- 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 2, 2010 - Executive Moves - August 2010
North America
JP Morgan Asset Management named Michael O'Brien to the newly created role of global head of institutional client group. He reports to chief executive Mary Callahan Erdoes. Prior to this position, O Brien was head of the institutional investment management division of BlackRock.
- September 1, 2010 - Carmignac Gestion Strengthens Management Team
The French asset manager Carmignac Gestion has appointed two new managers to its fund and discretionary sectors in a bid to bolster its company at management level.
Carlos Galvis will join the French firm’s fixed income team as manager of the Carmignac-Cash Plus fund. Most recently Galvis was head of Amundi's absolute return funds in London.
- August 26, 2010 - Investment Industry M&A Slackens, But Expect More Deals Ahead - Jefferies
A backlog in merger and acquisition deals for the asset management industry will see a rush of activity in the next 12 to 18 months, predicts Jefferies’ Financial Institutions Group, the international securities and investment banking firm.
Global transaction activity slumped in the first six months of 2010 compared with a strong year in 2009, the firm said. At $437 billion in the first six months, total assets under management transacted was in line with the levels of 2001, when just under $900 billion of AuM were transacted over a 12-month period and well below the $2 trillion-pl.
- August 18, 2010 - Fund Managers' Risk Appetite Steadies, Fears Abate - BofA Merrill Lynch
Fund managers' fears about the global economy and corporate earnings abated in August, according to the Bank of America Merrill Lynch August 2010 Fund Manager Survey, which showed that risk appetite appears to have stabilised.
A net five per cent of those surveyed predicted that the global economy will improve in the coming year, a considerable increase in good faith compared with the July reading which showed 12 per cent of respondents forecasting deterioration in the world economy.
Overall recession fears are fading, although investors are still cautious, with .
- August 4, 2010 - Executive Moves - July 2010
UK
Mark Atherton left the Birmingham branch of Rathbone Brothers, the UK based private wealth and investment management firm.
John Lamb Partnership, the London-based IFA, named Campbell Edgar as head of private clients, a role in which he will oversee an eight-strong team of financial planners. He joins the firm from Andersen Charnley, where up until April of this year he served as consultant director within its City division.
- July 26, 2010 - PIMCO Hires Emerging Markets Specialist From Goldman Sachs
PIMCO, the California-headquartered investment manager, has recruited Maria Gordon from Goldman Sachs Asset Management to lead its emerging markets equity team in London.
Gordon takes up the role of executive vice president and emerging market equity portfolio manager at PIMCO in October, having amassed twelve years of investment management experience, most of which was at Goldmans. She was most recently a managing director, portfolio manager and head of global emerging markets equity strategy at Goldman Sachs Asset Management, serving as lead portfolio manager for the firm’s e.
- July 19, 2010 - Investment Giant Pimco Appoints Asia Pacific Head
Pimco, the fixed income investment management giant, has hired Ki Myung Hong as a managing director and head of its Asia Pacific region, based in Hong Kong.
Hong will have management oversight responsibility for the firm's business in the region, including Pimco's Hong Kong, Singapore, Sydney and Tokyo offices which will report to him. He will report to Douglas Hodge, Pimco's chief operating officer (who previously served as Head of Asia Pacific).
- July 19, 2010 - Mixed Wealth Results For BofA Merrill Lynch, Citigroup
Second-quarter results from Bank of America Merrill Lynch and Citigroup showed these US titans enjoyed slightly varying fortunes in private banking and wealth management, with BofA taking a slight dent from the sale of a business unit, while Citi's private bank logged an uptick in performance. (For Citigroup figures, scroll down the page).
The global wealth and investment management arm of Bank of America Merrill Lynch said that net income fell by $40 million to $356 million from a year earlier, driven by the tax-related effects of the sale of the former Columbia Management long-ter.
- July 15, 2010 - BofA Merrill Lynch Sheds Senior Director In EMEA Wealth Team
Bank of America Merrill Lynch has made one of its senior European managers redundant as a result of a restructuring to its wealth management operations, this publication has learned.
Jean-Marie Deluermoz, who was appointed in 2007 to be director of emerging European markets within the EMEA wealth management team, has been made redundant. The firm has decided to change its reporting lines, rendering the executive's role unnecessary, this publication understands.
