Investment Officer

Inflows into alternative investment funds in Europe rebounded in November when compared to massive outflows during October, as inflows for Ucits funds fell significantly, according to data released by the European Fund and Asset Management Association, or Efama.

Apex Group on Monday said it plans to acquire the Irish depositary business of Bank of America Custodial Services (Ireland) Limited, also known as Bacsil, through European Depositary Bank, one of its Luxembourg-based subsidiaries.

Bacsil is a depositary solution for onshore and offshore funds servicing a multitude of blue-chip clients consisting of Ucits, alternative investment funds and offshore depo-lite fund structures, across a wide range of strategies. Based in Dublin, the Bacsil business provides depositary services to client assets of 71.4 billion dollars.

New York-based Blackstone, also present in Luxembourg as a CSSF-regulated AIFM, has raised a record 22.2 billion dollars in commitments for its Strategic Partners IX fund, one of two such vehicles in its inaugural continuation fund strategy under the Strategic Partners GP Solutions label.

China celebrates New Year on Sunday, marking the start of the year of the rabbit, a symbol for longevity, peace, prosperity and hope in Chinese culture. The year could provide some interesting investment opportunities, China specialists at Comgest and Mainfirst Asset Management said in separate notes to investors.

So which part of the financial services sector in Luxembourg contributes most in terms of added value to the grand duchy’s economy? It’s the banks, not the investment funds, says a new study published this week by Luxembourg For Finance and Deloitte.

In 2021, the banking sector remained responsible for the most significant contribution, representing over half of the financial services industry’s added value, with the fund industry following at just under 31 percent, the study said.

European Depositary Bank, part of the Apex group, has appointed managing directors Jean-François Thils, and Robert Steele (photo) as members of the executive management board.

David Rhydderch steps down from the EDB board and has been appointed as global head of financial products and managing director, Emea for the wider Apex Group.

Not Davos, but Tokyo has the markets’ attention this week. The Bank of Japan earlier today defied market expectations by keeping its Yield Curve Control interest rate policy unchanged, at least for now. Markets question however how long the BoJ can sustain this now that global government bond yields are rising. Japan could be sitting on Pandora’s box.

How asset managers vote on corporate resolutions every year determines the future of our planet, but the world’s very biggest investment corporations continue to block progress on environmental and social issues. 

Researchers from non-profit organisation Share Action, in the latest edition of the Voting Matters report released this week, outlined how 68 of the world’s largest asset managers voted on 252 ESG-related shareholder resolutions. 

Joseph Pinto will join M&G Asset Management in March as its new chief executive officer, the international savings and investment firm said.

Pinto joins from Natixis Investment Managers and succeeds Jack Daniels who announced his retirement last summer following 21 years of service. At Natixis Pinto served as head of distribution and investment solutions for Europe, Asia and Latin America and as global chief operating Officer.

Discussing and agreeing a single and coordinated EU “industry policy” has often been difficult and controversial in Brussels. Yet, all of a sudden, the “i-word” is back in fashion; the European Union should even make it the reason for its existence, according to newly reported internal documents. Investors however have few fond memories of plans like these.