- May 19, 2009 - Lehman To Challenge Sale Of Unit To Barclays As "Undervalued" - Report
Lehman Brothers is to investigate whether the sale of its US brokerage unit to Barclays Capital was undervalued, resulting in a “windfall” to the UK-listed bank of possibly billions of dollars, according to the Financial Times.
Lawyers for Lehman Brothers said they have become aware of “apparent material discrepancies” relating both to Barclays’ obligation to pay employee bonuses and other sums which affected the sale price and to asset transfers related to repurchase agreements conducted during the week that the sale was negotiated.
“In the aggregate, these apparent di.
- May 15, 2009 - Credit Suisse Officially Launches Private Bank In Japan
Credit Suisse said it has officially launched private banking operations in Japan, confirming WealthBriefing’s recent report that the Swiss bank was gearing up to start such a business in the world’s second-largest economy.
The operation will be led by Junya Tani, head of private banking for the Zurich-listed bank, to be based in Tokyo, the bank said in a statement today.
“This marks an important milestone in the implementation of the bank’s international growth strategy and allows Credit Suisse to deliver the full suite of its integrated financial services to its clien.
- May 15, 2009 - Wealthy Clients Shrink Number Of Bank Accounts - Deutsche Bank
The financial crisis is likely to lead private wealth clients to consolidate their accounts with fewer, rather than more, banks, Deutsche Bank Asian-based managing director Anurag Mahesh has said, according to AsiaOne.
This is in contrast to what happened following the collapse of Lehman Brothers at the peak of the credit crisis last September. Following that shock, clients woke up to the reality of counter-party risk and began to spread their funds across a number of banks - in particular to those with stronger balance sheets.
- May 12, 2009 - American Century Investments Expands European Sales Team
Missouri-headquartered asset management firm American Century Investments has expanded its European client relationship team with the appointment of Tom Douie as vice president at its London office.
Mr Douie joins the team for which Peter Brackett, Sigrid Johann and Ben Williams were recently appointed. The European client relationship team, which reports to Michael Green, senior vice president of international, will target financial intermediaries and institutional investors across UK, Europe and the Middle East.
- May 11, 2009 - Neuberger Berman Buys Lehman Brothers Asset Management Europe
New York-based Neuberger Berman, the former Lehman Brothers wealth management subsidiary, has purchased Lehman Brothers Asset Management Europe from Lehman Brothers as part of an employee-led buyout.
The new entity will named NB Europe, becoming the European arm for the newly formed Neuberger Berman Group. Dik Van Lomwel, formerly head of distribution at Lehman Brothers Asset Management Europe, will be the head of NB Europe and Middle East.
- May 8, 2009 - US Advisor-Owned Firm Raids Big Name Rivals On Recruitment Spree
HighTower, the Chicago-headquartered, advisor-owned financial services firm, has furthered its expansion with the recruitment of a raft of advisors from high-profile rivals, along with several new office launches.
Larry Gilbert, formerly of Goldman Sachs joins HighTower’s Chicago team, while in Michigan, Blair Anderson joins from UBS.
HighTower’s new office in Manhattan, New York will be lead by Richard Saperstein, formerly of Bear Stearns, and Michael Bapis, who had been with Morgan Stanley.
- May 6, 2009 - US Regulator Charges Reserve Capital Operators With Fraud
Senior officials of the $63 billion Reserve Primary Fund, the US money market fund whose implosion last September helped deepen the global financial crisis, were charged with fraud on Tuesday by the Securities and Exchange Commission.
Bruce Bent Senior and his son, Bruce Bent the second, their company, Reserve Management, and trustees were accused by the regulator of hiding or failing to provide key facts to investors and trustees in the two days after Lehman Brothers sought bankruptcy protection on 15 September.
The fund owned $785 million in Lehman debt that became worthl.
- May 1, 2009 - Misconceptions On Structured Products Are Attacked By Barclays Wealth
Structured products is a sector that has been hit by the bankruptcy last year of one of these product's leading manufacturers, Lehman Brothers and the worries of counterparty risk that this saga helped to fuel. But Barclays Wealth, a large provider of these products, says are misconceptions about this investment area which it wants to demolish.
“Structured products continue to enjoy unprecedented support from investors and advisers.
- April 28, 2009 - BNY Mellon Hires Three For Alternative Investment, Broker Dealer Division
The Bank of New York Mellon has expanded its alternative investment and broker dealer global client management division with the appointment of Julian Poodhun, Huw Rees and Kelly Wilson.
All three are based in London and report to David Aldrich, managing director, Europe, global client management financial institutions division.
Mr Poodhun, who assumes the role of lead client executive for the alternative investment sector, joins BNY Mellon from Merrill Lynch where he ran the prime brokerage sales group in Boston, as well as the international prime brokerage client serv.
- April 28, 2009 - US Regulator Investigates 150 Hedge Funds
The US securities industry regulator is carrying out 150 active hedge fund investigations and more than 50 probes involving credit default swaps and other derivatives, Securities and Exchange Commission Chairman Mary Schapiro said yesterday, according to media reports.
The SEC also has about two dozen active municipal securities investigations, possibly involving arbitrage-driven fraud, public corruption and price transparency, Ms Schapiro told a financial press conference in
Denver,
Colorado.
Ms Schapiro, who has made enforcement one of her top priorities s.
