- May 5, 2010 - Matrix Taps IT Head From GLG
Matrix Group, the UK-based investment firm, has recruited Iain Anderson from GLG Partners to head up its IT department.
Anderson had spent nine years as chief technology officer at GLG, having previously worked for 14 years in Goldman Sachs’ technology division.
In his new role Anderson’s responsibilities will include developing the group’s IT strategy to ensure that the group maintains a strong operational and technology platform across all of its businesses as it grows, Matrix said in a statement.
- May 4, 2010 - Goldman Sachs' Debt Default Risk Price Surges, Several Lawsuits Filed
The cost of insuring Goldman Sachs’ debt against default has surged as Goldman’s regulatory woes take a toll on investors’ confidence, the Financial Times reported.
The risk ascribed to the bank by the derivatives markets has risen sharply following US regulators’ filing of civil fraud charges against Goldman Sachs last month.
Meawhile, Goldman Sachs has disclosed it has been sued by a number of shareholders since the Securities and Exchange Commission accused it of fraud over how the Wall Street firm sold collateralized debt obligation securities to investors.
- April 30, 2010 - Asia Overtaking US, Europe For Numbers Of HNW Individuals - Study
Almost one third of the world’s high net worth individuals will be based in the Asia Pacific region - 2 per cent more than in the US and 6 per cent more than in Europe - by the end of 2011, highlighting why the Asian region is a hotspot for wealth managers, according to a survey by Booz & Company, the consultants.
However, although the figures explain the flurry of interest by Western banks to do business in Asia, firms must adapt their operational models to new global financial rules and client expectations, the study, entitled Private Banking After The Perfect Storm, said. .
- April 30, 2010 - Citi Taps Goldman Banker To Head China Private Banking Business
Citi has hired a Goldman Sachs private banker to head up its China private banking business, Reuters reports.
The hire of Rudolf Hitsch, a senior member of Goldman’s China wealth team, demonstrates how Citi Private Bank Asia is building out its offshore China private banking business, according to an internal memo seen by the publication.
The chief executive of Citi Private Bank Asia Pacific is Aamir Rahim.
- April 29, 2010 - What The Wealth Industry Might Expect From A New UK Government
Guessing this election’s result is tough but it might be worth setting out some ideas on what the political shenanigans will mean for our industry and its clientele. And that is why I want to take a look at the Liberal Democrats, given their rising profile in this election and likely role as "kingmaker" after 7 May.
The current UK general election may produce no decisive result, so that the Liberal Democrat party can dictate terms to either Labour or the Conservatives.
- April 29, 2010 - Goldman Sachs In Talks With Compensation-Seeking Investors Over $1 Billion MBS
Goldman Sachs is in talks over a potential settlement with an investor that claims that it lost money and went out of business after buying into a $1 billion mortgage-backed security that was later privately criticized by a senior executive at the Wall Street bank, the Financial Times said, quoting unnamed sources.
Basis Yield Alpha Fund, a hedge fund, seeks compensation over its $100 million investment in Timberwolf, a complex security.
Timberwolf plummeted in value months after it was launched in March 2007, at a time when Goldman had already decided to cut its exposure to.
- April 28, 2010 - Ex-Goldman Man Who Founded MFO Attacks Product "Pushing", High Fees In Industry
A former executive director from Goldman Sachs’ private wealth management division believes wealthy families are poorly served by private banks and has set up what he calls a lower cost multi-family office model, according to Citywire.
Yogi Dewan, who worked atGoldman Sachs for nine years and built up its private wealth management division across Europe, was quoted as saying that he was so incensed by alleged over-charging and product pushing that he resigned and set up his own multi-family office,Hassium Asset Management, in 2006.
Today, the firm has around $500 million an.
- April 28, 2010 - Goldman Sachs Under Fire, Deutsche Denies It Faces Similar SEC Charges
Goldman Sachs, the scandal-hit banking and investment firm, sought to defend itself from attacks in the US Congress yesterday, as the firm was accused of exploiting clients and allegedly dishonestly playing both sides of the market in its sale of collateralized debt obligations.
Meanwhile, in what media reports described as an unusually blunt comment, the chief financial officer of Deutsche Bank, Stefan Krause, denied it knew of any potential charges from the US Securities and Exchange Commission of a kind similar to those that the SEC has brought against Goldman Sachs. The que.
- April 23, 2010 - Fresh Claims Vs Goldman Sachs, This Time Over Role In Lloyds Financing
Fresh allegations have emerged against Goldman Sachs as the Wall Street banking and wealth management titan fights to protect its reputation after a scandal surrounding its actions as a seller of mortgage securities products.
The Financial Times – citing four unnamed sources – said that the firm was both an underwriter and an investor in Lloyds Banking Group’s large refinancing deal late last year. (Lloyds is partly owned by the UK government due to a bailout).
- April 22, 2010 - Goldman Sachs CEO Attacks US Regulator, To Testify To Congress
Lloyd Blankfein, the chief executive of Goldman Sachs, has attacked the Securities & Exchange Commission’s fraud charges against the Wall Street titan in a series of telephone calls to clients, the Financial Times reported, as the firm sought to protect its damaged reputation.
The newspaper said that one person who received a call from the Goldman chief said he was told the regulator’s case against the bank was politically motivated and would ultimately “hurt America”.
Meanwhile, media reports said that Blankfein has been summoned by Congress to testify about the fraud, .
