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People Moves: Credit Suisse makes two senior IB hires, Mizuho loses Asia ex-Japan origination chief
Capital Markets
<p>Credit Suisse bags two senior bankers in HK. Richard Kao, a former director within Credit Suisse’s investment banking department, is set to return to the Swiss firm as a senior member of its Greater China corporate finance team. Kao was previously head of solutions for Standard Chartered’s Greater China operations, and was an executive director within Goldman Sachs’ corporate finance team prior to that.</p> <p>Meanwhile, Alain Lam, another investment banking heavy, will be joining the firm as its new head of technology for Asia. He was managing director for Morgan Stanley’s global capital markets group prior to his move. Finance Asia</p> <p>Mizuho’s Asia ex-Japan origination chief departs. Rupert Manduke-Curtis, Mizuho’s head of origination for non-Japan Asia, has reportedly left the Japanese firm. His replacement has yet to be announced.</p> <p>Hong Kong-based Manduke-Curtis spent a good chunk of his career at Mizuho, joining the Japanese lender back in 2005 after a one year stint at ING in London. He was with CIBC World Markets for three years prior to that. Global Capital </p> <p>For Asset Management moves, click here.<br /> Photo: Wendy</p>
People Moves: Henderson beefs up its Asian equities team; T. Rowe poaches sales chief from UBS GAM
Asset Management
<p>Henderson adds two new hires to its Asian equities team. Wee May Ling, an 18-year veteran of the asset management space, is set to join Henderson Global Investors as an investment manager within its Asian equities team. Prior to joining Henderson, May Ling was with Lloyd George Management in Hong Kong, serving the firm as its portfolio manager running Greater China equities. She began her career in Dresdner Kleinwort Wasserstein Securities in Singapore.</p> <p>Also set to join the British asset manager is Mervyn Koh, an ex-GIC man who will be working as one of the firm’s associate investment managers.  Koh was previously with Franklin Templeton Investments in Singapore, and was most recently a VP within its emerging markets group. He apparently co-managed the firm’s Southeast Asia fund as well. He began his career in the aforementioned GIC.</p> <p>On the firm’s new hires, Andrew Gillan, Henderson’s head of Asia ex-Japan equities, had this to say:<br /> “I am delighted to welcome May Ling and Mervyn to the team. They reflect Henderson’s commitment to increased resource within the region as we look to grow our Asia ex Japan equity products in the coming years.”<br /> They will be both based in Singapore. Henderson</p> <p>UBS GAM managing director moves to T. Rowe. Elsie Chan, a highly regarded player in the asset management intermediary market, has been named head of intermediary sales, Asia by the U.S. firm T. Rowe Price. Scott Keller, the firm’s head of global investment services, Asia Pacific, had this to say:<br /> “Providing top-quality investment solutions to intermediaries throughout the region is one of the key pillars to developing a successful and sustainable business in Asia. Elsie Chan is highly regarded and a very experienced practitioner in the intermediary market. Her deep knowledge and experience of the relevant markets in the region, in particular Hong Kong and Singapore, will enable us to accelerate our offering to intermediaries across the Asia region.”<br /> As previously mentioned, Chan was a managing director for UBS Global Asset Management prior to her jump to T. Rowe, and was responsible for the Swiss firm’s wholesale distribution in Hong Kong and Southeast Asia. Before that, she had stints at Allianz Dresdner Asset Management as well as in ABN AMRO Asset Management, though she apparently began her career in the U.S. at Merrill Lynch. She will report to Scott Keller. Asia Asset Management</p> <p>For Capital Markets moves, click here.<br /> Photo: Luke Ma</p>
Video: Understanding the difference between fintech and techfin
<p>Understanding the difference between Fintech and Techfin from NexChange on Vimeo.</p>
Daily Scan: US stocks post best weekly returns since Feb; House approves oil exports
Capital Markets
<p>Updated throughout the day.</p> <p>October 9</p> <p>U.S. stocks ended modestly higher Friday, posting the biggest weekly gains since February. European markets also notched their longest string of gains since July, with the Stoxx Europe 600 gaining 4.3% higher for the week after rallying for six straight sessions. Risk traders are counting on lower rates to power stocks higher. The S&amp;P 500 looks headed to close about 3.5% higher this week after finally closing above its 50-day moving average on Thursday. The Hang Seng gained 4.54% and the Shanghai Composite rallied 4.3%. The Nikkei 225 rose 3.87%. European markets, however, were hanging on to gains of about 1% as the dovish Fed outlook launched a commodities rally. On the calendar Friday:  Chicago's Charles Evans.</p> <p>Here’s what else you need to know:</p> <p>House okays bill to export oil but White House veto possible. The measure passed 261 to 159 on largely partisan lines. Obama had threatened to quash the bill, saying the U.S. should focus on clean energy. Reuters</p> <p>Atlanta Fed President Dennis Lockhart sees rate liftoff soon. In a speech to the Society of American Business Editors and Writers, Lockhart said: "I see a liftoff decision later this year at the October or December FOMC meetings." He also said consumer data hold the key to giving the Fed confidence to move forward with higher rates. Atlanta Fed</p> <p>Oil crosses $50, dollar slips on dovish FOMC meeting notes. The Fed's policy-making body showed concerns about weak global growth and low inflation. Gold posted its highest settlement in seven weeks. Forecaster PIRA Energy sees oil headed to $70/barrel by the end of 2016. WBP Online</p> <p>Sharpen your crochet needles. Amazon is launching a competitor to Etsy. Handmade at Amazon launched with 80,000 crafted item from 5,000 sellers in 60 countries. New York Times (paywall)</p> <p>Alcoa earnings disappoint; outlook for China car production slashed. The aluminum giant posted third quarter earnings after the close of trading on Thursday of 7 cents/share -- well below the estimates of 13 cents. Sales dropped 11% as Alcoa battled softer prices. Alcoa sees China car production dropping to 1%-2% from earlier expectation sof 5% to 8%. The stock is set to open 4% lower. CNBC, MarketWatch</p> <p>Glencore slices zinc production. The company said in a statement that it would reduce output by one-third -- 4% of the total world output. Zinc prices, at a five-year low, promptly rallied 6%. Glencore is struggling to prove that it can handle its hefty $30 billion debt load. It's shares are up 11% in response to the latest move. BBC</p> <p>Dell would need $40 billion in debt to complete EMC merger. The $50 billion+ merger with the storage company would be the biggest tech deal ever and create a co</p>
Video: Online advisors pose respectable challenge in comparison test
<p>Looking for 'good, better, and best' among financial advisors -- online and offline from NexChange on Vimeo.</p>
Video: JPMorgan Asset Management tells CNBC Russia is cheap; China real estate bottomed
Asset Management
<p>JPMorgan Asset Management's Andres Garcia-Amaya says China's real estate market has hit a bottom and that Russia is his "biggest overweight." In this CNBC's Fast Money: Halftime Report, Garcia-Amaya notes that Russian markets are trading at a P/E of 4 1/2, lower than the market yield of 5%.  "So either Russia's going bust, or there's a lot more upside and we think there's a lot more upside."</p>
People Moves: Deutsche builds investment team; Portfolio manager leaves Schroders
Asset Management
<p>Deutsche builds asset management team. Hilary Aldridge and Alex Sloane have joined Deutsche Asset &amp; Wealth Management as equity investment specialists in its UK active asset management business. Aldridge most recently worked as a fund of fund manager at Barclays Global Investments Solutionss. Sloane was an equity analyst at Societe Generale in London. Michael Keough and David Hanlon also joined the firm's institutional global client group in the Americas. Hanlon comes to the firm from F-Squared Investments, and Keough joins from BNY Mellon's investment management unit. Reuters</p> <p>Portfolio manager leaves Schroders. Rosemary Banyard will be departing Schroders in March after joining the firm in 1997. For the last 17 years, Banyard has worked closely with Andy Brough to head the firm's mid cap funds. Banyard says she is not joining another firm, but is leaving to spend more time with family. CityWire</p> <p>Sierra Investment Management poaches from Mercer. Sierra hired Spath as CIO, reporting to co-founders Dave Wright and Ken Sleeper. Spath most recently worked for Mercer Advisors, but has also worked for Franklin Templeton Investments, RSF Capital Management, and Fidelity Investments.</p> <p>JP Morgan insurance lead moves to Neuberger. Neruberger Berman has hired Matthew Malloy as global head of insurance solutions. Malloy most recently worked as global head of insurance solutions and advisory at JP Morgan Asset Management. Malloy has previously worked for Goldman Sachs and UBS Investment Bank. Reuters</p> <p>Pioneer Investments promotes portfolio manager. Chin Liu has been named portfolio manager of Pioneer's diversified high income trust. The trust was found in 2007, and run by Andrew Feltus, Jonathan Sharkey, and Charles Melchreit. Liu joined Pioneer in 2007 as a portfolio manager for fixed income.<br /> Photo: ©</p>
Short-selling: Karl Loomes picks the six hottest US-listed stocks
Hedge Funds
<p>&nbsp;</p> <p> SunGard's Astec Analytics looks into short-selling activity.</p> <p> This week’s top pick, from a securities lending perspective, is, Inc. (NASDAQ:AMZN).<br /> Other stocks that are seeing substantial short-selling activity include ZIOPHARM Oncology Inc. (NASDAQ: ZIOP), Chesapeake Energy Corporation (NYSE: CHK), Juno Therapeutics Inc (NASDAQ: JUNO), Fitbit Inc (NYSE: FIT) and GoPro Inc (NASDAQ: GPRO).</p> <p>&nbsp;</p> <p>SunGard's Astec Analytics provides intraday short-selling market data via securities lending analytics. In a recent report sent to clients, the firm shared a “roundup of some of the hottest stocks from a securities lending perspective.”</p> <p>Below is a look at Karl Loomes’ list of top stocks in the Americas from a security lending perspective.<br /> Amazon<br /> After two consecutive weeks occupying the front-runner spot, Apple Inc. (NASDAQ: AAPL) was displaced by Amazon. The online retailer recently banned the sale of Apple and Google streaming on its website, suggesting they don’t “interact well” with the Amazon Prime service, and announced its intentions to extend its one-day delivery service in the U.K. to include frozen and chilled food items – which led to some speculation around increasing competition with and from online supermarkets.</p> <p>The report explained, “The news helped bolster its stock in the cash market, while from a sec lending perspective Astec’s data hints at some growing optimism on the part of short sellers, with having fallen 26 percent during September.”<br /> ZIOPHARM Oncology<br /> Escalating one position in the list this week is ...</p> <p>Full story available on<br /> Photo: Rob Hurson</p>
Commodities ETFs want to get back into your portfolio
Asset Management
<p>&nbsp;</p> <p>During the halcyon days of quantitative easing, dollar weakness and inflation expectations, commodities exchange traded products were hits. Just five years ago, there was $125 billion in assets under management across commodities exchange-traded funds and exchange traded notes (ETNs) and there was a time, albeit brief, when the SPDR Gold Trust (ETF) (NYSE: GLD) was the largest ETF in the world.</p> <p>Over the past year, commodities ETFs have been beset by dismal performances and massive outflows, prompting some investors to question the value of commodities as core portfolio holdings, even in modest allocations.<br /> What Commodities Are Doing<br /> While the PowerShares DB US Dollar Index Bullish (NYSE: UUP), the U.S. dollar index tracking ETF, has climbed 9.3 percent over the past year, commodities ETFs have been decimated. For example, GLD and the iShares Silver Trust (ETF) (NYSE: SLV) have posted an average loss of 6.5 percent, while the United States Oil ...</p> <p>Full story available on<br /> Photo: Sajid Pervaiz Fazal</p>
The FOMC minutes highlight reel: The pros and cons for raising rates
Capital Markets
<p>Reading the Fed's FOMC minutes can be a beast sometimes, so in case you missed it, here's a chopped, highlighted, yet expertly curated version for the man – or woman – on the go.</p> <p>Pros for raising rates:</p> <p> Household spending, business investments figures are looking good.<br /> Labor market is improving, job gains are solid, and unemployment fell “to a level close to most participants' estimates of its longer-run normal rate.” Plus, labor resources are apparently better utilized than they were earlier in the year.<br /> Real GDP growth was stronger than expected.<br /> Inflation will pick up as labor continues to improve.<br /> Housing looks robust, and looks like it’ll stay that way for some time.<br /> “The conditions for policy firming had been met or would likely be met by the end of the year.”</p> <p>Cons for raising rates:</p> <p> Global economic developments may have added downside risks to the U.S. economy.<br /> Inflation is still below their 2% target.<br /> World developments may put more downward pressure on inflation in the near term.<br /> More of the FOMC members are spooked about inflation than before.<br /> Progress, “still possible” in the labor market, and a number would like that to happen so inflation could reach 2%.<br /> Recent core price inflation readings where underwhelming.<br /> China, emerging markets are sending the dollar higher and thus, holding core price inflation lower.<br /> Premature tightening might hurt the FOMC’s inflation objective.</p> <p>Guess that’s it then. With mean CPI trending lower, there's no way the Fed's lifting rates anytime soon. And then there was that nasty September labor report, which printed after the Fed's policy making committee met.<br /> Photo: Day Donaldson</p>