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People Moves: JPM makes two senior IB hires; HSBC appoints new DCM deputy chief
Capital Markets
<p>JP Morgan bolsters its Chinese investing banking bench with two new hires. Xueqian Pu, an old hand in the Chinese investment banking scene, has been named vice chairman of global investment banking for China by the U.S. bank, JP Morgan. Pu joins the firm after seven years at Rothschild, were his most recent role was head of China investment banking. He also held senior roles at UBS, and also led strategy at the Chinese conglomerate, China Merchants Holdings. Joining him at the American firm is Kelvin Cho, a Hong Kong-based ECM heavy. Cho was previously BAML’s Greater China director for ECM, and had served various roles in BNP Paribas and Credit Suisse before that. He will continue to be based in Hong Kong. Financial News</p> <p>HSBC names new deputy chief for Asia-Pac DCM. Sean Henderson, a 10-year HSBC veteran, has been named deputy head of debt capital markets, Asia-Pacific and head of capital financing, Singapore, by the British firm. Henderson was previously HSBC’s head of capital financing for Australia and New Zealand, and worked in various roles within the firm’s DCM syndicate prior to that. He will continue to be based in Singapore, and will report to Alexi Chan, HSBC’s global co-head of DCM and head of DCM for Asia-Pacific. Reuters</p> <p>Liquidnet bags quant chief from BNP Paribas. Tony Cheung, a long-time veteran of the quant trading arena, has been appointed head of quantitative analytics by the institutional trading network, Liquidnet. Cheung joins Liquidnet from BNP Paribas, where he was most recently head of product management for electronic trading. Prior to that, he built and deployed algorithms for Royal Bank of Canada in New York. He will be based in Hong Kong, and will report to Lee Porter, Liquidnet’s head of Asia Pacific, as well to Akis Georgiou, the firm’s New York-based head of quantitative sales and analytics. Asia Asset</p> <p>For Asset Management moves, click here.<br /> Photo: Wendy</p>
Daily Scan: Stocks bounce back after morning fall; Joaquin is coming
Capital Markets
<p>Updated throughout the day</p> <p>October 2</p> <p>Good evening.  It's jobs day, and the results were disappointing. Nonfarm payrolls increased by 142,000 in September, falling short of hopes and expectations of 200,000. Adjustments for July and August knocked down the jobs numbers for those two months as well. The jobless rate remained unchanged at 5.1%.  Stocks knee jerked, falling hard with the markets open, but slowly creeped back up. The Dow rose 1.2%, recovering from a more than 1% drop in the morning. The Nasdaq gained 1.7%, and the S&amp;P 500 added 1.4%. If you're on the East Coast this weekend, bring an umbrella. The eastern U.S. is being pummeled by heavy rain as Hurricane Joaquin makes its way through the Bahamas to the Atlantic Coast. Several U.S. governors have ordered a state of emergency in preparation for flash floods and rough storms.</p> <p>Here’s what else you need to know:</p> <p>Civilian police worker shot in Australia. The man was murdered as he left work Friday. The gunman, who was shot and killed by police, fired shots at police officers leaving a police headquarters near Sydney. CNN</p> <p>Mudslide kills nine in Guatemala. Up to 600 people are also missing after heavy rains moved sludge and rock outside the capital city. Reuters</p> <p>Pope met with gay ex-student in Washington. Critics have slammed the pope for meeting with Kentucky clerk Kim Davis during his visit to the U.S. Davis has taken a public stance against gay marriage. The Vatican says that the pope's visit with Davis does not mean an endorsement of Davis' views. The pope also had a "real audience" with his former student Yayo Grassi. Grassi, a gay man, brought his partner of 19 years to meet the pope. New York Times</p> <p>U.S. Education Secretary to step down. Sec. Arne Duncan will step down in December, the White House announced Friday. Former New York state commissioner John King will replace him. King has been working as deputy secretary for the last few months. Duncan was one of the few members of President Obama's original cabinet still in office. Politico</p> <p>At least 10 dead after Oregon shooting rampage that targeted Christians. A gunman opened fire at Umpqua Community College in Oregon, lining up victims and shooting those who said they were Christian. The suspect was killed. CNN</p> <p>Williams expects a 2015 rate hike. San Francisco Fed President John Williams said that he expects a rate hike coming this year, adding that last month’s decision to stay pat was “a very close call.” He's keeping an eye on the labor market though, saying that any number “above 100,000 or 150,000 would be good to me.” Nasdaq</p> <p>The U.S. Treasury has had it up to here with Congress’ brinkmanship. In a letter to John Boehner, the Speaker of the House of Representatives, U.S. Treasury Secretary Jack Lew kindly asked Congress to get its act together, saying “we have learned from previous debt limit impasses that faili</p>
People Moves: Brevan Howard loses partner; Ex-Google engineer moves to hedge fund
Hedge Funds
<p>Brevan Howard partner steps down. Mark Hillery has stepped down from his role at the hedge fund, according to a regulatory filing. Hillery joined the firm in 2009. He previously worked at Tudor Capital. Reuters</p> <p>Ex-Google engineer becomes hedge fund CTO. Alfred Spector joined Two Sigma, a $28 billion quantitative hedge fund, as chief technology officer. Spector worked as v.p. of research and special initiatives at Google for eight years before leaving this year. Financial Times</p> <p>Deimos names new portfolio manager. Deimos Asset Management named James Warner III managing director and portfolio manager, with a focus on companies in the financial services sector and related technologies. Warner previously worked at The Citadel Group and Carlson Capital. eVestment<br /> Photo: ©<br /> &nbsp;</p>
People Moves: Morgan Stanley transforms senior management; Evercore poaches from Lazard
Capital Markets
<p>Morgan Stanley transforms senior management team. Edward Pick was promoted to global head of sales and trading, after he oversaw the revival of the firm's stock trading unit. Investment banker Dan Simkowitz will now head the investment-management unit. Gregory Fleming has been leading the investment arm, but will now just focus on wealth management. Fleming also remains close to Morgan Stanley's CEO, and the firm says the new limits to his responsibilities have nothing to do with his relationship with CEO James Gorman or the board. Wall Street Journal</p> <p>Lazard banker moves to Evercore. Daniel Aronson moved from Lazard to serve as top adviser on corporate bankruptcies and financial restructurings at Evercore Partners. Aronson will be based in Chicago when Evercore opens an office there in November. Evercore has been aggressively going after top bankers at rival firms. In July, the firm hired William Anderson from Goldman Sachs. New York Times<br /> Photo: ©<br /> &nbsp;</p> <p>&nbsp;</p>
People Moves: NY Life names CIO; Schroders loses two to Investec, Gresham House
Asset Management
<p>&nbsp;</p> <p>New York Life Investment Management names CIO. Jae Yoon is filling the newly created role, effective immediately. Yoon has worked for NYLIM since 2005, including boutique affiliate MacKay Shields. He moved to the firm from Western Asset Management.</p> <p>Investec grabs ex-Schroders leader. Investec Asset Management has hired Matthew Oakeley as CTO. Oakeley previously worked with Schroders in London for a decade, before stepping down in March. While at Schroders, Oakeley shook up the tech team and changed the technology the firm used. CIO</p> <p>JP Morgan boosts global equities with portfolio manager. Alex Stanic has joined JP Morgan as portfolio manager for growth equity strategies under Howard Williams. He comes to the firm from River &amp; Mercantile Group, where he worked as head of global equities. Pensions &amp; Investments</p> <p>Acadian hires portfolio manager. Boston-based Acadian Asset Management has hired Kurt Livermore as portfolio manager. Livermore previously worked as partner and portfolio manager for U.S. and global equity strategies at GlobeFlex Capital.</p> <p>Ex-Schroders Private Bank CEO moves to Gresham House. Rupert Robinson, former CEO of Schroders Private Bank, is now managing director at Gresham House Asset Management. He will report to CEO Tony Dalwood. The Gresham House trust voted to become a fund house after a shareholder vote last November. Investment Week</p> <p>Allianz Global Investors brings two fixed income funds in house. The firm hired Mike Riddell to manage the Gilt Yield and Sterling Total Return funds, which are currently being managed by Pimco. Ridell left M&amp;G in July after 12 years. He will now report to Allianz GI's CIO for conviction fixed income, Mauro Vittorangeli. CityWire</p> <p>Baring Asset Management hires former Schroders sales manager. Simon Jagger has been named head of U.K. wholesale for Baring. Jagger previously worked at Schroders since 1999, most recently as sales director for the London region. He will make the transition at the end of the year. FundWeb<br /> Photo: ©<br /> &nbsp;</p>
How charity leadership deepens client bonds
Lifestyle, 4:01
<p>Many advisors volunteer in their communities, quietly and anonymously as a matter of personal choice. But recent conversations with advisors show that over a period of time, letting clients know about your involvement with the right charity sends a hugely positive message that deepens bonds.</p> <p>Here are some important lessons, whether you are thinking about supporting a charity or currently volunteering but not letting clients know about it.</p> <p>Show don’t tell</p> <p>For clients, the first and paramount considerations in working with an advisor are whether he or she is trustworthy, capable and a good communicator. Once clients are confident of those dimensions, however, other factors come into play. For many, these factors may include an advisor’s personality and values.</p> <p>That’s why having pictures of your family in your office helps convey a sense of who you are beyond the advice that you provide. And that’s why letting clients know about your charitable activity will communicate your values to clients.<br /> The question is how best to do this.</p> <p>We’ve all heard the expression “actions speak louder than words.” When it comes to writing, Ernest Hemingway was a proponent of the “show, don’t tell” technique, which states that writers should engage readers by actions and feelings rather than by exposition. Here’s how Hemingway explained his “iceberg” theory of writing:<br /> If a writer of prose knows enough of what he is writing about, he may omit things that he knows and the reader, if the writer is writing truly enough, will have a feeling of those things as strongly as though the writer had stated them. The dignity of movement of an iceberg is due to only one-eighth of it being above water.<br /> In communicating your values to clients, the same principle applies; what works isn’t what you say but what you do. Here are four lessons from advisors who’ve let clients know about their commitments to good causes.</p> <p>What are you doing next?</p> <p>Conrad is a veteran advisor who celebrated his 60th birthday five years ago. To mark the occasion, he climbed Mount Kilimanjaro to raise funds for an orphanage in Haiti that was devastated by the 2010 earthquake. While he didn’t approach clients for contributions, he did feature his training regimen and his progress towards his goal in his quarterly newsletter. And since that initial climb, he’s done adventure challenges in Alaska and Morocco to raise funds for this orphanage in 2012 and 2014 and next year is planning a climb up Machu Picchu in Peru.</p> <p>Here’s what Conrad had to say:<br /> I’ve had an amazing response from clients to these treks. A number of clients have offered to support me with donations. But beyond that, many will start meetings by asking about the orphanage and also what I’m doing for my next challenge.</p> <p>I think there are a number of reasons for this. First, I’ve kept these treks top of mind with clients. I visited the orphanage to deliver the first cheque and featured photos of that in my newsletter and on my website and also have pictures of that visit in my office. In fact when I meet with prospects, they’ll sometimes see the pictures and ask about the orphanage or about the things that I’ve done.</p> <p>Second, this wasn’t a one-off effort. I have built this into my routine to the point that clients now are used to this. The fact that it was unusual also helped. People are accustomed to weekend walks and runs to raise money, but my adventure treks stand out as being different. The cause is also a bit different. No one can quarrel with supporting a Haitian orphanage. Now that I’m 65, I think these treks also send a positive signal to clients about my health and energy level. In fact I have had clients ask if I’d t</p>
Tiger cub is standout in HSBC performance ranking
Hedge Funds
<p>&nbsp;</p> <p>It is a Tiger Cub that is delivering strong performance in a long / short value strategy while other disciples of theJulian Robertson family find difficulty to various degrees in a sea of generally negative stock performance. The recent HSBC Holdings plc (ADR) (NYSE:HSBC) (LON:HSBA) Hedge Weekly performance update showed wide dispersion of returns and pointed to winners, including a big bank’s dynamic long / short hedge fund that is finding success in Europe.</p> <p>Tiger Cub Lee Ainslie’s $1.6 billion Maverick Fund is playing to its namesake definition for delivering independent performance in 2015, up 19.68 percent year to date and cracking the top ten of HSBC’s Weekly performance ranking.  Ainslie might have appropriately dialed down his long / short ratios as his performance through September 25 was down a scant -0.70 percent while stocks were themselves significantly lower. After enduring a difficult 30 percent drawdown in 2008, Maverick quickly dialed up positive performance over the last three years with volatility of 11.32 percent.</p> <p>Another winner in the HSBC Equity Diversified / Global category is John Burbank’s $2 billion Passport Global Strategy Fund, which finished August up a slight 0.80 percent, which was actually a big relative win that month. On the year Passport is up 14.57 percent as of August with slightly higher volatility at near 25 percent.</p> <p>A newcomer to the top 20 list is JPMorgan’s Europe Dynamic Long/Short Fund, up 13.54 percent year to date. The €413 million fund operated by Jonathan Ingram, John Baker and Anis Lahlou-Abid is delivering noncorrelated performance with 8.28 percent volatility, having endured its worst drawdown from June of 2008 to November of 2009, down just 16.39 percent at a time when the S&amp;P was down nearly three times that amount. The HSBC Equity Long / Short European average is up 6.91 percent year to date.</p> <p>A consistent performer to watch is Chenavari’s $222 million Regulatory Capital Strategy is up 7.15 percent year to date after turning in an August with a slight 0.22 percent gain. In the Europe / Credit category, they are only outdone by their own Toro Limited fund, which is up 13.89 percent year to date having turned in a 0.64 percent performance during what was a vola</p>
Fintech funding surge: $1.3 billion in a week
<p>Fintech startups are seeing a surge in funding. According to Finovate, The past week  has seen 19 start-ups raised $1.3 billion - and that's not including the $1 billion SoFi round led by Softbank, which despite wide coverage this week, actually closed a few weeks earlier.</p> <p>Here is Finovate's run down of funding for the past week:</p> <p> Paytm, e-commerce and payments, India - $675 million<br /> Avant, consumer lending , U.S. - $325 million<br /> Kreditech, consumer lending, Germany - $92 million<br /> Elevate, consumer lending, U.S., - $70 million<br /> PushPay, mobile payments, New Zealand - $18.7 million<br /> Ellevest, investment platform, U.S. - $10 million<br /> Credible, student lender, U.S. - $10 million<br /> Zameen, real estate hub, Pakistan - $9 million<br /> Cloud Lending Solutions, enterprise lending platform, U.S. - $8 million<br /> Qualpay, payments, U.S. -  $8 million<br /> QuanTemplate, reinsurance platform, Gibraltar - $7.6 million<br /> MMKT Exchange, loan syndication platform, U.S. - $5.9 million<br /> InForcePRO, insurance analytics, U.S. - $4 million<br /> MX (MoneyDesktop), loan syndication platform, U.S. - $4 million<br /> AboutLife, retirement planning, U.S. - $3 million<br /> Orb (Coinpass), payments, Japan - $2.3 million<br /> Safe Cash Payment Technologies, paynents, U.S. - $1.2 million<br /> BloOom, wealth management, U.S. - $50,000<br /> Adyen, payments, Netherlands - N.D</p> <p>Photo: Ed Ivanushkin<br /> &nbsp;</p>
Booking and bottle service app TableLink makes London debut
Lifestyle, 4:01
<p>Nightlife in London is changing. The days of calling up your regular restaurant and calling up friends individually to make plans are something of a relic. Now, there’s an app for that. Two brothers, Floris and David Wentholt, fresh from business school, started with company with an ex Deutsch Bank banker and former Forex trader, reports FinBuzz.  </p> <p>On Friday, September 25th TableLink, an application to book tables and bottle service and split bills between friends, launched its service at the Libertine Club by Chinawhite.</p> <p>Two amazingly tall and attractive blond-haired blue-eyed men, co-founders Floris and David Wentholt, welcomed guests at the entrance. The club was filling up with party-goers who wanted to “reclaim” their nights out, as the app promises.</p> <p>TableLink is the first book and pay platform which claims to “revolutionize” our ordinary social life, starting with the way we go out. Yes, booking a table with friends in a nightclub is a pain! With TableLink, club goers are now able to quickly scroll through a list of their favourite nightclubs and lounges, book the table, bottles, and tickets they want, invite the friends they want to come and pay together directly through one integrated platform.</p> <p>At the big kick-off people enjoyed free drinks and souvenirs and were treated to scantily clad female dancers and a flame-inspired light installation. Floris and David gave a small speech and the night began.</p> <p>The event was attended by gurus of London club scene, namely, John Stephen, co-founder and Senior adviser of the TableLink. Stephen is an iconic figure in nightlife and is the original founder of one of London’s most venerated nightclubs, Chinawhite. Knowing all the influential people in the restaurant and nightlife industry, John Stephen is one of the best-connected individuals in London nightlife. John continues works as a hospitality consultant in London and Dubai.</p> <p>At 11:00pm, the crowd was split into two groups. The first group, which your humble reporter was part of, was transferred to the VIP lounge with tables full of Moët &amp; Chandon Nectar Imperial Rose and canapes. This was the first real-life experience of the app – being VIP and feeling the difference. When I was leaving the party, a long queue outside had gathered.</p> <p>The idea came to David when he once was rejected from a club.</p> <p>On top of that, Floris and David have always worked as a team and had dreamt of starting a business together at some point. The fact that they are very different from each other allows them to benefit from versatile skill sets.</p> <p>Before venturing out on their own, both had been well on their way in their own individual careers.</p> <p>Floris, 26 worked as an engineer for P&amp;G and has a very methodological thought process and likes thinking out of the box. Having worked as a management consultant on investment transactions of over £3bn in cumulative value, he has nurtured a passion for precision and data has consequently become a very data driven person.</p> <p>Floris, holds a master’s in management degree from London Business School and a Master’s degree in engineering from University of Leuven In Belgium. He speaks English, Dutch, French, and Spanish.</p> <p>David, 27, has lived and thrived in over seven countries and also speaks the four languages fluently. As a sportsman and ‘bon vivant’, David loves travelling, going out and making the world his playground, this is why he founded TableLink. David holds a dual Master’s degree from t</p>
As the US IPO market tanks, VC M&A deals hit $5.1b
Venture Capital
<p>The rate of VC-backed start-ups going public in the US may have dwindled rapidly in recent months but a new report by the National Venture Capital Association (NVCA) suggests M&amp;A deal flow has had its strongest quarter this year.</p> <p>There were 90 venture-backed M&amp;A deals in the third quarter, 20 of which had a total value of  $5.1 billion - a 39% jump from the previous quarter. Deal volume meanwhile saw a 42% uptick.</p> <p>The tech sector led the charge, accounting for 69 of 90 deals, with a disclosed aggregate deal value of $3.4 billion.</p> <p>Headline deals included EMC Corp's $1.2 billion purchase of Virtustream,  an enterprise cloud solution provider back by the likes of Blue Lagoon Capital, Columbia Capital, and SAP Ventures. The other big deal was the $675 million acquisition of Warburg Pincus-backed cloud supply chain platform  Gt Nexus by Infor Inc.</p> <p>Its a stark contrast to the amount of IPO activity in the space. VC-backed public offerings raised a total of $1.7 billion for period - a 55% drop from the previous quarter - thanks to global markets being sent into a tailspin by China economic turmoil.</p> <p>In total there were 13 venture-backed IPOs, 11 of which listed in NASDAQ, the rest on the NYSE. Interestingly it was the life sciences industry that accounted for the lion's share of offerings. The most recent to go public on NASDAQ was Austria-based Nabriva Therapeutics which raised $92.3 million on September 17th.</p> <p>Bobby Franklin, president and CEO of NVCA, thinks there is still cause for optimism regarding IPO exits. He noted the two-thirds of those who did IPO are trading above their offering price, indicating the of quality of VC-backed IPOs.. Franklin added: <br /> “In addition to market volatility weighing down IPOs, another recent and important trend that has impacted the venture-backed IPO market is the increased activity of both VCs and non-traditional investors making late-stage investments into private companies that might otherwise file for an IPO.  While these so-called ‘private IPOs’ are weighing down the current IPO market, it also means the venture-backed IPO pipeline is deep and we are hopeful exit activity picks up steam in future quarters.”<br /> Photo: 드림포유</p>