Archive for March, 2013

SouFun Leads Property Stock Drop on Bank Curbs: China Overnight

Chinese equities retreated in New
York, extending their first slump in three quarters, on concern
new limits on wealth-management products will reduce bank
lending to real estate companies.

The Bloomberg China-US Equity Index (CH55BN) of the most-traded
Chinese stocks in the U.S. sank 0.9 percent to 92.06 by 12:31
p.m. and is down 7.2 percent this quarter. SouFun Holdings Ltd. (SFUN),
owner of China’s biggest real estate information website, fell
the most in more than three weeks, while property agent E-House
China Holdings Ltd. (EJ)
dropped the most since Feb. 4. China Life
Insurance Co. (LFC)
slid 4 percent, while Vipshop Holdings Ltd. (VIPS) rose.

China, which tightened curbs on the property market March
1, told banks yesterday to limit investments of client money in
debt that isn’t publicly traded to 35 percent of funds raised
from the sale of wealth-management products in a bid to cut
violations of lending restrictions. The products may have
climbed to 13 trillion yuan ($2.1 trillion) at the end of 2012,
from 8.5 trillion yuan in 2011, according to Fitch Ratings.

“These funding curbs may be more important than previous
curbs on the property sector, if the money really isn’t
available that’s when demand starts to fall apart,” Michael Shaoul, the chairman of Marketfield Asset Management LLC, which
oversees more than $6 billion, said by phone in New York. “At
some point in 2013 we’ll exceed the lows of 2012,” he said,
referring to Chinese stock indexes.

The iShares FTSE China 25 Index Fund (FXI), the largest Chinese
exchange-traded fund in the U.S., slipped 1.6 percent to $36.77
in New York, bringing its decline in the quarter to 9.2 percent.
The Standard Poor’s 500 Index added 0.3 percent to 1,567.48,
boosting its 2013 jump to 9.9 percent.

Hong Kong’s Hang Seng China Enterprises Index (HSCEI) dropped 1.3
percent to 10,896.22 yesterday, retreating from a two-week high.
The Shanghai Composite Index (SHCOMP) of domestic Chinese shares tumbled
2.8 percent to 2,236.30 yesterday, the lowest level in three
months.

To contact the reporter on this story:
Belinda Cao in New York at
lcao4@bloomberg.net

To contact the editor responsible for this story:
Emma O’Brien at
eobrien6@bloomberg.net

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Thursday, March 28th, 2013 EN No Comments

Credit Suisse buys Morgan Stanley wealth unit

GENEVA (AP) — Credit Suisse Group will buy Morgan Stanley’s wealth management businesses in Europe, the Middle East and Africa, but not in Switzerland.

Switzerland’s second-largest bank says it is acquiring $13 billion in assets mostly belonging to wealthy people across Europe, but it didn’t disclose further details.

Romeo Lacher, head of Credit Suisse’s Western Europe private banking, said Wednesday that the deal will accelerate “growth momentum” in the company’s wealth management business. He suggested the new employees would be retained.

With one of the world’s biggest private banking operations, Credit Suisse has been overhauling its investment banking division and merging its private banking and wealth management arms to cut costs and satisfy regulators.

Last month it said it had returned to profitability in the fourth quarter but was cutting costs more than previously planned.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Wednesday, March 27th, 2013 EN No Comments

Credit Suisse Snaps Up Morgan Stanley EMEA Wealth Management Unit


Associated Press

Another Wall Street giant is selling a wealth management business.

Credit Suisse Group AG said Wednesday that it would buy Morgan Stanley’s wealth management business in Europe, the Middle East and Africa, which has more than $13 billion in assets under management, for an undisclosed sum.

Morgan Stanley still has wealth management operations in Switzerland, Asia, Australia and Latin America.

Credit Suisse said the business would become part of its Private Banking and Wealth Management division, which was created in a restructuring in November.

This isn’t the first time a Swiss buyer has snapped up the wealth management unit of a U.S. bank. Swiss private bank Julius Baer Group AG bought Bank of America Corp. ’s overseas wealth management unit in August for around 860 million Swiss francs (US$907 million).

Bank of America sold the unit as part of its plan to shed non-core assets. It had acquired the unit as part of its purchase of Merrill Lynch Co. in 2009, but considered it a poor fit because of a lack of connectivity to its U.S. retail network.

At home, though, Morgan Stanley is stepping up its wealth management services, and is near a deal to buy the rest of its wealth management joint venture from Citigroup Inc. for around $4.7 billion, the WSJ reported this month.

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Wednesday, March 27th, 2013 EN No Comments

Credit Suisse to buy Morgan Stanley’s wealth management arm

Swiss banking giant Credit Suisse today announced it will buy US bank Morgan Stanley’s wealth management businesses in Europe, the Middle East and Africa, excluding Switzerland.

The assets under management are worth USD 13 billion dollars (10.6 billion euros), Credit Suisse said in a statement.

The price of the deal, set to be finalised later this year, was not disclosed.

The businesses, based in the UK, Italy and Dubai, primarily serve ultra-high net worth and high net worth clients across Europe, the bank said.

The acquired businesses will be integrated into Credit Suisse’s private banking and wealth management division.

The Swiss bank said the transaction would complement its wealth management business in Europe, notably in the UK market where the acquisition will put the bank among the top 10 wealth managers.

“Accelerating our growth momentum in our international markets and in our UHNW (ultra-high net worth) client segment remains a key priority for Credit Suisse,” said Romeo Lacher, Credit Suisse’s head of private banking for western Europe.

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Wednesday, March 27th, 2013 EN No Comments

Credit Suisse buys Morgan Stanley’s European private bank


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Wednesday, March 27th, 2013 EN No Comments

Sprott Inc. Declares Fourth Quarter 2012 Dividend

TORONTO, March 26, 2013 /CNW/ – Sprott Inc. (TSX:SII) today declared an
eligible dividend of $0.03 per common share for the quarter ended
December 31, 2012, payable on April 23, 2013 to shareholders of record
at the close of business on April 8, 2013.

About Sprott Inc.

Sprott Inc. is a leading independent asset manager dedicated to
achieving superior returns for its clients over the long term.  Sprott
Inc. currently operates through four business units: Sprott Asset
Management LP, Sprott Private Wealth LP, Sprott Consulting LP, and
Sprott U.S. Holdings Inc.  Sprott Asset Management is the investment
manager of the Sprott family of mutual funds and hedge funds and
discretionary managed accounts; Sprott Private Wealth provides wealth
management services to high net worth individuals; and Sprott
Consulting provides management, administrative and consulting services
to other companies.  Sprott U.S. Holdings Inc. includes Sprott Global
Resource Investments Ltd., Sprott Asset Management USA Inc. and
Resource Capital Investments Corporation.  Sprott Inc. is headquartered
in Toronto, Canada, and its common shares are listed on the Toronto
Stock Exchange under the symbol “SII”.  For more information on Sprott
Inc., please visit www.sprottinc.com.

SOURCE: Sprott Inc.

Investor contact information: (416) 203-2310 or 1 (877) 403-2310 or ir@sprott.com.

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Tuesday, March 26th, 2013 EN No Comments

Credit Suisse Securities (Japan) appoints CEO

Tokyo – Credit Suisse has announced the
appointment of Martin Keeble as CEO, president and representative
director of Credit Suisse Securities (Japan) Limited, effective
March 22, 2013. He will continue to be based in Tokyo.

Mr Keeble will be responsible for all the business activities of
Credit Suisse Securities (Japan) Limited, encompassing the
Private Banking Wealth Management and Investment Banking
divisions. He will report to Eric Varvel, Credit Suisse’s Chief
Executive Officer for Asia Pacific.

Commenting on the appointment, Mr Varvel said: “Martin brings
extensive experience of working in Japan. Japan is a key country
both for our Private Banking Wealth Management division,
where we are successfully building a differentiated wealth
management business, and for our global Investment Banking
division, from which we serve institutional and corporate clients
from all over the world.”

Prior to joining Credit Suisse in 2000, Mr Keeble was deputy
branch manager and head of sales and trading and dealing at
Schroder Securities Limited in Japan. He has also worked for
firms, including Nikko Europe Limited in London and Smith New
Court Securities in Tokyo, dealing in Japanese equities.

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Tuesday, March 26th, 2013 EN No Comments

SEC press release creates waves in Boston criminal trial

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Tuesday, March 26th, 2013 EN No Comments

Schroders denies Cazenove deal due to Buxton exit

Schroders’ chief executive, Michael Dobson, has claimed its deal to buy Cazenove was “nothing to do with the recent departures” of Richard Buxton (pictured) and two other UK equity managers.

Schroders has agreed a deal to buy Cazenove Capital Management that values the asset manager at £424m, but Mr Dobson said the deal had been in the pipeline for months and was not a reaction to Mr Buxton’s recent departure for Old Mutual Global Investors.

Mr Dobson said Schroders was still “considering various options” to replace Mr Buxton, including “potentially bringing in people from outside” and that an announcement would be made “in due course”.

The deal between Schroders and Cazenove will see all of Cazenove’s managers in UK and European equities – including the manager of the £1.2bn UK Opportunities fund Julie Dean (pictured) – fixed income, multi-manager and absolute return strategies, joining Schroders’ existing investment team.

The firm’s private banking and wealth management arms will also be transferred over fully to Schroders. Andrew Ross, current chief executive of Cazenove Capital, will become head of UK private banking.

A statement from Cazenove said “there will be no change to the investment objectives or performance targets, ensuring minimal impact to clients”.

The combined assets under management (AUM) of Cazenove’s intermediary and wealth management arms was £17.2bn on December 31 2012, the addition of which would bring Schroders’ total AUM to £229.2bn.

Michael Dobson, chief executive of Schroders, said the acquisition would make Schroders a “leading, independent private banking and wealth management business” and would bring in “additional investment talent in complementary strategies” across the asset management business.

The acquisition valued Cazenove at 135p per share and will be funded entirely out of Schroders’ existing cash deposits and liquid securities.

In a statement, Schroders said it was likely that there would be some job losses among Cazenove personnel and said these were likely to be in “UK funds distribution and infrastructure”.

The deal still needs to be approved by both Cazenove’s and Schroders’ shareholders.

Shares in Schroders were up by 2 per cent at £21.4 in early trading, outperforming the FTSE 100 index.

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Monday, March 25th, 2013 EN No Comments

UBS AG : STREET MOVES : UBS Team on Long Island Joins HighTower – 4

03/25/2013| 11:47am US/Eastern

   By Corrie Driebusch 
 

NEW YORK–A Melville, N.Y-based team for UBS Wealth Management Americas, MK Wealth Management, has left the large brokerage to join HighTower.

Mark Kravietz, the team’s principal, manages roughly $300 million in client assets. He has spent about 19 years at UBS AG (UBS, UBSN.VX), according to Financial Industry Regulatory Authority Records.

HighTower is a hybrid registered investment adviser and broker-dealer that launched in 2008. It has focused on picking off top-producing teams of advisers from the so-called wirehouses, and it now has 37 teams.

Those who join are employees of HighTower who also get a stake in the business. Starting last year, HighTower also began offering trading, investing, compliance and other services to independent brokers and stand-alone registered investment advisers.

(Street Moves chronicles the migration of executives on Wall Street, with a particular emphasis on financial advisers with more than $1 million in annual production and those who manage more than $100 million in client assets.)

Write to Corrie Driebusch at corrie.driebusch@dowjones.com

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Monday, March 25th, 2013 EN No Comments