All articles by Heather McKenzie – Page 3
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Features
Knowing what lies behind hedge funds
Dutch pension funds’ growing interest in alternatives like hedge funds is having an impact on the middle and back offices of securities services providers, says Heather Mackenzie
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Features
Devil is in FX detail
Direct and in many cases very significant financial benefit can accrue to pension funds and investment managers that pay closer attention to their foreign exchange (FX) trades. UK-based benchmarking firm Amaces has launched a new module in its CMS analytical and benchmarking service that covers all FX deals. The module ...
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Features
Greek ambitions for financial centre
Two years since Greece hosted the Olympic Games, the country continues to reap the benefits of the investment boost it received in the lead-up to the event. Foreign investment in the Greek market has risen substantially and the financial authorities are keen to establish the country as a hub for ...
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Features
Land of opportunity for custodians
With a large base of unfunded pension liabilities, global custodians view the German market as one ripe with opportunity. In the past few years, all of the main global custodians have entered the German market, despite an oversupply of local depot banks. “Depot bank and fund administration in Germany in ...
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Features
Custodians face global challenge
With assets under management of €814bn (according to the Lipper pan-European fund flows report of November 2005), France is the second largest funds market in Europe behind Luxembourg. France holds just over 19% market share, behind Luxembourg’s 28% but ahead of the UK on 11%. The funds industry in France ...
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Features
How to keep in the swim
With defined benefit and defined contribution pension funds totalling around €13bn, Belgium is a minnow compared to its neighbour the Netherlands. However, its status as a Euronext market and as a member of Euroclear Group mean it is not left on the sidelines by securities services players. Renaud Vandenplas, location ...
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Features
Global players home in
There is an air of eager anticipation among global custodians when it comes to providing services in central and eastern Europe. Interest in the region has been steadily building over the past few years and the accession of countries including Poland, Hungary, Slovakia and the Czech Republic to the EU ...
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Features
Shift to global markets
The global custody and services agreement between Nordea and Bank of New York, announced in August this year, signifies a wider trend in the Nordic region, away from domestic banks and towards the international global custodians. Under the agreement, which covers around €240bn of assets (about half of Nordea’s total ...
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Features
Complex and difficult scene
Despite its under-developed second and third pillar pensions market, Spain is an attractive and competitive market for global custodians. With the European Commission in February urging the Spanish government to embrace pension reform “more vigorously”, there is plenty of scope for growth. Some attempts at reform have been made. The ...
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Features
More coming custodians' way
The new regulatory framework for the Dutch market, Financieel Toetsingskader (nFTK), has provided a rich seam of business for Kas Bank, the Dutch custody, clearing and settlement specialist. In the first half of 2005 to 30 June, the bank recorded a 30% rise in net profit to €9m, while total ...
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Features
Moving in right direction
The Greek securities services market has in the past been something of a backwater. But recent market infrastructure and pensions reforms have given global custodians hope that there are good times ahead. Like many other countries in Europe, Greece is facing a growing pensions liability problem and the government has ...
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Features
Pooling is now on the agenda
The UK custody and securities services market continues to be one of the most competitive in Europe and can still attract new players. BNP Paribas Securities Services and KAS Bank are the latest European players to take on the dominance of the big US banks. These relative newcomers are not ...
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Features
Effect of reforms uncertain
Recent reforms of investment and pension laws in Italy could open up the market to foreign investment managers and custodians. Italy has been a relatively closed shop for securities services providers and a strong universal banking model has enabled the local banks to dominate provision of both custody and asset ...
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Features
Tide running custodians' way
Regulatory changes – so often the bane of a custody bank’s life – are proving to be a boon for foreign custodians in Germany. A raft of securities industry reforms made over the past few years are opening up what for many years has been a relatively closed market. Recent ...
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