Wednesday 1st July 2015
NEWS TICKER, TUESDAY JUNE 30TH 2015: Pamplona Capital Management (“Pamplona”) has acquired Precyse, a health information manager in services, education and technology founded in 1999. Also, earlier this month, Pamplona sold the majority of its controlling stake in Alvogen, a high growth generic drugs company, to a consortium of investors. The Precyse investment has been made from Pamplona’s fourth private equity fund, Pamplona Capital Partners and was advised by Deutsche Bank Securities and received legal advice from Simpson Thacher & Bartlett. Pamplona is a London and New York based specialist investment manager established in 2005. In addition to Precyse, Pamplona’s healthcare investment portfolio currently includes Spreemo, a company that is bringing to the workers compensation specialty benefits management industry with a focus on radiology; Intralign, which helps hospital and surgeons achieve a rep-less, optimised surgical episode by combining assessment with clinical support and operational tools; Magnacare, a healthcare administrative services company focused on self-insured employers and workers complains in the New York and New Jersey regions; and Privia Health, a physician practice management and population health technology company. - In line with its strategy to focus on packaging solutions for its pharmaceutical customers, Gerresheimer today announced that it will sell its glass tubing business to Corning Incorporated. The €196m ($219m) deal was advised by McDermott Will & Emery - GVQ Investment Management Limited (GVQIM), a specialist fund manager that applies private equity investment techniques to the public markets, has announced the appointment of Jane Tufnell as non-executive chairman. Tufnell co-founded Ruffer Investment Management Limited, a privately owned fund management group in 1994. She is an Independent Non-Executive Director of the Diverse Income Trust and of the JP Morgan Claverhouse Investment Trust. - Insurance broker and risk advisory firm Willis Group Holdings and professional services group Towers Watson on Tuesday said they had agreed to an all-stock merger that values the combined company at $18bn. Under the deal, which has been approved by both boards, Towers Watson shareholders will get 2.6490 Willis shares for each share held as well as a one-time cash dividend of $4.87 a share. Willis Group shareholders will own 50.1% of the combined group and Towers Watson shareholders will own the rest. The combined company, to be named Willis Towers Watson, will have 39,000 employees in more than 120 countries and revenue of about $8.2bn. Willis Chairman James McCann will be chairman of the combined company and Towers Watson Chairman and Chief Executive John Haley will be its CEO. Willis CEO Dominic Casserley will be president and deputy CEO of the combined company. Its board will consist of six directors from each company. Towers Watson’s chief financial officer, Roger Millay, will be CFO - According to BankingLaw 360, the US Supreme Court has granted an appeal from Merrill Lynch, UBS Securities LLC and other financial institutions over a shareholder suit alleging they engaged in illegal and manipulative “naked” short selling - Roxi Petroleum has reported progress at its flagship BNG asset as it posted an operational update. The Central Asian oil and gas company with a focus on Kazakhstan says that a gross oil-bearing interval of at least 105 metres, from 4,332 metres to 4,437 metres, was found at its Deep Well A5. The well, which was spudded in July 2013, will require specialist equipment for a more comprehensive 30-day core sampling test, but has already began preparatory extraction work Elsewhere, Deep Well 801, spudded in December 2014, is in the production test phase. "Progress at the BNG deep wells can best be described as steady," says chairman Clive Carver. "We look forward to reporting the results of our ongoing work in the near future – Advisory firm Hargreaves Landsdown has reportedly acquired a client book of 7,000 investors with a combined £370m of assets from JP Morgan Asset Management. The book accounts for 6% of JP Morgan’s direct client business and represents clients that hold or plan to continue to invest in non-JP Morgan funds or investment trusts in wrappers other than the JP Morgan ISA. This includes clients with direct equities, gilts or exchange-traded funds, who will be moved the brokers Vantage platform. The sale follows JP Morgan's announcement in January 2014 that it would no longer offer direct clients anything other than JP Morgan funds and investment trusts and that it would close its cash ISA and Sipp. There will be no transfer charge for clients moving to Hargreaves. The terms of the deal have not been disclosed - The OECD will publish Government at a Glance 2015 on Monday July 6th. The biannual report, now in its fourth edition, presents more than 50 indicators to compare governments’ performance in everything from public finances (including government spending per person), cuts to staffing and pay in central government and the level of private asset disclosure by government officials to access to and satisfaction with the healthcare, education and the justice systems This year’s report covers non-OECD countries for some indicators including Brazil, China, Egypt, India, Russia, South Africa and Ukraine and 36 country factsheets with infographics will be published alongside it. OECD Deputy Secretary-General Mari Kiviniemi will present the report at OECD Headquarters in Paris at 09:00am - Queensland diversified property group WA Stockwell has closed its $35m bond issue oversubscribed following a strong investor response to the offer, sole lead arranger FIIG Securities has announced. The six year senior secured amortising note issue will pay a fixed rate of interest of 7.75% pa. FIIG CEO Mark Paton says the success of the Stockwell issue confirmed the market appetite, especially among wholesale investors, for credit exposure to quality Australian companies. The Stockwell issue is the fourth that FIIG has sole-arranged for a company in the property and infrastructure sector, following successful issues by ASX-listed property developer Payce Consolidated, infrastructure operator Plenary Group, and ASX-listed property funds manager 360 Capital.

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A streamlined approach

Friday, 15 June 2012
A streamlined approach The European asset management industry has grown considerably over the last ten years. Assets under management (AUM) stood at €3trn at the end of 2001, and had reached €7.89trn by the end of the second quarter (Q2) 2011. This growth, which will support the savings and retirement of a large portion of the European population, means asset managers have an enormous responsibility to their end clients. By Ann Doherty and Brian Coughlin, JP Morgan Worldwide Securities Services (WSS). http://www.ftseglobalmarkets.com/

The European asset management industry has grown considerably over the last ten years. Assets under management (AUM) stood at €3trn at the end of 2001, and had reached €7.89trn by the end of the second quarter (Q2) 2011. This growth, which will support the savings and retirement of a large portion of the European population, means asset managers have an enormous responsibility to their end clients. By Ann Doherty and Brian Coughlin, JP Morgan Worldwide Securities Services (WSS).

It is inevitable that asset managers want to retain their investment gains by reducing uncertainty and risk from their activities as much as possible and increase straight through processing (STP) and transparency, particularly in today’s volatile environment. One way to achieve that is to use a custodian that can provide all of these benefits through a streamlined product offering to help reduce both costs and risks while keeping up with the ever-

changing regulatory environment.



The objectives of asset managers present their own challenges, particularly with a regulatory reform agenda framed by G20 commitments, which culminated in the Dodd Frank Wall Street Reform Act and the European Market Infrastructure Regulation (EMIR). Since 2008, regulation has been constantly evolving and expanding. In addition to those two regulations, investors also have to adjust to the second iteration of the Markets in Financial Instruments Directive (MiFID II), UCITs IV, AIFMD, FATCA, Basel III and Solvency II.

To understand and execute on what regulators expect from them, asset managers today look to their service provider for help with the provision of an industry-leading  global custody and securities services offering with innovative technology to meet their daily requirements; seamless execution to increase STP and reduce risk; thought leadership to help them understand how regulation and potential market events could affect them (as well as their end-clients) and provide appropriate and timely data analysis.

Inevitably, the most sophisticated asset managers want to work with a securities services provider that can provide global reach and which has sufficient resources of capital to invest in industry-leading systems and technology. That means all of their requirements are met in one place. Investors then benefit and can have confidence in the fact that whatever complexity is injected into the market, whether by unexpected market events or by regulators, their custodian will be able to manage it.

Next, asset managers want seamless execution to help them eliminate risk and costs. Recognising the important role that asset managers play in the savings and pensions industry, regulators are putting pressure on them to provide their end clients with transpar­ency and as little risk as possible.  To do that, fund managers must tighten up the chain in their post-trade activities. 

For their part, custodians have been moving into more consultative technology-driven services for years, which asset managers and other users of custodian and related securities services have greatly benefitted from. Increasingly, these users of securities services are looking to their providers to move even closer to their front office, even coming just after the trading and investment decision. 

In the past, using one firm’s investment bank to execute trades and using the same bank’s custodian arm might have raised concerns about whether this one-stop-shop provided the best execution and cost in the market. ­Regulations, particularly MiFID, have removed that uncertainty.

Finding a provider that can tick the first two boxes as well as provide the critical consultative thought leadership all asset managers look for to keep up with regulatory and market changes, isn’t easy. Asset managers look to their service providers to provide ­information about changes arising from the rapidly evolving regulatory environment, to ensure that new requirements are understood and ­prepared for. Large international firms that are present in multiple jurisdictions are best placed to have a view of regulatory changes and to adapt their services to new requirements on a global basis.

Lastly, asset managers also rely on service providers to help them provide up-to-date and transparent data ­analysis, which is a critical reporting requirement to regulators, governments, trustees and other stakeholders, and is part of their own internal risk reviews.

This means asset managers want detailed information about their ­transactions, securities held, and ­breakdown of the core characteristics of those assets. They also want this data delivered in a fast and efficient manner, which requires a strong STP framework. This presents a challenge and an opportunity for service providers as it is not an easy task pulling together different sets of data and presenting it in a format that asset managers can consume and customise.

To meet all of these requirements, a service provider has to continuously invest in technology, and have ­regu­latory experts who can quickly analyse new regulations and understand how they will fit and potentially impact existing regulations with which asset managers are already complying. This re­quires a delicate balance between investing in business enhancements and people, while maintaining required capital levels. Large global custodians with the capacity to invest in its technology and systems are more able to make these investments than smaller firms.  

Asset managers are looking to ­securities services providers to act more strategically then ever before. By using one bank for all activities following the investment decision, asset managers are recognising their ability to cut potentially weak links from their post-trade chain, and rationalise the number of providers they use. This coordinated servicing effort across a firm, usually a bank, enables the large and fully-integrated players to really understand an asset manager’s needs, requirements, product and geo­graphical expansion plans. This support across many distribution channels helps fund managers reduce cost,

outsource the risk by leveraging ­operational cap­abilities, risk management capabilities and therefore offers a much better and broader value proposition. Today, a service provider must have all the ­necessary tools in the tool box and be willing and able to use them.

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