Sunday 24th May 2015
NEWS TICKER: FRIDAY, MAY 22ND: The California Public Employees' Retirement System (CalPERS) has named Beliz Chappuie as CalPERS' Chief Auditor, effective July 31, 2015 - Saudi Arabia's oil minister has said the country will switch its energy focus to solar power as the nation envisages an end to fossil fuels, possibly around 2040-2050, Reuters reports. "In Saudi Arabia, we recognise that eventually, one of these days, we are not going to need fossil fuels, I don't know when, in 2040, 2050... we have embarked on a program to develop solar energy," Ali Al-Naimi told a business and climate conference in Paris, the news service reports. "Hopefully, one of these days, instead of exporting fossil fuels, we will be exporting gigawatts, electric ones. Does that sound good?" The minster is also reported to say he still expects the world's energy mix to be dominated by fossil fuels in the near future - Barclays has appointed Steve Rickards as head of offshore funds. He will lead the creation and implementation of the bank’s offshore funds strategy and report directly to Paul Savery, managing director of personal and corporate banking in the Channel Islands. For the last four years Mr Rickards has been heading up the Guernsey Funds team providing debt solutions for private equity and working with locally based fund administrators. Savery says: “Barclays’ funds segment has seen some terrific cross functional success over the past year or so. Specifically, the offshore business has worked hand in hand with the funds team in London to bring the very best of Barclays to our clients, and Steve has been a real catalyst to driving this relationship from a Guernsey perspective.” - Moody's has downgraded Uzbekistan based Qishloq Qurilish Bank's (QQB’s) local-currency deposit rating to B2, and downgraded BCA to b3 and assigned a Counterparty Risk Assessment of B1(cr)/Not prime(cr) to the bank. The agency says the impact on QQB of the publication of Moody's revised bank methodology and QQB's weak asset quality and moderate loss-absorption capacity are the reasons for the downgrades. Concurrently, Moody's has confirmed QQB's long-term B2 foreign-currency deposit rating and assigned stable outlooks to all of the affected long-term ratings. The short-term deposit ratings of Not-prime were unaffected - Delinquencies of the Dutch residential mortgage-backed securities (RMBS) market fell during the three-month period ended March 2015, according to Moody's. The 60+ day delinquencies of Dutch RMBS, including Dutch mortgage loans benefitting from a Nationale Hypotheek Garantie, decreased to 0.85% in March 2015 from 0.92% in December 2014. The 90+ day delinquencies also decreased to 0.66% in March 2015 from 0.71% in December 2014.Nevertheless, cumulative defaults increased to 0.65% of the original balance, plus additions (in the case of master issuers) and replenishments, in March 2015 from 0.56% in December 2014. Cumulative losses increased slightly to 0.13% in March 2015 from 0.11% in December 2014 – Asset manager Jupiter has recruited fund manager Jason Pidcock to build Asian Income strategy at the firm. Pidcock J has built a strong reputation at Newton Investment Management for the management of income-orientated assets in Asian markets and, in particular the £4.4bn Newton Asian Income Fund, which he has managed since its launch in 2005. The fund has delivered a return of 64.0% over the past five years compared with 35.9% for the IA Asia Pacific Ex Japan sector average, placing it 4th in the sector. Since launch it has returned 191.4 against 154.1% for the sector average. Before joining Newton in 2004, Jason was responsible for stock selection and asset allocation in the Asia ex-Japan region for the BP Pension Fund.

Instinet names Adam Toms CEO of Instinet Europe Limited

Monday, 11 June 2012
Instinet names Adam Toms CEO of Instinet Europe Limited Instinet Incorporated, the provider of electronic trading and agency-only brokerage services, says that  Adam Toms has been appointed CEO of its Instinet Europe Limited subsidiary. Fumiki Kondo, chief executive of Instinet Incorporated, explains that, “Adam brings a deep understanding of the needs of our clients and the challenges they face in today’s rapidly-changing and highly-complex markets. We expect his knowledge, experience and leadership will be invaluable as we work to grow Instinet’s European business.” http://www.ftseglobalmarkets.com/

Instinet Incorporated, the provider of electronic trading and agency-only brokerage services, says that  Adam Toms has been appointed CEO of its Instinet Europe Limited subsidiary. Fumiki Kondo, chief executive of Instinet Incorporated, explains that, “Adam brings a deep understanding of the needs of our clients and the challenges they face in today’s rapidly-changing and highly-complex markets. We expect his knowledge, experience and leadership will be invaluable as we work to grow Instinet’s European business.”

With its agency model, advanced electronic platform and well-deserved reputation for trading excellence, Instinet provides a unique value proposition to the buy side,” said Toms. “I am extremely excited to join its talented group of employees in Europe as we work to build upon Instinet’s considerable legacy.”  The move is something of a surprise as most market watchers had anticipated Instinet to be rolled into parent Nomura’s equity trading franchise, encased in Nomura International; moreover the agency trading model has undergone a testing period of late.  However, Toms is a very high profile trading business leader and will undoubted bring a harder edge to the Instinet business. It will be interesting to see what he does with the Instinet brand.

Toms served as managing director; co-global head of electronic trading at Nomura International, where he successfully led the integration of the Lehman’s trading business into the Japanese major. When he first joined Nomura following its acquisition of the European assets of Lehman Brothers, he headed  up the firm’s European Portfolio and Electronic Sales Trading desk. Prior to that, Toms was an Equity Trader at Barclays Global Investors in London.

Toms will succeed Richard Balarkas, who will leave the firm to pursue other interests. “Over the past four years, Richard has effectively steered Instinet Europe through myriad challenges amidst difficult market conditions. We thank him for his many contributions during that time, and wish him all the best in his future endeavours,” says Kondo.

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