Candriam seeks to grow institutional business in Switzerland, Germany

first_imgNaïm Abou-Jaoude, chief executive at Candriam, told IPE the brand change was necessary, would reinvigorate the business and give it a positive momentum among clients and staff.He said now the transformation was complete, the business would focus on its third-party distribution and its institutional business – which accounts for around two-thirds of the manager’s assets.“With our new brand offering a fresh start, coupled with the stability of the management,” Abou-Jaoude said, “we can fully enhance the business, and in particular our relationships with the consultants, who are likely to be more open to having new discussions with us on what we can offer to their clients.”Candriam, within the next nine months, wants to grow institutional business in Switzerland and Germany while increasing third-party distribution exposure in the UK.Abou-Jaoude said institutional business in the UK was an ambition but would be more realistic in 18 months’ time.With regard to offerings, the chief executive said Candriam was looking to build on its previous products and provide more suitable solutions to institutional clients.“We want to go in two directions,” he said. “One is offering a flexible multi-asset fund, and a multi-asset income fund, which will capture the spreads from different asset class.“The second is short high-yield offering, using a combination of long-short strategies.”The firm is also working on equity products for its insurance clients that will utilise the benefits of derivatives, mitigating the downside of equity investing, and reducing the capital requirements under Solvency II.In terms of the asset manager’s new partnership with NYLIM, the firm said its expansion would not include the US, given its complementary offering to its parent’s other boutiques.“We cover some other products NYLIM does not have, so the idea is to complement the offering and see how we can develop synergies on both sides,” Abou-Jaoude said.Yie-Hsin Hung, co-president of NYLIM and chair of Candriam, told IPE the boutique owner would also continue its expansion after its foray in the European market with the Dexia acquisition.“We continue to want to grow our business,” she said.“Our aspiration would be to grow in areas we don’t have a presence today, but our immediate focus is that Candriam is successful and can leverage all the resources available from NYLIM.” Candriam, the new trading name for Dexia Asset Management, will look to expand its offering in three new territories following its rebrand and completed takeover by New York Life Investment Management (NYLIM).The manager, which was plagued by uncertainty for more than two years as it was subject to takeover talks, saw business deteriorate as clients awaited confirmation of the firm’s future.However, in December 2013, US-based NYLIM, the asset management arm of insurer New York Life, completed its rumoured takeover of the European manager, adding it to its multi-boutique operation.The following February, it was announced the firm would shed its Dexia brand, moving forward from the turmoil under the name Candriam.last_img read more

Hughes critical of Song tackle

first_img Then asked if he would be taking the matter up with the Professional Game Match Officials Limited, which Riley heads, Hughes said: “We’ll ask about it because it’s a poor decision. “We are not trying to get people into trouble, we’d just like observations about that. Our view is that the game should have been stopped.” Regarding a tackle by Southampton’s Morgan Schneiderlin on Stoke’s Jonathan Walters in the Capital One Cup tie between the two clubs on Wednesday, Hughes added: “That was two-footed again. “Those type of challenges need to be stopped and something done about it.” Hughes has no doubt that Diouf only emerged from the Song incident unhurt because he jumped out of the way. And, alluding to the recent controversy over the way Stoke captain Ryan Shawcross marks opponents at set-pieces and accusations that winger Victor Moses is a diving “cheat”, the manager said: “I think that (Diouf jumping out of the way) is maybe the honesty of our players. “We have been criticised and labels have been thrown at a number of players in recent weeks, and maybe people should give us credit for staying on our feet.” Hughes also claims Stoke are not getting as many free-kicks in their home matches as other clubs do. Hughes was critical of referee Chris Foy after the official took no action over Hammers midfielder Song’s rash-looking tackle on Potters forward Mame Biram Diouf in the build-up to the visitors’ first goal. The manager felt it had been a “dangerous” two-footed challenge that potentially warranted a red card, and that Foy “should have stopped the game there and then”. Stoke boss Mark Hughes will speak to referees’ chief Mike Riley having been left fuming by an Alex Song challenge that went unpunished in Saturday’s 2-2 draw with West Ham at the Britannia Stadium. He said: “We are a little bit anxious. “More often than not, home teams get more free kicks for them. I think that’s fair to say – it’s just because you are the home side and that’s what happens. “The crowd’s with you, they’ll cheer and shout, and more often than not, you can look right through the league, home sides get more free kicks – apart from Stoke City.” Press Associationlast_img read more

New legal status proposed for Iowa lemonade stands

first_imgDES MOINES — A few kids who’ve operated lemonade stands in Iowa have had a sour experience — with the law. Representative Ray “Bubba” Sorenson of Greenfield says that’s because the iconic child-run lemonade stand is technically illegal in Iowa.“This bill looks to right that wrong,” Sorenson says, “so we don’t continue to have headlines like: ‘Iowa police shut down 4 year old’s lemonade stand.’”The bill passed the House last night by unanimous vote.“I think it’s great to encourage young folks to get out there and be young entrepreneurs,” said Representative Sharon Steckman of Mason City.In 2011, police shut down at least three lemonade stands in Coralville the kids didn’t get a permit or under a health inspection to run a food stand on the day RAGBRAI — the Register’s Annual Great Bike Ride Across Iowa — came to town.Representative Mary Mascher of Iowa City voted for the bill, but aired this concern about lemonade and food stands run by children: “If parents are going to choose to allow their kids to do this, they also need to know that there’s some liability involved and if someone does get sick, or if there is a problem in any way, shape or form that, in essense, the parent’s insurance would have to cover that.”In the past couple of years, lawmakers in Texas and Utah have passed laws legalizing lemonade stands set up kids. A few cities around the country have cracked down on kids — including Girl Scouts — selling cookies. The bill passed by the Iowa House would give kids under the age of 18 a pass on having to apply for business and food permits if they sell baked goods as well as beverages.last_img read more