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

Agriculture Value Chain Will Enhance Job Creation

first_imgMinister Augustus Flomo addresses participants at the 9th Summit of the African, Caribbean, and Pacific Heads of State and Government and Ministerial Discussion.…Says Deputy Economic Finance MinisterAugustus J. Flomo, Deputy Minister for Economic Management at the Ministry of Finance and Development Planning (MFDP) believes that the agriculture value chain will enhance job creation, economic expansion, as well as ensuring the domestic revenue capacity of each country.Mr. Flomo spoke at the 9th Summit of the African, Caribbean, and Pacific (ACP) Heads of State and Government and Ministerial Discussion which is underway in Nairobi, Kenya.The Summit comes at an auspicious time for the ACP Group as it prepares to finalize the Post-Cotonou negotiations as well as the revision to its Constitutive Act, the Georgetown Agreement.Flomo told the gathering that discussions held over the last few days are important in moving the future of ACP and enhancing the ability of member countries to strengthening and developing development programs of the organization activities.He explained that SMEs are strong pillars of sustainable economic development in ACP countries and the declaration should highlight and support the development and sustainability of SMEs in their respective economies as they serve as the bedrock for economic growth.“We are aware that SMEs are strong pillars of sustainable economic development in our respective countries and so the declaration should highlight and support the development and sustainability of SMEs in our respective economies as they serve as the bedrock for our economic growth,” Hon. Flomo asserted.He said the ACP agriculture value chain program as highlighted in the declaration will focus on sustainable agriculture to promote especially countries that have survived on agriculture for the purpose of food security.He noted that private sector development and promoting economic development and growth are critical to the sustaining of countries.“We would like to encourage that ACP agriculture value chain program, as we highlighted in the declaration, will focus on sustainable agriculture to promote, especially countries that have survived on agriculture just for the purpose of food security. We also believe that private sector development and promoting economic development and growth is critical to the sustaining of our respective countries,” he added.He expressed the need for the enhance program design and development of the ACP execution which supports strengthening the future as ACP countries and, at the same time, strengthening the union.He commended the drafters of the declaration, stating that Liberia fully supports the draft declaration with considered inputs.During the summit, discussions focused on areas including: Value chain development of agriculture; Private sector development and economic growth; the future of our ACP, including the development finance Corporation; and the opportunity that we have now to witness the change of leadership very soon beginning with the selection of our new secretary general which we will also like to congratulate.However, the Deputy Finance Minister for Economic Management thanked the organizers of the summit for its successful conduct and expressed sympathy on behalf of the Government of Liberia to the people Kenya, for the loss of lives during the challenging time of climate change encountered in that country during the summit.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more