Asset Management

The Hungarian financier George Soros would be interested in joining MPS, as reported by the Italian newspaper Il Sole 24 Ore. Besides Soros, also Qatar and US funds would be ready for subscrition of the capital, which in any case should be less than 5 billion initially indicated. The plan and the bank accounts will be approved today by the board and disclosed to the financial community tomorrow.

The scheme, imagined by the MPS financial advisers would be to focus on the anchor investor that could cover the supply in the market with high amounts: some Qatari funds would be interested in investing €1.5 billion to €2.0 billion, while, the newspaper wrote just yesterday, another billion could come from two US large institutional investors: they would be, according to rumors in financial circles, George Soros and one of the kings of the US hedge fund, John Paulson.

In recent years Malta has continued to evolve into an ever-stronger and robust financial domicile, attracting financiers and investors alike
This has been catapulted further by the island’s alluring and favourable tax schemes coupled by new approaches to fund management and investment schemes in its on-going determination to find innovative means to find dynamic, business-friendly solutions for business people.

Credit Suisse faced challenges in the third quarter, as Chief Executive Tidjane Thiam underlined in the last weeks, while the Zurich-based bank planned to axe thousands of jobs within the end of this year.

Credit Suisse expects to shed some 1,200 jobs by the end of this year-which come on top of 4,800 job cuts already; CEO swiss bank intends to de-emphasize its investment banking operations while bolstering wealth management businesses in Asia and Switzerland. The bank will report third-quarter results on November 3.

To date there has been scarcely any data on asset management in Switzerland. In particular, there has been no information available on the managed volumes of discretionary asset management mandates from the perspective of Switzerland as a production location.

Deutsche Bank is putting a scare into the financial world Thursday as reports have surfaced of some fund managers cutting exposure to Europe’s largest investment bank.

A Bloomberg report that about 10 hedge funds that clear derivatives trades with Deutsche, including Millennium Partners, Capula Investment Management and Rokos Capital Management, had withdrawn some excess cash and adjusted positions held at the lender because of concerns over its problems, citing an internal document.

Women will retire at 65. After the States General, also the Swiss National Council approved – by 137 votes to 57 – the raising of a year of their retirement age in the examination of the Pension Provision 2020 program, bringing it into line with the retirement age for men.

Axa Winterthur has improved last year in operating profit before tax in the occupational pension bringing it to 221 million francs compared to 211 million in 2014 while revenue from premiums are ccalo, as reported in a note the group.

The decline on a year of new contracts was 32%; overall, global revenue from premiums fell by 2.1%, to 7.5 billion francs.
As for the pension fund, Axa has obtained 1.8 billion Swiss francs, which corresponds to a gross yield of 3.4%, compared with 3.33% the previous year.

BlackRock, the first asset managers in the world, registered a 20% drop in first-quarter earnings. Net income fell to $ 657 million, or $ 3.92 per share, from 822 million, or $ 4.84 per share a year ago.

On an adjusted basis, earnings of $ 4.25 per share, slightly below analysts’ estimates at $ 4.29, according to Thomson Reuters I / B / E / S. CEO Larry Fink attributed the worsening of the result to the decrease in commissions on certain product types, such as hedge funds.