- September 28, 2009 - Barclays Wealth Updates Structured Products Guide
Barclays Wealth has updated its handbook about the structured products market, which has been through a turbulent past 12 months since the bankruptcy of Lehman Brothers, a formerly big player in this sector.
The Guide to Structured Products provides details on composition, mechanics and application of the various forms of structured product currently on the market.
Advisors must register to receive the guide which includes new or expanded sections on counterparty strength, product pricing and volatility as well as typical formats and tax treatments.
- September 23, 2009 - JP Morgan, Sophis Launch Multiple Prime Brokerage System
JP Morgan’s Prime Brokerage business and
Sophis, the cross-asset, front-to-back portfolio and risk management technology firm, have launched a new system called iSophis that will allow hedge funds to manage their portfolios across multiple prime brokers.
The system, iSophis, provides integrated portfolio and risk management services through an application service provider (ASP) model, operating through a secure platform on a hosting site. This means that clients can access the service from any internet connection.
- September 22, 2009 - US Hedge Fund Closes Exits As Clients Demand Big Pullouts - Report
Vicis Capital, a $2. 9 billion hedge fund in the US started by former Lehman Brothers trader John Succo in 2004, has barred clients from withdrawing money from its main fund after losses this year, according to Bloomberg, citing a letter the firm has sent to clients.
The firm received “higher-than-anticipated” requests for a 30 September distribution from its Vicis Capital Fund, the news agency said.
- September 18, 2009 - Profits Tumble At London Asset Manager
BlueBay Asset Management, the London-listed firm which runs long-only and hedge fund products in the credit market arena, said its profit before tax and exceptional items in the year ended 30 June fell by more than half to £22. 3 million ($36. 5 million) from £50.
- September 17, 2009 - NY Demands More BoA Board Members Testify Over Merrill Deal - Report
Andrew Cuomo, New York attorney general, has issued subpoenas to one current and four former board members of Bank of America, insisting they testify under oath about what they knew in the months leading to BoA’s controversial acquisition of Merrill Lynch, the Financial Times reported.
Mr Cuomo will eventually call all 15 outside members of last year’s BoA board, nine of whom have since left, the newspaper said, quoting an unnamed source. Mr Cuomo is trying to determine whether Ken Lewis, BoA chief executive, kept board members apprised of mounting losses at Merrill and Merrill’s p.
- September 16, 2009 - FSA Gets Ready To Probe Complaints Over Lehman Product Sales
The
Financial Services Authority, the UK regulator, is once more ready to hear complaints from customers who held Lehman backed structured products.
Many investors suffered losses when the bank collapsed last year. Although structured products offer protection on customer’s capital, Lehmans exposed buyers to its own credit risk by using its own bonds to make issues.
- September 15, 2009 - The Wealth Industry Does Not Need More Rules, But Smarter Ones
It is not much surprise to my perhaps cynical journalistic mind that the news outlets are awash with retrospectives about last year’s bankruptcy of Lehman Brothers. It seems mildly incredible that the events occurred only 12 months ago. The affair not only helped fuel a sense of panic worldwide but within wealth management, the demise of this old investment house jolted specialist areas such as structured products.
- September 11, 2009 - Top Management Reshuffle At Morgan Stanley
John Mack is to step down from his post as chief executive at Morgan Stanley, the Wall Street powerhouse that has become one of the world’s biggest wealth managers through a brokerage joint venture with Citigroup’s Smith Barney business.
Under the change, announced yesterday, James Gorman, head of Morgan Stanley’s wealth management business, will replace Mr Mack, who retains his role as chairman. Mr Gorman takes up the post next year.
- September 9, 2009 - CFO Leaves Russian Bank To Head Barclays Sub - Report
Nikolai Tsekhomsky, chief financial officer of VTB Bank, a Russian bank which provides services including wealth management, has resigned due to investor and state concerns over the results of a recent initial public offering, according to Kommersant, a newspaper.
Mr Tsekhomsky will be replaced by Gerbert Moos, who is employed as chief executive at VTB Capital, VTB said in a statement. Prior to his employment with VTB, Mr Moos spent 14 years with Lehman Brothers.
- September 8, 2009 - AIG Offers Retention Payouts To $300K-Plus Reps
AIG plans to offer retention payouts of between 5 and 10 per cent of their annual production to independent brokers affiliated with its SagePoint Financial, FSC Securities, and Royal Alliance Associates brokerage subsidiaries who produce more than $300,000 a year in commissions and fees, media reports said.
"This is not an AIG bonus program," an AIG spokeswoman told Dow Jones. "Rather, this common industry practice, conservative in its structure and limited to high-performing advisors and is designed to invest in independent, non-employee financial advi.
