Bank of Canada to phase out expanded liquidity initiative created for pandemic

August 10, 2020.
The Bank of Canada said Monday it will gradually revert its expanded credit policy back to its original levels in the next six weeks, in response to the country’s improved short-term funding conditions during the COVID-19 pandemic.

Watchdog sees conflict of interest in CEO appointment of Norwegian sovereign wealth fund

August 10, 2020.
A Norwegian financial watchdog raised concerns about the appointment of Nicolai Tangen to lead the country’s sovereign wealth fund, reigniting controversy over Tangen’s use of tax havens and potential conflicts of interest.

Fintech Interac becomes ‘critical’ payment system in Canada, meriting greater oversight

August 10, 2020.
Canadian fintech Interac’s electronic funds transfer platform was “critical” to the country’s economic activity and will be brought under increased government oversight, the country’s central bank said Monday.

Everbright to pay RMB 3.5B over acquisition of failed British media company

August 10, 2020.
The Shanghai Financial Court ruled that state-owned Everbright Capital Investment must pay a total of around RMB 3.5 billion ($502.7 million) to two partner investors over losses they incurred from the acquisition of a British sports media company that went bust.

Allianz unit hits first close for inaugural global infrastructure fund

Last modified August 10, 2020. Published August 10, 2020.
Allianz Capital Partners said on Monday that its inaugural global infrastructure fund hit its first close, reaching more than EUR 600 million ($704.19 million) worth of commitments.

Insurtech Duck Creek Technologies eyes $300M IPO

August 10, 2020.
Duck Creek Technologies, a software provider for property and casualty insurers, intends to raise $300 million in an initial public offering, becoming the latest company looking to capitalize on investor appetite for insurtech.

Visa plans landmark green bond sale to finance sustainable projects

August 10, 2020.
The world’s largest retail digital payments network is poised to make an unprecedented green bond offering, a Monday filing with the U.S. Securities and Exchange Commission shows.

Regional Chinese banks to benefit from return of equity approvals, Moody’s says

August 10, 2020.
Non-listed regional Chinese banks will benefit from the recent resumption of equity private placement approvals, which function as an important source of capital, Moody’s Investors Service said in a new report released Monday.

Brown & Brown inks deal to acquire HAUSER

August 10, 2020.
Brown & Brown, the world’s sixth-largest global insurance broker by revenue, revealed plans Monday to absorb the assets of private equity-focused HAUSER.

UK information commissioner probes Barclays’ alleged spying on staff

August 10, 2020.
The U.K.’s data privacy watchdog is conducting an investigation “related to Barclays’ alleged use of employee monitoring tools,” after the British bank used productivity tracking software that staff said spied on them.

US lawmakers say retirement investment rule changes put savers ‘at risk’

August 7, 2020.
A group of high-ranking U.S. federal lawmakers are opposing retirement investment rule changes, claiming that the shift would “help financial advisers evade their responsibility to clients.”

Nuveen eyes expansion of municipal funds as market rebounds from COVID exodus

August 7, 2020.
Nuveen is lifting geographic restrictions on some of its municipal funds to boost trading volumes in a sign that the municipal bond market is rebounding from COVID-19 shocks which triggered widespread fund outflows.

Ukraine partners with World Bank affiliate to develop ESG investment standards

August 7, 2020.
Ukraine’s capital markets regulator reached an agreement with a World Bank affiliate to develop sustainable investing standards, in a departure from the country’s limited track record on social responsibility in the private sector.

Fintech BankMobile to go public through deal with SPAC Megalith Financial

August 7, 2020.
BankMobile, seeking to capitalize on rising digital banking demand in the U.S., will go public in partnership with special purpose acquisition company Megalith Financial, as blank check companies continue to surge in popularity.

TD Bank called out by social justice group over investments in US private prison firms

August 7, 2020.
Toronto-Dominion Bank faced criticism from a social justice advocacy group over investments in publicly traded U.S. firms that operate private prisons and immigration detention centers, which have sparked human rights concerns amid the coronavirus pandemic.

Vestmark picked to power Russell Investments’ new tax-managed accounts

August 7, 2020.
Russell Investments said Thursday that it tapped portfolio software developer Vestmark to manage its soon-to-be-launched customizable Personalized Managed Accounts services program for financial advisers.

USAA brings on former Munich Re executive as its chief investment officer of enterprise investments

August 7, 2020.
USAA said on Thursday that it named former Munich Re executive David Yim as its chief investment officer to oversee investments in the company’s life, property and casualty and benefit portfolios.

Bank of America to accommodate nursing moms after labor department investigates

August 7, 2020.
The second-largest bank in the U.S. will set aside branch space, train management and human resources staff and provide information to expectant mothers under an agreement revealed by the U.S. Department of Labor on Friday.

AMP Australia CEO abruptly resigns after just 10 months

August 7, 2020.
AMP on Thursday said the head of its Australia business abruptly resigned after holding the post for just 10 months amid reports of allegations of inappropriate conduct by the executive.

Goldman Sachs slashes Q2 earnings by $2B following Malaysia settlement

August 7, 2020.
Goldman Sachs lowered its second-quarter earnings by $2 billion on Friday, following the $3.9 billion settlement it reached with the Malaysian government last month to resolve an investigation of the bank’s role in the 1Malaysia Development Berhad corruption scandal.