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People Moves: Temasek International lands its first CEO
Asset Management
<p>Temasek International appoints CEO. Lee Theng Kiat, the 62-year old former president and CEO of ST Telemedia, has been named CEO of Temasek Holding’s management arm, Temasek International. Here’s what the firm had to say about Lee's responsibilities:<br /> “As CEO of TI, Mr Lee will be responsible for Temasek’s role as an active investor and shareholder. He will oversee Temasek’s commercial strategies and portfolio, and build up the management and operational capabilities at TI to support the next phase of Temasek’s development and deliver sustainable long term returns.”<br /> Lee joined Temasek back in 2011, and was most recently Temasek International’s president. He will report Ho Ching, Temasek Holdings’ Executive Director and CEO. Temasek</p> <p>For Capital Markets moves, click here.<br /> Photo: Luke Ma</p>
Stefano Potorti’s top 7 Italian restaurants in London
Lifestyle, 4:01
<p>With more than 1,000 Italian restaurants to choose from in the City, finding the most authentic and best spot can be a challenge. Stefano Potorti, an Italian native and long-time Londoner and Managing Director of Sagitter One a boutique hospitality consultancy, gives us his top 7 picks.</p> <p>Stay away from any menu that has pasta and Alfredo sauce, or spaghetti costoletta alla Milanese – these aren’t Italian dishes, and the restaurant probably isn’t either.</p> <p>Potorti, who is originally from the most southwest region of Calabria, the mountainous and coastal region that composes the toe of Italy’s boot on a map, has lived in London for 12 years. He consults clients on various culinary projects, but because of his Italian roots, he is always asked about his favourite Italian restaurant in London. Here is his list:</p> <p>1) Cacio e Pepe</p> <p>46 Churton Street, London,<br /> Monday to Saturday 11:00am – 11:30pm</p> <p>I like this new stylish place in Pimlico for its regional cuisine from Lazio. It has a nice modern bar for an Aperitivo or light dinner on the ground floor and tables with comfy sofas in the basement where you can have some private space for a group of people. My favourite thing on the menu is their signature Roman pasta made with fresh tagliolini Cacio &amp; Pepe style in a parmesan basket – it’s very simple, beautiful and delicious! The outdoor seating will also let you soak in the last few days of Indian summer in London.</p> <p>2) Osteria dell’Angolo</p> <p>47 Marsham Street, Westminster<br /> Monday to Friday 12:00pm – 3:00pm<br /> Monday to Saturday 6:00pm – 10:30pm</p> <p>Located behind the Westminster Cathedral, this is a nice place for lunch and dinner in a quiet yet central part of London. I like their spacious space and classy tables. When they open windows and full walls on a warm day, you are instantly transported to the South of Italy. The bar is very inviting and I hardly pass by without an Aperol Spritz in hand. They also have a private dining room with dark wood furniture downstairs next to the wine cellar. I like their whole menu because the chef is from Naples and likes cooking seasonal dishes from the area. If I had to choose, I would go for their traditional pasta from Sorrento with fresh crab meat and courgettes.</p> <p>3) Princi</p> <p>135 Wardour St, London<br /> Open 24 hours/day</p> <p>This Milanese-style bakery is one of the buzziest places in Soho and it is open from 8:00am to midnight. It has a nice modern interior and you can have your meal either standing or seating – very Italian. All the bread, cakes and pastries are made in the spacious kitchen downstairs and served to you over the stone and glass counter by enthusiastic staff. They have warm croissants and brioches for breakfast, filled focaccias and colourful salads for lunch, hot dishes for dinner and, of course, amazing bread to take home! My usual order there is a warm focaccia with mortadella – it reminds me of one I used to live in Italy.</p> <p>4) Zafferano</p> <p>15 Lowndes St, London<br /> Monday to Sunday 12:00pm – 11:00pm</p> <p>Situated in the heart of Knightsbridge, in the summer their terrace is perfect for an Aperitivo and in winter, the red brick interior makes for cosy dinners. The atmosphere is great, the service is very attentive. The meal there is a real treat. If you have important guests coming from Italy – take them to Zafferano and they will love you! My fav</p>
The Trans-Pacific free-trade charade
Capital Markets
<p>NEW YORK – As negotiators and ministers from the United States and 11 other Pacific Rim countries meet in Atlanta in an effort to finalize the details of the sweeping new Trans-Pacific Partnership (TPP), some sober analysis is warranted. The biggest regional trade and investment agreement in history is not what it seems.</p> <p>You will hear much about the importance of the TPP for “free trade.” The reality is that this is an agreement to manage its members’ trade and investment relations – and to do so on behalf of each country’s most powerful business lobbies. Make no mistake: It is evident from the main outstanding issues, over which negotiators are still haggling, that the TPP is not about “free” trade.</p> <p>New Zealand has threatened to walk away from the agreement over the way Canada and the US manage trade in dairy products. Australia is not happy with how the US and Mexico manage trade in sugar. And the US is not happy with how Japan manages trade in rice. These industries are backed by significant voting blocs in their respective countries. And they represent just the tip of the iceberg in terms of how the TPP would advance an agenda that actually runs counter to free trade.</p> <p>Click here to read more</p> <p>© Project Syndicate</p> <p>This story originally appeared in Advisor Perspectives.<br /> Photo: International Monetary Fund</p>
Investments that pay when Korean workaholics play
Capital Markets
<p>The notoriously workaholic South Koreans are starting to kick back and take life a bit easier—and it’s already fostering brisk growth across a wide swath of consumer-centric businesses. Investors, take note.</p> <p>South Koreans are still the world champs of hard work. They took only seven of their allowed 15 days of vacation in 2014, well below the 24-nation average of 19.5 days, according to online travel agency Expedia’s most recent Vacation Deprivation study. All told, South Koreans worked nearly 25% longer than their developed-world counterparts that year. But those hours of toil have been declining steadily for the past several decades, and are now 25% below where they were in the mid-1980s (Display).</p> <p>Time to Take It Easy</p> <p>Expect them to continue trending lower. Both the government and large Korean companies have launched campaigns to encourage workers to take more time off, prompted by signs that this excessive industriousness was taking a heavy societal toll. Long hours have not translated into greater labor productivity: South Korean productivity is well below developed-world levels despite much faster GDP growth. Overwork has also been linked to the country’s high rates of suicide and industrial injury.</p> <p>It is also important to note that fewer work hours haven’t meant smaller paychecks. According to government statistics, the average full-time Korean worker earned 3.4 million won (US$3,229) a month in 2014, up 36% from 2.8 million won in 2008, despite a 4% drop in hours worked. More cash to spend on fun.</p> <p>The cultural impact has been striking. A recent study found that South Koreans are sleeping more (up 9% since 1999), taking longer to eat (up 25%) and devoting more time to personal care and healthy activities (up 35%). Spending on entertainment (such as moviegoing, hobbies, sporting events, books and travel) has risen at a 4.4% annual clip since 2004, outpacing the 3.8% annual increase in overall consumer spending.</p> <p>World Travelers</p> <p>We see plenty of ways that investors can capitalize on these trends. The most obvious beneficiaries are travel-related businesses. The number of South Koreans flying to international destinations has grown exponentially, from 6 million in 2001 to 16 million in 2014. Unlike travelers in other parts of the world, Koreans much prefer packaged tours to non-packaged alternatives, as they don’t like being caught making vacation plans too far in advance. Spending on these tours has been climbing 12% annually since 2004. Interestingly, studies found that less than 40% of adults have ever traveled abroad. But as more Koreans take advantage of their time off, we expect such trips to lure a broader cross-section of the population.</p> <p>Arguably the best barometer of the country’s more laid-back lifestyle is the soaring attendance at Lotte World, a major recreation complex in Seoul that consists of the world’s largest indoor theme park, shopping malls and a luxury hotel. It received 7.6 million visitors in 2014, nearly double the levels only five years earlier.</p> <p>Coffeeholics and Chicken Addicts</p> <p>South Koreans are also spending more on eating out. Among the fastest-growing segments are coffee and beverage shops, where annual sales have been growing at twice the pace of restaurant sales overall (Display). A recent government survey reported that South Koreans consume coffee nearly as often as they do the traditional side, dish kimchi, and twice as frequently as they do white rice. South Korea now ranks fourth among countries with the largest numbers of Starbucks locations per person.</p>
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: ©iStock.com/ooyoo<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: ©iStock.com/ooyoo<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: ©iStock.com/ooyoo<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>