All articles by Verdict Staff
Verdict Staff
Pershing launches collateral management technology for fund managers
Pershing, a BNY Mellon company, has launched two new applications that automate the process of moving collateral between the custodian and Pershing Prime Services.
COMMENT: UK divorce ruling throws up succession planning questions
The high-profile divorce of millionaire businessman Vivian Imerman and Elizabeth Tchenguiz could set a precedent for protecting the secrecy around the assets of high net worth individuals (HNWI) in the UK. The UK Court of Appeal ruled that millions of pages taken by Iranian-British entrepreneurs Robert and Vincent Tchenguiz from Imermans computers were inadmissible in the divorce proceedings.
Chinese regulator targets wealth management malpractice
Chinas banking regulator reportedly plans to crack down on illegal practices in the wealth management sector, including banks purchasing each others wealth management products or investing client funds in other banks wealth management products. The ‘crackdown’ was reported in The Wall Street Journal, and issaid toform part of the China Banking Regulatory Commissions (CBRC) goal of tightening its control over nonbank financial institutions and maintain a tight monetary policy
Beverly Hills Wealth Management opens office in San Diego
Beverly Hills Wealth Management (BHWM) has opened an office in San Diego thereby expanding its advisory group.
Jefferies appoints head of European restructuring & recapitalization investment banking
Jefferies, an American investment banking firm, has appointed Lyndon Norley as the managing director and head of European restructuring & recapitalization investment banking.
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Tribunal upholds £1.3m fines to UBS advisers
The UKs upper tribunal has upheld a Financial Services Authority (FSA) decision to fine former UBS advisers Sachin Karpe and Laila Karan and ban them from performing any regulated financial services role. The tribunal handed Karpe a £1.25m ($1.97m) fine and agreed that he misled his juniors, and carried out substantial unauthorised trading, predominantly in FX instruments while he was head of UBSs Asia II desk head He made unauthorised transfers and loans between client accounts concealing losses which resulted in substantial losses for 21 customers between 2006 and 2007, the tribunal said.
Coutts to recruit in large numbers
UK-based private bank, Coutts & Co ahs started to hire on a large scale as a strategy to improve its performance post the regulatory failings.
JP Morgan appoints trust & fiduciary head
David Kane has been appointed as the head of JP Morgans Trust and Fiduciary and Compliance Reporting business, which is part of the firms Worldwide Securities Services division (WSS).
SEC charges Seattle-based fund manager with fraud
The Securities and Exchange Commission (SEC) has charged a Seattle-based investment adviser and his firm with defrauding clients by secretly investing their money in two risky start-up companies he co-founded.
SEC names deputy director In SEC’s division Of Trading and Markets
The Securities and Exchange Commission (SEC) has named James Burns as its new deputy director in the division of Trading and Markets.