News

News

Singapore to Overtake Tokyo as Asia’s Wealthy Hub in 2023

Posted by Anton Murray Consulting on . Posted in News

Sanat Vallikappen

Singapore is poised to surpass Tokyo as the Asian city with the most ultra-high-net-worth individuals within a decade as its stature as a financial center increases with the region’s growth.

Singapore will have 4,878 people with $30 million or more in assets excluding their principal residence by 2023, a 55 percent gain from last year, and trailing only London globally, according to a report from Knight FrankLLP yesterday. The number of these millionaires in Tokyo will climb 8 percent to 3,818, ranking the city fourth worldwide afterNew York.

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Fidante Boutique to shut up shop

Posted by Anton Murray Consulting on . Posted in Funds Management News

Aleks Vickovich & Tim Stewart

A boutique fund manager within Challenger’s Fidante Partners stable is set to cease operations from July, with another Fidante manager to take up the reins.

InvestorDaily understands the board of Fidante Partners has written to clients explaining that absolute return global equities manager Five Oceans Asset Management will close from July 2014.

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Barclays to Start Cutting Jobs in Investment Banking

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

Cathy Chan, Fox Hu and Richard Partington

Barclays Plc (BARC), the U.K.’s second-biggest lender by assets, will start cutting hundreds of jobs across its investment bank this week, according to people with knowledge of the matter.

About 100 jobs will go in Asia, and reductions will also be made at Barclays’s markets and investment-banking units in London and New York, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The cuts in Asia-Pacific amount to about 5 percent of the lender’s investment-bank in the region, one of the people said.

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Citigroup’s investment banking push reaps dividends

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

Brett Cole

Citigroup looks to be making headway in its efforts to build its investment banking franchise into the type of competitor that would make Macquarie, UBS and Goldman Sachs treat it as a serious rival.

Bolstered by a pick up in deal making, Citi is now ranked fourth on the Australian merger and acquisition league table, up from sixth for the same period in 2013, according to Bloomberg data. Pending and completed M&A transactions have reached $US52.8 billion so far this year in Australia, compared with $US28.2bn for the same period last year, according to Bloomberg.

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Local market backs China gold exchange

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

Bianca Harge-Hazelman

Australian gold producers, traders and the domestic economy could be among the big winners if China moves ahead and opens up the world’s biggest gold exchange.

The Shanghai Gold Exchange (SGE) is understood to have received approval last week from the Chinese central bank to launch a global trading platform in the city’s pilot free trade zone, a move that could challenge the dominance of New York and London in gold trade and pricing.

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Jobs under threat as IAG plans restructure

Posted by Anton Murray Consulting on . Posted in News

Ruth Liew

Insurance Australia Group is overhauling its operating model in Australia as the company prepares to absorb the $1.85 billion Wesfarmers insurance acquisition into its fold, with the changes likely leading to job losses.

IAG’s new model will span three divisions – personal insurance, commercial insurance and enterprise operations. The changes, which take effect from July 1, means the units will share certain support functions including administration, human resources, technology and finance, an IAG spokesman said.

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