Kevin Hayes has stepped down as finance director of struggling hedge fund firm Man Group on the day the company is demoted from the FTSE 100.
Jonathan Sorrell, Man's head of strategy and corporate finance, will replace him at Europe's largest listed hedge fund.
Man, whose shares have slumped, is being replaced in the FTSE 100 list of the UK's leading companies by Babcock.
Mr Hayes is leaving to pursue "other interests", Man said in a statement.
He joined Man in 2007.
Man Group shares have tumbled since the last FTSE review in March, and are down almost two-thirds since last year.
The firm's funds have struggled as cautious clients withdraw money because of the market turmoil caused by the eurozone debt crisis.
Mr Sorrell, son of WPP advertising chief Sir Martin Sorrell, spent more than a decade at Goldman Sachs before joining Man last August.
In a statement, Man chief executive Peter Clarke said Mr Sorrell's experience "will be extremely valuable as we continue to develop and evolve in challenging world markets".
Tough luck, Generation X: Only half of wealthy Baby Boomers to leave money for their kids...and ONE IN THIRD would rather give it to charity - Daily Mail
- Baby Boomers defined as people between the ages of 47 and 66
- Generation X refers to people born between early 1960s and early 1980s
- 55 per cent of Baby Boomers believe it's important to leave money to offspring
- Most Baby Boomers believe each generation should earn its own wealth
- Three-quarters of people younger than 46 favor leaving money to kids
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When members of the Baby Boomers generation die in the next 50 years, they will leave trillions of dollars in wealth behind, but their children should not hold their breath for a large inheritance.
According to the U.S. Trust Insights on Wealth and Worth annual study released on Monday, only 55 per cent of Baby Boomers - those between the ages of 47 to 66 - think it is important to leave money for their offspring.
U.S. Trust commissioned an independent, national survey of 642 high net worth adults, who were not clients, with at least $3million in investable assets.
Givers: A study found that 31 per cent of wealthy Baby Boomers would prefer to leave their money to charity
One of three Baby Boomers surveyed – about 31 per cent - don’t think it is important to leave a financial inheritance and said they would rather leave money to charity than to their children.
By contrast, three-quarters of wealthy people under age 46 said it's a priority to leave inheritance for their children.
The top reason for not wanting to leave money for their kids is the belief shared by some Baby Boomers that each subsequent generation should work to earn its own wealth.
Following closely behind is the thought that it is more important to invest in children’s success while they are growing up.
‘Our survey points to a shift in generational behavior and outlook, most likely shaped by personal experience and societal responses to economic realities,’ said Keith Banks, president of U.S. Trust.
Banks added that well-off parents are concerned that the next generation is not prepared to inherit wealth, which is not surprising considering the fact that most of the Baby Boomers surveyed don't talk to their kids about money: just 37 per cent said they've fully disclosed their net worth to their children.
Kept in the dark: Just 37 per cent of Baby Boomers said they've fully disclosed their net worth to their kids
Those over age 67 said they weren't having this discussion because they were raised to avoid money talk, while younger respondents said they didn't want to inhibit their kids' work ethic.
Unlike the majority of people from her generation, 63-year-old Kathleen Taylor, of Chimacum, Washington, taught her two grown children since they were young to be responsible for their own money.
That is why she plans to leave most of her money to her children and some money to charitable causes, ABC News reported.
One way Taylor and her husband taught their children about responsible spending was providing the value of college tuition, room and board to each of them and putting them in charge of paying the bills.
‘People thought we were crazy,’ she told ABC.
The Taylors plan to start a college fund once their children start having their own kids. And they intend to add to it on their grandchildren’s birthdays as long as Taylor and her husband are alive.
Mrs Taylor said she hopes her own children will do the same for their great-grandchildren.
The U.S. Trust study also has found that 42 per cent of Baby Boomers and 54 per cent of those under age 46 are paying medical costs for their parents or other relatives.
Vincent Tchenguiz prepares to sue SFO for £100m - Daily Telegraph
"Once I saw the transcripts I felt much better," said Tchenguiz. "I thought this can't be the basis of their investigations. The first thing I saw was about the non-disclosure of senior debt. We had £1.5bn of senior debt. To say I didn't disclose it was simply not part of the deal."
Left alone in a police cell with no books, magazines or telephone, Tchenguiz had nothing else to do but read the documents. What he discovered would later be exposed as a fabric of misinformation, misinterpretation and misunderstanding.
The SFO had been given information, in part by Grant Thornton, the accountant working on the winding up committee of Kaupthing and ran with it without properly checking it out.
Months later the SFO would apologise for its mistakes but not before millions of pounds worth of damage had allegedly been done.
Within days of the arrests Bank of America Merrill Lynch had foreclosed on a £125m loan pushing Tchenguiz's property management group Peverel into administration. Banks that had been supplying credit lines to Tchenguiz's foreign exchange trading business turned their backs on him. And the refinancing of £2bn of debt linked a portfolio of properties freeholds hit a wall.
"Automatically it became very difficult with all the banks," said Tchenguiz. "The relationships went from normal to frozen, credit lines were pulled, foreign exchange lines pulled.
"We had agreed a credit line the Friday before I was arrested, for £175m. It was the first credit line we had agreed since the credit crunch in 2007. As soon as I was arrested they pulled that too.
"Initially, everybody was suspect about us. The nature of the arrest created the suspicion that this was a massive fraud."
This is one of the central criticisms Tchenguiz has about his treatment at the hands of the SFO. That by creating a media circus around the case, tipping off newspapers to be there on the morning of his arrest, the SFO created a rod for its, and his, back.
"It was how they made the arrests," explained Tchenguiz. "By doing them in a blaze of publicity what happens is they develop an ownership of the case, a political ownership, they become entrenched in trying to keep the case going, even though they may have found evidence that suggested they should drop the case."
The criticism has merit. Since the arrests it has been revealed that at least one newspaper had sent photographers to the arrests after receiving a tip off.
The huge sums of money involved combined with the high profile, playboy lifestyles of both Robert and Vincent Tchenguiz made it a hard story to ignore.
The second criticism revolves around the interaction between the SFO and Tchenguiz's legal team.
In the months after the arrests letters to the SFO went unanswered. On top of that rapid personnel changes made it impossible to know who was leading the investigation.
"The mistakes could have been sorted out a month after the arrests were made," said Tchenguiz. "But they had nobody to interface with us. I find that very extraordinary how difficult it has been to engage at all. Had we had three meeting we would have resolved all our issues. It is not rocket science. They need someone to have these meetings."
The lack of interaction meant it was not until the judicial review process was in full swing that the SFO admitted to the full litany of mistakes it had made. By then almost all of Mr Tchenguiz's business ventures had ground to a halt costing him millions, possible hundreds of millions, he claims.
The damage the investigation has caused is set to be measured through a legal challenge Tchenguiz has issued against the Serious Fraud Office. In his initial letter he claimed £100m.
It means the issue will not go away. In the meantime there are still some lessons the SFO needs to learn according to Tchenguiz. To control its media strategy, to engage with the people it is investigating and to understand finance.
"Nobody understands the financial markets," he said. "The information the SFO took on board was spoon fed to them, but it was such low quality. They did not understand about insolvency. They did not understand about capitalisations. It was a total mischaracterisation of the event."
More than a year after the arrests it is not easy to decide which party has been more damaged by the events that have followed, Tchenguiz or the SFO. What is certain is they are now both working in the same industry, investigation of financial crime. Tchenguiz has evened opened a corporate investigations unit. Would he be willing to outsource it to the SFO
"Yes," he said. Why not?"
Masters in Finance: Edhec and Guanghua in pre-experience rankings - Financial Times
The demand for highly qualified finance professionals is increasing. As companies seek to navigate the worst of the economic storm, sound knowledge of financial tools and strong analytical skills are essential requirements.
This year sees the second Financial Time Masters in Finance rankings, compiled using the data from business schools and from a survey of their alumni who graduated three years ago.
The rankings include 35 pre-experience programmes for those with little or no experience, and four post-experience programmes for professionals who wish to develop their skills further.
In the pre-experience ranking, 31 schools are located in Europe with the majority of these in the UK (11) or France (seven). Three schools from the US and one from China complete the rankings.
The post-experience ranking is made up of one school based in the UK, and three for the US.
As in 2011, HEC Paris and London Business School top the rankings for pre-experience programmes and post-experience programmes respectively. HEC Paris was ranked first for value-for-money and placement success. It features among the top five places in three other criteria. London Business School tops the ranking for value-for-money, international mobility and international course.
A number of entrants feature in both rankings, notably, Edhec Business School in France and the Guanghua School of Management at Peking University enter the pre-experience ranking for the first time in sixth and eighth position respectively.
George Washington University and the Chapman Graduate School of Business at Florida International University make their entry in the post-experience ranking in second and fourth place respectively.
IE Business School in Spain is ranked second in the pre-experience ranking, the same place as in 2011. It is ranked first for career progress. On the other hand, only 9 per cent of its students are women, the lowest percentage in the ranking.
IE shares the second place with Essec Business School from France, which gained one place from the 2011 ranking.
Brandeis University is the highest ranked school from the US, at number 17 in the pre-experience ranking. It comes second for international mobility and sixth for aims achieved. However, with 62 per cent, it has the lowest rate of employment three months after graduation.
Peking University is the only school from China that features. It is ranked third for value-for-money and placement success and has a 100 per cent employment rate three months after graduation. However, it has the lowest international diversity rate for faculty and students.
Based on purchasing power parity rates used to convert all salaries into US dollars, students from Peking University also commanded the highest average annual salary at $96,800 three years after graduation, narrowly relegating the students from HEC Paris to the second highest.
The student survey showed that more than 95 per cent of its graduates work in finance in China.
Some 1,200 students who attended programmes at the 35 schools in the pre-experience ranking completed the FT survey.
The results provide useful insights on the profile of the average student: he is male and either French or Chinese.
When starting the course, he is 24 years old and has been working in finance for a year, most likely in accounting or investment banking, mergers and acquisitions as a graduate trainee with a salary of about €20,000.
Three years after graduation, he is likely to work in London in investment banking, mergers and acquisitions as a junior professional with a salary of £50,000.
Looking beyond averages, the data shows significant differences for students’ mobility. For example, 60 per cent of students in French schools were from France, but only 9 per cent of students in UK schools were British.
And only 9 per cent of overseas students who studied in France remained there in employment compared with 27 per cent of those who studied in the UK.
More than half who studied overseas returned to their home country after graduating and more than 80 per cent of them still work there three years later.
Just over half of students who studied overseas chose the UK and more than 40 per cent of graduates who work overseas are in the UK. This is hardly surprising, considering about 900 foreign-owned groups operate in the UK financial industry, according to a report by IMAS in January 2012.
Nonetheless, only 3 per cent of the students who completed the survey are from the UK. This compares with 13 per cent from both China and France. Cultural differences between these countries may explain this gap.
Students in the UK typically study humanities, whereas in China and France university education emphasises mathematics – the latter being better suited to financial techniques.
China Finance Online Forms Exclusive Partnership with Baidu on Mobile Web Application - Yahoo Finance
BEIJING, June 18, 2012 /PRNewswire-Asia/ -- China Finance Online Co. Limited ("China Finance Online", "the Company") (NASDAQ GS: JRJC), a technology-driven, user-focused market leader in China in providing vertically integrated financial information and services including news, data, analytics, securities investment advisory and brokerage-related services, today announced that its flagship portal site Stockstar.com ("Stockstar") has entered into an exclusive partnership with Baidu.com ("Baidu") on a mobile web application to provide financial information services.
Under the partnership, Stockstar and Baidu have launched a mobile web application integrating Stockstar's proven financial information services with leading internet technologies. The application allows users to access a variety of information on companies traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
Pioneered in introducing HTML5 technology into developing financial information services, the application greatly enhances user experience of searching for and digesting financial information on mobile devices through a highly user-friendly system interface and lower requirement on data usage. Users are able to quickly and conveniently access information including company profile, trading data and charts, and company news without having to install any local application or account registration.
The web application went live in June 2012. Through the application, smartphones running on Google Android and Apple iOS operating systems are now able to access financial information by inputting company name or ticker into Baidu's search engine.
Mr. Zhiwei Zhao, Chairman and CEO of China Finance Online, commented, "This partnership speaks volumes about our leadership in financial information services and technologies. Stockstar is one of the most established financial portal sites in China with a proven track record in data processing, website optimization, and client development. As more Chinese are spending more time seeking market intelligence online, extending our competitive advantages to the mobile internet market is a natural choice.
"Meanwhile, we are excited to provide our timely, reliable and robust financial information services to Baidu users. Baidu is the No. 1 website in China with the largest user base and highest traffic rank. I am optimistic that by building on Baidu's powerful and far-reaching platform we will be able to expand our potential users and provide them with a better mobile experience in accessing financial information that is faster, cheaper and more streamlined," Mr. Zhao concluded.
About China Finance Online
China Finance Online Co. Limited is a technology-driven, user-focused market leader in China in providing vertically integrated financial information and services including news, data, analytics, securities investment advisory and brokerage-related services. Through its flagship portal sites, www.jrj.com and www.stockstar.com, the Company offers basic software and information services to individual investors which integrate financial and listed-company data, information and analytics from multiple sources. Leveraging on its robust internet capabilities and registered user base, China Finance Online is developing securities investment advisory and over time wealth management services. Through its subsidiary, Genius, the Company provides financial database and analytics to institutional customers including domestic brokerages and investment firms. Through its subsidiary, Daily Growth, the Company provides securities brokerage services in Hong Kong.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, this release contains the following forward-looking statements regarding:
- our product upgrade and strategic transformation initiative;
- cost-cutting initiative and its effect on efficiency and operational performance;
- potential business consolidation amidst the new regulatory environment;
- the market prospect of the business of securities investment advisory and wealth management; and
- the transition period to adapt to the new compliance requirements.
Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which risks and uncertainties include, among others, the following:
- the changing customer needs, regulatory environment and market condition that we are subject to;
- the uneven sector-growth of the Chinese economy that could lead to volatility in the equity markets and affect our operating results in the coming quarters;
- the unpredictability of our strategic transformation and upgrade;
- the competition we are facing in the new business of securities investment advisory and wealth management;
- global macroeconomic uncertainties;
- wavering investor confidence that could impact our business; and
- possible non-cash goodwill, intangible assets and investment impairment may adversely affect our net income.
Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F under "Forward-Looking Information" and "Risk Factors". The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Contact:
Julie Zhu
China Finance Online Co. Limited
+86-10-5832-5288
ir@jrj.com
Shiwei Yin
Grayling
+1-646-284-9474
shiwei.yin@grayling.com
George Zimmerman jail calls: Trayvon Martin shooter tells wife how to move around money - Orlando Sentinel
"Oh, man, that feels good," he told his wife.
"What?" asks his wife.
"That there are people in America that care," he said.
"Yeah they do," she answered. "Trust me, and boy, after what happened yesterday, so many people (sic) your website kept crashing."
A few moments later, she said, "After all this is over, you're going to be able to have a great life."
"We're will," he corrected her.
"Yeah, we will."
"I'm excited," he said.
Three days later, they talk about how much they love each other.
"O.K., I love you," Zimmerman tells his wife."I love you more, Babe," she said.
During one of their conversations, Zimmerman asks his wife to get a vest for him, her and defense attorneyMark
They make reference to a "safety counselor," someone who's apparently giving them advice on how to stay hidden and safe.
They discuss a five-bedroom house that they hope to lease for a month, cell phone features and their confidence in defense attorney Mark O'Mara.
The two also discussed how to get him safely out of jail. Shellie said one possibility was having someone drive him to an airport parking garage.
"We could have two cars, we could have two rented cars," Zimmerman told his wife.
As for hiding him inside the vehicle, "Well, I have my hoodie," he said, a possible joke, referring to the hooded sweatshirt Trayvon Martin wore the night Zimmerman shot him.
In a call April 16, Shellie Zimmerman told her husband he is a "special and amazing role model to people," to which he replied, "I wish, I wish I were."
Prosecutors in the past two weeks had released a good bit of information about the jailhouse calls. That's because they used them to convince Circuit Judge Kenneth Lester Jr. to lock Zimmerman back in jail and to charge Shellie Zimmerman with perjury.
Corey's office alleges that Shellie Zimmerman knew she and her husband had access to $155,000 that had been donated by supporters responding to his request for help on a website.
But when she was asked about it April 20 at his bond hearing, she said the couple was broke.
The Seminole County Sheriff's Office typically records inmate phone calls. Prosecutors listened to them, and those are the six calls released today.
On Friday, Corey's office announced it would release the audio of 151 Zimmerman calls, but after defense attorney Mark O'Mara complained, they slashed the number to six.
In a blog posting, O'Mara wrote that he would today file a motion, asking the judge to prohibit the release of any Zimmerman jail phone call that are not related to the defendant's bond.
That, O'Mara wrote, would compromise the privacy of family members and friends whom he called and who have done nothing improper.
Zimmerman's next court date is June 29, another bond hearing. O'Mara's witness list includes two bail bondsmen and no family members.
rstutzman@tribune.com or 407-650-6394. jeweiner@tribune.com or 407-420-5151.
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