Capital rules to hammer banks’ assets – PwC November 2, 2011 BANK CAPITAL increases proposed by regulators could force European banks to reduce their assets by €1.8 trillion if they cannot raise it by other means, PwC claimed yesterday. “If the European banks are required to increase their capital ratio by one per cent and are unable to raise the capital to do this, they would [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 20, 2012 FINANCIAL TIMES Funds’ €60bn to buy European bank debt Hedge funds and private equity firms have amassed almost €60bn to buy loans from stricken European banks in coming years as many of the continent’s lenders seek to shrink their way to health, according to a PwC survey. PwC estimates European banks have almost €2.5tn of [...]
Complex pay plans and delayed bonuses ruin work incentives May 20, 2012 EXECUTIVE pay plans are so complicated that they fail to properly motivate staff, a study from PwC and the London School of Economics warned today, striking a blow to campaigns which push for more deferred remuneration. Executives tend to be “risk averse,” and so do not like complexity and place little value on deferred pay, [...]
Big four auditor to head up new City regulator June 11, 2012 THE OUTGOING chairman of professional services firm KPMG was yesterday named as the first chairman of one of the new City watchdogs. John Griffith-Jones will head up the Financial Conduct Authority (FCA) – one of two new regulatory bodies that will be created when the Financial Services Authority is replaced early next year. Ahead of the switchover, Griffith-Jones [...]
Weak GDP figures won’t mean the economy is about to fall off a cliff July 22, 2012 A BIG health warning should be attached to the second quarter gross domestic product (GDP) figures, when they are released on Wednesday. GDP figures – the official estimates of UK growth – can be very misleading. They can be distorted by temporary one-off effects (including the weather). They are frequently revised, so the initial estimates [...]
WHO’S SWITCHING JOBS June 20, 2012 Sciens Tim Wilkinson has been appointed president of Sciens Fund of Funds Management Holdings, part of the Sciens Capital Management Group. Prior to joining the firm he was managing director at Russell Investments, and spent 15 years with Citigroup, latterly as global head of transition management. Wilkinson started his career at SG Warburg Securities. Banque [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 21, 2012 FINANCIAL TIMES RBS suffers blow over branches deal Royal Bank of Scotland is set to receive up to £300m less than it expected for a package of branches it is selling to Santander UK because the business has failed to hit a number of targets outlined in the deal. A sharp deterioration in the economy [...]
WHO’S SWITCHING JOBS May 16, 2012 Brooks Macdonald The private client investment manager has announced the appointment of Justin Woolf to its intermediary sales team. He joins as an intermediary sales manager from Zurich Intermediary Group, where he was a senior broker consultant. Woolf has over 15 years’ experience in the financial services industry. Thomas Miller Investment The investment management firm [...]
WHO’S SWITCHING JOBS May 16, 2012 Brooks Macdonald The private client investment manager has announced the appointment of Justin Woolf to its intermediary sales team. He joins as an intermediary sales manager from Zurich Intermediary Group, where he was a senior broker consultant. Woolf has over 15 years’ experience in the financial services industry. Thomas Miller Investment The investment management firm [...]
PwC report shows remuneration of top asset managers is soaring October 30, 2011 THE total pay package of asset managers has risen to an average of £2m after the industry’s biggest firms won new business. New research from PwC shows asset manager remuneration has typically increased by 18 per cent annually. The study, which looked at 25 of the largest asset managers in Europe, also said funds’ salary [...]