Tag Archives: Wealth Management (TRBC level 5)

The Swiss watchdog asked Credit Suisse about the risk of Greensill -SonntagsZeitung | Instant News


FILE PHOTO: Swiss bank Credit Suisse logo seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS / Arnd Wiegmann // Photo File / Photo File

ZURICH (Reuters) – Swiss chief financial regulator FINMA questioned Credit Suisse over the risks involved with now-bankrupt financial firm Greensill Capital “months” before the bank was forced to close $ 10 billion in funds such as for Greensill, Swiss newspaper SonntagsZeitung reported Sunday.

Alongside formal discussions at a technical level between the bank and FINMA, chief supervisor Mark Branson privately discussed the risks with Credit Suisse Chairman Urs Rohner and Chief Executive Thomas Gottstein who walked out during a meeting on an undetermined date, the newspaper reported, citing information in his possession. . obtained.

FINMA declined to comment. Credit Suisse also declined to comment.

Switzerland’s second largest bank has staggered from its exposure to the collapse first of Greensill Capital and then Archegos Capital Management within a month.

Credit Suisse’s asset management unit was forced last month to close $ 10 billion in supply chain financial funds invested in bonds issued by Greensill after the British company lost credit insurance coverage shortly before filing for bankruptcy. The bank has suspended the fund manager and replaced the head of its asset management unit.

The massive loss to US investment fund Archegos this month also prompted Credit Suisse to replace its head of investment and compliance and risk banking after saying it would book first-quarter expenses of $ 4.7 billion from its exposure to affected companies.

Reporting by Brenna Hughes Neghaiwi; Edited by Rachel Armstrong and Susan Fenton

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UPDATE 1-Fashion group Tod put Instagram star Chiara Ferragni on its board | Instant News


* Shares in Tod’s jump more than 5% after the announcement

* The company aims to win over young people to drive growth (Adds details)

ROME, April 9 (Reuters) – Italian fashion group Tod’s said on Friday that it is appointing Instagram star and influencer Chiara Ferragni as a board member, stepping up its efforts to win over the younger buyers driving the sector’s growth.

The luxury leather goods maker shares jumped more than 5% after the announcement of Ferragni, a 33-year-old Italian digital entrepreneur with more than 23 million followers on his Instagram account where he shares fashion and style advice and raises awareness about social issues. .

“We believe that Chiara’s knowledge of the world of youth, combined with the experiences of other board members, can build thinking focused on solidarity with others, with a strong focus on the younger generation, who, now more than ever, need to be heard,” Tod said. .

Tod’s, known for his shoes, launched a new strategy in late 2017 to change his brand and appeal to younger consumers, but the COVID-19 pandemic has hampered his efforts. Sales fell by nearly a third in 2020 due to lockdowns and falls in tourism, marking the fifth consecutive year of annual sales decline.

“Ferragni’s entry into Tod’s board will lead to increased brand visibility, and investors hope this will help in driving group sales in today’s challenging market,” said a Milan-based trader.

Generations Z and Y, born after 1995, will meet about two-thirds of total demand in the luxury goods sector by 2025, up from about 45% in 2019, consultants Bain said in its latest estimate.

“Chiara’s knowledge of the youth world is invaluable,” said Diego Della Valle, Tod’s founder and top shareholder.

Reporting by Claudia Cristoferi; Edited by Giulia Segreti and Pravin Char

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Credit Suisse can weather Archegos’ fall, said the head of the IMF mission | Instant News


FILE PHOTO: Swiss bank Credit Suisse logo seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS / Arnd Wiegmann / File Photo

ZURICH (Reuters) – Credit Suisse must be able to deal with the $ 4.7 billion loss from the Archegos hedge fund and the collapse of the $ 10 billion Greensill fund, without significant risk to the health of the Swiss financial sector from the episode, the IMF’s country mission. said the head.

Credit Suisse shares have fallen 25% within a month, with Switzerland’s second largest bank shaken from its collapsing exposure first to Greensill Capital and then Archegos Capital Management.

“Our assessment is that the incident was not systematic and manageable by Credit Suisse,” Mark Horton told reporters after the International Monetary Fund (IMF) published its report on Switzerland.

Credit Suisse took a number of actions; changing the management team, limiting dividends, and conducting external assessments of some developments that have occurred, “Horton said, Wednesday.

“We do not see this as seriously damaging Switzerland to either the financial sector or the economy as a whole,” he added.

Credit Suisse entered the coronavirus crisis with strong capital and a strong position, said Horton, adding that it had sufficient resources to manage the problem.

“This is seen as an internal problem that needs to be handled by the bank itself and has started to be done,” he said.

Reporting by John Revill; Edited by Alexander Smith

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AMP Australia hires Alexis George of ANZ as CEO to decide on its troubled past | Instant News


FILE PHOTOS: The logo of AMP Ltd, Australia’s largest retail wealth manager, adorns their headquarters located in central Sydney, Australia, May 5, 2017. REUTERS / David Gray

(Reuters) – Australia’s wealth manager AMP Ltd on Thursday appointed deputy head of the Australian and New Zealand Banking Group Alexis George as its new chief executive, saying Francesco De Ferrari would retire from the role.

The move comes just days after AMP flatly rejected media reports that De Ferrari had stepped down. It was welcomed by analysts and investors as a signal of renewed willingness by AMP to distance itself from a three-year period marked by questions of corporate culture and sharp criticism of regulations that cost it three-quarters of its market value.

AMP shares rose 4% following Thursday’s announcement, with George described by Morningstar analyst Shaun Ler as “an agent of change in reviving corporate culture – a problem that has consistently plagued AMP”.

Former Credit Suisse De Ferrari banker took over in 2018 with the authority to stabilize AMP following scathing criticism in a government probe into the financial sector that uncovered widespread breaches within the company that led to an exodus of clients and a stock drop.

George will take over in the third quarter, the company said in a statement. “He is … committed to continuing the transformation of AMP’s business, and most importantly, our organizational culture,” said AMP Chair Debra Hazelton in a statement.

The move, a year after the previous company chairman quit amid reports that a male staff member was promoted after being disciplined for inappropriate behavior, would make AMP one of the largest listed companies in Australia with a female chair and CEO.

The company-wide review of AMP’s assets ended in February with a proposed deal to sell a large portion of its private market business to Ares Management, after American funds pulled out of its A $ 6.36 billion ($ 4.8 billion) companywide buyout. offer. []

While the 30-day exclusivity period for finalizing the deal ends on Friday, De Ferrari will continue to lead discussions with Ares about potential deals, AMP said.

Reporting by Paulina Duran in Sydney and Rashmi Ashok in Bengaluru; Edited by Krishna Chandra Eluri and Kenneth Maxwell

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AMP Australia hires Alexis George of ANZ as CEO to decide on its troubled past | Instant News


FILE PHOTOS: The logo of AMP Ltd, Australia’s largest retail wealth manager, adorns their headquarters located in central Sydney, Australia, May 5, 2017. REUTERS / David Gray

(Reuters) – Australia’s wealth manager AMP Ltd on Thursday appointed deputy head of the Australian and New Zealand Banking Group Alexis George as its new chief executive, saying Francesco De Ferrari would retire from the role.

The move comes just days after AMP flatly rejected media reports that De Ferrari had stepped down. It was welcomed by analysts and investors as a signal of renewed willingness by AMP to distance itself from a three-year period marked by questions of corporate culture and sharp criticism of regulations that cost it three-quarters of its market value.

AMP shares rose 4% following Thursday’s announcement, with George described by Morningstar analyst Shaun Ler as “an agent of change in reviving corporate culture – a problem that has consistently plagued AMP”.

Former Credit Suisse De Ferrari banker took over in 2018 with the authority to stabilize AMP following scathing criticism in a government probe into the financial sector that uncovered widespread breaches within the company that led to an exodus of clients and a stock drop.

George will take over in the third quarter, the company said in a statement. “He is … committed to continuing the transformation of AMP’s business, and most importantly, our organizational culture,” said AMP Chair Debra Hazelton in a statement.

The move, a year after the previous company chairman quit amid reports that a male staff member was promoted after being disciplined for inappropriate behavior, would make AMP one of the largest listed companies in Australia with a female chair and CEO.

The company-wide review of AMP’s assets ended in February with a proposed deal to sell a large portion of its private market business to Ares Management, after American funds pulled out of its A $ 6.36 billion ($ 4.8 billion) companywide buyout. offer. []

While the 30-day exclusivity period for finalizing the deal ends on Friday, De Ferrari will continue to lead discussions with Ares about potential deals, AMP said.

Reporting by Paulina Duran in Sydney and Rashmi Ashok in Bengaluru; Edited by Krishna Chandra Eluri and Kenneth Maxwell

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