UBS Financial News

By Helen Reid

Citadel started this year by betting big on its energy trading business, and CEO of Citadel Energy Marketing.– former Morgan Stanley alum Jay Rubenstein – seems to be bringing in people with the same pedigree as him to bolster the business.

It might be that only a small number of bankers will understand the true significance, but the end of an era is upon us. As part of the integration between UBS and Credit Suisse, UBS will switch off the Credit Suisse “Crossfinder” trading system.

Stocks deepened a slump, unraveling more of this year’s high-powered rally as Treasuries added to their decline. Investors braced for another interest rate increase from the Bank of England later Thursday.

FundsDLT is playing a key role in the development of D7, a new cloud-backed and DLT-ready platform from the German exchange operator that will deliver same-day-issuance and paperless, automated straight-through processing for the entire value chain of issuance, custody, settlement, payment and asset servicing for digital securities.Alrready a significant minority shareholder, Deutsche Börse has bought out former stakeholders Credit Suisse Asset Management together with UBS Asset Management as well as Natixis Investment Managers.“The acquisition of FundsDLT is a critical and natural step in our digital strategy. It demonstrates our position at the forefront of innovation and will redefine the overall distribution chain of the fund business,” states Philippe Seyll, CEO of Clearstream Fund Centre.

For those frustrated with the lack of existing houses on the market, buying from a builder seems like a simple solution—until it isn’t. Brand-new homes have become more popular in neighborhoods where homeowners are reluctant to put their homes on the market and forgo their low-interest-rate mortgages. New-home sales account for around 15% to 20% of all recent home sales and could reach 30% in some markets, compared with a historical average of 10%, said Lawrence Yun, chief economist at the National Association of Realtors.

UBS’ mega-merger with Credit Suisse enables the enlarged Swiss bank’s asset management division to work more closely with its former rival’s private banking client base.

When Credit Suisse’s shotgun marriage to rival UBS was unveiled in March, many senior dealmakers at the beleaguered bank did not even have to dust off their CVs.

The Whyalla steelworks and other parts of Sanjeev Gupta’s Australian operations have been freed from the control of lenders almost two years after the British businessman faced losing the assets in the collapse of Greensill Capital.

Quadrant Private Equity is revisiting the sale of its aged care business myHomecare, and brought back Gresham Partners to usher through a deal.

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Another Monday, another week full of important figures and decisions that could affect your clients’ investment decisions.

Joanna Mather has been appointed Wealth Editor. Jo brings deep experience to her new role, having previously covered the tax, superannuation and personal finance rounds and most recently been deputy news director for the past two years. After joining the Financial Review as education reporter in 2008, Jo spent four years in the Canberra bureau, covering two election campaigns, before returning to Sydney.

The European Central Bank says the banking sector could withstand a severe economic downturn without depleting their financial buffers against losses

Macquarie-managed The Infrastructure Fund has ordered a strategic review of its 7.19 per cent stake in Perth Airport as it looks to take profits after the airport returned to pre-pandemic passenger volumes in February.

Barclays executives embarked on a drastic overhaul of the British bank’s Wall Street arm early this year. The goal: prove it can hang with the likes of JPMorgan Chase and Goldman Sachs. They replaced key leaders and laid out a strategy to become a top five player in as many lines of business as it can, if not investment banking overall.

An investment vehicle owned by U.S. natural-gas entrepreneur Charif Souki has filed for bankruptcy and is suing its lenders to prevent foreclosure of its assets, including shares of a family-owned business and a luxury ranch. Strudel Holdings said it sought protection from creditors Thursday so it can sell those assets “in an orderly manner at fair market value rather than having them disposed of in the commercially unreasonable manner." Strudel, along with its bankrupt affiliate AVR AH, and Souki, also filed a lawsuit Thursday, accusing investment manager UBS O’Connor, administrative agent Wilmington Trust and lenders including Nineteen77 Capital Solutions of breach of duty of good faith and fair dealing.

UBS Credit Suisse merger layoffs: More than hundred Credit Suisse investment bankers might have to face the layoff challenge in near ter. As per the Swiss weekly HandelsZeitung report published on Friday, UBS has begun the implementation of UBS Credit Suisse merger plans. In this exercise, UBS may fire investment bankers of Credit Suisse.

Paris headquartered BNP Paribas has announced that it is under scrutiny by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for its personnel’s non-compliant use of communication tools, violating archiving protocols.

₹1,972.00 apiece on the BSE. The Adani group cement manufacturing company ACC Ltd posted a net profit of ₹466.14 crore for the quarter ending June 2023, registering a growth of 105% as compared to ₹227.35 crore in the corresponding period of last year. The company’s consolidated revenue in Q1FY24 increased 16.4% to ₹5,201.11 crore from ₹4,468.39 crore, YoY.

pension fund as part of a reform process. A boost in the valuation of the firms could eventually help the state meet its pension obligations. The new valuation system, says Meng Lei of UBS, a bank, is an attempt to help investors understand the broader implications of this transfer of state-owned capital to pensioners.