Wednesday people roundup [updated]


first_imgMN, Nationale Nederlanden, Mercer, Fidelity Worldwide Investments, Legal & General Investment Management, JP Morgan Asset Management, Santander Asset Management, Bradesco Asset Management, Russell Investments, Norges Bank Investment Management, BlueBay Asset Management, First Investments, BNP Paribas Securities Services, Affiliated Managers Group, Ashmore Group, Aviva Investors, Artemis, Hermes Investment Management, Tikehau CapitalMN – The €110bn asset manager and pensions provider has named Henri den Boer as director of pensions. Until last year, Den Boer served as chief executive and commercial director of corporate clients at Dutch insurer Nationale Nederlanden. He has also been chairman of the supervisory board at pensions provider and NN subsidiary AZL. According to René van de Kieft, chief executive at MN, Den Boer will play a “crucial role” in pensions reform at the company. He joins in August.Mercer – Magnus Schmagold has been named head of sales for the consultancy’s investment solutions team in Germany, Austria and Switzerland. Schmagold joins from Fidelity Worldwide Investments, where he was director for pension and investment solutions. He joined the company in 2008.Legal & General Investment Management – Paul Sweeting has been appointed head of research within LGIM’s Solutions Group. He joins from JP Morgan Asset Management, where he was European head of the Strategy Group. Before then, he was a professor of Actuarial Science at the University of Kent. Santander Asset Management – Ileana Salas has been appointed global head of institutional sales. She joins from Bradesco Asset Management, where she served as head of business development and sales for Europe and the Middle East. Before then, she held senior business development roles at ABN Amro, Gartmore Investment Management and Schroders. Russell Investments – Van Luu has been appointed head of currency and fixed income strategy. He joins from Norges Bank Investment Management, where he was a senior analyst for investment policy and allocation strategies. Before then, he spent three years on the strategy team at Russell Investments.BlueBay Asset Management – The fixed income manager has appointed Soumyanshu Bhattacharya as institutional portfolio manager for the emerging markets sovereign team. Bhattacharya joins from JP Morgan Asset Management, where he was a client portfolio manager in the EM debt team. Before then, he worked at Deutsche Bank in the debt capital markets origination team.First Investments – Eric Pouwels has been appointed director of institutional relations at the €1bn Dutch asset manager. Pouwels will be responsible for expanding the company’s client base and maintaining relations with its existing clients. He joins from BNP Paribas Securities Services, where he was head of client development.Affiliated Managers Group – Robert Bee has been appointed director and head of distribution for the UK. He joins from Ashmore Group, where he oversaw new UK institutional business. Before then, he spent eight years at Schroders, latterly as head of UK and Ireland institutional business development.Aviva Investors – Giles Parkinson has been appointed as a global equities fund manager. He joins from Artemis, where he served as an analyst and fund manager. Before then, he was an oil and gas analyst at Newton Investment Management.Hermes Investment Management – Patrick Marshall has been appointed head of private debt and CLOs. He joins from Tikehau Capital, where he was responsible for developing direct lending activities in London and setting up a CLO program for Tikehau as first time issuer.last_img read more

US Opposes Third Term for Paul Kagame


first_imgThe United States said on Friday it is opposed to a third term in office for Rwandan President Paul Kagame. Rwanda’s Parliament is expected to consider an amendment to the country’s constitution that would lift a two-term limit on presidential terms and potentially enable Mr Kagame to seek re-election in 2017.Rwanda’s 2003 constitution limits the number of presidential terms to two and therefore bars Kagame -elected first in 2003 and again in 2010 – from standing for a third term.Rwanda is a key US ally in Africa, with Washington also ranking as one of Rwanda’s leading donors. The Obama administration’s stand against a possible third term for Mr Kagame will thus be seen as significant in Kigali and throughout the Great Lakes region.Washington has long supported 57-year-old Kagame, the Tutsi former rebel leader who led the offensive that ended a 1994 genocide by Huti extremists and led the country’s revival.But the US official made it clear that the United States would not back any attempt to modify the constitution to keep its ally in office beyond the next scheduled election.Rwandan officials deny that Kagame himself is behind moves to review the constitution, insisting they are responding to popular demand from his loyal supporters.But recent similar moves in other African countries have provoked unrest.Rwanda’s southern neighbor Burundi has been gripped by weeks of unrest and even a coup attempt as President Pierre Nkurunziza prepares to run for re-election.last_img read more

JPJ Group navigates UK headwinds as firm prepares for Gamesys enlargement


first_img Enlarged Gamesys returns to UK growth eyeing FTSE250 spot  March 17, 2020 Gamesys maintains UK growth as Euro regulatory headwinds stall performance August 11, 2020 Share StumbleUpon The governance of London-listed JPJ Group Plc maintains confidence in the firm’s future prospects, as the company moves to fully integrate operating partner Gamesys, enlarging its commercial capacity.Publishing its interim H1 2019 trading update (period ending 30 June), JPJ records a 14% increase in corporate revenues to £170 million (H12018: £149 million), driven by the ‘strong organic growth’ of its European online casino property Vera&John.UK Flagship brand Jackpotjoy continues to adjust to UK and Swedish market enhanced responsibility measures and higher operating taxes, which sees the division record a 5.7% revenue decline to £98 million (H12018: £104m).Despite facing UK & Swedish headwinds, JPJ governance maintains confidence highlighting the firm’s improved KPI metrics, with average active customers per month hitting 245,000 and average monthly customer gaming revenues increasing by 5% to £108.Closing its H1 2019 interim update, JPJ governance reports a 2% increase in adjusted EBITDA to £54 million (H12018: £53m), as the online gambling group declares a period net income of £5 million reversing 2018 losses of £100,000.Following a solid H1 trading period, JPJ governance maintains confidence in maintaining its full-year outlook as the firm incorporates  Gamesys assets outright, a unit which recorded gaming revenues of £96 million combined with a further EBITDA £30 million.Neil Goulden – JPJ GroupUpdating investors, JPJ Group Executive Chairman Neil Goulden states:  “I’m pleased to report that the Group has delivered another good quarter of revenue growth, alongside the expected impact of higher gaming taxes on EBITDA. Group revenues were up 14% in H1 2019, driven by a strong performance in Vera&John, while adjusted EBITDA2 increased 2%, notwithstanding the increased rate of POC tax in the UK to 21% from 15% and effective as of 1 April 2019, as well as the introduction of POC tax in Sweden at a rate of 18% from 1 January 2019. ““On 13 June 2019, we announced our intention to acquire Gamesys which represents a transformational step in the Group’s growth and one which will provide significant benefits for shareholders, employees and customers. We expect the Gamesys acquisition to deliver double-digit earnings accretion in the first full financial year of ownership and our employees will benefit from the combination of two companies with a strong commitment to responsible gaming, with a scale to further enhance our product development and technology capabilities. Our customers will also now have an even greater choice of major brands and different games, creating a truly leading UK and international operator. We expect the Gamesys acquisition to complete during Q3 2019 and we will update the market further in due course”. Submit Share Related Articles Cash-focused Gamesys sanctions £40m debt repayment  March 3, 2020last_img read more