Thursday 24th July 2014
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WEDNESDAY TICKER: JULY 23RD 2014 - According to a local press reports, the Mobileye initial public offering on Wall Street will be valued at approximately $3.8bn. The original prospectus was for a valuation between $3.5-5bn, making the actual valuation at the lower end of estimates. The Israeli company will offer 8.325m shares at a price of $17-19 per share. The offering will most likely take place in two weeks, when the stock will be traded under the ticker MBLY on the New York Stock Exchange. Mobileye was founded in 1999 and has developed a camera-based system to mount on vehicles in order to aid in collision prevention - Rubicon Minerals Corporation has closed its previously announced bought deal financing of 7,060,000 flow-through common shares of the Company at a price of C$1.70 per Flow-Through Share for aggregate gross proceeds to the Company of C$12m. The Offering was conducted by a syndicate of underwriters co-led by TD Securities Inc. and BMO Capital Markets, and included National Bank Financial Inc. and Canaccord Genuity Corp. The gross proceeds from the offering will be used to incur eligible Canadian Exploration Expenses - BNP Paribas 2nd Quarter 2014 Results will be available on Thursday 31 July 2014 from 6.00 am (London time). A live webcast in English with synchronised slides of the analysts conference call hosted by Lars Machenil, chief financial officer, will be available on the bank’s website starting at 1.00 pm (London time) - After six years of severe recession that led to a cumulative loss of 1.1m jobs, the Greek labour market has started to show signs of recovery says National Bank of Greece. More than two thirds of employment losses in the private sector (730,000 jobs) are due to the closure of about 220,000 micro and small firms (30% of the existing micro and small enterprise population) together with layoffs in this segment. NBG Research’s composite indicator of employment trends, that combines information from forward-looking and coincident indicators, points to an employment growth of +0.6% y-o-y in Q3:2014 (or +20,000 jobs) and +0.9% y-o-y (or +32,000 jobs) in Q4:2014 compared to the same period of 2013 - Trading Technologies International, Inc. (TT), a provider of high-performance professional trading software, says Robbie McDonnell has been transferred to EVP Global Sales from VP/Managing Director of Asia/Pacific. McDonnell will relocate from Sydney to TT’s headquarters in Chicago, where he will report directly to CEO Rick Lane and be responsible for leading TT’s worldwide sales operation - Eze Software Group, a provider of global investment technology, has expanded its Regulatory Filings Manager service to support Alternative Investment Fund Managers Directive (AIFMD) Annex IV filings. Clients can now leverage the robust functionality of this enterprise reporting solution to generate necessary reports in accordance with the compliance deadlines of AIFMD. Proposed by European Securities and Markets Authority (ESMA) last year, AIFMD requires that alternative investment funds meet specific risk management standards for better monitoring, measuring, and reporting. Funds need to provide supervisory authorities with detailed investment data on a quarterly or bi-annual basis for increased transparency into funds’ activity. “Our AIFMD solution is a natural extension of all that we have learned in helping our clients file Form PF and CPO-PQR,” explains Michael Hutner, senior managing director and co-head of global sales for Eze Software Group - Cordea Savills, the international property investment management company, has purchased three canal side office buildings in Camden, North London for a total of £14.07m on behalf a corporate pension fund client. The complex is on the former site of the Camden Brewery and comprises three buildings. Elephant House and The Cooper’s Building are Grade II-listed and let to Viacom for over 8 years. The Lock Building is let to a Charity, which offers the potential for redevelopment in the short term as there are mutual break options in 2015. Cordea Savills’ were represented by Fineman Ross and CBRE acted for the vendor, Derwent London -

RBC Dexia/Accenture report says change is due in Spanish investment industry

Friday, 15 June 2012
RBC Dexia/Accenture report says change is due in Spanish investment industry The shape of Spain’s asset management industry is set to change dramatically according to a report by RBC Dexia and Accenture. http://www.ftseglobalmarkets.com/

The shape of Spain’s asset management industry is set to change dramatically according to a report by RBC Dexia and Accenture.

The RBC Dexia/Accenture report predicts further concentration of Spain’s asset management industry into fewer, more specialised managers and a stronger focus on improving efficiency and performance. Improvements in technology will also be vital to success, with outsourcing high on the agenda. José Maria Alonso-Gama, managing director of RBC Dexia in Spain, sets the scene, explaining that: “Spanish fund firms are concentrating on bottom-line indicators such as fund performance and increased assets under management. They recognise the need to restore credibility and investor confidence by showing they are delivering on their performance promises.”

The report is based on a survey of 33 asset management firms in Spain in the first quarter of 2012 by RBC Dexia Investor Services and Accenture. Some 33% of respondents have more than €1bn in assets under management (AUM), 46% have between €200m and €1bn in AUM and 21% have less than €200m in AUM.

Although the industry is dominated by a small number of firms, with the top three managers accounting for 45 percent of assets under management, the average size of funds in Spain is only €57m. This compares with an average of €300m in Switzerland and €262m in the UK. The total number of funds in Spain has been contracting (down by about 20% to 2,500 in the past three years due to industry consolidation) and the report expects this trend to continue with, “The evolution of larger and more specialised companies with rationalised fund ranges”.

Also according to the report, of the 33 investment companies surveyed, 95% of local managers and 91% of foreign managers cited increased assets under management as a key indicator of success over the next two years. Fund performance was cited by 91% and 73% respectively and increased service quality by 86% and 45%. When it came to development of new products, 36% of foreign managers cited this as important but only 9% of local managers.

Over 80% of independent managers in Spain believe that the Undertakings for Collective Investment in Transferable Securities IV (UCITS IV) directive will make it easier to distribute investment funds abroad by creating a common regulatory environment. However, 70% of local managers were also concerned that it would lead to increased competition from overseas funds while independent managers were worried it would result in increased reporting obligations.

More than two-thirds of respondents cited improving technology as the most important factor in increasing efficiency. Most managers (90% of foreign managers and all local Spanish managers) expected an increase in the number of fund managers outsourcing certain functions in coming years. And 90% of those surveyed said there would be an increase in the diversity of functions outsourced in coming years. “The increased risks control imposed by new regulations and cross-border distribution opportunities that they also create, require increasingly sophisticated technology,” says Diego López Abellán, of Accenture’s Capital Markets practice for Spain. “Outsourcing can play a pivotal role in enabling continuous technology upgrades while avoiding costly investment.

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