Archive for June, 2012

Instant View: Durable goods orders rebound in May


NEW YORK |
Wed Jun 27, 2012 8:54am EDT

NEW YORK (Reuters) – Demand for long-lasting U.S. manufactured goods rebounded more than expected in May and a gauge of business spending plans increased, but slowing global growth suggest the momentum might not be sustained.

COMMENTS:

BORIS SCHLOSSBERG, MANAGING DIRECTOR, BK ASSET MANAGEMENT, NEW YORK

“The problem with durable goods is that it was just not strong enough to really give a push to risk as the core number was just a little lower than expected. But still, it may be supportive of equities early in the morning and to that extent that should be supportive of the euro, aussie and all the risk currencies.”

ANDREW GRANTHAM, ECONOMIST, CIBC WORLD MARKETS, TORONTO

“Overall, today’s figures are not far enough from consensus expectations to see a large market reaction, or to alter the view that durable goods orders have been pretty much flat since the start of the year.”

BRICKLIN DWYER, ECONOMIST, BNP PARIBAS, NEW YORK

“What is surprising is the rise in non-defense aircraft orders. It’s not consistent with the Boeing orders we have been seeing. But core durable goods are running quite weak.”

DAVID CARTER, CHIEF INVESTMENT OFFICER AT LENOX WEALTH ADVISORS IN NEW YORK

“It was better than expected, which is surprising to see since recent economic reports have been less positive. I’m still concerned we’ll see a third summer of an economic deceleration. While this is an important number, news out of Europe is still dominating equity markets.”

MARKET REACTION

STOCKS: U.S. stock index futures add slight gains.

BONDS: U.S. Treasury debt prices extended losses slightly.

FOREX: The dollar held onto gains against the euro and yen.

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Wednesday, June 27th, 2012 EN No Comments

TD Waterhouse Private Investment Advice Rolls Out PriceMetrix …


TORONTO, ONTARIO, Jun 27, 2012 (MARKETWIRE via COMTEX) —
TD Waterhouse Private Investment Advice, a premier full-service
brokerage firm and a division of TD Waterhouse Canada Inc., has
confirmed a multi-year agreement with PriceMetrix Inc., a practice
intelligence solutions company that helps wealth management firms and
their advisors enhance productivity and increase firm profitability.

TD Waterhouse will be rolling out three core PriceMetrix solutions –
ValueOne, FeeCheck and CommissionCheck to its Investment Advisors
starting in October 2012.

“The practice intelligence solutions by PriceMetrix will enable us to
better identify opportunities to improve the value of services we
deliver to our clients. PriceMetrix provides us with timely reporting
and analytics that will empower our Investment Advisors to better
understand their books of business and assess client needs,” said
Mike Reilly, President and National Sales Manager, TD Waterhouse
Private Investment Advice.

PriceMetrix delivers business intelligence regarding investment
advisor practices and productivity, as well as firm-wide benchmarking
against competitive practices. This intelligence, combined with
PriceMetrix’ proprietary analytical tools optimize resources to
better serve the wealth manager’s clients and ensure they are up to
date on industry best practices.

“We are very pleased to have TD Waterhouse come on board as a new
client as they represent a premium brand in the Retail Wealth
Management space in North America. Our proprietary software, industry
know-how and powerful aggregated data will provide TD Waterhouse the
capability to benchmark key performance metrics against industry
peers. The insights we provide will translate into actionable
intelligence which TD Waterhouse advisors can use to better serve
their clients,” said Greg Durand, VP Sales and Marketing at
PriceMetrix.

PriceMetrix solutions are fueled by rich, normalized and aggregated
data representing 3.2 million investors, 500 million transactions, 1
million fee-based accounts, 4 million transactional accounts and over
$900 billion in investment assets. PriceMetrix practice intelligence
solutions enable 25,000 advisors in North America to better analyze
their client base and improve the products, services and overall
value they deliver.

For more information about PriceMetrix and its solutions, please
visit
www.pricemetrix.com .

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known
as TD Bank Group (TD). TD is the sixth largest bank in North America
by branches and serves approximately 22 million customers in four key
businesses operating in a number of locations in key financial
centres around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust and TD Auto Finance Canada; Wealth and
Insurance, including TD Waterhouse, an investment in TD Ameritrade,
and TD Insurance; U.S. Personal and Commercial Banking, including TD
Bank, America’s Most Convenient Bank, and TD Auto Finance U.S.; and
Wholesale Banking, including TD Securities. TD also ranks among the
world’s leading online financial services firms, with approximately 8
million online customers. TD had CDN$773 billion in assets on April
30, 2012. The Toronto-Dominion Bank trades under the symbol “TD” on
the Toronto and New York Stock Exchanges.

About TD Waterhouse

TD Waterhouse represents the products and services offered by TD
Waterhouse Canada Inc. (Member – Canadian Investor Protection Fund),
TD Waterhouse Private Investment Counsel Inc., TD Waterhouse
Insurance Services Inc., TD Waterhouse Private Banking (offered by
The Toronto-Dominion Bank) and TD Waterhouse Private Trust (offered
by The Canada Trust Company). TD Waterhouse Private Investment Advice
is a division of TD Waterhouse Canada Inc.

About PriceMetrix

PriceMetrix is the first choice in practice intelligence solutions
for retail brokerages in North America. We help wealth management
firms enhance revenue growth, by enabling advisors to identify and
action otherwise lost revenue opportunities. By combining industry
know-how with powerful aggregated market data, we help our clients
increase overall firm profitability.

PriceMetrix directly measures aggregated data representing 3.2
million investors, 500 million transactions, 1 million fee-based
accounts, 4 million transactional accounts and over $900 billion in
investment assets. PriceMetrix combines its patented process for
collecting and classifying data with proprietary measures of revenue,
assets, and households to create the most insightful and granular
retail wealth management database available today.

Founded in 2000 and headquartered in Toronto, Ontario, we service a
notable range of retail wealth management firms within the United
States and Canada. To learn about why our clients love us, please
visit
www.pricemetrix.com or call and email us at 1-866-955-0514 and
info@pricemetrix.com.



        
        Contacts:
        Media Contacts: PriceMetrix Inc.
        Amrita Mathur
        +1 (416) 955 0514 Ext. 350
        Amrita.mathur@pricemetrix.com
 
www.pricemetrix.com            
        
        


SOURCE: PriceMetrix Inc.



        mailto:Amrita.mathur@pricemetrix.com
 
http://www.pricemetrix.com            


Copyright 2012 Marketwire, Inc., All rights reserved.

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Wednesday, June 27th, 2012 EN No Comments

Senior Product Manager

Job Description
My client, a commercial Bank based in Riyadh, Saudi Arabia looking for a Senior Product Manager in Liabilities Wealth Management to join their Assets and Liabilities Unit. Great opportunity to join one of the well established organizations within the country.

Skills
Job Requirements:

-Saudi National, based in Riyadh
-Possess extensive local experience in relevant fields.
-Masters/Bachelors Degree in Business Management/Administration
-At least 5-6 years of strong experience in Product and Business Management
•Have strong negotiations skills and be able to work in a multicultural environment
•Fluent in English. Fluency in Arabic will be an added advantage

If you match this criteria, then please reply to this advert with your latest resume, or contact Esam Al Enaizi in complete confidence on +9714 436 0400.

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Tuesday, June 26th, 2012 EN No Comments

Product Manager – Commercial Banking

Job Description
My client, a commercial Bank, based in Riyadh, Saudi Arabia is looking for a Product Manager Role within Liabilities and Wealth Management division.

Skills
Job Requirements:

•Experience within the GCC Market.
•Need experience in both liabilities product management (examples such as current account and fixed deposit accounts). Also need experience in investment product management (example structured notes through the treasury department, Mutual funds, FX and currency notes )
•This role involves reviewing existing products from a customer need perspective. Defining products on the system, new product development, helping with implementation of the new core banking system, training the bank branch staff on how to use the system, and working closely with the operations department.
•Focus on liabilities products (how they work – features – benefits)


If you are interested in this vacancy please reply with your CV and speak to Esam Al Enaizi on +9714 436 0400.

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Tuesday, June 26th, 2012 EN No Comments

TP Raman to step down as MD of Sundaram AMC

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T P Raman, Managing Director of  Sundaram Asset Management Company, will step down from the company by end of this month. With 16 years of experience in the company he would be the longest serving Chief Executive of any Indian fund house.

Thirty-six-year-old Harsha Viji, son of S Viji, chairman, Sundaram Finance Ltd, and who belongs to the promoters’ family, will take over from Raman from June 30.

  

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Raman has been with Sundaram AMC since its inception in 1996. During his tenure the company has grown with total assets under management of Rs 12,866 crore as on May 31.

Prior to joining Sundaram AMC, Raman was with the State Bank of India. After his retirement Raman will continue as as non-executive director of Sundaram AMC.

Commenting about his experience Raman said, looking back the 16 years the tenure was good, bad and different times, especially when the company gone through two joint ventures – Sundaram Newton Asset Management Company, a JV btw Sundaram Finance and UK-based Newton Investment Management and Sundram BNP Paribas. It may be noted, Sundaram Finance bought back the shareholding from the JV partners.

Commenting about the company’s future, Harsha Viji, deputy management director, said the company expects to grow by three times. The company is looking at raising around $1 billion from international funds.

“We are planning to raise money from international funds for its funds, we already have funds from Middle East and Australia and plans to expand it to Singapore and other places”.

Raman said that the company is waiting for clearance from Singapore Regulators.

Harsha Viji was with McKinsey Company, New York and Pricewaterhouse Coopers and has also been associated with Sundaram Finance Group since 1998 in various serious management roles and is also Director-Strategy and Planning at Sundaram Finance Ltd. He is a Chartered Accountant and holds a Masters in Business Administration.

T T Srinivasaraghavan, Managing Director, Sundaram Finance Ltd added that the succession was a planned and it was a smooth succession. “He (Harsha Viji) was moved to mutual fund business two years back, we are looking forward for exiting times, of course there will be challenges but we have seen lot more cycles like this before”.

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Tuesday, June 26th, 2012 EN No Comments

Fitch: SRI does not improve equity fund risk/returns

Investors should not allow a focus on socially responsible investment to blind them to poor equity fund management process, Fitch Ratings warns.

Aymeric Poizot, head of Fitch’s Europe, the Middle East and Africa fund and asset management group, points out that SRI funds have become increasingly popular as attention has shifted towards concerns such as environmental policies, social responsibility and corporate governance.

According to Fitch, SRI funds in the European and eurozone equity Lipper categories have underperformed their non-SRI peers by 0.6 per cent annually on average over the last three years.

“Market participants often view SRI as a lower risk and more defensive stock picking strategy,” Poizot says. “This has not been confirmed in the past three years as SRI funds have exhibited slightly higher volatility and drawdown.”

SRI funds have displayed average volatility of 19.5 per cent and drawdown of -23.2 per cent during the past three years. In their non-SRI counterparts, these averages are a respective 18.8 per cent and -21.7 per cent.

“SRI is no protection to poor or average investment processes and Fitch highlights that SRI in itself has not improved the average risk/return profile of a European equity fund in the recent past,” Poizot adds.

However, the ratings agency says the use of SRI filters has added value to euro bond fund categories, excluding pure corporate, over the same period. SRI funds show a 0.2 per cent annualised outperformance to non-SRI peers, with lower volatility and drawdowns.

“When applied to bond funds, SRI criteria reinforce fundamental biases and have resulted in greater deviation relative to debt-weighted indices, notably on peripheral sovereign and bank debt,” Poizot concludes.

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Monday, June 25th, 2012 EN No Comments

Societe Generale Securities Services creates Ucits turnkey offering …

This solution is aimed at asset managers globally who do not want, or have the possibility of creating a UCITS registered asset management firm, to benefit from the UCITS label by offering a Luxembourg legal structure that fulfils European regulations. The UCITS label enables asset managers to distribute UCITS funds in every member country of the European Union. It also offers guaranties of transparency, risk control and liquidity for investors.

To create this fund, SGSS benefits from Societe Generale Private Wealth Management*’s expertise which meets all regulatory requirements needed to manage UCITS funds and that enables clients to get the European label that gives them access to fund distribution throughout the entire zone.

In addition, asset management clients benefit from SGSS’ expertise as a European securities services leader providing domiciliation, fund administration, custody and transfer agent services for their funds.

This integrated and comprehensive solution offers each client the assurance of automated and proven operational processes as well as an ongoing and performing risk monitoring.

* Asset manager in Luxembourg. 

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Monday, June 25th, 2012 EN No Comments

Standard Chartered Private Bank launches Islamic financial solutions

About Standard Chartered Private Bank:

Standard Chartered Private Bank is the private banking division of Standard Chartered. Headquartered in Singapore, the Private Bank provides exciting career opportunities to over 1,200 employees including over 470 relationship managers globally. It has 25 offices including two trust offices across Asia, Africa, Middle East and Europe.

The Private Bank has grown strongly since its inception in May 2007. On top of its strong organic growth, it acquired American Express Bank in 2008, through which it has further improved its capabilities. The Private Bank has seen continued growth momentum: for 2011, it recorded robust revenue growth of 21% year-on-year to over $500m.

The Private Bank leverages the natural strengths of Standard Chartered: A heritage of over 150 years in international banking, an international network across more than 70 countries, and strong local presence in growth markets. This puts the Private Bank in an advantaged position to build and deepen relationship with its clients.

Standard Chartered Private Bank’s strong growth and rising industry leadership has been recognised by the industry: Major awards that the Private Bank has won include the “Best Global Private Bank” award at the Wealth Management Awards 2011 organised by The Financial Times and Investors Chronicle; “The Best Private Bank in Asia” and “The Best Private Bank in India” awards by The Banker in 2011; and “Outstanding Private Bank in Asia Pacific” award at the annual Private Banker International Global Awards 2010, which the Private Bank won for the third year in a row.

Legal Disclaimer:

Standard Chartered Private Bank is the private banking division of Standard Chartered Bank (“SCB”). Private banking activities may be carried out internationally by different SCB legal entities and affiliates according to local regulatory requirements. Not all products and services are provided by all SCB branches, subsidiaries and affiliates. Some of the SCB entities and affiliates only act as representatives of the Standard Chartered Private Bank, and may not be able to offer products and services, or offer advice to clients. They serve as points of contact only.

In Singapore, the Standard Chartered Private Bank is the Private Banking division of SCB, Singapore branch.

In Hong Kong, Standard Chartered Private Bank is the private banking division of Standard Chartered Bank (Hong Kong) Limited (CE#AJI614) which is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong.

In Jersey, Standard Chartered Private Bank is the Registered Business Name of Standard Chartered (Jersey) Limited. Standard Chartered (Jersey) Limited is regulated by the Jersey Financial Services Commission. Standard Chartered (Jersey) Limited is also an authorised financial services provider under license number 9790 issued by the Financial Services Board of the Republic of South Africa. Standard Chartered (Jersey) Limited is a wholly owned subsidiary of Standard Chartered Bank.

In Dubai International Financial Centre (DIFC), SCB DIFC is regulated by the Dubai Financial Services Authority (DFSA) and is authorised to provide financial products and services to persons who meet the qualifying criteria of a Professional Client under the DFSA rules. The protection and compensation rights that may generally be available to retail customers in the DIFC or other jurisdictions will not be afforded to Professional Clients in the DIFC.

Standard Chartered Bank is incorporated in England and Wales with limited liability by Royal Charter 1853, Reference number ZC 18. The Principal Office of the Company is situated in England at 1 Aldermanbury Square London EC2V 7SB. Standard Chartered Bank is authorised and regulated by the Financial Services Authority under FSA register number 114276.

About Standard Chartered Saadiq:

Established in 2003, Standard Chartered Saadiq offers a wide range of Shariah-compliant products to meet the needs of our consumer and corporate banking clients around the world. The word ‘Saadiq’ means ‘truthful’ in Arabic, which represents our commitment to provide economically viable solutions based on Islamic values that meet Shariah requirements.

Standard Chartered Saadiq employs an international team of professionals with extensive Islamic financial expertise who have rolled out over 150 products and solutions across geographies. The Bank has an international Shariah board comprising three of the world’s most renowned Shariah scholars of Islamic banking who provide guidance and advice to ensure Shariah compliance of all Saadiq’s products and transactions.

About Standard Chartered – leading the way in Asia, Africa and the Middle East:

Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world’s most dynamic markets and earns more than 90% of its profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.

With 1,700 offices in 70 markets, the Group offers exciting and challenging international career opportunities for nearly 87,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. Standard Chartered’s heritage and values are expressed in its brand promise, ‘Here for good’.

For further information please visit www.standardchartered.com.

For further information, please contact:

Ramy Lawand
Senior Regional Manager, External Communications
Standard Chartered MENAP
Tel: +971 4 5082564

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Monday, June 25th, 2012 EN No Comments

Julius Baer eyes BofA’s Asia, Latam presence – 4

06/24/2012 | 07:40amThe logo of Swiss bank Julius Baer is pictured at the company's headquarters at the Bahnhofstrasse in Zurich

Julius Baer ( Julius Baer Gruppe AG), in talks with Bank of America ( Bank of America Corp) about buying Merrill Lynch’s non-U.S. wealth management unit, is particularly interested in its presence in Asia and Latin America, Chief Executive Boris Collardi told a newspaper.

Julius Baer ( Julius Baer Gruppe AG), in talks with Bank of America ( Bank of America Corp) about buying Merrill Lynch’s non-U.S. wealth management unit, is particularly interested in its presence in Asia and Latin America, Chief Executive Boris Collardi told a newspaper.

Asked by Swiss newspaper NZZ am Sonntag what was attractive about this deal, Collardi was quoted as saying: “The strong presence in Asian and Latin American growth markets would be interesting.”

But he said they were still in the middle of talks and that the outcome was “at this stage completely open”.

Asked whether Bear needed to raise fresh capital to fund the deal, Collardi said: “As I said, at the moment everything is still up in the air.”

The unit is valued at up to $2 billion.

Consolidation in the wealth management industry has been a major theme since the 2008 financial crisis, as an increase in costs and regulation force some players to sell off units and others – like Baer – to seek to improve margins through scale.

But before buying businesses in Europe, Collardi said he was awaiting withholding tax agreements targeting tax evaders, which could come into effect next year with Germany and Austria.

He said he was thinking instead about entering the Indian market while also assessing the situation in mainland China.

Switzerland is also trying to resolve a dispute with the United States over wealthy Americans who sheltered money in secret bank accounts to avoid taxes.

Collardi said talks with U.S. authorities were advanced but that the green light from the government in Berne was needed before client names could be handed over. The Swiss government still hopes an overall deal to cover the whole Swiss banking sector can be achieved this year.

“That’s what we’re hoping and working towards.”

(Reporting By Eva Kuehnen. Editing by Jane Merriman)

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Sunday, June 24th, 2012 EN No Comments

BofA wields ax at US Trust, sources say





Executive dismissals, nonessential-travel ban part of efficiency effort

By
Bloomberg News

June 24, 2012 6:01 am ET

Bank of America Corp., the second-biggest U.S. lender, has eliminated some managers from a unit catering to wealthy families, said two sources with knowledge of the move, who asked not to be identified.

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Executives who oversaw trust officers and private-client financial advisers at the bank’s U.S. Trust unit were dismissed this month amid a companywide review of expenses at the bank, said the sources, who requested anonymity because the plans are private. They declined to say how many of about 40 managers were affected.

BofA chief executive Brian T. Moynihan is seeking ways to lower expenses without reducing the productivity of wealth managers. He has said that he will reveal details next month of how his efficiency effort, Project New BAC, may trim as much as $3 billion in annual expenses in the company’s wealth management and investment banking units.

“Firms are tightening their belts, and their mentality is that as long as it’s not client-facing, they’re OK to go,” said Mindy Diamond, president of Diamond Consultants LLC, an executive search firm. “But there’s no question that this impacts those employees who remain.”

Trust officers help ensure that the company adheres to the laws governing a specific trust when handling a client’s assets. The executives to whom they report, some of whom were targeted for dismissal, oversee a region typically the size of a city.

Some managers overseeing private-client advisers also were cut, the sources said.

NONESSENTIAL TRAVEL

U.S. Trust Bank of America Private Wealth Management, which has about 4,300 employees, banned nonessential travel last year for some personnel as a cost-saving measure, the sources said.

Keith Banks, president of U.S. Trust, didn’t return a call seeking comment.

U.S. Trust, founded a decade before the Civil War, is the country’s biggest company managing trusts, the firm said, citing Federal Deposit Insurance Corp. data. Trusts typically are set up by wealthy families or institutions to handle assets for offspring or charities.

BofA bought the business from The Charles Schwab Corp. in 2006 for $3.3 billion and combined it with Merrill Lynch Co. Inc., which it purchased in 2009, to create its wealth management division. BofA had about 19,000 wealth advisers with $2.2 trillion of client balances as of March 31.

The lender plans to cut more than 300 jobs from corporate and investment banking and trading units, a person briefed on the matter said last month. The bank is in talks to sell its non-U.S. wealth management operations to Julius Baer Group Ltd., a transaction that would reduce head count by less than 2,000.

Mr. Moynihan has said that the first phase of his cost-cutting plan, announced last year, will trim $5 billion in expenses and eliminate 30,000 jobs from retail-banking and support units.

BofA had about 278,700 employees as of March 31.

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Sunday, June 24th, 2012 EN No Comments