American International Group (AIG)
Basel Committee to publish new paper on group allocation issue
The Basel Committee on Banking Supervision will issue a paper outlining its approach to the group allocation issue shortly after the scheduled mid-January meetings of that group and (separately) the Capital Task Force.
ABN Amro builds in weather derivatives
ABN Amro has hired Henry Kus as director of weather and insurance derivatives. The Dutch bank said it had made the appointment in response to "rapidly increasing" investor demand for weather derivatives products.
Westpac expands foreign exchange sales
Dorene Mallon has joined Westpac in New York today as a senior vice-president in institutional foreign exchange sales. She reports to David Beale, global head of institutional sales at the Australian bank in London.
Management buys out SG’s weather and cat bond funds
Société Générale’s (SG) weather derivatives team completed an amicable management buyout of the weather division at the French bank. The buyout creates what is believed to be the largest range of dedicated weather derivative and catastrophe bond funds,…
New EU supervisors group to be created for CAD implementation
The EU Commission has indicated the need for the creation of "a new high-level forum of European supervisors" to help implement the EU's capital adequacy directive (CAD) by the 2006 deadline evenly across the region. The new draft CAD also requires…
AIG forex under merger threat
AIG Trading’s foreign exchange group faces an uncertain future, as parent company Connecticut-based American Insurance Group (AIG) prepares to merge its AIG Trading and AIG Financial Products subsidiaries, sources close to the firm told RiskNews ’ sister…
AIG hires risk manager in New York
Paul Stubbs will join AIG Trading Group in Greenwich, Connecticut, as a vice-president in foreign exchange and commodity risk management. He will report to Mark Balfan, senior vice-president and global head of market risk management.
Deutsche offers first yield enhancement fund to Asian retail investors
Deutsche Bank has begun offering Singaporean retail investors access to a new Luxembourg-based yield enhancement fund. The move marks the first public offering of a structured fund under the Xavex brand, the Luxembourg-based asset managment entity of the…
Julius Baer launches emerging forex desk
Swiss financial institution Bank Julius Baer has launched an emerging markets FX desk in New York with the hire of two traders from Greenwich-based AIG Trading.
AIG makes senior FX appointments
AIG Trading Group has made four senior additions to its global foreign exchange operation over the past two months, a spokesperson in the bank’s Greenwich, Connecticut headquarters said.
UBS Asset Management appoints head of Asia-Pacific
UBS Asset Management has appointed Kai Sotorp as head of Asia-Pacific, overseeing all aspects of the firm's business in the region.
FXall hires marketers from former rival Atriax
Two former employees of defunct multi-bank FX tradingportal Atriax were last week hired by rival portal FXall. Keith Hill joins FXall in London as head of Europe, Middle East and Africa sales, while Michelle Bachmann-Love was made head of North America…
Experts call for constant review of corporate risk practices
Risk management practices and financial reporting have been high on the corporate governance agenda since the September 11 terrorist attacks and the spate of business failures during the past year, according to speakers at a corporate governance seminar…
What the banking industry (and others) told the Basel regulators
The Central Bank of the United Arab Emirates said the op risk capital charge may be left to the discretion of the national supervisor, and should be based not only on quantitative factors, but should take account of qualitative factors. The Central Bank…