BNY Mellon taps Bank of England director to head investment management division

The Bank of New York Mellon said Tuesday that Hanneke Smits, who is currently the CEO of Newton and a director with the Bank of England, will become the new CEO of its investment management division.

Russia’s VTB appoints new heads of Europe board, investment management division

Russia-based VTB Bank said Tuesday that it appointed a new chairman of its European branch’s board and a new chief executive officer of its Russia-focused investment management division as the bank continues to expand despite tensions abroad.

Australian fintech Afterpay plans AU$800M equity raising

Afterpay, a fast-growing Australian fintech that allows consumers to buy goods and make interest-free payments for them later, said Tuesday that it plans to issue roughly AU$800 million (nearly $557 million) worth of new shares to fund continued expansion as it benefits from the movement toward online spending due to COVID-19.

Chubb estimates COVID-19 caused $1.37B pretax loss in second quarter

Switzerland-based insurer Chubb said Monday it estimates that global net catastrophe losses in the second quarter totaled $1.81 billion before taxes, with losses related to the COVID-19 pandemic accounting for nearly three-quarters of that estimate.

Clearstream, LCH partner to streamline post-trade LSE equities contracts

Deutsche Börse Group’s international central securities depository Clearstream and LCH Group’s U.K.-based equities clearing service are seeking to capitalize on the popularity of global depository receipts and exchange-traded products on the London Stock Exchange by allowing equities contracts cleared by LCH to be settled through the subsidiary Clearstream Banking S.A.

Deutsche Bank fined $150M for ties to Jeffrey Epstein

Deutsche Bank has agreed to pay $150 million in penalties to a New York State financial regulator for compliance lapses that included the lender’s dealings with convicted sex offender Jeffrey Epstein and its relationship with Danske Bank and FBME Bank, two institutions deeply mired in money laundering scandals.

Japan’s MS&AD wades into climate-analytics risk management

MS&AD Insurance Group revealed Tuesday that it is offering a new predictive analysis for companies seeking to improve climate change-related disclosures in financial reporting, making it the first Japanese financial services group to partner with U.S.-based startup Jupiter Intelligence, an investee of its corporate venture capital firm.

Malaysian central bank cuts rates to record low to spur growth

Malaysia’s central bank cut its key interest rate to a record low on Tuesday in an effort to stimulate the nation’s economy, which has been weighed down by lockdown restrictions and has fallen into its worst recession in decades.

BBVA sees strong demand for inaugural green CoCo bond

Spanish banking giant Banco Bilbao Vizcaya Argentaria, S.A. said Tuesday that it rolled out the first green contingent convertible bond from a financial institution, raising €1 billion (nearly $1.13 billion) amid strong investor demand.

UBS’ UK pension scheme enters into £1.4 billion longevity hedge

UBS U.K. Pension and Life Assurance Scheme has covered £1.4 billion ($1.8 billion) of defined benefit pensioner liabilities through a longevity swap with Zurich Assurance.

Allianz Global Investors teams up with Virtus to increase presence in US retail market

Allianz Global Investors said Tuesday that it has agreed to a strategic partnership with Virtus Investment Partners that will “focus on enhancing both firms’ growth opportunities” as the latter provides investment strategies on the U.S. retail market.

Deutsche Bank partners with Google Cloud to develop new financial tech

Deutsche Bank said Tuesday that it has signed on to a partnership with Google Cloud that will not only provide new technology for the bank to use but also envisions a collaboration to develop “the next generation of financial technology” products for its clients.

Beazley debuts online system for virtual broker meetings

In response to the growing demand for virtual meetings caused by the pandemic, specialist insurer Beazley said Tuesday it has created an online booking system to make it easier for brokers to arrange digital appointments and share necessary information with underwriters.

AXA XL completes alternative capital reinsurance deal with Texas auto carrier Bluefire

AXA XL completed a deal on Monday with Texas-based specialty auto insurer Bluefire Insurance to provide reinsurance coverage through an alternative capital arrangement.

China’s mutual funds see stronger inflows as global markets cool due to COVID-19

China’s money market funds attracted more than ¥1.3 trillion ($185 billion) in new capital, reflecting wider asset gains in the country’s mutual funds as the COVID-19 pandemic cools markets elsewhere, Fitch Ratings said Monday.

Dutch central bank allows insurers to resume dividend payments following April freeze: Reuters

The Dutch central bank eased restrictions on dividend payments from insurance companies on Monday, indicating that firms with solid capital positions could plan to resume payouts as soon as the end of the year, Reuters reported.

T. Rowe Price secures US regulatory approval for firm’s first active ETFs

T. Rowe Price said Monday it has received approval from the U.S. Securities and Exchange Commission to launch four active exchange-traded funds, marking the global investment management giant’s first-ever foray into those offerings.

Arca debuts ArCoin, the first digital security from an SEC-registered fund

Investment firm Arca has launched an investment fund that will issue shares in the form of Ethereum-based digital securities, becoming the first fund of that type to debut after being registered with the U.S. Securities and Exchange Commission.

RBC commits CA$150M to minority businesses, promises greater leadership diversity

Royal Bank of Canada pledged on Monday to invest 150 million Canadian dollars ($111 million) in black- and Indigenous-owned businesses, as well as raise diversity targets, in the latest move by a global financial firm to confront growing civil unrest over racial disparities and discrimination.

Commerzbank CEO, Board Chairman resign in face of shareholder pressure

The CEO and supervisory board chairman of Germany’s Commerzbank have both tendered their resignations, the bank said Friday, as the pressure from agitated shareholders mounted amid large losses.

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