Month: October 2007

ANZ Reorganises AP

ANZ Bank has unveiled a new structure for its Asia Pacific institutional business. Mark Whelan has been appointed managing director, institutional – Asia and reports jointly to Alex Thursby, group managing director, Asia Pacific, and ANZ group managing director, institutional, Peter Hodgson.   The bank says the role has a clear brief to exploit opportunities […]

New EM Strategy Head for Deutsche

Deutsche Bank has raided JP Morgan for its new emerging markets strategy head. The bank has announced the hire of Drausio Giacomelli as a managing director and head of emerging markets market strategy.    Giacomelli will head a team of strategists responsible for generating investment recommendations on  emerging  markets' currencies, equities, sovereign and corporate debt. He will be based […]

Australian Pension Funds Increase FX Hedging

Australian superannuation (pension) funds are increasing their foreign exchange hedge ratios on international investments due to the rising Australian dollar, according to a survey by NabCapital. The third NabCapital Superannuation FX Survey found the average hedge benchmark for international equities has jumped twelve percent to 47% since 2005. International equities account for about 25% of pension […]

…But NZ Pension Funds are Hedging More

A joint BNZ and NabCapital survey has found that New Zealand superannuation funds use much higher foreign exchange hedge ratios than their counterparts in Australia. Greg Ball, manager foreign exchange sales at BNZ, says the survey shows nearly a third of New Zealand pension have a hedge benchmark on their international assets that is between 75% and […]

Japan’s FX Traders Hide Profits, FX Provider Lists

Margin FX traders in Japan failed to declare profits of JPY22.4 billion in the year to June 2007, according to a report by the National Tax Agency cited by Kyodo News. The profits average JPY21.8 million per person, notes the agency which investigated 1,030 investors. Kyodo News says that margin FX providers are not required by […]

Korean FX Developments Points to More Activity

Foreign currency savings held by Koreans reached an all-time high in September 2007 of $23.08 billion, according to the Bank of Korea, (BOK) the country’s central bank.  Korean companies held $19.46 billion, while individuals' foreign currency holdings totaled $3.62 billion. US Dollar deposits accounted for $18.81 billion, Japanese yen deposits for $2.49 billion, and euro […]

HSBC Appoints Two Global Payments Executives

HSBC’s global payments and cash management division has appointed two senior financial institutions sales executives in Hong Kong.  Fred Shyur joins as senior vice president, head of financial institutions sales, responsible for cash management solutions as well as advising on HSBC’s Asian currency clearing proposition for commercial banks in the region. He joins from Citibank […]

Deutsche Bank Hires Head of Global Transaction Banking, China

Deutsche Bank has appointed David Koh as head of global transaction banking (GTB), China. He was previously at HSBC in the UK where he was a senior corporate banking manager.  Based in Shanghai, Koh reports locally to Betty Deng, chief country officer for China and regionally to Thomas DuCharme, regional head of Deutsche Bank’s GTB, […]

Asian Investment Fund Inflows at Record Levels

Inflows into Asian investment funds stayed at record levels over recent weeks, according to Citi Global Markets. Weekly inflows totalled $2.9 billion and a record $3 billion in the two weeks to 3 October. The average inflows over the past four weeks are now 5.3 standard deviations above historical averages, an all-time high, says Citi. In […]

India Proposes to Curtail PN Derivatives

The Securities and Exchange Board of India (SEBI) is proposing to disallow further issuance of Participatory Notes (PNs) to offshore investors, a move which will reduce FX inflows into the country in the short term. PNs are OTC derivatives mostly issued by five foreign investment banks in India to their offshore clients, predominantly hedge funds, who […]