The group has created independent wealth management units for Western Europe, Eastern Europe and the Middle East. This will come with 500 layoffs among the 23,000 worldwide wealth management employees.
Hedge funds gains are back in the black this year, but less so than the equity markets as a whole, and not all bets will continue to pay off.
Former Banco Popular investors had seen their recourses dismissed by the Court of Justice of the European Union (CJUE) in recent months.
In nearly two months, BlackRock has liquidated 79% of listed assets of the frozen former Woodford LF Equity Income Fund for £1.65bn, representing 56% of the fund's value.
According to Spanish media El Confidencial, a trio of asset managers have made an offer to fully acquire Sabadell Asset Management.
While the €3.3trn German asset management landscape is dominated by a handful of gigantesque local players – DWS, Allianz GI, Union Investment and Deka Bank – mid-scale and boutique AM firms are performing well too.
M&G’s recent freeze of its £2.67bn property fund due to Brexit uncertainty can draw attention to the liquidity mismatch of such fund structures, said Moody’s Investors Service.
The Swiss group drops its equity brokerage business to recentre on its investment and wealth management activities.
Asset News has asked three questions to Augustin de Romanet, chairman of Paris Europlace, the Paris financial hub association.