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Teresa Owusu-Adjei, asset management tax leader, PricewaterhouseCoopers LLP, comments on the proposed bank levy, and on the Government’s proposals for consultation on issues impacting the competitiveness of the UK in the asset management sector.
We are concerned that one of the most difficult issues associated with the bank levy will be defining which institutions should be subject to the charge. The experience with the Bank Payroll Tax demonstrated that defining what is a ‘bank’ and ‘banking type activities’ is not straightforward and asset managers will be keen to ensure that they are not inappropriately subjected to levies that are intended
Singapore Exchange has launched Asia’s first dividend futures contract, the Nikkei Dividend Point Index Futures contract.
Since its 17 June debut, the contract has achieved total volume of over JPY1.5bn as at 1.00am Singapore time today.
Bid-ask spreads have been under two per cent for transactions of at least JPY60mn on both sides, and as low as 0.2 per cent for small-size transactions.
Open interest stood at JPY600m as at 1.00am today.
Chew Sutat, executive vice president and head of market development at Singapore Exchange, says: “We are delighted with the active participation of the international investing community in the
The Australian Securities & Investments Commission has started daily reporting of aggregated short positions, which will be published on the ASIC website.
Short sellers have been required to report short positions to ASIC following the introduction by the Federal Government of new reporting obligations to improve transparency of short sales in the Australian market.
In these reports, short sellers disclose to ASIC the size of their overall short positions in specified listed financial products.
Starting today, ASIC is required to aggregate this information and report for each product the total of all short positions disclosed to ASIC for each reporting
The second Channel Islands International Business Summit will focus on Investment Strategies for Diversification and the Engines of Global Growth and cover some of the major issues which impact financial sector professionals, globally.
Confirmed speakers include: Roger Bootle, City Economist; Tajinder Singh, Deputy Secretary General, IOSCO; Paul Mortimer-Lee, Global Head of Market Economics, BNP Paribas; Jon Moulton, Chairman, Better Capital LLP, Helena Morrissey (pictured), CEO Newton Investment Management.
For more information and to register go to www.cisx.com/summit
Date: 10 September 2010
Venue: Hotel De France, Jersey, Channel Islands
Time: 9am – 5:15pm
Cost: £175 per person
William Davies, Head of European Equities, Threadneedle, examines the prospects for Europe against a backdrop of austerity packages.
The difficulties facing peripheral European economies are well-documented, with austerity packages in markets such as Greece, Spain and the UK likely to subdue activity over the medium term as taxes rise and job security falls. However, the global economy is recovering and emerging markets in particular are continuing to deliver robust levels of growth. This provides a good backdrop for global demand in a number of industries.
Much has been made of the weakness of the euro, and it is certainly true
Equinox Capital Markets, the alternative investment marketing organisation, has appointed Daniel Gormont as an institutional sales associate.
Gormont joins a team dedicated to marketing, sales and business development solutions for alternative investment managers both in the US and internationally.
Gormont will be responsible for marketing a select group of hedge funds, commodity trading advisors, and other specialised asset managers including Equinox Fund Management, an affiliated company, to a variety of US institutions.
John Gallagher, president of Equinox Capital Markets, says: "We are building out a very able, accomplished and competitive capital raising team. Dan Gormont’s appointment substantially increases our reach
Credit Suisse and Dow Jones Indexes have signed an agreement covering the calculation, licensing, branding and marketing of the hedge fund indexes formerly known as the Credit Suisse/Tremont Hedge Fund Indexes.
Under this agreement, the indexes will be branded Dow Jones Credit Suisse Hedge Fund Indexes, and will be calculated, distributed and marketed by Dow Jones Indexes. Credit Suisse affiliates will continue to manage the financial products linked to the indexes while Credit Suisse and Dow Jones Indexes intend to keep the methodologies and rules for each of the existing indexes consistent with past practices.
The Dow Jones Credit Suisse
RHJ International has agreed with KBC Asset Management to buy KBC Asset Management Dublin for a total upfront cash consideration of EUR23.7m, subject to closing adjustments.
The seller will also receive 50 per cent, with a maximum of EUR3.5m, of a potential future capital reduction at KBC Asset Management Dublin.
KBC Asset Management Dublin is an asset management firm which manages approximately EUR4bn of discretionary assets for institutional clients.
It offers equity products in three core areas: environmental equities, dividend oriented equities and multi assets strategies.
Leonhard Fischer, chief executive officer of RHJ International, says: “We are very pleased to
Hermes Fund Managers, an asset manager offering investment solutions for institutional clients, has selected client communications specialists Equipos to deliver its enterprise-wide client reporting infrastructure.
Hermes will use Equipos Coric to automate the production of client reports and streamline client communications.
The Coric suite enables end-to-end management of the client reporting process while providing dashboard control and workflow automation. Coric puts control of the reporting process into the hands of the client servicing team, enabling rapid response to ever-changing client reporting requirements.
Philip Keeler, executive director – operations and IT at Hermes Fund Managers, says: "When looking for a comprehensive
The US Commodity Futures Trading Commission has filed an action in the federal court in Austin, Texas, charging Richard D. Theye and his company, Micind Capital Management, with fraud in connection with running a multi-million dollar Ponzi scheme.
On 17 June, the CFTC also filed a motion for a statutory restraining order to freeze the defendants’ assets and prohibit the destruction of books and records.
The SRO motion also requests that the court order the defendants to make a full accounting of all funds received by and paid to investors. The court scheduled a hearing on the CFTC’s motion for
