News

The Investment Commission of the Ministry of Economic Affairs in Taiwan has approved BEA's move to acquire AIG Wealth Management Services Taiwan Limited.

BlackRock has received written notice from Barclays PLC (Barclays) that the former's offer to acquire Barclays Global Investors (BGI) has been accepted by Barclays' Board of Directors. The Board will also recommend the transaction to Barclays' shareholders for approval at a special meeting to be held in August 2009.

UBS' long-term challenges in Investment Banking and Wealth Management pose greater risk to bondholders than previously perceived, according to David Fanger, Moody's Senior Vice President.

Hong Leong Bank launched a four-year 100 percent capital protected product aiming to provide a targeted annual income of 6 percent through exposure to a commodity-linked index.

HSBC is implementing new measures at its branches to segregate its general banking service areas from investment service areas. This is in line with new investor protection recommendations from the Hong Kong Monetary Authority. The new measures encompass clear zoning at HSBC branches between general banking and investment service areas.

What was previously known as the New City Asia Opportunity Fund will now be renamed as Phoenix Real Estate Fund upon turnover of all management responsibility to ING Real Estate Investment Management.

Japanese investors are now offered not only investment opportunities but also a means to help in immunisation programmes for underprivileged children.

ING Groep hedges employee options with the sale of 5,230,000 ordinary shares for its delta hedge portfolio. With an average price of $10.82 each, the shares were sold on the open market between 2 June and 5 June.

CIMB-Principal Asset Management Berhad is banking on the huge Chinese market for the success of its new Shariah-compliant product. Called the CIMB Islamic Greater China Equity Fund, it offers an investment that gives exposure in the Greater China region, namely China, Hong Kong and Taiwan economies but is Shariah-compliant as well. This open-ended Fund will invest up to 98 percent of the Fund’s Net Asset Value into Shariah-compliant equities and Shariah-compliant equity related securities of companies based in the Greater China region, with the remaining in Shariah-compliant liquid assets. “The CIMB Islamic Greater China Equity Fund is highly anticipated by many of our existing and potential clients. They look forward to capitalising on this opportunity and adding this new Fund to their current portfolio as part of the regional equity portfolio – an important segment for any investor in this current market,” said Mr Tan Beng Wah, Chief Executive Officer of CIMB Wealth Advisors. “Over the long-term, there is no significant difference in performance between a Shariah-compliant and a conventional fund. Therefore investors who diligently wish to observe Shariah guidelines in their investments can do so with confidence that investing the Islamic way will not hamper potential fund performance,” explained J. Campbell Tupling, Chief Executive Officer of CIMB-Principal. The CIMB Islamic Greater China Equity Fund has an approved fund size of 600 million units, with an initial offer price of US$0.0719 per unit. The Fund is also distributed by CIMB Bank, CIMB Private Banking and CIMB Investment Bank with a minimum initial investment of US$287.6. “Our investment team will look at high growth sectors such as industrials and consumers, which are expected to benefit from the economy’s recovery and the US$585 billion Chinese government stimulus package. Various government initiatives such as industrial consolidation, government shopping voucher programme, nationwide insurance and medical care network put in place has gradually increased consumer confidence. Therefore, we believe that this is an opportune time for investors to participate in the growth of the market with our new Fund,” stated Tupling.

The Hong Kong Monetary Authority announced that there are currently 432 Lehman-Brothers-related cases under disciplinary consideration. These are cases which have gone through detailed investigation by the HKMA.

Mitsubishi UFJ Financial Group has decided to purchase shares of common stock of Morgan Stanley for approximately US$440 million.

Ecofin has launched the Ecofin China Power & Infrastructure Fund--the fund designed to generate compelling risk-adjusted returns in greater China, building on the firm's global expertise in infrastructure and utilities investing. The fund seeks to generate absolute returns with lower volatility than the Chinese market through dynamic portfolio construction based on macro and fundamental research.

Threadneedle, a leading international asset management company, has announced the completion of the acquisition of Standard Chartered Bank’s World Express Funds investment funds business.

PNC Global Investment Servicing has launched its fund distribution support services in Asia.

The Bank of Ikeda, Ltd. and the Senshu Bank Ltd., a consolidated subsidiary of the Bank of Tokyo-Mitsubishi UFJ, Ltd., have entered into an agreement concerning their business integration with BTMU.

Legg Mason has added Western Asset Global Multi Strategy Fund to the Legg Mason Global Funds range, giving investors in Singapore the opportunity to benefit from undervalued investments across the global bond markets.