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UBS Asset Management has appointed Rory Tobin as a senior advisor to enhance its ETF and indexing capabilities, aiming to solidify its position among the top five ETF providers in EMEA. With 35 years of industry experience, including leadership roles at State Street Global Advisors and BlackRock, Tobin will report to president Aleksandar Ivanovic and collaborate with the Asset Management team to drive global expansion. Following the acquisition of Credit Suisse, UBS has emerged as a leading index provider in Europe, poised to meet growing client demand in key markets.
Coupon payments from high-grade corporate bond portfolios are increasing, with investors reinvesting these funds into the bond market. This trend has led to coupon income absorbing 62% of net supply in the investment-grade market this year, projected to rise to 66% by 2025, totaling around $400 billion.
UBS has initiated coverage on Vail Resorts (NYSE: MTN) with a Neutral rating and a price target of $185, citing a cautious growth outlook for EBITDA at 3-5%. The firm highlights risks from warmer weather, declining pass sales, and a projected normalization in ski visits, which could impact revenue. Despite these challenges, Stifel maintains a Buy rating, while Barclays expresses concerns over dividend sustainability amid potential European acquisitions.
European banks are facing intensified competition as a second Trump presidency signals potential financial deregulation in the U.S. While U.S. banks have thrived, European lenders struggle with low profitability and strict regulations. The anticipated easing of U.S. banking rules could further widen the earnings gap, prompting European banks to lobby for regulatory relief.
Stada Arzneimittel AG's private equity owners have appointed Barclays, Citigroup, HSBC, Jefferies, and UBS as bookrunners for a potential initial public offering, aiming to launch the deal early next year. The company could be valued at over €10 billion ($11 billion) in the listing.
Barclays and Deutsche Bank are retaining part of FNZ Group Ltd's $2.1 billion refinancing deal after struggling to attract enough investor interest for the entire loan. To facilitate this, the banks restructured the loan, converting the euro-denominated term loan B into a safer term loan A, which is more suitable for their balance sheets.
The Global Structured Finance Market is projected to grow from $10 billion in 2024 to $18 billion by 2032, with a CAGR of 6%. Key players include Citi, JPMorgan Chase, and Goldman Sachs, focusing on complex financial instruments like asset-backed and mortgage-backed securities. The market is segmented by type, application, and geography, with North America leading and Europe as the fastest-growing region.
Lombard Odier has appointed Nicolas Walon as the new Head of Global Market Services, effective March 2025. With 25 years of experience in cross-asset derivatives, he joins from Bank J. Safra Sarasin, where he led Financial Engineering, and has held senior roles at major investment banks in London and New York. Paul-Andre Pittard is currently overseeing the division on an interim basis.
UBS is under pressure to bolster its equity capital, with discussions around increasing it by 15 to 25 billion francs. While UBS argues against excessive capital requirements, it lags behind several European competitors in capital ratios, prompting calls from regulators for a stronger balance sheet. The Swiss Finance Institute is hosting an event to debate the future of banking capital requirements, highlighting the need for UBS to reassess its capital strategy.
Asia-Pacific markets are mixed as investors await the Fed's decisions, while China's services sector shows robust growth with a PMI rise to 52.0 in October. South Korea's inflation eases to 1.3%, prompting a recent interest rate cut by the Bank of Korea. Meanwhile, crude oil prices increase over 2% as OPEC+ delays production hikes.
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ubs asset management appoints rory tobin as senior advisor for etfs
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09:43 18.11.2024
growing coupon payments boost demand and stabilize high-grade bond spreads
20:08 15.11.2024
ubs issues neutral rating on vail resorts amid revenue and weather concerns
14:35 14.11.2024
european banks face challenges as us deregulation under trump looms
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12:25 09.11.2024
stada arzneimittel selects bookrunners for potential initial public offering
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18:29 08.11.2024
barclays and deutsche bank retain portion of fnz refinancing loan
14:24 07.11.2024
global structured finance market poised for significant growth through 2032
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15:24 06.11.2024
lombard odier appoints new head of global market services starting 2025
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08:51 05.11.2024
ubs faces pressure to increase equity amid capital ratio concerns
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08:16 05.11.2024
asia pacific markets mixed as investors monitor fed and economic data
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Jean Boivin
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00:48 05.11.2024
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