The European Securities and Markets Authority’s (ESMA) final guidelines on remuneration that are part of the investment vehicle regulations known as the Undertakings for Collective Investments in Transferable Securities, aka UCITs V, was supposed to provide clarity when determining a fund manager’s pay package. However, certain aspects remain unclear, especially when it comes to the… Read More >>
Broadridge, Accenture and PwC Join Forces with Digital Asset
Blockchain startup Digital Asset Holdings has signed non-exclusive strategic business relationships with IT consultancy Accenture, financial technology vendor Broadridge and auditor and professional services provider PwC to hasten the progress of Digital Asset’s distributed ledger solutions to come, which will target financial services firms. Digital Asset has already been working with Accenture, Broadridge and PwC,… Read More >>
Convergex Names Ops and Strategic Planning Head
Convergex Names Ops and Strategic Planning Head New York-based Convergex, an agency-focused brokerage and trading-related services provider, reports that Jason Emerson has been named managing director and head of operations and strategic planning. In this new position, he will be “responsible for overseeing the firm’s global operational initiatives,” according to a statement, which notes also… Read More >>
SIFMA and FSR Urge Congress to Pass Cybersecurity Bill
Two industry advocacy trade groups, the Securities Industry and Financial Markets Association (SIFMA) and the Financial Services Roundtable (FSR), have called on the U.S. Senate to move forward quickly, after August recess, to pass the Cybersecurity Information Sharing Act (CISA). The bill, also introduced in 2014, has already passed the House. “The bill will allow… Read More >>
Cyber-Attacks Force Firms to Prepare for the Worst
The number of detected cyber-security incidents across the financial sector rose 8 percent from 2013 to 20414, and the total cost of those incidents has jumped by 24 percent according to a new report by PriceWaterhouseCoopers (PwC). But, over that time, total spending by Information Security (InfoSec) departments at larger financial services firms is up… Read More >>
deVere Group Opens San Francisco Office
Financial advisory firm deVere Group is opening an office in San Francisco as part of “ambitious expansion plans for the North American market,” say company officials. Adrian Flambard, senior investment advisor for deVere USA, has relocated from deVere Group’s New York City office to head the San Francisco operation on Market Street, officials say. Flambard,… Read More >>
AltExchange Adds Four Members
The AltExchange Alliance, which aims to implement a data standard for the private equity industry, reports the addition of four new members. They are the Institutional Limited Partners Association (ILPA), technology and service provider SunGard, private equity investor AlpInvest and PricewaterhouseCoopers, the multinational professional services firm that is one of the Big Four auditors. In… Read More >>
Q&A: Get Ready for the FATCA Cliff
The U.S. Foreign Account Tax Compliance Act (FATCA) covers tax compliance for foreign financial assets and offshore accounts. The law requires taxpayers with foreign financial assets that exceed specified thresholds to report the assets to the Internal Revenue Service (IRS). The FATCA law will also require foreign financial institutions to report directly to the IRS… Read More >>
