China’s Postal Savings Bank Files for Potential $10 billion IPO

China’s Postal Savings Bank Files for Potential $10 billion IPO

State owned Postal Savings Bank of China, the country’s largest bank by number of branches has filed for a Hong Kong initial public offering seeking to raise as much as $10 billion. The IPO aimed at raising between $7 and $10 billion could happen as early as September.

“The IPO aimed at raising between $7 and $10 billion could happen as early as September. “

~Reuters

PSBC’s planned offering comes against the backdrop of a nearly 60 percent drop in Asia-Pacific share offerings, ex-Japan, in the first half of 2016 amid the weakest activity since 2008. PSBC, which has more than 40,000 branches nationwide and is considered to have a much lower ratio of bad loans than rivals, was set up as a deposit-taking bank in 2007, using the network of the former postal savings bureau.

Related Reports: Reuters, Bloomberg

 

About China Postal Savings Bank

At present, Postal Savings Bank has 37,000 business offices for savings service, 45,000 business offices for exchange service and 20,000 business offices for international remittance service. Postal Savings Bank of China will continuously diversify its service products, expand distribution channels and improve service functions relying on postal network’s advantages and according to the modern framework for corporate governance as well as the requirements of management for commercial banks to provide more complete and convenient basic finance services and create a modern bank with adequate capital, rigorous interior control, safe operation, complete functions and high competitiveness.

Visit: China Postal Savings Bank


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Investors Pull $11 billion out of 10 Largest European ETFs YTD

Investors Pull $11 billion out of 10 Largest European ETFs YTD

According to an S&P Global Market Intelligence’s ETF report, investors have pulled out $11 billion from the 10 largest European equity exchange traded funds YTD through June 15 due to their concern about the impact of Britain’s upcoming vote on European Union membership.

“Vanguard FTSE Europe, the largest of the European based ETFs with $12.68 billion in assets had the third highest year to date outflows of $1.06 billion.”

~Reuters

Vanguard FTSE Europe, the largest of the European based ETFs with $12.68 billion in assets had the third highest year to date outflows of $1.06 billion. The fund has a 31.4% stake in United Kingdom domiciled securities including HSBC Holdings and Royal Dutch Shell.

Related Reports: Reuters

 

About Vanguard  

What sets Vanguard apart – and lets Vanguard put investors first around the world – is the ownership structure of The Vanguard Group, Inc., in the United States. Rather than being publicly traded or owned by a small group of individuals, The Vanguard Group is owned by Vanguard’s US-domiciled funds and exchange-traded funds (ETFs). Those funds, in turn, are owned by their investors. This unique mutual structure aligns our interests with those of our investors and drives the culture, philosophy and policies throughout the Vanguard organisation worldwide.

In the UK, Vanguard leverages the scale, experience and resources of our established global business. Vanguard’s ownership structure means that our clients don’t have to worry that we’ll be acquired. The company they invest with today will continue to serve them in the future.

Visit: Vanguard


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Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs bankers have been accused of paying for prostitutes, private jets and five star hotels and held business meetings on yachts to win business from a Libyan investment fund set up under Gaddafi regime.

“The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades. “

~ The Guardian

The Libyan Investment Authority (LIA) was set up in 2006 to invest the country’s oil wealth as its status from a pariah state was being lifted. Lawyers for LIA are claiming for losses on nine trades that Goldman Sachs executed between January and April 2008. The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades.

Related Reports: The Guardian, Daily Mail

 

About Libyan Investment Authority

The Libyan Investment Authority (LIA) is the sovereign wealth fund of Libya. It was established in 2006 and, in accordance with law No (13) of 2010, aims to develop and maximise state revenue surpluses to achieve three goals:

Create a diversified source of wealth for Libya’s future generations by investing internationally with a sustainable, long-term view.

  • Stimulate Libya’s economy through major, transformational private sector projects
  • engaging international expertise through joint ventures and knowledge transfer.
  • Provide stability against volatile oil revenues and government budget shortfalls.

Visit: Libyan Investment Authority


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Ant Financial Plans to Buy 20% Stake in Thailand’s Ascend Money

Ant Financial Plans to Buy 20% Stake in Thailand’s Ascend Money

Ant Financial is planning to purchase a 20% stake in Thailand’s Ascend Money in a bid to become a key financial services player in Southeast Asia. An investment into Ascend Money, parent of True Money and Ascend Nano would help Ant Financial expand its online payments and small loans business in Southeast Asia.

“The company will spend 6 billion baht (US$170 million) on expansion this year, 83 percent of which will be spent outside of Thailand.”

~ Ascend Group Chief Executive Officer Punnamas Vichitkulwongsa

Ascend Group Chief Executive Officer Punnamas Vichitkulwongsa in April told the Bangkok Post the company will spend 6 billion baht (US$170 million) on expansion this year, 83 percent of which will be spent outside of Thailand.

Related Reports: Bloomberg, Reuters

 

About Ascend Group

We provide scalable, cost-effective end-to-end eCommerce platform and services, with fulfillment solution that enhances delivery efficiency for both online and offline sales channels, ePayment and lending, eService business providing comprehensive digital marketing solutions, world-class data centers and cloud services and venture capital.

Visit: Ascend Group

 

About True Money

Thailand’s premier online payment brand, encompassing multiple solutions that help facilitate various transactional needs. TrueMoney provides several platforms for the community including;

  • Wallet by TrueMoney – a smartphone application enabling people to manage their daily transactional needs
  • WeCard by MasterCard – a virtual and physical debit card brand for both online and physical payments designed specifically with the user in mind, and seamlessly integrated within Wallet
  • TrueMoney CashCard – Built for online gamers in mind, CashCard facility provides an easy way to convert physical money into virtual cash. Available nationwide at all 7-Eleven stores, CashCard can be also used to Top Up cash on TrueMoveH’s Prepaid mobile services
  • PayPoint & PayPoint Auto – Designed for self-services (Kiosk) and rural areas through partner, PayPoint provides people with access to bill payments.

Visit: True Money


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Former UBS Business has Commenced Business as Crestone Holdings

Former UBS Business has Commenced Business as Crestone Holdings

The acquisition of UBS Wealth Management has finally been completed and the new business has officially commenced operations. The new entity born out of the buyout will now be known as Crestone Holdings and it will have AUD14 billion of assets under management. Crestone will provide wealth advice and portfolio management services to high net worth clients, family offices, not for profit organization and financial institutions.

“The new entity born out of the buyout will now be known as Crestone Holdings and it will have AUD14 billion of assets under management.”

~Australia Financial Review

 

Crestone’s investment approach draws on its heritage from the world’s largest wealth management firm and the relationships our team have built up over many years of operating in Australia. UBS will continue to provide Crestone with securities execution, clearing and settlement, research, access to capital markets deals and managed funds.

Related Reports: The Australian, Australia Financial Review

 

About Crestone

Crestone Wealth Management provides wealth advice and portfolio management services to high net worth clients and family offices, not for profit organisations and financial institutions. It was created from the acquisition of UBS Wealth Management Australia—a company with an 80-year heritage and more than $14 billion of client assets under management.

Crestone has 170 employees, including over 70 investment advisers who have worked together for an average of 10 years. It has offices in Brisbane, Melbourne and Sydney.

Visit: Crestone


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China Dumping More Than Just Treasuries

China Dumping More Than Just Treasuries

The People’s Bank of China, owner of the world’s biggest foreign exchange reserves has dumped about $250 billion of US government debt and been using the funds to support the yuan and stem capital outflows. In addition to declining China sales of Treasuries, its holdings of US equities are also now showing steep declines.

“China’s ownership of American stocks sank about $126 billion, or 38 percent, from the end of July through March, to $201 billion.”

~Bloomberg

China’s ownership of American stocks sank about $126 billion, or 38 percent, from the end of July through March, to $201 billion, Treasury Department data show. That has outpaced selling by investors globally in that span — total foreign ownership fell just 9 percent.

Related Reports: Bloomberg, Reuters

 

About People Bank of China

The People’s Bank of China (PBC) was established on December 1, 1948 based on the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. In September 1983, the State Council decided to have the PBC function as a central bank. The Law of the People’s Republic of China on the People’s Bank of China adopted on March 18, 1995 by the 3rd Plenum of the 8th National People’s Congress has since legally confirmed the PBC’s central bank status.

Visit: People Bank of China

 


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Qatalyst Partners and Allen & Co are the Banks for Linkedin- Microsoft Deal

Qatalyst Partners and Allen & Co are the Banks for Linkedin- Microsoft Deal

Two boutique banks will lay claim to million in fees on Linkedin $26.2 billion sale to Microsoft. It is going to be a big payday for the banks with just a few dozen staffs. Wall Street has seen deals fall by a double digit percentage to start 2016 compared to last year, putting pressure on big banks revenue.

“Wall Street has seen deals fall by a double digit percentage to start 2016 compared to last year, putting pressure on big banks revenue. “

~CNBC

This will serve as a stark reminder for Wall Street that its clout only goes so far and that boutique banks are starting to hone on big banks business. Further, since June of last year, 68% of deals valued at $10 billion or more had a boutique bank advising.

Related Reports: CNBCForbes, Microsoft News Center

 

About Qatalyst Partners

Qatalyst Partners is a global, independent investment bank that provides high impact strategic and financial advice to senior management and boards of established and emerging technology leaders on matters crucial to their growth and success

Visit: Qatalyst Partners

 

About Allen & Co 

Allen & Company is an investment banking firm that provides private placement, underwriting and brokerage services to entertainment and media companies. Its clients include Seagram, Universal Studios, Hasbro and Galoob Toys, Disney, and ABC. The firm also maintains an investment arm that provides venture capital financing to entertainment and media companies. Allen & Company was founded in 1922 by Charles Allen and is based in New York. Allen & Company Incorporated operates as a subsidiary of Allen Holding Inc.

Visit: Allen & Co


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Bill Gross: Historic Investment Returns Impossible to Repeat

Bill Gross: Historic Investment Returns Impossible to Repeat

Bond investor Bill Gross of Janus Capital Group inc has said that the historic returns investors have reaped over four decades are over, given the near end of falling rates and tremendous credit expansion. Gross who manages the Janus Global Unconstrained Bond Fund with $1.3 billion in assets said asset returns and alpha generation have been aided by declines in interest rates, trade globalization and an enormous expansion of credit which is debt

“Investment returns will be low and risk will be high, and at some point investors must decide that they are in a new era with conditions that demand a different approach.”

~Bill Gross

Those trends are coming to an end and because in some cases, they can no longer go further. Gross also said investment returns will be low and risk will be high, and at some point investors must decide that they are in a new era with conditions that demand a different approach.

Related Reports: ReutersBloomberg

 

About Janus Capital Group 

Since 1969, Janus Capital Group has stayed true to our mission: deliver better client outcomes through actively managed investment solutions. Today, we offer a broad range of fixed income, equity and multi-asset strategies managed by Janus, INTECH and Perkins, in addition to a suite of exchange-traded products.

Through expertise in security selection, portfolio construction, and asset allocation, we help investors meet their goals of growth, volatility management, uncorrelated returns and income.

Visit: Janus Capital Group


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McKinsey’s $5 Billon Fund – Compass Special Situations

McKinsey’s 5 Billon Fund

McKinsey, one of the world’s most influential consulting firms has built up a secretive $5 billion internal investment arm that manages the fortunes of its past and present partners.  The little known investment group was created to retain McKinsey’s top talent and has generated hundreds of millions of dollars in profits for its clients over the past three decades.

“Its flagship offering called Compass Special Situations has made money for 24 of the past 25 years.”

~ Financial Times

The existence, size and investments of the highly profitable internal trading fund, which was set up three decades ago, have until now remained largely unknown outside a circle of former and current McKinsey insiders. Its flagship offering called Compass Special Situations has made money for 24 of the past 25 years, only suffering a loss at the eight of the global financial crisis in 2008.

Related Reports: Financial Times, CNBC

 

About McKinsey

McKinsey & Company is a global management consulting firm that serves leading businesses, governments, non governmental organizations, and not-for-profits. We help our clients make lasting improvements to their performance and realize their most important goals. Over nearly a century, we’ve built a firm uniquely equipped to this task.

Visit: McKinsey & Company


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Sovereign Wealth Funds Throw Funding Lifeline to Tech Ventures

Sovereign Wealth Funds Throw Funding Lifeline to Tech Ventures

Saudi Arabia and other Gulf States along side with state backed investors in Singapore & China and invested money into technology investments such as Uber, Alibaba and its private affiliates. With overall funding for start-ups slowing down by a third to $25.5 billion in the last two quarters, according to data from CB Insights, high-profile ventures are turning to government funds or institutional money to create “private IPOs” rather than to venture capitalists or public listings.

“High-profile ventures are turning to government funds or institutional money to create “private IPOs” rather than to venture capitalists or public listings.”

~ Reuters

And only about 10 of the world’s 80 or more sovereign funds have made sizeable investments in tech ventures so far according to market research firm Sovereign Wealth Fund Institute

Related Reports: Reuters, CNBC

 

 About Sovereign Wealth Fund Institute

SWFI, also known as the Sovereign Wealth Fund Institute, is a global organization designed to study sovereign wealth funds, pensions, superannuation funds, central banks, endowments and other long-term public investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. We provide specialized services such as research and consulting to various corporations, funds and governments. Our flagship publication, the Sovereign Wealth Quarterly, is the premier publication on public sector asset ownership and management globally.

Visit: Sovereign Wealth Fund Institute


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