The just-published revenues of the Securities Services division of BNP Paribas reached EUR 476 million. This represents an increase of 14.4 percent on the back of what it says was a very good business drive.
Time for a Friday rant. Headlines on investment banking in Europe in recent days have not made pleasant reading. Many familiar market names are braced for cuts as management look to scale back expenditure in the face of crashing revenues and soaring capital and regulatory costs.
The latest research from Preqin indicates that an estimated 1,180 zombie funds are being held in institutional investors’ portfolios. This is an increase from the 1,049 estimated by Preqin as of a year ago, and a further increase from the 999 in existence as of July 2013. The value of unrealised assets being held by zombie funds has also risen, from $80.9bn in 2013 to $126.6bn in 2015.
Not much has changed in the outlook for the US economy or the US financial markets, according to John Osterweis, founder, chairman and chief investment officer and Matt Berler, president, chief executive officer and portfolio manager at Osterweis Capital Management in their July 2015 Equity Investment Outlook.
Transfer agency, the next generation, creeps ever closer as month by month inadequate legacy systems are consigned to the dustbin of financial technology history. Independent third-party fund administrator Maitland has made its own claim to be prominent at the industry's cutting edge with its decision to replace its existing technology with Oracle FLEXCUBE Investor Servicing.
I'm shocked at the news that Lord Sewel has been snorting cocaine off the body parts of a lady of the night. With a £5 note? Is that what austerity means? We really must all be in it together. I'd have thought a £50 note at least...
State Street has just issued its second quarter results. Servicing fees of $1,325m in the second quarter of 2015 were up 4.1% from the first quarter of 2015, primarily due to net new business and stronger global equity markets, it says.
The purchase price is apparently 35 times the FT's annual profits. That is a LOT of goodwill, especially as it doesn't include Number One Southwark Bridge. Remember too that back in the mid-1980s, a Japanese buyer paid (IIRC) almost £200m to buy Bracken House, the FT's former London HQ, which was promptly listed, almost before the ink was dry on the contract. Whatever else you might think, Pearson has dealt very shrewdly with the Japanese.
My internet router stopped working around 10.00h this morning. I did the usual reset and power checks, then phoned the Swisscom helpline. Vincent Kaufmann, speaking perfect English, agreed it was dead and offered to send a replacement. I pointed out that I need the internet all day for work and asked if I could go and collect one from somewhere.
He gave me a code to take to the k Kiosk at Lauterbrunnen station and collect a new replacement. I rang the kiosk to check and they said yes. Here we are just over two hours later up and running again.
The Monetary Authority of Singapore (MAS) has given Deutsche Börse Group full regulatory approval to operate Eurex Clearing Asia. Deutsche Börse says the new clearing house is an integral part of its new trading and clearing offering for investors during Asian trading hours.