The finance industry briefing

The latest news, views and numbers you need to know this month

News in Numbers


UBS has posted a smaller-than-expected rise in second-quarter net profit as client activity at its wealth management and investment banking divisions stalled amid tough market conditions.

The Swiss banking giant a net profit of $2.1bn in the three months to 30 June 2022, a rise of 5% from $2.0bn a year earlier.

Total revenue stood at $8.917bn, as against $8.897bn for the same period last year.


Credit Suisse has agreed to pay $22.6m in restitution to investors who were defrauded in connection with a loan scandal in Mozambique, reported Financial Times.

The Swiss bank, which has been reeling from costly scandals and litigations in recent years, agreed to pay the amount to investors who purchased debt to help fund a tuna fishing project in the South African country.

Credit Suisse and Russian investment bank VTB arranged $2bn of government-backed loans and bonds between 2013 and 2016 to supposedly develop a state tuna fishing fleet and maritime security projects.


US-based fintech company FDCTech has signed a letter of intent (LOI) to buy a 80% equity stake in CIM Securities for an undisclosed sum.

CIM Securities is a broker-dealer and a member of both Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC).


Kingdom Holding (KHC), an investment company based in Saudi Arabia, has invested $269m to buy stakes in British insurance and asset management company M&G.

Saudi Arabia’s prince Alwaleed bin Talal owns majority of the shares in KHC.

M&G, which serves both individuals and institutional investors including pension funds globally, is said to have over $370bn in assets under management.


Northern Trust has reported a net income of $396.2m, or $1.86 a share in Q2 2022, up 8% from $368.1m or $1.72 per share in the second quarter of 2021.

The US asset manager’s total revenue for the three-month-period ending 30 June 2022 stood at 1.8bn, a surge of 12% from $1.5bn a year ago.

Net interest income increased to $469.8m in Q2 from $343.9m in Q2 2021.

People moves

ADIA poaches Deutsche Bank’s investment banking coverage chief

Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund of Abu Dhabi, has named Drew Goldman as its new global head of real estate.

Goldman, who is currently serving as global investment banking coverage and advisory chief of Deutsche Bank, is expected to join ADIA in October this year.

In his new role, Goldman will look after the development and execution of the real estate department’s policy.

He will also supervise the department’s investment activities across the globe, said ADIA.

Goldman will report to ADIA real estate department’s executive director Mohamed AlQubaisi.

Indosuez Wealth Management appoints global head of real estate

Indosuez Wealth Management, the wealth management arm of Credit Agricole, has appointed Anne Toledano as global head of real estate. The job was effective July 18 2022.

Toledano will be based in Paris and report to Pierre Masclet, deputy chief executive officer of Indosuez Wealth Management.

With the creation of the real estate business line, Anne Toledano is proceeding with her mission is to develop a complete range of real estate investment, advisory and financing solutions for Indosuez clients around the world. This will also utilise Crédit Agricole’s expertise in real estate and responsible finance.

Mediobanca hires ex-Credit Suisse chairman as senior adviser

Italian investment bank Mediobanca has named former Credit Suisse chairman António Horta-Osório as its new senior adviser.

Horta-Osório, who is set to join Mediobanca next month, will focus on executing the Italian bank’s strategy.

To do so, he will work alongside the bank’s co-heads of corporate and investment banking, Francisco Bachiller and Giuseppe Baldelli, to strengthen client affairs and deal activities across Europe.

Morgan Stanley names new global co-heads of investment banking

American banking major Morgan Stanley has promoted Eli Gross and Simon Smith to jointly lead its investment banking division.

The move is a part of a top leadership reshuffle undertaken by the bank.

Itaú appoints head of Itaú USA and private international

Private bank Itaú has hired Percy Moreira as its head of Itaú USA and private international.

He takes over for Fernando Beyruti who took the role of global head of the private bank in January 2022.

Moreira will be based in Miami and is responsible for the wealth management offshore operation of Itaú Private. It currently holds around $30bn under administration. Furthermore, it services clients with over R$10 ($2m) ready for investment.


CION Investment Group snaps up Seven Group

CION Investment Group, an alternative investment solutions platform, has acquired the financial advisor marketing, practice management, and content platform Seven Group.

Financial terms of the transaction were not disclosed.

CION said that the deal expands the value-add services available for financial advisors working with the firm and further bolsters its retail distribution platform.

Seven Group will be rebranded as Advisor I/O as part of the transaction. The firm’s existing leadership and staff will the firm.

Advisor I/O will focus on helping advisers accelerate growth, minimise costs over time, and increase their assets under management (AuM) by offering them content, coaching, and technology.

British Ports Association chief executive Richard Ballantyne, following UK Chancellor Rishi Sunak’s announcement that the Freeports selection process will see the first sites in England set up by the end of 2021:

“This is a welcome development and by being more inclusive in terms of the number of freeports there might be, the government can now explore how to better deliver on its levelling up agenda without picking regions over each other. Coastal communities are often in areas of high deprivation and have also experienced challenges resulting from the coronavirus pandemic and lockdown so this potentially transformative policy will be welcomed across a range of suitable locations.”

Carlyle unit Hurst Point Group to buy Metis Group

Hurst Point Group, a portfolio company of US-based private equity firm Carlyle Group, has brokered a deal to buy Metis Wealth and Metis Asset Management.

Financial terms of the deal were not disclosed.

The deal, which is said to be the firm’s fourth deal in less than two months, is expected to take its total funds under administration and management to nearly $9.6bn (£8bn).

BMO Financial Group to takeover environmental services provider Radicle Group

BMO Financial Group has reached a definitive agreement to buy Canada-based Radicle Group, an environmental services provider, to improve its emissions measurement skills.

Radicle Group is a specialist in sustainability advisory services and solutions. The company also provides technologically empowered emissions measurement and management services.

Established in 2008, Radicle Group currently employs 130 people and serves more than 4,000 clients across the world.

One Four Nine expands into Scotland with APC Financial deal

British fund management firm One Four Nine has acquired Glasgow-based APC Financial Solutions & Consultancy Services, according to multiple reports.

The financial terms of the deal were not disclosed.

The deal, which marks the group’s fourth acquisition since launching in October last year, expands its footprint to Scotland.

Schroders buys minority stake in blockchain technology firm Forteus

British wealth manager Schroders has purchased a minority stake in blockchain technology and digital assets manager Forteus for an undisclosed sum.

Forteus is the asset management wing of Numeus Group, a Switzerland-based digital asset investment company led by Nobel Gulati, who was the ex-CEO of Two Sigma Advisers.

With the latest investment, Schroders aims to focus on its current education and research in the blockchain technology and digital assets sector.