Investment Banking News

Investment Banking News

Morgan Stanley to buy Eaton Vance

Posted by Anton Murray Consulting on . Posted in Investment Banking News

InvestorDaily

Morgan Stanley has announced it will buy Eaton Vance in a move it believes will deliver long-term financial benefits to shareholders and the company. Morgan Stanley will acquire Eaton Vance for around $7 billion, bringing its assets under management to some $1.2 trillion with over $5 billion of combined revenues. The businesses are “highly complementary” with limited overlap in investment and distribution capabilities, and Morgan Stanley believes Eaton will fill product gaps and deliver “quality scale” to its investment management franchise.

“Eaton Vance is a perfect fit for Morgan Stanley,” said chairman James P. Gorman. “This transaction further advances our strategic transformation by continuing to add more fee-based revenues to complement our world class investment banking and institutional securities franchise. With the addition of Eaton Vance, Morgan Stanley will oversee $4.4 trillion of client assets and AUM across its Wealth Management and Investment Management segments.”

The rest of this article can be found at investordaily.com.au.

Partners Capital hires managing director

Posted by Anton Murray Consulting on . Posted in Investment Banking News

 InvestorDaily

Outsourced investment firm Partners Capital Investment Group has recruited HSBC’s global institutional private head to be its new managing director. Raphael Heynold has joined the firm after being global head of the institutional private client group at HSBC since 2011. Previously, he spent more than 16 years at Goldman Sachs in London and Asia in the financial institutions group, inside the investment banking and investment management divisions.

The hire has followed Partners Capital chief executive Arjun Raghavan indicating the firm has upped its focus on bolstering its senior leadership team, adding specialists with deep domain knowledge. “We are excited to have Raphael join our organisation,” Mr Raghavan said. “We have known Raphael for many years and his understanding of the family office and sophisticated investor universe will significantly enhance our ability to meet the investment needs of these clients.”

The rest of this article can be found at investordaily.com.au.

Magellan spends big on financial services shake-up

Posted by Anton Murray Consulting on . Posted in Investment Banking News

InvestorDaily

Magellan has announced it will become a foundation investor in a new Australian-based financial services firm led by UBS’ former top deal-maker. Barrenjoey will provide corporate and strategic advisory, equity and debt capital market underwritings, cash equities, research, and traditional fixed income services to Australian and international clients. It will be led by former UBS senior banker Guy Fowler as executive chairman, and John Cincotta, Matt Hanning and Chris Williams as founding partners.

“Magellan is delighted to be a founding partner of Barrenjoey,” said Magellan CEO Brett Cairns. “We believe the partnership model that leaves control, equity ownership and core decision-making with the executives is proven and powerful. This partnership model was adopted historically by many investment banks but unfortunately seems to have disappeared over the last 20 years.”

The rest of this article can be found at investordaily.com.au.

UBS embraces ESG with private wealth pivot

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InvestorDaily

One of the world’s largest investment banks has announced that its US$2.6 trillion global wealth management business will now prioritise sustainable investments. UBS has announced that sustainable investments are now its preferred solution for private clients investing globally – making it the first major global financial institution to make the recommendation. “COVID-19 has put the exclamation point on one of the most important shifts in financial services in a generation,” said UBS co-president of global wealth management Tom Naratil.

“The pandemic has brought the vulnerability and interconnected nature of our societies and industries to the forefront of investors’ minds and shown that sustainability considerations cannot be ignored.” UBS believes traditional investments will remain “most suitable in some circumstances” but that a 100 per cent sustainable portfolio can deliver similar or higher returns, with major sustainable indices performing better than traditional equivalents over the last year. They also offer stronger diversification for clients investing globally. “Sustainable finance is a firm-wide priority for UBS and our aim is to help clients take advantage of new opportunities and manage 21st-century risks more smartly,” said Huw van Steenis, chair of UBS’s Sustainable Finance Committee and senior adviser to the CEO.

The rest of this article can be found at investordaily.com.au.

UBS boosts coverage with new sector research heads

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InvestorDaily

UBS has named a number of new sector heads across its insurance and diversified financials, energy, and food and beverage coverage. Andrew Adams will joins UBS in December to lead its insurance and diversified financials coverage. Mr Adams has spent the last 10 years covering the sector for Credit Suisse, where he was ranked top three in industry surveys over the last three years.

He also has 10 years’ experience in various roles with QBE and Swiss Reinsurance, and is an associate of the Institute of Actuaries of Australia. “Together with Shreyas Patel, this team will have 32 years of combined experience in industry and [sell-side] insurance roles, and form an important part of our leading [financials] research franchise,” UBS said in the announcement. Aryan Norozi has also been appointed sector head for UBS’ retail and food and beverages coverage, and will be joined by Minnie Tong in December, who has worked in research in the cadet programme for four years.

The rest of this article can be found at investordaily.com.au.

CFA Institute draws up ESG industry standard

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InvestorDaily

Global association CFA Institute, has invited feedback on its draft ESG disclosure standards for investment products, in an effort to address inconsistency across the industry. The proposed industry standard will focus on disclosure requirements for investment products with ESG-related features, with the aim to let investors more comprehensively evaluate whether a product will meet their needs. CFA has said it is looking to define and classify ESG-related features and establish disclosure requirements and procedures for independent examination.

Current standards set disclosure requirements for corporate issuers, prescribe requirements for the labelling or rating of securities or investment products, or define best practice for a strategy or approach. Margaret Franklin, president and chief executive of CFA Institute said setting global ESG standards will ensure transparency, safeguard trust and help consumers make more informed decisions about ESG products. “With growing interest in ESG investing, support is widespread from the investment community for the development of a standard to reduce confusion and facilitate better alignment of investor objectives with investment products,” Ms Franklin said.

The rest of this article can be found at investordaily.com.au.

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