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Ares Management is set to acquire GCP International for $3.7 billion, a move that will nearly double its real estate assets under management to approximately $96 billion. The deal, which includes $1.8 billion in cash, will enhance Ares' global presence and capabilities in high-growth sectors like industrial real estate and data centers. The transaction is expected to close in the first half of 2025.
UBS's Head of Technology, Dargan, announced that the migration of the first Credit Suisse clients has been successful, with upcoming migrations planned for Luxembourg and Hong Kong, followed by Singapore. UBS is on track to shut down approximately 90% of Credit Suisse's 3,000 applications and has already decommissioned around 560 applications and 40,000 servers, indicating strong progress in technology integration.
VP Bank has appointed Alexander Tsikouras as Chief Financial Officer & Chief Operating Officer Asia and Will Wang as Head of Client Solutions & Strategic Partnerships Asia, effective September 24, 2021. These roles are part of the bank's Asia Management Committee, aimed at enhancing its growth strategy in the region. Both executives bring over 20 years of experience in wealth management and finance, contributing to the bank's goal of establishing itself as a leader in Open Wealth Services.
Manulife Investment Management has appointed Calvin Lim, a former executive from Bank of Singapore, as an alternatives investment specialist based in Singapore. He will focus on expanding the firm's private market capabilities in Asia, including private equity, private credit, and real assets. Hui-Jian Koh, CEO of Manulife Investment Management Singapore, emphasized the importance of these capabilities in meeting investors' income needs in a changing market.
Biocon Biologics has successfully priced its debut USD 800 million senior secured notes due 2029 at a 6.67% coupon, marking a significant milestone as the first USD bond issuance by a biopharmaceutical company in the Asia Pacific. The transaction, which is expected to settle on October 9, 2024, aims to refinance existing long-term debt of USD 1.1 billion, enhancing the company's financial flexibility and supporting its growth in the biosimilars market. The bond issuance received robust interest, with an oversubscription of over 3x, reflecting strong investor confidence in Biocon Biologics' credit profile and growth potential.
Sygnum has secured a digital asset services license in Liechtenstein, enabling it to expand its offerings in the European Economic Area. This move aligns with the forthcoming MiCA regulations and follows a strong H1 2024 financial report, showcasing significant growth in trading volumes and client assets. The bank aims to enhance its presence in Asia, particularly in Hong Kong, while continuing partnerships with major banking institutions.
UBS has renewed its partnership with the Mercedes-AMG Petronas Formula 1 team, which has been in place since 2011, coinciding with the team's impressive record of seven drivers' and eight constructors' championships. Iqbal Khan, Co-Chairman of UBS Global Wealth Management, emphasized the shared values of innovation and teamwork that underpin this collaboration. The recent Singapore Grand Prix attracted around 250,000 fans, although the Mercedes team did not secure a podium finish, with Lando Norris from McLaren taking first place.
Digital asset bank Sygnum has secured regulatory approval to operate in Liechtenstein, positioning itself for expansion into the EU as the Markets in Crypto-Assets Regulation (MiCA) takes effect. Originally established in Switzerland in 2019, Sygnum is now licensed as a crypto asset service provider, offering brokerage, custody, and B2B banking services. With a network of over 20 partner banks and recent funding of $40 million, Sygnum aims to leverage its experience in the competitive European market.
Sygnum, a Swiss digital asset banking group, has registered its subsidiary with the Liechtenstein financial regulator, enabling it to offer regulated services in the EU under the upcoming MiCA framework. This strategic move allows Sygnum to expand its digital asset services, including brokerage and custody, across the European Economic Area, with full access to 30 markets anticipated by early 2025. Additionally, the company is pursuing growth in Asia, focusing on Hong Kong and Singapore.
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ares management to acquire gcp international for 3.7 billion dollars
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09:00 23.09.2024
Sygnum gains Liechtenstein license to expand digital banking in EU
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