Managers are prioritizing human resources, economic factors, and environmental criteria when determining future office locations post-health crisis. The Baromètre des implantations tertiaires, conducted by EY and ADI, analyzes the evolving location strategies of market services, excluding non-market sectors.
UBS is required to revise its contingency and stability plans following its takeover of Credit Suisse, as mandated by the Swiss Financial Market Supervisory Authority (FINMA). The authority emphasized the need for enhanced crisis preparedness, particularly in light of the significant deposit withdrawals faced by Credit Suisse. While FINMA has suspended the annual assessment of these plans for 2024, concerns remain about UBS's increased influence on the Swiss economy post-merger.
13:05 15.10.2024
Elis shares rose nearly 1% in Paris, outperforming the market following UBS's initiation of coverage with a 'buy' recommendation and a price target of €27. The broker highlights Elis as a resilient company with strong leadership and promising growth prospects, noting that deleveraging allows for potential shareholder returns or M&A opportunities.
13:05 15.10.2024
EFG Asset Management has appointed Damian Burkhardt as Senior Portfolio Manager for Swiss Equities, based in Zurich. Previously the Head of Swiss Equities at Credit Suisse, Burkhardt will focus on advancing EFG’s growth agenda and managing the New Capital Swiss Small and Mid-Cap Future Leaders Fund. His role will involve systematic analysis and active management to identify investment opportunities in Swiss companies.
EFG Asset Management has appointed Damian Burkhardt as Senior Portfolio Manager for Swiss Equities, based in Zurich. Previously with Credit Suisse and Lombard Odier, Burkhardt will manage the New Capital Swiss Small and Mid-Cap Future Leaders Fund and focus on enhancing the EFG Swiss Equities franchise through systematic analysis and active management of investment opportunities.
13:02 15.10.2024
Activists in the US are urging the Department of Labor to revoke UBS's license to manage pension fund assets due to the bank's extensive history of criminal offenses, including $20 billion in fines for 96 financial crimes since 2000. The department is reassessing its rules regarding banks with criminal records, which could impact UBS's ability to operate in the $30 trillion US pension fund market. A decision on UBS's exemption application is pending, with calls for accountability in the banking sector.
12:53 15.10.2024
Pfizer has invested $49 million in Triana Biomedicines to develop molecular glue degraders for oncology, while Tim Buckley joins Pfizer's board amid pressure from activist investors. Jazz Pharmaceuticals reported positive Phase 3 results for Zepzelca in small cell lung cancer, prompting plans for expanded FDA approval. MeiraGTx's gene therapy for Parkinson's disease showed safety and encouraging efficacy in a small trial, and Akeso raised $250 million for international trials of its antibody drugs. Inventiva appointed Mark Pruzanski as chairman, securing $100 million for a Phase 3 trial of lanifibranor.
In 2021, M&A activity in the biopharma sector saw a paradoxical trend: while companies had unprecedented financial capacity, the total number of acquisitions declined. Partnerships slightly decreased from 2020's record levels, yet the sector remained attractive, with stock price premiums averaging 62%, and up to 150% for innovative cell therapies.Similarly, the MedTech industry experienced a resurgence, with M&A deal values reaching $111 billion by November, the highest since 2014. This surge is attributed to a combination of substantial financial resources and shifts in care models due to the pandemic, particularly in remote monitoring technologies.
FINMA has suspended the annual approval of UBS's emergency plan due to integration challenges with Credit Suisse, citing "obstacles" in data transfer. While UBS can still be wound up in a crisis, the regulator demands enhanced intervention options, including the ability to modify business models to ensure stability. UBS is working on revising its plans, aiming for completion by 2026, while emphasizing its capacity to absorb significant losses.
12:35 15.10.2024
The Swiss Financial Market Supervisory Authority (FINMA) has identified obstacles in UBS's integration of Credit Suisse, impacting its resolvability as of December 31, 2023. While UBS maintains its loss absorption capacity, it must harmonize group structures and processes, currently relying on manual data aggregation. FINMA expects UBS to enhance its recovery and emergency plans, suspending the annual assessment for 2024 to strengthen crisis preparedness for systemically important banks.
12:30 15.10.2024
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