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Mark Baumgartner has been appointed CEO and CIO of the University of Florida Investment Corp, set to begin in January. He succeeds Bill Reeser, who is retiring after leading the organization since 2014, during which its portfolio grew from $2.7 billion to over $6 billion. Baumgartner, a University of Florida alumnus, previously served as CIO at the Dalio Family Office and Carnegie Corp.
UBS Chairman Colm Kelleher announced plans for a future acquisition of a U.S. wealth management firm to enhance its presence in the market, following the integration of Credit Suisse. The bank, which has struggled to scale its independent broker model in the U.S., aims to improve its existing operations, particularly with Paine Webber, before pursuing further expansion. CEO Sergio Ermotti has emphasized the importance of growth in the U.S. economy, appointing Rob Karofsky to lead regional efforts.
The State of Alaska Department of Revenue increased its MSCI holdings by 0.3%, owning 10,955 shares valued at $6.14 million after acquiring 35 additional shares. Norden Group LLC also entered a new stake worth approximately $2.39 million. Institutional investors hold 89.97% of MSCI stock, which has a "Moderate Buy" rating, with analysts adjusting price targets amid mixed forecasts.
UBS CEO Sergio Ermotti stated that the bank must enhance its U.S. profitability before considering acquisitions, deeming discussions on growth through purchases as "premature." The firm aims to improve its performance with a smaller advisor workforce, currently under 6,000, while targeting mid-teen profit margins by 2026. Despite a decrease in headcount, UBS reported a significant increase in net new assets and invested assets for its Americas wealth unit.
UBS's global wealth management arm reported a pre-tax operating profit of $1.085 billion for Q3 2024, up from $926 million a year prior, driven by higher recurring fees and transaction income. The bank aims to acquire another US wealth management firm post-Integration of Credit Suisse, with ongoing client migrations expected to enhance cost savings by 2025-2026. Overall, UBS posted a total pre-tax profit of $1.929 billion, a significant recovery from a loss of $184 million a year earlier.
Clifford Abrahams has been appointed Chief Financial Officer and Executive Director of IG Group, effective December 16, 2024. With extensive experience as a CFO at major financial institutions, including Virgin Money and ABN AMRO, Abrahams aims to drive growth in fragmented markets alongside CEO Breon Corcoran. William Mead has also recently taken on the role of Head of Operations at IG Group.
IG Group has appointed Clifford Abrahams as chief financial officer and executive director, effective December 16. Abrahams, who has extensive experience in finance, previously served as group CFO at Virgin Money UK, ABN AMRO Bank, and Delta Lloyd Group. CEO Breon Corcoran expressed confidence in Abrahams' ability to contribute to the company's growth.
UBS reported a profit of USD 1.43 billion for Q3 2024, a significant recovery from a USD 715 million loss in the same quarter last year, driven by strong performance across its business segments and successful integration of Credit Suisse. The bank attracted nearly USD 25 billion in new money, managing total assets of USD 6,199 billion by the end of September. Despite a cautious outlook due to geopolitical uncertainties, UBS remains committed to its dividend and share buyback plans, with Chairman Colm Kelleher aiming to lead for another five years while seeking to expand in the U.S. asset management market post-integration.
IG Group Holdings plc has appointed Clifford Abrahams as Chief Financial Officer, effective December 16, 2024. Abrahams, who has extensive experience in financial leadership roles, joins from Virgin Money UK plc and has previously held CFO positions at ABN AMRO Bank and Delta Lloyd Group. His expertise is expected to support IG's growth strategy in fragmented markets.
Colm Kelleher, Chairman of UBS, plans to extend his tenure for another five years, aiming for a total of eight years in leadership. He emphasizes the importance of finding a suitable successor for CEO Sergio Ermotti and allowing them time to acclimate before his departure in 2029. Kelleher also expressed interest in acquiring a U.S. asset manager post-Credit Suisse integration to enhance UBS's presence in the U.S. market.
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