News Article | December 15, 2016
Rupert Murdoch’s 21st Century Fox has formally lodged its £11.7bn bid to take full control of Sky, as minority shareholders call for transparency on how the pay-TV company’s independent directors came to accept the offer. Murdoch will now need to gain regulatory approval for the deal, which values Sky at more than £18bn and which would give him control of pay-TV operations in the UK, Germany and Italy in addition to ownership of the Times, Sunday Times and Sun, and the radio group TalkSport. Fox has not raised the initial £10.75 per share offer it tabled on Friday. A number of shareholders and City analysts have accused Sky of selling on the cheap, pointing out that the company’s shares were at the offer level as recently as February. A committee of Sky’s independent directors, led by Martin Gilbert – the broadcaster’s deputy chairman and the chief executive of Sky shareholder Aberdeen Asset Management – scrutinised the deal on behalf of non-Murdoch investors. The committee, which unanimously accepted the deal, included the Sky chief executive, Jeremy Darroch, and the finance chief, Andrew Griffith, who are in line for a £40m payday if the deal goes through. “We would urge the independent committee of Sky directors, who recommended that shareholders accept the offer, to share more information on the independent financial advice that they based their agreement on,” said Richard Marwood, senior fund manager at Royal London Asset Management, which controls £62m of Sky shares. “Such disclosure would help shareholders assess the fairness of the offer and give greater confidence in the independence of the committee in the bid process.” Other shareholders to have expressed concern over the terms of the deal include Standard Life, Jupiter Asset Management and the Local Authority Pension Fund Forum, an association of 71 funds that control about 0.7% of Sky, which has called for “robust” safeguards to protect Sky’s “future probity” under full ownership by Murdoch. Karen Bradley, the culture secretary, now has 10 working days to decide whether the deal raises public interest concerns, specifically relating to media plurality. Bradley is likely to ask regulator Ofcom to launch an investigation to determine whether Murdoch will have too much control over news media in the UK. Ofcom will have up to 40 working days to file its public interest report on the deal, assuming Bradley asks the media regulator to investigate. Lachlan Murdoch, the 21st Century Fox executive chairman, said: “We are excited to bring Sky fully into 21st Century Fox. Partial ownership of Sky was not natural end state for us. Fully combining the businesses is a clear logical next step of portfolio evolution. “It adds the strength of the Sky brand to our portfolio including Fox, National Geographic and Star brands. Considering the complete set of options in respect of capital allocation, this transaction provides the most attractive returns of for 21st Century Fox shareholders.” Fox has said that if the deal is not done by the end of next year it will pay shareholders a sweetener of a 10p special dividend, which will equate to about £172m. However, Fox has said shareholders will not receive any dividend payments next year. Previously, Sky’s 10.75p per share offer was due to be reduced by taking off shareholder dividend payments next year. Fox has said that if the deal falls through it will pay a £200m break fee. In 2011, News Corporation paid a break fee of about £38.5m after pulling out of its bid as the phone-hacking scandal engulfed Murdoch’s UK newspapers. Tom Watson, the shadow culture secretary, said the government should refer the deal to regulators. “This bid was abandoned in the wake of the phone-hacking scandal, and now it’s back,” he said. “The secretary of state must refer the bid to Ofcom, to assess whether it would result in too much media power being concentrated in too few hands, and whether Rupert and James Murdoch are fit and proper persons to run a broadcaster. “The government cannot be allowed to ditch the vital second part of the Leveson inquiry, which would look at questions around unlawful or improper conduct within the Murdoch empire, at exactly the moment when Rupert Murdoch is attempting once again to strengthen his hold over the UK media.” The campaign group Hacked Off has launched a petition to lobby Bradley to refer the deal to regulators. The petition cites issues including the scathing findings of Ofcom’s investigation into James Murdoch’s conduct as chief executive of the publisher of the now defunct News of the World at the time of the phone-hacking scandal. James Murdoch, now chief executive of 21st Century Fox and chairman of Sky, said he believed the deal “passes regulatory muster” in both Europe and the UK. “There are various bits and pieces to the European [regulatory] timeline and if necessary the UK timeline with the Department for Culture, Media and Sport and Ofcom having to make a number of decisions in the next little while,” he said. In 2011, Rupert Murdoch was forced to agree to spin off Sky News into a separate company in order to quell media plurality issues because of his ownership of the Times, Sunday Times and Sun newspapers. “We will be engaging with the relevant authorities right away,” James Murdoch said. “We do think that this passes regulatory muster, and we think as the relevant authorities look at the facts set around both the competition and potential UK intervention issues, that no meaningful concessions will need to be made.” The company moved to try to allay fears that Sky News might be “Foxified” into a version of the rightwing Fox News. “21st Century Fox will continue to broadcast news under the Sky brand, maintaining its excellent record of compliance with the Ofcom broadcasting code,” the company said. Fox and Sky are aiming to push through a form of takeover that will make it easier to squeeze out shareholders opposed to the deal. The so-called “scheme of arrangement”, a court-backed process, requires approval from 75% of non-Fox shareholders. If this level is reached then all investors are forced to sell their stakes. It is understood that a significant number of shareholders will reject the implementation of the scheme when Sky holds a vote at a yet-to-be-scheduled extraordinary general meeting. Fox, which controls 37.19% of voteable shares, is not allowed to vote. This means that independent investors accounting for almost 16% of total Sky shares will need to vote against the scheme to block it being implemented.
News Article | February 28, 2017
•UAE participated as Focus Country for the second consecutive year •Ministers of Greece, Punjab, Indonesia and top diplomats from UAE, Turkey, Cyprus, Egypt, Malaysia attended the show •Bahrain, Cambodia, Cyprus, Greece, Ho Chi Minh City debuted at OTM 2017 •Over 10000 trade visitors attended the 3 day show Exhibitors from a record number of 60 countries showcased their destinations at OTM 2017 from February 21-23 at the Bombay Convention & Exhibition Centre. This was by far the largest number of countries participating in any trade show in the country. OTM is organised by Fairfest Media Ltd every year in the largest travel market in India – Mumbai. 1134 travel organisations from 60 Countries exhibited at OTM 2017 including National and State Tourism Organisations, Hotels, Airlines, Destination Marketing Companies and other suppliers serving leisure as well as business travel and MICE (Meetings, Incentives, Conventions, Events) markets. Over 10,000 travel trade visitors attended the show in addition to more than 500 buyers from travel trade and corporate sectors who had qualified for special hosting privileges. International buyers from countries like Kuwait, New Zealand, Philippines, Russia and Thailand were also extended similar hosting hospitality. Who’s who from the global travel industry assembled at OTM 2017. The dignitaries present at the inaugural session included Sohan Singh Thandal, Minister of Tourism, Government of Punjab; I Gde Pitana, Deputy Tourism Minister for Overseas Promotion of Indonesia; H.E. Mohammed K Al Mheiri, Undersecretary- Ministry of Economy and Adviser to the Minister for Tourism; H.E. Dr Ahmed Al Banna, UAE Ambassador to India; H.E. Demetrios A Theophylactou, High Commissioner, Cyprus High Commission; Dimitrios Tryfonopoulos, Secretary General, Greek National Tourism Organisation; Datuk Seri Mirza Mohammad Taiyab, Director General, Tourism Malaysia; H.E. Erdal Sabri Ergen, Consul General, Consulate General of Turkey in Mumbai; Ismail A Hamid, Egyptian Tourism Counsellor, Egyptian Tourism Office; Guldeep Singh Sahni, President, Outbound Tour Operators Association of India. The Tourism Minister of Greece, Elena Kountoura graced the show with her presence on second day. H.E. Panos Kalogeropoulos, Ambassador of Greece to India and the Tourism Minister took a tour of the show and interacted with various other participants. This was the first time that Greece Tourism participated at OTM 2017 with a large delegation including private sector operators. The UAE Ministry of Economy organised a national Visit UAE pavilion for the second year in a row, featuring various tourism departments and agencies from the UAE. The delegation was led by H.E. Mohammed K Al Mheiri who informed that the UAE has broadened its presence to include the various government bodies responsible for tourism in all the emirates as well as private sector representatives involved in tourism. Premium Partner Country of OTM 2017, Turkish Ministry of Culture and Tourism has been participating at OTM for the last seven years with a large number of tour operators. Gülara Alkaçır, Culture & Tourism Officer was extremely satisfied with the event turnout and expects many more tourists from India. Besides showcasing their myriad tourism attractions, Indonesia Tourism presented an array of cultural offerings during the show. Representatives from Indonesia’s travel and tourism industry under the umbrella of The Ministry of Tourism, Republic of Indonesia discussed their India-specific tourism promotion plans during OTM 2017. First-time participants at OTM like Bahrain, Cambodia, Cyprus, Greece, Ho Chi Minh City provided variety of experiences to the valued travel trade partners and Indian travellers. Mumbai is the largest source market for leisure and MICE travel in India. It accounts for some 60% of the outbound travel market in India, considering it is the most popular gateway for the entire West and South India. OTM provides the right platform for national and international tourism boards and private operators to tap this market in the most comprehensive and cost-effective way. A brand-new addition at OTM 2017 was the co-located BLTM- Business & Luxury Travel Mart, where qualified hosted buyers met the sellers by appointments. Indian citizens whether travelling abroad or within the country are much coveted and one of the fastest growing markets for leisure as well as business travel segments. According to the data published by India’s Ministry of Tourism, 20.38 million Indians took foreign trips out of India in 2015 (11.1% higher than 2014). The number of domestic trips within India was a whopping 1432 million (11.6% higher than in 2014). In contrast, the number of foreign tourist arrival was 8.03 million (4.05% higher than in 2014). OTM caters to all of these markets. UNWTO estimates the number of Indian outbound travellers will grow to approximately 50 million in 2020, contributing $28 billion in expenditure. To tap into this lucrative market, OTM 2017 has participants from 60 countries. These included NTOs from Abu Dhabi, Ajman, Bahrain, Bangladesh, Bhutan, Cambodia, China, Croatia, Cyprus, Dubai, Egypt, Fiji, Fujairah, Greece, India, Indonesia, Japan, Kenya, Macao, Malaysia, Maldives, Nepal, Philippines, Ras Al Khaimah, Romania, Rwanda, Seychelles, Sharjah, Sri Lanka, Taiwan, Thailand, Turkey, Vietnam and country representations from Argentina, Australia, Bolivia, Brazil, Bulgaria, Chile, Ecuador, France, Germany, Hong Kong, Ireland, Italy, Jordan, Kazakhstan, Kyrgyzstan, Lebanon, Mauritius, Mongolia, Morocco, Russia, Singapore, Slovenia, South Africa, Tanzania, United Kingdom, USA, etc. Participation from India was equally aggressive as their international counterparts. This included Tourism departments along with private operators from Andaman & Nicobar, Andhra Pradesh, Assam, Gujarat, Himachal Pradesh, Jammu & Kashmir, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Odisha, Punjab, Sikkim, Uttar Pradesh, Uttarakhand, West Bengal and private sector participation from Daman & Diu, Delhi, Goa, Haryana, Puducherry, Rajasthan, Tamil Nadu, Telangana in a big way. The Ministry of Tourism, Government of India had a strong presence at the show. More than 100 corporate buyers from top companies like Canara HSBC, L'Oreal India Pvt Ltd, Capgemini, Reliance Infrastructure Ltd, Khaitan & Co, Hdfc Standard Life Insurance Company Ltd, Mahindra Finance, Godrej & Boyce Mfg Co Ltd, Larsen & Toubro, Deloitte Shared Services India Llp, Wockhardt Ltd, Ambuja Cements Ltd, Birla Sun Life Insurance Company Ltd, Rajkumar Hirani Films, Ericsson India Pvt Ltd, etc had pre-scheduled over 2000 appointments for meeting sellers of their choice at the show. OTM is the only big travel trade show in the country to have the participation of corporate buyers on this scale. The two Buyer-Seller Speed Networking sessions were a huge hit, designed to facilitate onsite meeting appointments with the buyers to visit the sellers. Visit UAE Lounge was made available for the speed networking sessions. In another first, the MICE Club was launched at OTM, with an objective to facilitate networking and education opportunities among the community of buyers and sellers from Business Travel and MICE segments. Globally, travel trade fairs are considered important annual opportunities for face-to-face meetings and networking among buyers and sellers. Traditionally, visitors at these fairs walk the show and meet the sellers of their interest. The advent of online technologies has not left this field untouched either. Increasingly, the buyers and sellers pre-schedule appointments online for meetings at the show. OTM 2017 had deployed a state-of-the-art online meeting diary system provided by EventsAir based in Australia. It is an advanced system that facilitated matchmaking and appointments between the Buyers and Sellers, and received over 5000 meeting requests prior to the show. OTM 2017 was supported by Pacific Asia Travel Association (PATA), Travel Agents Association of India (TAAI), Outbound Tour Operators Association of India (OTOAI), Indian Association of Tour Operators (IATO), Association of Domestic Tour Operators of India (ADTOI), Travel Agents Federation of India (TAFI), Network of Indian MICE Agents (NIMA), IATA Agents Association of India (IAAI), Maharashtra Tour Operators Association (MTOA), Travel Agents Association of Pune (TAAP), Travel Agents Association of Nashik (TAAN), South Gujarat Association of Travel Agents (SATA), SKAL International, Enterprising Travel Agent's Association (ETAA), etc. In addition to buying and selling opportunities on the show floor, exhibitors from various countries and states also made colourful cultural presentations. There was an equally interesting line up of workshops and presentations conducted on the sidelines of the mart. Featuring destinations through films has been a traditionally successful strategy for many destinations. Mumbai being one of the biggest hubs of film production in the world, OTM partnered with The Film and TV Producers Guild of India and Globe Hoppers to organise “Shoot-at-Site”, an exclusive workshop on the opening day of OTM focused on promoting tourism through films shoots, facilitating ease-of-doing business, and making film-shooting friendly policies by the government. The workshop was attended by international and state tourism boards and leading film production companies, and was also supported by the Motion Pictures Association of America - India office, and Ernst & Young. Destination Weddings is one of the fastest growing segments in tourism. A workshop on ‘Destination Indian Weddings’ was curated with the help of Globe Hoppers. Some of the leading Wedding Planners from Mumbai and Delhi attended the session along with the tourism boards. Travel Blogger Speed-Networking Session was conducted during the sidelines of OTM providing a chance to meet top 45 travel bloggers from the country and build on their prominent role in the travel marketing ecosystem. Fairfest was the first mover in India in the space of travel marts. It was established in 1989. Its OTM is now India’s largest travel trade show on the basis of countries represented, as well as the number of sellers and buyers. Sanjiv Agarwal, Chairman & CEO, Fairfest Media Ltd (organiser of OTM), said, “We are excited about the record number of 60 countries participating in OTM 2017, which is the largest ever in any trade show in India. We have seen growth and consolidation of our lead as the largest travel fair in every other parameter including area of exhibition halls rented, number of sellers and buyers. It also shows resilience of travel market despite slowdowns.” OTM 2018 will be held from January 23-25 at the Bombay Exhibition & Convention Centre. For more information on OTM 2017, visit http://otm.co.in/ OTM is organised by Fairfest Media Ltd, also the organisers of TTF and BLTM branded travel shows. It is India’s oldest and the largest travel trade show network for over 25 years, spanning 10 cities. Fairfest Media also publishes of the most widely distributed print and web editions of the B2B journal Travel News Digest (TND). It also organises Municipalika, an only of its kind annual event focused on urban solutions. Like us on Facebook @ https://www.facebook.com/OTMIndia/
News Article | October 29, 2016
Business needs to do more to rebuild trust and secure its place in society 27 October 2016: The IBE publishes today a survey showing that companies are perceived by the public as only interested in profits and neglect their broader obligation to deliver value. This is seen as a key reason why business has failed to restore trust. The financial crisis, corporate scandals and levels of public distrust have lowered the standing of business. It is no longer acceptable to say business is simply about generating profits for shareholders. Business needs to show how it contributes to social well-being wherever it operates. If business is to regain public trust, the IBE report suggests, a new approach to business leadership is needed which is based on consensus building, the ability to embed values and connect business to society. Philippa Foster Back CBE, IBE Director said: “The age of deference is over. A succession of scandals has undermined trust, and business is too often seen as purely interested in profit. Leaders who see themselves as individual superstars will not be able to deal easily with this. We need to look for new models – leaders who are connected with their employees and society and use this talent to facilitate good and sustainable results." In its first three decades, the IBE has focused on helping companies with the practicalities of taking an ethical approach. In reaching its 30th Anniversary, the IBE is reflecting on the business ethics challenges in today's environment through gathering the views of others. To help identify its priorities for the coming period, the IBE sought the views of opinion-leaders from various walks of life, including company chairmen and directors, the media and others involved in the business world, accountants and lawyers as well as its trustees and senior advisers. Each respondent was asked to answer three questions: 1. Why can’t business rebuild trust with the public? The lack of trust in business was frequently ascribed to the public perception that it was too focused on profit, the recurrence of scandals, controversy over executive pay and the taxation policies of multinationals. Business must become better aligned with the interests of society from which it derives its license to operate. Furthermore, boards must develop a more coherent sense of what their duties as set out in Section 172 of the UK Companies Act 2006 actually are. Profit becomes legitimate when it is earned through the delivery of real value and the genuine assumption of real risk. It is not legitimate when it is achieved by extracting value from the very customers it purports to serve. 2. What are the three biggest ethical challenges facing business? The question about the three biggest ethical challenges threw up a multitude of answers. While some homed in on specific issues like remuneration, taxation, the supply chain, diversity and cyber issues, others offered a more overarching view, choosing to focus on the need to build consensus within the organisation, to embed values that support positive choices, to be more open and to develop a track record of sticking to principles. Two themes stood out: customer focus and the need for statesmanship. Business needs customer champions within the leadership team so that leaders can see their business actions through the eyes of those who actually use their products. As to statesmanship, it was critical for business leaders to be able to work with others to build the basis of trust. We need to redefine successful leadership – engaged with ethical values, less iconic and with strength of character. 3. What should the IBE do over the next few years? As to future priorities for the IBE, there was a view that the IBE should be more vocal, do more to get ahead of the trend, to steer public debate, to help business engage with civil society and reflect an international view. It should tease out the looming issues facing business and seek to include the views of younger generations in thinking around ethics. It should be supportive of greater openness by companies, helping them to develop principles on which to base their activities and providing them with a safe environment where companies can come together and learn from each other. The report – The Institute of Business Ethics: The next thirty years – will be launched at an anniversary breakfast to be held at the Mansion House on Thursday 27th October – 30 years to the day since the IBE was launched at the same venue. The Lord Mayor, Alderman The Lord Mountevans and Sir Gerry Grimstone, Chairman of Standard Life and Deputy Chairman of Barclays, will join Philippa Foster Back CBE to talk about the changing business ethics landscape and what the future might look like. IBE’s Director, Philippa Foster Back CBE, said: “In response to the survey, the IBE has set out an ambitious programme for the next few years particularly in reaching out to new audiences, and new entrants to the workplace, drawing on their fresh approach to business and technology to help these with more entrenched views. There is much for us to do” Peter Montagnon, IBE Associate Director and the report’s author, said: “Business needs to do more to rebuild trust and secure its place in society. This is not just a question of addressing specific problems like remuneration and taxation, important though these are, but of instilling the right mind-set throughout business organisations. The challenge for business leaders is to develop a culture which takes their organisation beyond mere compliance with regulation. Companies wishing to thrive in the longer-term need a sense of purpose and a set of values that are aligned with society and the more demanding expectations of the public.” To obtain and advance copy of the report or to organise interviews with Philippa Foster Back CBE or Peter Montagnon, or to commission articles or comment please contact Katherine Bradshaw [email protected] or Alexandra Johnson, [email protected] 020 7798 6040 The Institute of Business Ethics: The next 30 years The Institute of Business Ethics (IBE) is a registered charity established in 1986 to promote high standards of business behaviour based on ethical values. We help organisations to strengthen their ethical culture through the sharing of knowledge and good practice.www.ibe.org.uk A brief history of the IBE can be found here http://www.ibe.org.uk/a-brief-history/81/54 As Director of the Institute, Philippa is responsible for implementing strategy, leading the team and ensuring that the Institute meets its charitable aims, for raising awareness and spreading best practice in the field of business ethics. She began her career at Citibank NA before joining Bowater in their Corporate Treasury Department in 1979, leaving in 1988 as Group Treasurer. She was Group Finance Director at DG Gardner Group, a training organisation, prior to joining Thorn EMI in 1993 as Group Treasurer until 2000. She speaks widely on business ethics issues, encouraging high standards of business behaviour based on ethical values. As Director she runs the IBE delivering with the team advisory work, publications, training, and events, all with the purpose of raising awareness and sharing of best practice of business ethics, in line with the IBE’s charitable aim. She has a number of external appointments, including at the Chartered Institute of Securities and Investment; RAND Europe; Barrier Biotech Ltd and is Chairman of the UK Antarctic Place-names Committee. In 2008 was a member of the Woolf Committee looking at business practices at BAE. In 2006 she was awarded the OBE for services to the Ministry of Defence where she was formerly a NED and Chair of the Defence Audit Committee. She won the M&S/BITC Sieff Award in 2008. In January 2014 she was awarded the CBE for services to UK Antarctic Heritage. Peter Montagnon joined the IBE as an Associate Director in September 2013. Prior to that he was Senior Investment Adviser at the Financial Reporting Council which he joined after almost ten years as Director of Investment Affairs of the Association of British Insurers. For two decades from 1980 Peter was a senior journalist at the Financial Times, including spells as Head of the Lex Column and in charge of coverage of the international capital markets. His last assignment, from 1994 to 2000, was as Asia Editor, responsible for the FT’s coverage of a region stretching from Pakistan to New Zealand. After graduating in Modern Languages from Cambridge University in 1972, he joined Reuters news agency as a financial journalist. At Reuters he completed assignments in Hong Kong, Zurich and Washington before joining the Financial Times. Peter served on the European Commission’s Corporate Governance Forum from 2005 to 2011. He is past Chairman of the Board of the International Corporate Governance Network, a visiting Professor in Corporate Governance at the Cass Business School of City University, London, a member of the Corporate Governance Advisory Board of the Norges Bank Investment Management and of the Board of the Hawkamah Institute for Corporate Governance, Dubai.
News Article | February 28, 2017
Clutch Group, a leading legal, risk and compliance analytics and consulting firm, is sponsoring the industry conference MiFID II Implementation 2017 from February 28 to March 1 at the Millennium Mayfair Hotel. Clutch is represented at the conference by James Doolan, Global Head of Consulting, and Charles Hastie, Global Regulatory Head. The forum will bring together industry leaders to address the latest regulatory developments, market impacts and operational challenges associated with MiFID II, the wide-ranging revision to European Union legislation that regulates investment firms and trading venues in the region, due to take effect in January 2018. The legislation is being revised to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection. “At Clutch, providing insight into regulatory and compliance challenges is at the core of what we do,” Doolan said. “Sponsoring the conference and lending our insights to the event will help others in the financial industry address both the challenges and benefits of this legislation.” Doolan will participate in a panel session called, "What are the Implementation Experiences and Expectations to Date and Is MiFID II a Business Transformation or Process Upgrade Project?" Others on the panel include executives from Principal Global Investors, BNP Paribas, Standard Life Investments, Barings and Hermes. In addition, Hastie will present a discussion addressing the new investor protection requirements for recording, retrieval and monitoring of voice and electronic communications. He will examine the wider scope of the requirements; how to understand the content targeted by MiFID II; the obligation and challenges of retrieving records for clients; risks for firms; and the potential approach by regulators. About Clutch Clutch Group is a leading legal, risk, and compliance analytics and managed services firm headquartered in Washington D.C., with offices in NY, Chicago, London, Bangalore, Zurich and Hong Kong. The firm is dedicated to helping companies in the financial services, life sciences, and energy industries solve complex problems presented by the exponential growth of data and regulation. Clutch’s global team of attorneys, consultants, and technologists leverage deep subject-matter expertise and Clutch.IQ, a suite of cutting-edge data analytics solutions, to help clients manage large-scale litigation and investigations, conduct comprehensive communications surveillance, and re-engineer their internal legal and compliance functions. Clutch has been recognized by industry authorities including Nelson Hall, the New York Law Journal, Chambers Global, Frost & Sullivan, and Dun & Bradstreet and is regularly featured across major industry and market publications. For more information, visit http://www.clutchgroup.com.
News Article | November 15, 2016
NOT AN OFFER TO BUY OR SELL SECURITIES IN THE UNITED STATES OF AMERICA EG Capital Advisors ("EGCA"), an international investment management holding, today announces plans to launch an Emerging Markets High Yield Bond Fund ("the Fund") with initial committed AUM of US$ 50 million and commitment of US$ 150 million. The launch is scheduled for the first quarter of 2017. The new UCITS-compliant Fund will focus on EM high-yield corporate securities based on EGCA's Emerging Markets High Yield Debt Strategy. The company has a strong track record of applying the same strategy to its existing funds with total AUM exceeding US$ 500 mln. Coppin Collings ("CC"), a UK-based institutional asset management business, will provide the operational platform for the Fund, overseeing all aspects of compliance, regulation, operations, and trading activities on global markets. In addition, the distribution arm of CC, Access Alpha Worldwide, will facilitate distribution of EGCA products in the US and Canada. Michael Stanton, member of the Supervisory Board of EG Capital Advisors commented: "Macroeconomic conditions are improving in certain emerging markets and we see significant opportunities in the EM corporate debt space. With the upcoming launch of our new fund we continue creating strong products with good yield and manageable risks based on our EM Corporate High Yield Strategy. "Our flagship strategy is focused on generating high-single digit return through a combination of current income and long-term capital appreciation, and is backed by our strong in-house "bottom-up" fundamental credit selection and risk management." "We are delighted to welcome EG Capital Advisors onto our platform and we believe that EGCA's EM Corporate High Yield strategy will attract a lot of interest from institutional clients worldwide. The strong track record, disciplined investment process and a UCITS structure bode well for a successful launch and a rapid asset raising globally." For more information, please visit http://www.egcapitaladvisors.com EG Capital Advisors is an international investment management holding providing private and institutional clients with investment capabilities that span multiple assets classes including publicly listed equity securities, private equity, fixed income and real estate. With assets under advisory of over US$ 3.5 bln, EG Capital Advisors offers fixed and customized investment solutions worldwide and deep expertise in emerging markets. Coppin Collings Ltd, has roots going back to 2006 and was founded by Bryan Collings, former Head of Emerging Markets and Resources at Barings, and one of the largest U.K. Life Companies, Standard Life. Coppin Collings Ltd is a London-based fully fledged institutional asset manager, with the SEC, the FCA and AIFMD licenses. The company is offering the highest standard operational support, UCITS umbrella, regulatory structure and a proven global institutional distribution to external asset management companies worldwide.
Standard Life | Date: 2011-09-09
The present invention relates to a system and method for copying data between environments in an information management system such as the copying of business data between production and test environments in a database system. The system has a relations database with a set of relations created outside the runtime environment which are derived from a first database and which provide a link between database tables in the first database. The system also has a service generator which extracts and copies database tables at runtime to form a predetermined service or product. When the service generator receives a request to copy a product or service, this is done only if the data in the database tables comprising the product or service is the subject of one or more relation in the relations database.
Standard Life | Date: 2012-11-01
In an automated savings and investment system, a Service Provider negotiates agreements with each one of a plurality of parties defining terms under which funds can be transferred from the respective party to the Service Provider on behalf of a subscriber. The Service Provider defines enhanced services under which deposit amounts can be supplemented with additional funds. The Service Provider identifies, from among the plurality of parties, a set of parties with which a given subscriber has a financial relationship and enables the subscriber to subscribe to one or more of the agreements; identifies a set of permissible enhanced services to which the subscriber is permitted to subscribe, and enables the subscriber to select at least one of the permissible enhanced services. A server receives and accumulates deposit amounts in an account associated with the subscriber; and automatically invests accumulated deposit amounts in accordance with investment preferences of the subscriber.
News Article | December 16, 2016
Standard Life Investments (Holdings) Limited is the parent company of Standard Life Investments Limited and IGNIS Investment Services Limited. Both Standard Life Investments Limited and IGNIS Investment Services Limited are discretionary investment managers who hold the shares and exercise the voting rights.
News Article | February 27, 2017
GALVESTON, Texas, Feb. 27, 2017 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced stronger after-tax operating income for the fourth quarter 2016 of $46.3 million or $1.72 per diluted share, an increase over the same period 2015 operating income of $45.8 million or $1.69 per diluted share. Operating income for the quarter benefited from strong annuity and property/casualty earnings. Net income for the quarter was $59.8 million or $2.22 per diluted share compared with fourth quarter 2015 net income of $62.9 million or $2.33 per diluted share. Net income includes realized investment earnings, which is comprised of realized investment gains, equity in earnings of unconsolidated affiliates and income (loss) from non-controlling interests. The quarter’s net income was impacted by an increase in the tax provision of $20.6 million as well as a $3.6 million decrease in realized investment earnings compared to the same period in 2015. Net income for 2016 was $181.0 million or $6.71 per diluted share compared to net income of $243.0 million or $9.02 per diluted share for 2015. Realized investment earnings for 2016 were $54.3 million or $2.01 per diluted share, $35.2 million lower compared to $89.6 million or $3.32 per diluted share in 2015. Book value per diluted share increased to $172.51 at December 31, 2016 from $165.20 at December 31, 2015. Revenue in the life insurance, annuity and property and casualty segments increased in 2016 compared to 2015. After-tax operating income for 2016 of $126.7 million or $4.70 per diluted share decreased $26.7 million from $153.4 million or $5.70 per diluted share for 2015. Earnings in 2016 included a $22.3 million increase in net catastrophe losses in the property & casualty segment over the prior year. * Results are preliminary and unaudited. American National expects to timely file its Form 10-K by March 1. ** Operating income excludes realized investment earnings, which is comprised of realized investment gains, equity in earnings of unconsolidated affiliates, and income (loss) from non-controlling interests, after-tax. Net income is the sum of operating income and realized investment earnings. American National Insurance Company, headquartered in Galveston, Texas, was founded in 1905 and is licensed to conduct the business of insurance in all states except New York. American National has been assigned an ‘A’ rating by A.M. Best Company and an ‘A’ rating by Standard & Poor’s, both of which are nationally recognized rating agencies. American National is also a family of companies that has, on a consolidated GAAP basis, $24.5 billion in assets, $19.8 billion in liabilities and $4.7 billion in stockholders’ equity. American National and its subsidiaries offer a broad line of products and services, which include life insurance, annuities, health insurance, credit insurance, pension products and property and casualty insurance for personal lines, agribusiness, and targeted commercial exposures. The American National companies operate in all 50 states. Major insurance subsidiaries include American National Life Insurance Company of Texas, American National Life Insurance Company of New York, American National Property and Casualty Company, Garden State Life Insurance Company, Standard Life and Accident Insurance Company, Farm Family Life Insurance Company, Farm Family Casualty Insurance Company and United Farm Family Insurance Company. For more information, including company news and investor relations information, visit the company’s web site at www.AmericanNational.com.
News Article | March 1, 2017
GALVESTON, Texas, March 01, 2017 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) (the "Company") filed a Form 12b-25 Notification of Late Filing with the U.S. Securities and Exchange Commission today that discloses that the Company is unable to timely file its Form 10-K for the year ended December 31, 2016 (the “Form 10-K”) without unreasonable effort or expense. The Company anticipates that it will file its Form 10-K within the fifteen-day extension period provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended. Additional time is needed to complete the documentation necessary to finalize the Company’s and its auditor’s assessment of the effectiveness of the Company’s internal control over financial reporting and the audit of its consolidated financial statements for the year ended December 31, 2016. While not related to the filing extension, the Company expects to make revisions to correct immaterial errors in its financial statements for the fiscal years ended December 31, 2015 and 2014 for inclusion in the Form 10-K that will revise the previously reported consolidated balance sheets and the consolidated statements of cash flows. The Company does not expect to modify previously disclosed net income or stockholders’ equity. The Company expects that such Form 10-K will report that, as part of its evaluation of its internal controls over financial reporting, the Company identified certain material weaknesses in its internal control over financial reporting relating to (i) the measurement of deferred income tax amounts and (ii) the reporting of collateral posted by our equity option derivatives counterparties. Although none are expected at this time, as the Company and its auditors finalize the audit process, additional adjustments and/or weaknesses could be identified. The Company is committed to remediating these material weaknesses in a timely manner. While the Company believes that progress has been made in enhancing internal controls as of December 31, 2016 and in the period since, the material weaknesses have not been fully remediated due to insufficient time to fully assess the design and operating effectiveness of the related new controls. American National Insurance Company, headquartered in Galveston, Texas, was founded in 1905 and is licensed to conduct the business of insurance in all states except New York. American National has been assigned an ‘A’ rating by A.M. Best Company and an ‘A’ rating by Standard & Poor’s, both of which are nationally recognized rating agencies. American National is also a family of companies that has, on a consolidated GAAP basis, $24.5 billion in assets, $19.8 billion in liabilities and $4.7 billion in stockholders’ equity. American National and its subsidiaries offer a broad line of products and services, which include life insurance, annuities, health insurance, credit insurance, pension products and property and casualty insurance for personal lines, agribusiness, and targeted commercial exposures. The American National companies operate in all 50 states. Major insurance subsidiaries include American National Life Insurance Company of Texas, American National Life Insurance Company of New York, American National Property and Casualty Company, Garden State Life Insurance Company, Standard Life and Accident Insurance Company, Farm Family Life Insurance Company, Farm Family Casualty Insurance Company and United Farm Family Insurance Company. For more information, including company news and investor relations information, visit the Company’s web site at www.AmericanNational.com. This press release contains statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements use words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” “believes,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. Forward-looking statements are subject to various known and unknown risks and uncertainties, and the Company cautions you that any forward-looking information provided by it or on its behalf is not a guarantee of future events or performance. There are a number of factors, risks and uncertainties that could cause actual results or future events to differ, possibly materially, from the expectations reflected in these forward-looking statements, some of which are beyond our control, including, but not limited to, any further delay in the filing of the Form 10-K; the suspension of our eligibility to use Form S-3 registration statements until we have timely filed our SEC periodic reports for a period of 12 months, which may increase the time and resources we need to expend if we choose to access the public capital markets; the impact on any previously issued financial statements; additional uncertainties related to accounting issues generally and those uncertainties and risk factors detailed from time to time in reports filed by us with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2015 and our subsequent reports on Form 10-Q. Any forward-looking statements in this document speak only as of the date of this document, and we undertake no obligation to update any such statements to reflect any change, except as may be required by law.