Monday 25th March 2019
Mobile operator EE has said it will activate the UK’s first live 5G trial network in London’s Tech City in October –The UK government says organisations that are aiming to establish themselves or expand as Public Service Mutuals can now apply for a share of £1 million in funding -- India’s central bank raised its benchmark interest rate for the first time since 2014 to curb rising price pressures and calm financial markets as policy tightening in the US rattles emerging markets – A new report from South Africa's Reserve Bank (SARB) contains exception results for a trial of its blockchain-based system for interbank clearance and settlement. According to a release yesterday SARB says it has completed a 14-week "realistic" proof-of-concept that managed to settle the country's typical 70,000 daily payment transactions within two hours, taking an average of 1–2 seconds for each transaction while preserving full anonymity. Absa, Capitec, Discovery Bank, FirstRand, Investec, Nedbank and Standard Bank are among a slew of banks that participated in the exercise. Even so, despite the success claims, SARB says its proof-of-concept doesn't mean it plans to replace the existing real-time gross settlement (RTGS) system with a live blockchain implementation, yet – According to Mickhail Shlemov, VTB’s Capital’s head of research today, “With the demerger of Bank of Georgia Group’s investment business to Georgia Capital PLC, we have revised our forecasts for Bank of Georgia Group so that they now include only the banking business. We expect the bank to benefit from this demerger amid an acceleration in corporate loan growth (although retail lending is likely to decelerate), with the total loan book expanding at a CAGR of 11% in 2017-21F. However, NIM performance headwinds are likely to stay intact. Management has reiterated its strategic targets, and we also expect the bank to show ROE of more than 20% in the next three years, with a 40% dividend payout ratio. As a result, our new 12-month Target Price is GBp 2,300/share. This implies an ETR of only 14% (the stock is up 10% since demerger day).” On May 29th, Bank of Georgia Group (BOGG) announced the completion of the demerger of the Group’s investment business to Georgia Capital PLC. As a part of the process, the bank has issued 9.8mn shares (up to 19.9% of the total share count) to Georgia Capital. Yet the capital will also be diminished by a special dividend payment of some GEL 120mn (GEL 3.10/share), similar to the proposed BGEO Group payment – Reuters reports that European parliament member Danuta Huebner says that London’s call for EU access after Brexit under mutual recognition will not work. Equivalence would let the EU set the rules – Scott Eaton, the former chief operating chief for Europe at MarketAxess has been appointed CEO of Algomi following the departure of co-founder Stu Taylor earlier this year. Eaton has taken over the role with immediate effect and will focus on developing Algomi’s fixed income services, including data aggregation and the Algomi ALFA market surveillance tool – The FCPA Blog notes today that banking giant Credit Suisse Group has agreed to pay a $47m penalty to the US Justice Department to end an FCPA investigation into hiring practices in Asia -- The Securities and Exchange Commission (SEC) voted Tuesday to approve a proposal to modify the Volcker rule, the last of the five agencies responsible for the rule to do so. The proposal is now open to a 60-day public comment period. Treasury Secretary Steven Mnuchin called the move "an important first step" and noted Treasury's support for "better tailoring the application of the rule, preserving liquidity during periods of stress, decreasing unintended compliance burdens and encouraging capital formation." --

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Leadership changes at Macquarie infrastructure debt investment solutions

Monday, 25 June 2018
Leadership changes at Macquarie infrastructure debt investment solutions Kit Hamilton and Tim Humphrey have been appointed co- heads of Macquarie’s global infrastructure debt asset management business, Macquarie Infrastructure Debt Investment Solutions (MIDIS).

Kit Hamilton and Tim Humphrey have been appointed co- heads of Macquarie’s global infrastructure debt asset management business, Macquarie Infrastructure Debt Investment Solutions (MIDIS). 

Hamilton joined MIDIS in 2012 and has been the head of the investment team since 2015. He joined Macquarie in 2010 as part of the infrastructure debt advisory team within Macquarie Capital after starting his career in infrastructure finance at Dresdner Kleinwort.

Humphrey joined MIDIS in 2013 and became the Head of the Investor Solutions Team in 2015, which has raised more than £5bn and serviced pension fund and insurance clients across the globe since 2012. Prior to joining MIDIS, Tim spent his career working with pension funds and insurance companies across a range of disciplines – starting his career advising pension funds as an actuary at Watson Wyatt and going on to work in pension buyouts and then corporate finance advisory.

Humphrey explains, “The business has grown significantly over the last five years and we are grateful to our clients who have supported us through this journey. We have been able to build on our first mover advantage by continuing to innovate products to meet our clients’ needs. Our two flagship pooled funds products, the UK inflation-linked debt funds and Global Infrastructure Debt Fund, which have helped to mobilise significant capital for impactful investments.”

James Wilson and Andrew Robertson, co-founders of the MIDIS business and former co-heads will remain closely involved with business. Wilson will continue as chief investment officer of MIDIS and chairman of the investment committee. Meanwhile, Robertson will assume broader responsibility in Macquarie’s Sydney office where he is working on a related but expanded set of illiquid credit business development opportunities.

Stephen Allen has joined the MIDIS Investment Committee following his retirement as chief risk officer of Macquarie Group. Allen brings with him a wealth of experience in risk management and global infrastructure finance. He was the chief risk officer of Macquarie Group for eight years and has been involved in infrastructure finance for over 25 years. 

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