GAM buys Taube Hodson Stonex UK (HRT), an investment company that focuses on a comprehensive strategy for action. On March 31, HRT ran a fortune of about 1.78 billion GBP or CHF 2.5 billion. In its statement Monday, GAM said that this transaction, the price is not disclosed, is in line with its strategy to complement organic growth with acquisitions and engagement teams.
Subject to customary approvals from supervisory authorities, the transaction should be finalized in Q3 2016. The HRT investment team, led by four directors Cato Stonex, Mark Evans, Robert Smithson and Ali Miremadi, then will move in the offices of GAM in London and strategies will be marketed under the GAM brand.
The exit of Britain from the EU would trigger a ” prolonged period of high uncertainty ”, with negative consequences for economic growth of the country, this is the summary of the IMF report presented in London by the Director Christine Lagarde.
Among the consequences ” negative and substantial ” which listed Lagarde there are the depreciation of the pound, the decline in investment, market volatility, with direct repercussions on employment. ” In any country have gone in the past six months, all the leaders have asked me about the economic consequences of a Brexit ”, Lagarde said, stressing that the Fund does not intend to enter the political debate on the referendum.
Growing surplus of the German trade balance in March, thanks to the recovery in exports.
The trade surplus stood at € 23.6 billion, revised from a surplus of 20 billion the previous month (19.8 billion the first reading) and increased slightly compared to the 23 billion in the same month of 2015. the expectations of analysts was for a 20.5 billion surplus.
According to data published by the Federal Office of Statistics (Destatis), exports grew by 1.9% while imports fell by 2.3%.
The Eurozone takes time on the subject of Greece, being the EU, subject to the test of the crisis of migrants and the risk of a ‘Brexit’ in late June. However, the situation is not simple: Greece is still lagging behind the partner requests and the extraordinary meeting ends with virtually a stalemate, by updating to May 24. But some progress there: after Athens approved the pension reform and a new round of cuts and taxes, the ministers begin formally to discuss the rescheduling of the Greek debt, while continuing to exclude a reduction and by subordinating everything to the completion of the measures provided for in the Memorandum.
In March, industrial orders in Germany were up by 1.9% on a monthly basis. The figure was much worse than analysts’ estimates, which showed a monthly increase of 0.7%. Orders have benefited from the increase of consumer goods, which in the period under review showed an increase of 4%.
The greek parliament approved yesterday in the evening further austerity measures to release the second tranche of the third floor of international aid to 86 billion euro before extraordinary Eurogroup today.
The green light applies in particular to the stabilization (and resulting savings) of the pension system and an increase in taxes for a total 3.6 billion euro, measures that are part of a wider package of 5.4 billion Euros agreed with the ‘ EU and the international Monetary Fund (IMF).
The President of the EP Martin Schulz interviewed on Italian radio, said he was not concerned about the hot topic of the June referendum in the United Kingdom.
Schultz stated that there is a two-speed, but rather "multi-speed Europe: there are those who want to enter and those who want to quit." This has provided a cushion to talk Brexit, but the number one assembly in Strasbourg showed more concern for issues pertaining Eurozone.
Deutsche Bank in Frankfurt is under investigation for market manipulation from Trani prosecution along with former management of the group. The story concerns the massive operations, for 7 billion euro in value, made on Italian government bonds between January and June of 2011.
In recent days the military police of Bari Finance, together with the pm Michael Ruggiero, have made seizures of records and email in German institute Milan office and would have listened to witnesses.
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