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

Suspected NPA rebels kill Negrense farmer

first_imgHe regarded this as “blatant violations of the Comprehensive Agreement on Respect for Human Rights and International Humanitarian Law.” Rociana suffered multiple wounds from the shooting. Rociana was killed a month after Joelito Hilacio, 49, was also shot dead allegedly by the same perpetrators inside his house in Barangay Carabalan in the same city. BACOLOD City – A farmer was shot to death by nine suspected members of the New People’s Army (NPA) in Sitio Asaran, Barangay Buenavista, Himamaylan City, Negros Occidental. “I also challenge Karapatan, who had been very silent about human rights violations of the NPA, to condemn such terroristic acts if they are not bogus human rights advocates,” he added. “Such savagely cruel acts are proof that these communist insurgents do not respect human rights and are indeed terrorists. These heinous murders should be stopped now,” he said. Pasaporte urged the local government units and other stakeholders in Negros Occidental to condemn the killings.center_img Colonel Inocencio Pasaporte, commander of the 303IB, condemned the murders of Rociana and Hilacio. Last May, soldiers of the 94th Infantry Battalion discovered three NPA hideouts in the village after weeks of combat clearing operation. A report of the Philippine Army’s 303rd Infantry Brigade (303IB) identified the victim as Randy Rociana, 38, a resident of Barangay Mahalang of the southern Negros city. Barangay Buenavista is apparently frequented by communist rebels, who had figured in several encounters with government troops in the area. These are located in Sitio Mabunga, Sitio Bunsad, and Sitio Lower Olitao. (With a report from PNA/PN)last_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