end of the year. However, as far as funds investing in luxury goods firms are concerned, prospects look rosier in the medium to long term, with emerging markets driving some of the demand, argues Dr Scilla Huang Sun, co-manager of the Julius Baer Luxury Brands Fund.
“2009 will be a difficult year for luxury; most analysts have already reduced their earnings estimates a lot.
