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asset management

Swedish central bank chief says Riksbank law draft raises risk to economy

Swedish central bank chief says Riksbank law draft raises risk to economy

Published 31 May, 2021 07:00pm
  • Ingves told reporters that the proposed new law, which if it passes parliament would come into force in 2023, would only allow the Riksbank to buy assets that were not government bonds under "extraordinary circumstances", leaving a grey area in terms of when it could act.
Intesa's Eurizon buys BAPR's individual portfolio management business

Intesa's Eurizon buys BAPR's individual portfolio management business

Published 03 May, 2021 07:49pm
  • Through its Milan-based brokerage arm, BAPR managed assets worth 430 million euros ($518 million) as of end-December, of which around 170 million euros were individual portfolios for the bank's customers, a joint statement said.
  • Eurizon said the transaction strengthened its position in the asset management sector, in line with targets set under Intesa's strategic plan through 2021.
BMO to sell EMEA asset management unit for $870mn to focus on North America

BMO to sell EMEA asset management unit for $870mn to focus on North America

Published 12 Apr, 2021 08:59pm
  • Canada's fourth-largest lender will take a C$745 million write-down of goodwill after tax in the second quarter of fiscal 2021 as a result of the transaction, which is expected to close in the fourth quarter of calendar 2021, BMO said.
  • Concentrating on the North American market, and Canada in particular, is the right strategic decision.
Santander's asset management arm to launch trade finance fund

Santander's asset management arm to launch trade finance fund

Published 08 Apr, 2021 08:10pm
  • The fund - aimed at institutional and accredited investors - will primarily buy assets created by the banking group's trade finance business in transactions with its large corporate clients, the sources said.
  • The recent collapse of British supply chain finance company Greensill, however, has raised investor concerns on some of the risks involved and in some cases, the sector's lack of transparency.
Credit Suisse winds down $10 billion Greensill-linked funds

Credit Suisse winds down $10 billion Greensill-linked funds

Published 05 Mar, 2021 06:07pm
  • The fund boards have now decided to terminate the funds. Credit Suisse Asset Management's priority is to ensure a balance between a timely liquidation of the funds and maximizing value for the investors.
  • Credit Suisse said the funds had experienced "reduced availability of insurance coverage for new investments", but declined to say if existing investments were protected.
Credit Suisse suspends supply chain finance funds

Credit Suisse suspends supply chain finance funds

Published 01 Mar, 2021 08:18pm
  • In a note to investors, Credit Suisse Asset Management said that "a certain part of the subfunds' assets is currently subject to considerable uncertainties with respect to their accurate valuation".
  • Greensill, into which the SoftBank Vision Fund, part of Japan's Softbank Group, has invested around $1.5 billion in recent years, was not immediately available for comment.
Wells Fargo sells asset management arm to private equity firms for $2.1bn

Wells Fargo sells asset management arm to private equity firms for $2.1bn

Published 23 Feb, 2021 06:17pm
  • The sale represents the biggest shake-up at the US bank since former Bank of New York Mellon top boss Charles Scharf joined as chief executive officer in 2019.
  • Wells Fargo will own a 9.9% stake in the asset management unit and will continue as a client and distribution partner, the bank said.
Standard Life Aberdeen to close Indonesian asset management business

Standard Life Aberdeen to close Indonesian asset management business

Updated 28 Jan, 2021 08:17pm
  • The decision to exit the Indonesian market is part of the firm's broader plan to reconfigure our global operations around our growth strategy.
  • The UK asset manager entered the Indonesian market in 2014, when it bought an 80% stake in a local company.
Allianz gets approval to set up insurance asset management firm in China

Allianz gets approval to set up insurance asset management firm in China

Published 28 Jan, 2021 07:47pm
  • It also comes as China has fully opened up its giant financial sector, and is stepping up efforts to attract foreign investment amid tensions with the United States.
  • Allianz will set up the new entity through its China unit, Allianz (China) Insurance Holdings Co, which also owns a 51% stake in Allianz' Chinese life insurance venture.
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