I Bytes financial services

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I-Bytes
Financial Services
December Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................34
3. Rewards and Recognition Updates..................................................................................................................47
4. Customer Success Updates...............................................................................................................................62
5. Partnership Ecosystem Updates.......................................................................................................................65
6. Environment & Social Updates........................................................................................................................74

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Financial, M & A Updates
Financial Services Industry

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Financial, M&A Updates
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3i (UK) invests in MPM to accelerate international expansion
3i Group plc announces that it has agreed to invest c. £125m alongside management
for a majority stake in MPM, an international leader in branded, premium, natural pet
food. Headquartered in Manchester, UK, MPM was founded in 2002 and owns
leading brands such as Applaws, Encore and Reveal. The company differentiates
itself through its high quality, human-grade products, its natural, clean-label
ingredients and its “cat first” proposition. MPM’s loyal customer base places great
importance on its sustainable sourcing and recyclable packaging. It has an
established presence in the UK, EMEA and APAC with a fast growing business in
North America. International sales account for more than 60% of revenues. MPM has
developed strong relationships with key retailers across pet specialist, grocery and
online channels. Over the past six years, MPM has grown consistently at double digit
CAGR and is highly cash generative. The premium wet cat food market is large and
is forecast to continue to grow at c. 7% p.a. The market has proven resilient through
economic downturns and Covid-19, with pet ownership increasing amongst a highly
engaged and loyal community for whom pets are seen as family members.
Executive Commentary
Director, 3i, commented: “We have been tracking MPM for a long time and are
delighted to invest in this rapidly growing, resilient business. Owners looking to
feed their pets natural, high quality food with recognisable ingredients are drawn
to MPM’s brands across a variety of channels and geographies. MPM fits well
with 3i’s desire to invest in strong mid-market businesses where we see
significant headroom for further international growth. We look forward to
supporting Julian, James and their excellent team with their ambitions.”
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AMG (USA) Announces Investment in Jackson Square Partners
Affiliated Managers Group, Inc. and the management team of Jackson Square
Partners, LLC have purchased the minority equity interest in Jackson Square
held by Macquarie Investment Management. Following the transaction, the
partners of Jackson Square will continue to own a significant majority of the
equity of the business. Jackson Square is an independent, privately owned
investment manager specializing in long-only, growth-oriented equity
strategies, with approximately $24 billion across Large-Cap Growth, Global
Growth, SMID-Cap Growth, and Small-Cap Growth discretionary and
non-discretionary assets under administration as of September 30, 2020.
Committed to concentrated, long-term investing with a focus on intrinsic
business value growth, Jackson Square is based in San Francisco and serves a
diversified set of institutional clients and consultants globally.
“We are very pleased to have the opportunity to partner with Jackson
Square, as we have tremendous respect for the high-quality business built
by an outstanding management team, led by Jeff Van Harte,” said President
and Chief Executive Officer of AMG. “Having known the senior partners
for over 15 years, AMG has developed a unique relationship with this team
and closely followed the evolution of their business – and when the time
was right for the firm to choose a permanent partner, the team chose AMG.
With the firm’s investment-centric culture and focus on concentrated
strategies, Jackson Square has strong forward growth prospects. AMG’s
partnership approach continues to attract outstanding boutique firms that
wish to build an enduring franchise, preserve their independence, and
leverage AMG’s distribution capabilities around the world. I am pleased to
welcome Jeff and his partners to our Affiliate group, and we look forward
to working with them on a range of strategic growth initiatives.”
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Aon (UK) to Invest $30 Million and Create 10,000 Apprenticeships Nationwide by
2030
Aon plc a leading global professional services firm providing a broad range of risk, retirement and health
solutions, is expanding its pioneering corporate Apprenticeship program with an investment of $30 million
over the next five years. The firm will lead the formation of new local Apprentice Networks in six new cities
across the United States, building upon the proven approach of programs in the Chicago area and London
that have helped bridge the gap between education and employment. Aon will initiate the Apprenticeship
program expansion with a starting class of more than 100 apprentices next year in the metropolitan areas of
Chicago, Houston, Minneapolis, New York, Philadelphia, San Francisco and Washington, D.C. Since Aon
launched the Chicago Apprentice Network in 2017 with Accenture and Zurich Insurance Group with a class
of 25 apprentices, the Network has grown to more than 40 employers working with 740 apprentices. With
this expansion, Aon will lead the development of a nationwide network of employers to create 10,000
apprenticeships across the United States by 2030. Aon, together with Accenture, JP Morgan Chase, The
Hartford and Zurich Insurance, will spearhead the expansion of the Chicago Apprentice Network to other
cities. This will include collaboration with educational partners and nonprofits to create the Network's
infrastructure, similar to the approach with City Colleges of Chicago (CCC), College of Lake County and
One Million Degrees for the Chicago Apprentice Network. Aon's Apprenticeship program provides
opportunities for diverse professionals to develop vital skills in the workplace while earning as they learn.
Apprentices are offered permanent positions with competitive salaries, benefits and financial support for
the cost of education. Aon provides apprenticeships across the firm's solution lines and corporate functions,
including areas such as human resources and information technology.
"The apprenticeship program has brought so many talented colleagues to our firm and we know it has
tremendous potential to create new opportunities and professional networks for both apprentices and
participating employers across the United States," said Chief Executive Officer of Aon. "This is an
innovative way for employers to attract and retain diverse talent, prepare future leaders and contribute
to building a more future-focused, resilient workforce."
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Arthur J. Gallagher & Co. (USA) Acquires Effectus Consulting Pty Ltd.
Arthur J. Gallagher & Co. announced the acquisition of Brisbane,
Queensland-based Effectus Consulting Pty Ltd. Terms of the
transaction were not disclosed. Effectus Consulting is a
data-driven employee and leadership development firm offering
HR and talent development strategies, talent diagnostics, culture
and engagement surveys, mediation and performance
management, and executive coaching services to clients
throughout Australia. Scott Krebs, Dallas Knight, James Allen,
Jason Rodgers and their associates will continue to operate from
their current location under the direction of Leslie Lemenager,
VP-International for Gallagher's employee benefits consulting
and brokerage operations.
"Effectus offers us significant cross-selling opportunities for
initiating discussions with existing clients around the
importance of offering career benefits, as well as
organizational performance programs," said Chairman,
President and CEO. "We are delighted to welcome Scott,
Dallas, James, Jason and their associates to our growing,
global team."
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Arthur J. Gallagher & Co. (USA) Acquires Optimum Talent Inc.
Arthur J. Gallagher & Co. announced the acquisition of Montreal,
Quebec-based Optimum Talent Inc. Terms of the transaction were not
disclosed. Founded in 1981, Optimum Talent is one of Canada's largest
privately-owned integrated talent management firms and a
Pan-Canadian leader in human resource consulting. Its team of
professionals spans more than a dozen offices coast-to-coast and
operates in three targeted segments: Search Solutions; Leadership
Assessment & Development; and Career Transition & Outplacement.
Ron Dahms, Mike Bacchus and their associates will continue to operate
from their current locations under the direction of Melanie Jeannotte,
CEO of Gallagher's Benefit and HR Consulting Division in Canada, and
Scott Hamilton, Global Managing Director of Gallagher's Human
Resources & Compensation Consulting practice.
"The Optimum Talent team will introduce our Gallagher Better
Works™ organizational wellbeing strategy to the many clients that
they support, expanding our senior management relationships across
Canada and creating additional opportunities for capabilities
discussions and consulting engagements," said Chairman, President
and CEO. "We are thrilled to welcome Ron, Mike and their associates
countrywide to our growing global team."
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Arthur J. Gallagher & Co. (USA) Acquires AWIS Group
Arthur J. Gallagher & Co. announced the acquisition of San
Diego-based AWIS Group. Terms of the transaction were
not disclosed. Founded in 2005, AWIS is a wholesale
insurance broker offering a broad range of commercial
coverages as well as high-net-worth personal lines,
primarily through California-based insurance agencies. The
AWIS team will continue to operate from their current
location under the direction of Adam Mazan, head of the
Pacific West Region for Risk Placement Services, Inc.
(RPS), Gallagher's U.S. wholesale brokerage operation.
"With strong client relationships throughout California,
AWIS expands RPS's production talent, establishes its
presence in the important San Diego market and deepens
its workers compensation expertise," said Chairman,
President and CEO of Gallagher. "We are very pleased to
welcome the AWIS team to our growing organization."
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Arthur J. Gallagher & Co. (USA) Acquires JP Warner Associates, Inc.
Arthur J. Gallagher & Co. announced the acquisition of Wayne,
Pa.-based JP Warner Associates, Inc., dba Warner Benefits. Terms
of the transaction were not disclosed. Founded in 1997, JP Warner
Associates is a traditional employee benefits consultant with
offices in Wayne and Lehigh Valley, Pa. The team offers group
benefit plan and human resource consulting services, as well as
individual coverages, primarily to clients across Philadelphia
suburbs and the Lehigh Valley region. Jonathan P. Warner, CEBS,
and his team in Wayne will continue to operate from their current
locations under the direction of Tom Belmont Jr., head of
Gallagher's Atlantic region employee benefit consulting and
brokerage operations.
"Jon and his team are highly respected and will add to
Gallagher's deep consulting capabilities in the greater
Philadelphia metropolitan area, as well as expand our services
into the Lehigh Valley," said Chairman President and CEO.
"We are delighted to welcome them to our growing company."
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B3 (Brazil) announces its financial results for the third quarter of 2020
• Total revenue reached R $ 2.535 billion in 3Q20, an increase of 48.6% over 3Q19, with revenue growth in all segments, except Infrastructure for
Financing. On the same basis of comparison, the net income attributed to B3's shareholders reached R $ 1.137 billion, an increase of 58%.
3Q20 Highlights:
• Listed Segment: revenue of R $ 1.682 billion (66.4% of the total), 48.0% higher than in 3Q19. The performance of the listed segment in the third
quarter of 2020 continued to be driven by volatility in the financial and capital markets due to the effects of the Covid-19 pandemic and by the environment
of lower interest rates, both in Brazil and worldwide. The variable income investor base grew 84% in the period, reflecting the increased interest in
diversifying investments in a lower interest rate environment. B3 continues to support, through incentive programs, brokers who are dedicated to attracting
new customers to this market.
• Over-the- counter segment: revenue of R $ 262.9 million (10.4% of the total), up 9.5% over 3Q19. The volume of new issues and the stock of bank
funding instruments registered in the quarter grew 36.7% and 42.9%, respectively, mainly due to the growth in CDB and DI issues, which represented 58.4%
and 38.1% of new issues, respectively. In addition, the average stock of corporate debt instruments increased by 8.8%, which reinforces the increased
relevance of the capital market as a source of financing for companies in Brazil. Leasing debentures represented 29.3% of the average corporate debt stock
in 3Q20 vs. 32.6% in 3Q19.
• Tesouro Direto also performed positively, with the number of investors growing 18.8% and the outstanding stock increasing 3.9%. B3 and the
National Treasury announced in Jul / 20 that, as of Aug / 20, the custody rate for investments in the Treasury Selic was reset to the first R $ 10,000 balance
for all investors.
• Infrastructure for Financing Segment: revenue of R $ 111.6 million (4.4% of the total), down 19% over 3Q19. This drop is explained by the effects
of the Covid-19 pandemic on the vehicle sales and financing market, and by the change in the business model for sending vehicle finance contract data in
some states, which occurred in 2019.
• Technology, data and services segment: revenue of R $ 290.0 million (11.5% of the total), up 51.1% over 3Q19, reflecting the growth in the line of
monthly use of over-the-counter systems, a result of mainly to the growth of the fund industry in Brazil that boosted the average number of customers in
Technology, data and services.
Reversal of Provisions:
• revenue of R $ 188.1 million (7.4% of the total), mainly explained by the reversal of a provision in the amount of R $ 187 million due to the end of a
legal dispute with the bankruptcy of Spread Commodities Mercantil e Corretora de Mercadorias Ltda.
• The closing of the legal dispute with the bankruptcy estate of Spread Commodities Mercantil e Corretora de Mercadorias Ltda, through an agreement
of approximately R $ 140 million, resulted in a reversal of the provision of R $ 239 million in 3Q20 and the extinction of this liability in our financial
statements, the which at the end of 2Q20 totaled R $ 379 million. This reversal was recognized in 3Q20 in part as revenue (R $ 187 million) and in part as
a reversal of expenses (R $ 52 million), in addition to the reversal of deferred income tax and social contribution (R $ 81 million).
“In the third quarter of 2020, there was the beginning of the easing of the social distancing measures and the controlled opening of the economy,
although there are still uncertainties related to new Covid-19 waves. With inflation under control and the intention of fostering economic activity,
monetary easing measures continued to advance in the period, with the economy's basic interest rate reaching the lowest historical level in August,
intensifying the propensity of local investors to seek alternatives diversifying their portfolios in the markets in which we operate. Since the beginning
of the year, the retail investor base has grown 84% and reached 3.1 million accounts in September, expressive growth that contributed to the
maintenance of the high volumes traded on our platforms,commented, president of B3.
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Key Financial Highlights

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BlackRock (USA) to Acquire Aperio - Leading Provider of Personalized Index
Equity Solutions
BlackRock, Inc. announced that it has entered into a definitive agreement to acquire Aperio from Golden Gate
Capital and Aperio employees for $1.05 billion in cash. Aperio is a pioneer in customizing tax-optimized index
equity separately managed accounts (SMAs) to reflect each client’s unique risk, tax, and personal values
preferences. For 20 years, Aperio has been innovating to deliver wealth managers capabilities that embrace the
uniqueness of each investor and enhance after-tax performance. Aperio also pioneered individually customized
ESG portfolios that enable investors to elevate the purpose of their wealth and make an impact on causes deeply
important to them. Aperio’s high-touch consultative client service model focuses on ultra-high net worth
households and institutions served by private banks and the fast-growing independent registered investment
advisor (RIA) market. The U.S. retail and wealth SMA market totals approximately $1.7 trillion in assets and is
growing at approximately 15% annually and 35% among RIAs.1 With over $36 billion of assets under
management as of September 30, 2020, Aperio has outpaced the industry with an average annual organic asset
growth rate of nearly 20% over the past five calendar years. BlackRock is already a leading provider of SMAs for
U.S. wealth management-focused intermediaries. The firm’s SMA franchise specializes in providing customized
actively-managed fixed income, equity, and multi-asset strategies. The combination with Aperio will boost
BlackRock’s SMA assets by roughly 30% to over $160 billion. More importantly, the transaction expands the
breadth of personalization capabilities available to wealth managers from BlackRock via tax-managed strategies
across factors, broad market indexing, and investor ESG preferences across all asset classes. The combination
with Aperio will set a new standard for personalized whole portfolio solutions in the SMA market.
“The wealth manager’s portfolio of the future will be powered by the twin engines of better after-tax
performance and hyper-personalization. BlackRock and Aperio, working together, will bring unmatched
capabilities to meet these objectives,” said head of BlackRock’s U.S. Wealth Advisory business. “The
combination will bring institutional quality, personalized portfolios to ultra-high net worth advisors and will
create one of the most compelling client opportunities in the investment management industry.”
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CIT (USA) Serves as Joint Lead Arranger for $70 Million Financing for Personal
Care Manufacturer
CIT Group Inc. announced that its Sponsor Finance business,
part of the Commercial Finance division, served as joint lead
arranger and joint bookrunner for a $70 million financing on
behalf of Estyle Holdings Inc., makers of Eco Style hair gel and
a wide range of other beauty and personal care products. Based
in Jacksonville, Florida, Estyle sells its products through
distributors, beauty supply stores and leading national retail
chains, targeting multicultural consumers. The new $70 million
senior secured financing consists of a revolving credit facility,
delayed draw term loan and a term loan to support the
recapitalization of the company by Clarion Capital Partners.
"We are pleased to partner with CIT on this transaction," said
Principal of Clarion Capital Partners. "CIT worked
proactively and constructively through a difficult
environment to support this transaction. We look forward to
continuing that partnership approach with CIT to support the
business to achieve its future strategic plans."
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CIT (USA) Provides $38 Million Financing for Florida Apartment Complex
CIT Group Inc. announced that its Real Estate Finance business provided a
$38 million senior secured loan toward the acquisition of an apartment
complex in Winter Park, Florida. The property, owned by Phoenix Realty
Group ("PRG") and its investors and affiliated entities, is known as
Lakeside at Winter Park and consists of 288 units of garden style
apartments on more than 26 acres with amenities including a pool, fitness
center, clubhouse and tennis, basketball and volleyball courts. The
financing was used for the acquisition and to continue ongoing renovations
and improvements at the complex. CIT's Real Estate Finance business, part
of the Commercial Finance division, originates and underwrites senior
secured real estate transactions. With deep market expertise, underwriting
experience and industry relationships, the group provides financing for
single properties, property portfolios and loan portfolios.
"Lakeside at Winter Park is in an attractive location within the Greater
Orlando market, a geography PRG has been investing in and targeting
for many years," said Managing Director and Head of East Coast
Acquisitions at PRG. "Given PRG's value-added experience and
knowledge of the Orlando market, we look forward to continuing to
develop and maintain the facilities at the property, including improving
the units and amenity offerings for the residents. We appreciate CIT's
agility and expertise in arranging this financing."
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Deutsche Börse (Germany) acquires leading governance, ESG data and analytics
provider ISS
Deutsche Börse AG, Institutional Shareholder Services Inc. (ISS) and Genstar Capital LLC
announced that Deutsche Börse will acquire a majority share of approximately 80% in ISS,
valuing ISS at USD 2,275 million (EUR 1,925 million) for 100% of the business (cash and debt
free). Genstar Capital and current management will continue to hold a stake of approximately
20%. The transaction is expected to close in the first half of 2021 subject to customary closing
conditions and regulatory approvals. This partnership of a global market infrastructure provider
with a leading corporate governance, ESG, data and analytics provider forms an excellent
foundation to fully realise opportunities for future growth in ESG-based investing globally. With
this transaction, Deutsche Börse strongly commits to one of the key megatrends in the industry
that will fundamentally change the investment space over the coming years. ISS’unique ESG and
data expertise will allow Deutsche Börse to emerge as a leading global ESG data player. ISS’
more than 4,000 clients include many of the world’s leading institutional investors who rely on
ISS’ objective and impartial governance and ESG data and research, as well as public companies
focused on ESG and governance risk mitigation as a shareholder value enhancing measure. This
transaction will bring a strengthened capital structure to ISS and the ability to further accelerate
organic and inorganic growth initiatives for the benefit of ISS’ clients while leveraging the
infrastructure of Deutsche Börse and, in particular, its global index franchise.
CEO of Deutsche Börse AG, commented on the acquisition of ISS: “ISS is a very successful
company with a high reputation worldwide as a global market leader in providing data,
analytics and insights to investors and companies as well as governance services. It is one of
the leading ESG providers. Its ESG expertise and data capabilities perfectly link to Deutsche
Börse’s business model along our entire value chain. Together, ISS and Deutsche Börse have
complementary ingredients to become one of the globally leading ESG players of the future.
We have been deeply impressed by the culture and the leadership team of ISS. We look
forward to partnering with ISS and working together to support the company’s continued
business growth and jointly drive forward Deutsche Börse’s strategy.”
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Deutsche Börse (Germany) completes sale of Regulatory Services GmbH to
MarketAxess
Deutsche Börse AG has completed the sale of Regulatory Services GmbH – the Regulatory Reporting Hub (RRH) – to MarketAxess
Holdings Inc., closing the transaction on 30 November. The regulatory reporting business is acquired by MarketAxess’ wholly owned
Dutch subsidiary, Trax NL B.V. Both parties announced their agreement on the sale in September 2020. MarketAxess is a leading
provider of post-trade reporting and pre- and post-trade data services. Both companies are committed to ensuring a smooth service
transition for all clients. Deutsche Börse will provide technical services until the completion of customer transition in 2021; the
completion of the sale will not affect any other services provided by Deutsche Börse Group. As an international exchange organisation
and innovative market infrastructure provider, Deutsche Börse Group ensures markets characterised by integrity, transparency and
stability. With its wide range of products, services and technologies, the Group organises safe and efficient markets for sustainable
economies. Its business areas extend along the entire value chain in exchange trading, including the admission, trading and clearing,
and custody of securities and other financial instruments, the dissemination of market data, as well as the management of collateral and
liquidity. As a technology company, the Group develops state-of-the-art IT solutions and offers IT systems all over the world.
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Balder (Sweden) carries out a directed new issue of 6.5 million Series B
shares and is thereby provided with approximately SEK 2,945 million
Fastighets AB Balder has, with the support of the issue authorization decided at the Annual General Meeting on 11 May 2020 and in accordance with what
was stated in Balder's press release from 23 November 2020, decided on a directed cash new issue of 6,500,000 Series B shares at a subscription price of
SEK 453 per share (the “New Issue”). The subscription price has been determined through a so-called accelerated book building procedureand corresponds
to a discount of 4.75 percent against the closing price on 23 November 2020. In relation to the long-term net asset value as of 30 September 2020, the
subscription price corresponds to a premium of 24.9 percent. Through the New Issue, Balder will receive approximately SEK 2,945 million before issue
costs. Subscribers to the New Issue consist of a large number of Swedish and international institutional investors. The reason for the deviation from the
shareholders' preferential rights is to carry out the New Issue in a time- and cost-effective manner, and to further diversify the shareholder base . The new
share issue entails a dilution effect of approximately 3.61 percent in relation to the number of shares and approximately 2.31 percent in relation to the
number of votes in Balder by increasing the number of outstanding shares from 180,000,000 to 186,500,000 (divided into 11,229,432 shares of series A and
175,270,568 Series B shares) and the number of votes increases from 28,106,488.8 to 28,756,488.8. In order to facilitate the delivery of Series B shares to
investors in the New Issue, Arvid Svensson Invest AB has made 6.5 million Series B shares available for Carnegie Investment Bank AB to borrow. Upon
utilization of the share loan, the borrowed shares will be returned after the New Issue has been registered with the Swedish Companies Registration Office.
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Frasers Property Limited (Singapore) reports S$1,246 million PBIT in
FY20
• Revenue and attributable profit amounted to S$3,597 million and S$188 million
respectively
• Deleveraged the Group’s balance sheet through active capital management
initiatives, including recycling assets valued at around S$2.4 billion2 through its
REITs and entering into a strategic capital partnership for Northpoint City (South
Wing)
• Strengthened business platforms across multiple asset classes and geographic
markets, positioning the Group for eventual recovery
• Proposed dividend of 1.5 Singapore cents per share reflects impact of the
COVID-19 outbreak on earnings and the prudent conservation of financial resources
in view of uncertainties ahead
• In view of the COVID-19 pandemic’s impact on earnings and in keeping with the
Group’s conservation of financial resources given the uncertainties ahead, Frasers
Property’s board of directors proposes to pay out a dividend of 1.5 Singapore cents
per share for FY20 compared to 6.0 Singapore cents per share for FY19.
Group Chief Executive Officer of Frasers Property, commented, “We have done
a lot of work around building the foundation of a business that aims to deliver
value over the long-term and through market cycles. As a result of this
groundwork, there were bright spots in certain segments, particularly industrial
and logistics, Thailand and, to a certain extent, China. Positive contributions
from these segments helped to partially offset the adverse impact of the
COVID‑19 pandemic on our earnings in FY20. Our hospitality business has
unsurprisingly been hardest hit, registering significantly lower contributions and
accounting for the bulk of the impairments and fair value losses we recorded.
The extension of tenant support across the Group has also affected our bottom
line. As part of our efforts to manage the COVID‑19 pandemic’s negative impact
on business and earnings, we have been taking proactive actions to strengthen the
Group’s financial position, including optimising cash flows and liquidity,
reducing operational costs, and deferring uncommitted capital expenditure.”
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Freddie Mac (USA) Credit Protects $167.3 Billion of Single-Family Mortgages in
Third Quarter
Freddie Mac's Single-Family business announced that its Credit Risk Transfer (CRT) program transferred
credit risk via $6.4 billion of issuance on $167.3 billion of single-family mortgages from U.S. taxpayers to
the private sector in the third quarter 2020. The issuance included STACR®, ACIS® and approximately $1
billion of senior subordination securitization structures and certain lender risk sharing transactions. Since
the beginning of the year, the company has transferred $12.1 billion on $308.6 billion of mortgages.
Through its flagship offerings, Freddie Mac issued approximately $5.4 billion across four STACR and five
ACIS transactions in the third quarter. Among the notable transactions was the STACR REMIC
2020-HQA4 offering, the last scheduled STACR deal tied to LIBOR before the company moved to an
alternative reference rate for later issuances. Another was ACIS 2020-AFRM1, the company’s first ACIS
AFRM® (Forward Risk Mitigation) transaction of 2020, which transfers up to $450 million of credit risk
on a reference pool of single-family loans with a maximum unpaid principal balance of $17.3 billion to a
diversified panel of 17 insurance and reinsurance participants. As a result of STACR and ACIS on-the-run
transactions this quarter, Freddie Mac transferred between 79 percent (high LTV HQA series) and 85
percent (low LTV DNA series) of the credit risk on the underlying reference pools, helping to reduce capital
required under the Conservatorship Capital Framework (CCF). As of September 30, 2020, 44 percent of the
Single-Family guarantee portfolio was covered by certain CRT transactions, and conservatorship capital
needed for credit risk on this population was reduced by approximately 76 percent through these CRT
transactions based on prescribed CCF guidelines.
“After taking a pause to assess the impact of the pandemic in the second quarter, Freddie Mac’s CRT
program came charging back in the third,” said Freddie Mac’s, Vice President of Single-Family CRT.
“Several of our offerings were oversubscribed and upsized, suggesting investors were ready for the
return of new issuances in this asset class.”
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Fubon Financial (Taiwan): Preliminary October 2020 net profit
• Fubon Financial reported October 2020 preliminary pre-tax profit of NT$7,443mn and net profit of NT$6,382mn. Cumulative pre-tax profit for the first
ten months of the year was NT$85,681mn. Cumulative net profit reached NT$74,587mn, which was up 33% yoy, translating into EPS of NT$7.00. The
strong earnings performance was a result of another record high in cumulative earnings in October.
• Fubon Life reported net profit of NT$4,048mn in October. Cumulative net profit was NT$49,376mn, up 80% yoy, driven by sound investment
performance. Cumulative FYP for the first ten months of the year reached NT$101.5bn and total premium reached NT$447.4bn.
• Taipei Fubon Bank’s October net profit was NT$1,547mn. Net interest income remained stable and cumulative net profit was NT$16,934mn. NPL ratio
and coverage ratio as of September were 0.18% and 720%, respectively.
• Fubon Insurance reported net profit of NT$288mn in October, up 76% yoy. Cumulative net profit reached NT$4,315mn, up 16% yoy, as underwriting
and investment performance remained decent. Cumulative GWP grew 7% yoy and its market share was the highest in the market.
• Fubon Securities reported net profit of NT$347mn in October, up 102% yoy(1). Earnings growth reflected revenue growth across business lines and
higher market turnover. Cumulative net profit was NT$3,295mn, up 40% yoy(1).
• Fubon Bank (China) delivered strong net profit of NT$1,801mn in the first ten months of the year, up 48% yoy, mainly driven by growth in net interest
income.
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Haitong Bank (China) advises on The Acquisition of WDB S.A. By PIB Group
Haitong Bank Polish Branch was the sole advisor in the
acquitision of 100% of WDB S.A. shares by industry investor PIB
Group. The UK entity is an insurance intermediary group owned
by Carlyle Group - one of the biggest private equity funds
worldwide. PIB Group has already made more than 30
acquisitions in the insurance market and this is the first in the CEE
region. The transaction value was not given.
Assistant Vice President in Haitong Bank's M&A Department,
summarized the transaction – "The Polish broker market is still
very fragmented but the consolidation is slowly happening.
There are dozens of entities but the 10 biggest brokers hold less
than 50% of the market share. International companies present
in Poland have expanded organically so far and have
maintained their market position. Most of the Polish brokers
do not have enough funds and experience in acquisitions to
consolidate the market. PIB Group’s business model of
buy-and-build with its strong capital position and M&A
experience may change the Polish insurance market."
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Hong Leong Financial Group Records a Net Profit Attributable To
Shareholders
• The Group recorded a net profit attributable to shareholders of RM587.0 million, an increase of 19.8% year-on-year ("y-o-y") for
the period due to stronger contributions from all its operating businesses; the commercial banking division, Hong Leong Bank Berhad
("HLB"), the insurance division, HLA Holdings Sdn Bhd ("HLAH") and the investment banking division, Hong Leong Capital Berhad
("HLCB").
• Their efforts on our Islamic financial services continue to show results; net income from their Islamic banking and Takaful
businesses for the period was RM237.2 million, an increase of 10.2% y-o-y. The contribution of the Islamic businesses to HLFG
Group’s profit before tax was 17.4%.
• Book value per share increased from RM18.43 as at 30 June 2020 to RM19.01 as at 30 September 2020.
Commercial Banking
• HLB recorded a net profit after tax of RM728.9 million for the first quarter, increased 5.9% y-o-y, mainly supported by
double-digit topline growth, prudent cost control and robust contributions from associates.
• Apart from domestic growth, the Bank’s associated company, Bank of Chengdu, contributed 18.6% to the Bank’s pre-tax profit.
• Cost-to-income ratio improved to 38.6% with positive JAWS attained for the quarter. The Bank reinvests much of its cost saving
initiatives and productivity gains into its digital programs and IT infrastructure.
• Loans grew better-than-market by 6.8% y-o-y to RM148.1 billion. The Bank’s domestic loans growth continues to outperform the
industry; growing by 6.8% y-o-y to RM140.3 billion, while domestic loans to business enterprises increased by 8.4% y-o-y. The Bank’s
community banking initiative focusing on the SME segment continued its solid performance with a 37.9% y-o-y loan growth.
• Asset quality positions are amongst the best in the industry with a Gross Impaired Loans Ratio of 0.48% as at 30 September 2020.
Loan impairment coverage ("LIC") ratio improved to 190% during the quarter. Inclusive of regulatory reserve, the Bank’s LIC ratio
stood at 295%.
• Loan-to-deposit ratio remained strong and is one of the lowest in the industry at 84.1%. The Bank’s Liquidity Coverage ratio
stood at 157% as at 30 September 2020, well above regulatory requirements.
• Capital position remained robust, with Common Equity Tier 1, Tier 1 and Total Capital Ratios at 13.5%, 14.1% and 16.3%
respectively as at 30 September 2020.
Hong Leong Financial Group’s President & Chief Executive Officer, commented, "We had a good start in 1QFY21 amidst a
highly challenging business environment. Despite both domestic and global economies being impacted by the on-going
COVID-19 pandemic, we continue to show steady results across our core businesses. We expect the strength of our liquidity,
capital and credit discipline to serve us well as we maintain our strong focus on risk management. While our digital offering
enabled us to keep in close contact and serve our customers during this difficult time, we continue to further strengthen our digital
strategy in building long term sustainable value for our shareholders."
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Intercontinental Exchange, Inc. (USA) Announces Secondary Offering by
Selling Stockholder Related to Ellie Mae Acquisition
Intercontinental Exchange a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings
services, announced that Cyprus Parent, LP, an entity controlled by Thoma Bravo and formerly known as Ellie Mae Parent, LP (the “selling
stockholder”), intends to offer for sale in an underwritten secondary offering 9,180,569 shares of ICE’s common stock pursuant to ICE’s
shelf registration statement filed with the Securities and Exchange Commission (SEC). The shares being offered were originally issued to
the selling stockholder in connection with the acquisition of Ellie Mae, Inc., which ICE completed on September 4, 2020.
• ICE is not selling any shares and will not receive any proceeds from this offering.
• Morgan Stanley & Co. LLC will act as the underwriter for the offering.
ICE has filed a registration statement (including a prospectus) and will file a final prospectus supplement with the SEC for the offering to
which this communication relates. Alternatively, copies of the final prospectus supplement and accompanying prospectus relating to the
offering, when available, may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd
Floor, New York, New York 10014.
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Patricia Industries: Divestment of Three Scandinavia's telecom tower business and
assets
Patricia Industries, a part of Investor AB, has agreed to divest its
40 percent share of Three Scandinavia's tower business and assets
by:
• Transferring its share of Three Scandinavia's passive network
infrastructure assets to CKH Networks, an operator of CK
Hutchison's European tower business with assets in Austria,
Denmark, Ireland, Italy, Sweden and the United Kingdom.
• Participating in the divestment of CKH Networks for EUR
10bn to Cellnex, the leading European independent operator of
wireless telecommunications infrastructure. The consideration
attributable to Patricia Industries will be 5 percent of the total
consideration.
"We believe this transaction creates value by finding a good,
focused home for the tower assets, and allowing Three
Scandinavia to focus on its core business of providing
customers with high-quality mobile services. Three
Scandinavia will continue investing in its network and
services," says Co-head of Patricia Industries.
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Kinnevik (Sweden) leads funding round in HungryPanda
Kinnevik AB announced that it is investing USD 35m in a USD 70m funding round in
HungryPanda, the global leader in online Asian food delivery. HungryPanda provides a specialist
online ordering platform for Chinese customers living abroad, with a tailored user experience,
including language and payment options, to help overcome cultural barriers. HungryPanda,
headquartered in London, was launched in 2017 by Founder Eric Liu, a computer science
graduate at the University of Nottingham who wanted to fix a problem he experienced first-hand
– getting hold of authentic Chinese food on-demand away from home. The business has quickly
grown 30x in three years with a 500-person strong team operating in 6 countries across the world.
The company’s community-focused approach allows it to create an attractive sub-segment within
the overall online food delivery market. The business is already profitable in the UK and other
major cities such as New York. The investment also furthers Kinnevik’s food strategy and
complements our existing investments by adding exposure to the out-of-home space, particularly
popular with younger users, in addition to our existing investments in online grocers focused on
at-home cooking. Kinnevik is joining previous investors 83North and Felix Capital, who between
them have experience of building sector-leading platforms including Wolt, Deliveroo and Just
Eat. Other investors joining this round include Piton Capital, VNV Global and BurdaPrincipal
Investments.
Kinnevik CEO commented: “As digital adoption advances, we see an opportunity for
community-oriented marketplaces that have a deeper understanding of targeted audiences
and a more tailored product. We have been impressed by how Eric and team have leveraged
their first-hand user empathy to rapidly scale HungryPanda while remaining capital efficient.
We look forward to helping the team expand across products, regions and audiences.”
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KIPCO (Kuwait) announces net profit for the first nine months of 2020
Kinnevik CEO commented: “As digital adoption advances, we see an opportunity for
community-oriented marketplaces that have a deeper understanding of targeted audiences
and a more tailored product. We have been impressed by how Eric and team have leveraged
their first-hand user empathy to rapidly scale HungryPanda while remaining capital efficient.
We look forward to helping the team expand across products, regions and audiences.”
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Macquarie Group (Australia) announces half year profit
• Annuity-style activities, which are undertaken by Macquarie Asset Management (MAM), Banking and Financial Services (BFS) and
certain businesses in Commodities and Global Markets (CGM), generated a combined net profit contribution of $A1,600 million, down seven
per cent on 1H20 and down seven per cent on 2H20.
• Markets-facing activities, which are undertaken by Macquarie Capital and most businesses in CGM, delivered a combined net profit
contribution of $A672 million, down 42 per cent on 1H20 and down 22 per cent on 2H20.
• Net operating income (excluding credit and other impairment charges) of $A5,966 million was down eight per cent on 1H20 and down 14
per cent on 2H20, while operating expenses of $A4,266 million were down five per cent on 1H20 and down three per cent on 2H20.
• The income tax expense of $A275 million was down 27 per cent on 1H20 and down 22 per cent on 2H20. The effective tax rate for 1H21
was 21.8 per cent, up from 20.5 per cent in 1H20 and 21.6 per cent in 2H20. The increase was mainly driven by the geographic composition and
nature of earnings.
• At 30 September 2020, the Group employed 16,356 people, which was up three per cent on 31 March 2020. In addition, approximately
130,000 people were employed at assets managed by Macquarie.
• Macquarie’s assets under management (AUM) at 30 September 2020 were $A556.3 billion, down seven per cent from $A598.9 billion at
31 March 2020, largely due to foreign exchange impacts and a reduction in contractual insurance assets in Macquarie Investment Management.
Operating Group performance
• MAM delivered a net profit contribution of $A1,062 million, down five per cent from $A1,122 million in 1H20. The result reflected lower
Macquarie AirFinance income and lower performance fees, partially offset by the gain on sale of Macquarie European Rail.
• BFS delivered a net profit contribution of $A317 million, down 18 per cent from $A385 million in 1H20. The result reflected margin
compression on deposits and increased credit impairment charges, partially offset by strong home loan and deposits growth.
• CGM delivered a net profit contribution of $A1,082 million, down five per cent from $A1,140 million in 1H20. The result was reflective
of two distinct quarters, with the three months ended 30 June 2020 characterised by dislocated markets and elevated volatility and the three
months ended 30 September 2020, in which activity was increasingly subdued.
• Macquarie Capital recognised a net loss of $A189 million, down from a $A221 million net profit contribution in 1H20. The result reflected
significantly lower investment-related income, lower fee and commission income and higher credit and other impairment charges partially offset
by lower operating expenses.
Macquarie Group Managing Director and Chief Executive Officer said: “Recent months have been overshadowed by the profound human
impact of the COVID-19 global health crisis and its economic consequences. Those impacts are reflected in our result, notably in credit
and other impairment charges in relation to the ongoing impact of COVID-19 on our clients and customers and in delays to realising assets
from our balance sheet and our funds.”
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Mastercard (USA) Extends Open Banking Efforts with Close of Finicity
Acquisition
Mastercard announced it has completed its acquisition of
Finicity, a leading North American provider of real-time
access to financial data and insights. With a direct
connection to the North American banking, lending and
wealth management ecosystem, Finicity adds to
Mastercard’s commitment to be a one-stop partner for
banks, merchants, fintechs and governments. These
connections are supported through next generation open
banking APIs and clear consumer approvals, both
best-in-class data management practices.
“It is a great milestone as we continue to build out the
solutions that deliver on the potential of open banking,”
said president, North America, Mastercard. “We now
turn our focus on bringing these two talented teams
together. That starts with our shared commitment to
consumer-centric data practices to create more value for
consumers and businesses from the information in their
account and give them more control in how that data is
used.”
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MERLIN (Spain) reports solid operational numbers despite the pan-
demic
• MERLIN Properties has released its 9M20 consolidated financial statements with total revenues of € 385.0 million (out of which € 380.9 million account for rental income), EBITDA of € 275.7 million and FFO of € 197.3 million.
Consolidated net earnings in accordance with IFRS of € 111.8 million, not comparable YoY due to the non-recurring items recorded in 9M19 (assets sold and a lower revaluation of the portfolio).
• NAV amounts to € 7,410 million (€ 15.77 per share), up +3.3% YoY. No new appraisal has been carried out this quarter as, in accordance with the Company’s policy, new appraisals of the portfolio are carried out on a semi-annual basis
(June and December).
• MERLIN Properties continues to actively manage their balance sheet. The issuance and repurchase of bonds carried out in July and the early repayment of mortgage loans, has resulted in a 40.9% LTV, with a liquidity position of € 1,179
million. The Company faces no debt maturities until May 2022. The average debt maturity has been extended to 6.2 years.
Offices
• Business performance: Good performance in the quarter with a +3.0% like-for-like rent increase. 197,975 sqm have been signed. Rent renewals have been signed at prices higher than last year’s, reaching a +4.0% release spread.
Occupancy stands at 91.1%, in line with the one obtained before the Covid impact (91.4% in March)
• Landmark Plan I: Castellana 85 in Madrid and Monumental in Lisbon are still under full refurbishment, with expected delivery during the first quarter of 2021. These two emblematic projects already enjoy 100% and 82% of occupancy,
respectively, and will generate annual rents of € 14.1 million. The refurbishment of Diagonal 605 has been completed during the third quarter. The asset is fully let and counts with quality tenants such as Credit Suisse and Everis in offices
and Levi Strauss and Benetton in high street retail.
Shopping centers
• Business performance: In March, the Company launched a commercial policy for retail tenants (affected by the compulsory shutdown); and in June, they were offered rent incentives, to help them preserve their OCR ratios. In return,
the tenants have extended their contracts until 2022, securing our occupancy in the portfolio during 2020 and 2021. MERLIN has recently launched a new commercial policy for the first semester of 2021.
• Flagship Plan:Porto Pi in Mallorca and Saler in Valencia refurbishments continue to progress. The expected delivery date for both assets will be during the first quarter of 2021, after which, all Flagship Plan projects will be delivered.
Logistics
• Business performance: Very good figures in this segment, driven by the growth in e-commerce and the absolute leadership position MERLIN enjoys in the Iberian logistics market, with solid rental growth, both in like-for-like (+2.9%)
and in release spread (+8.5%). Occupancy rates increase to 97.5% (+67 basis points compared to the second quarter).
• Best Plan II & III: Strong market tailwinds have allowed for all delivered projects in Best II & III and in ZAL Port Barcelona, more than 315,000 sqm up to date, to reach 100% occupancy. During the third quarter, a warehouse has been
delivered to Carreras and Biogran in Seseña, Zaragoza-Plaza II has been delivered to DSV, and in ZAL Port Barcelona a new logistics center has been delivered to Caprabo.
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Morgan Stanley (USA) Announces $1.3 Million Grant to Columbia University
Department of Psychiatry
Morgan Stanley announced a grant of $1.3 million to the Columbia
University Department of Psychiatry at the Vagelos College of
Physicians and Surgeons to advance children’s mental health research in
an effort to raise awareness, drive innovation, and inform intervention
strategies and actions. This funding will support Columbia University’s
scientific research to better understand and address the impact of the
COVID-19 pandemic on children’s mental health, with a focus on
vulnerable communities that traditionally lack access to care. Specific
research areas include the impact of telehealth treatment, use of
innovative technology to assess adolescent depression, and the impact of
COVID-19 and digital technology use on Latinx youth’s mental health.
This research collaboration will generate scientific findings, inform
solutions, help improve access to care, and foster social equality.
“At Morgan Stanley, we are committed to leveraging our global reach
and ongoing dedication to our communities to help address the
challenge of children’s mental health,” said Head of Institutional
Securities, Morgan Stanley. “Now more than ever, we need
coordinated efforts to keep the global crisis in children’s mental
health from escalating.”
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Nomura (Japan) Completes Sale of Stake in BDO Nomura
Nomura Holdings, Inc. announced that it has completed the sale of its entire stake (49% of outstanding shares held
by Nomura Asia Investment (Singapore) Pte. Ltd.) in BDO Nomura Securities, Inc. to BDO Capital Investment &
Corporation, a wholly owned subsidiary of BDO Unibank, Inc. Nomura had announced an agreement with BDO
Unibank to sell its stake in a news release1 issued on June 23, 2020. BDO Nomura will no longer be an equity
method affiliate of Nomura. In addition, the name of BDO Nomura will be changed, subject to regulatory approval.
Nomura does not expect the transaction to have a material impact on its consolidated results.
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Old Mutual successfully raises R2bn from capital markets
A resilient and strong business as well as a sound strategy are some of the
key reasons investors continue to support Old Mutual. The Pan-African
financial services Group concluded a successful bond issuance last week,
raising R2-billion and attracting new investors in the process. Backed by
the JSE, Old Mutual has a R25-billion Multi-Issuer Note Programme
currently in place. The Group has already allowed for around R2.25-billion
in redemptions this year to date, and has a further R4.75 billion and
R500-million in issue from Old Mutual Limited and Old Mutual Insure
respectively. With its latest bond issuance, the Group initially planned on
issuing R1.5-billion in bonds. However, a hugely positive response from
investors saw the Group issue a further R500-million on the day, within
pricing guidance. With this outcome, the Group has effectively secured
listed debt financing at highly favourable rates despite the extremely
difficult prevailing market conditions.
According to CEO the Group is delighted with the outcome of the bond
issuance. “Staying true to the essence of our business built over
175-years, Old Mutual continues to work tirelessly to deliver real value
to investors with a sense of assuredness and calm, especially in the face
of adverse market conditions.”
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Schroders (UK) raises $1.5 billion for private credit funds
Schroders’ Securitised Credit Team has announced the closure of its FOCUS II*
private credit fund, having raised $1.5 billion since its launch in Q2 2020. The
Fund – which has specifically received commitments from both UK and
US-based institutional investors - takes total assets raised by the Securitised
Credit Team since its acquisition in 2016, to over $15 billion. The team
specialises in asset-backed solutions across a broad toolkit, including securities
and loans spanning consumer receivables, housing, commercial real estate and
commercial assets. The team seeks to deliver solutions across the return and
liquidity spectrum. The closing of FOCUS II is a key achievement, further
underscoring Schroders’ commitment to growing its Private Assets platform, a
strategic focus for the firm.
Head of Securitised Credit, Schroders, commented: “As we mark the
beginning of a prolonged environment of low interest rates, which we call
‘#TheZero’, it is especially important to identify and deliver on investment
options that access a diverse set of opportunities, including those in complex
and inefficient markets. The Zero presents incredible challenges, and we look
forward to being part of the solution set. Against a backdrop of economic and
social change, we see a sequence of opportunities. Not all opportunities
manifest at the same time in a cycle and, for our fund, we see near-term
opportunities. These are in housing and our view is that additional
opportunities in consumer debt and real estate, will continue to develop. Of
critical importance is the flexibility to access these opportunities in their more
attractive formats, ranging from public securities to private loans. FOCUS II
represents an incredible opportunity to match those opportunities with a fund
structure that we think is well best positioned to deliver an attractive
investment outcome to our clients and partners.”
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Schwab Completes Acquisition Of Td Ameritrade
The Charles Schwab Corporation ("Schwab") announced that it has
completed its acquisition of TD Ameritrade Holding Corporation ("TD
Ameritrade"). The combination will create a company with enhanced scale,
an even better portfolio of world-class services and solutions, and a talented
team united by an unwavering commitment to clients and a shared heritage
of innovation. The integration of Schwab's and TD Ameritrade's operations
is expected to occur over the next 18 to 36 months, though planning for it
has been underway since the acquisition was announced on November 25,
2019. Until the integration is complete, Schwab and TD Ameritrade will
continue to operate separate broker-dealers to serve their respective clients.
Until then, the products, services and delivery channels currently available
from the two companies remain largely unchanged, and clients should
continue to call Schwab for Schwab account business and TD Ameritrade
for TD Ameritrade account business.
Schwab President and CEO said, "This is a historic moment that brings
together two leading companies with proud and successful histories of
making investing more accessible to all. As we begin this next chapter,
we remain focused on continuing to be the industry's most trusted leader
in investment services. Looking forward, we intend to quickly and
efficiently harness our complementary strengths in order to break down
even more barriers for investors. In doing so, we intend to deliver a
winning combination of low costs, great service and industry-leading
technology to support our clients, and the advisors who serve them,
across every phase of their financial journey."
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Voya Financial (USA) Announces Third-Quarter 2020 Results
• Third-quarter 2020 net income (loss) available to common shareholders of $(2.64) per diluted
share1, which includes: $(3.47) per diluted share, after tax, of unfavorable deferred acquisition costs and
value of business acquired (“DAC/VOBA”) and other intangibles unlocking due to annual assumption
updates that include a lowering of long-term interest rate assumptions from 3.75% to 2% and a lowering
of the long-term equity rate assumptions from 9% to 8%; and $(1.11) per diluted share, after tax, income
(loss) from discontinued operations2 related to Voya's previously announced divestment of its
Individual Life business and other closed blocks.
• Third-quarter 2020 adjusted operating earnings3 of $0.30 per diluted share, after tax. Normalized
for the following items, third-quarter 2020 adjusted operating earnings were $1.19 per diluted share,
after tax: $(1.05) per diluted share, after tax, of unfavorable DAC/VOBA and other intangibles
unlocking due to the above-mentioned annual assumption updates; $0.37 per diluted share, after tax, of
prepayment fees and alternative investment income above the company’s long-term expectations; and
$(0.21) per diluted share, after tax, of stranded costs associated with Individual Life business and other
closed blocks being divested.
• Voya continues to demonstrate financial strength, with $642 million in excess capital as of Sept. 30,
2020.
• Total company assets under management and administration4 were $657 billion as of Sept. 30,
2020.
"We delivered strong results in the third quarter, demonstrating the strength of Voya’s earnings
and growing adjusted operating earnings per share 8% compared with the third quarter of 2019,"
said chairman and CEO, Voya Financial, Inc. "We also once again achieved organic growth
across our businesses. In Retirement, we continued to attract new clients, and full-service
recurring deposits increased 8.4% compared with the trailing 12 months ended Sept. 30, 2019. In
Investment Management, we generated $1.8 billion in positive net flows (excluding divested
annuities and sub-advisor replacements) in the third quarter of 2020, driven by continued strong
Institutional net inflows. And in Employee Benefits, we grew in-force premiums 5.7% compared
with the prior-year period due to continued demand for our protection solutions, particularly in
the Voluntary business. "During the quarter, we conducted our annual assumption review and
updated long-term interest rate assumptions from 3.75% to 2% and lowered long-term equity
market assumptions from 9% to 8%. These changes include our updated expectations for future
long-term rates and long-term equity market performance. That said, the adjustments had no
impact on our excess capital, which was $642 million as of Sept. 30, 2020.”
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Voya Investment Management (USA) Hires Founding Partners and Acquires the
Technology of G Squared Capital
Voya Investment Management (IM), the asset management business of
Voya Financial, Inc. announced that it has acquired the technology and
hired the founding team of G Squared Capital LLP (“G2”), a London-based
investment manager that serves institutions and other sophisticated
investors. Terms of the transaction were not disclosed and are not material
to Voya’s financial position. G2 is a pioneer in applying machine
intelligence to fundamental investing. Their proprietary technology is built
to identify persistent patterns in company data. Since founding the firm in
2011, the G2 team has earned a reputation for designing innovative, niche
and highly customized investment solutions. As a result of this transaction,
G2’s principals, Dr. Gareth Shepherd, Gabriel Andraos and Yana Kramer,
will form the new Equity Machine Intelligence (EMI) group within Voya
IM’s Quantitative Equities business. Based in London, they will report to
Vincent Costa, head of Quantitative Equity for Voya IM.
“This transaction supports our focus on building best-in-class equity
portfolios that meet our clients’ long-term investment needs. Further,
our new EMI team has the knowledge base and tools to accelerate
Voya’s efforts to incorporate environmental, social and governance
(ESG) factors in our investment selection process,” said head of
Equities, Voya IM.
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Aon's (UK) New Quality of Intellectual Property Solution Helps Companies
Realize Full Value of their IP Portfolio
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Solution Description
Aon plc a leading global professional services firm providing a broad range of risk, retirement and health solutions, announced the launch of its Quality of
Intellectual Property (QoIP) Solution that helps companies realize higher transaction value by specifically articulating the quality of the seller's IP portfolio in the
M&A and capital markets. The solution is already available, and was most recently used to support Victory Innovations in its sale of a majority stake to The Carlyle
Group. Intangible assets are nearly 85% of the total asset value in the S&P 500. Yet in most transactions, IP-intensive companies fail to effectively articulate the
role of their IP as a source of enterprise value, relegating it instead to a confirmatory due diligence item considered in the late stages of the deal, after value and
terms have been negotiated. This process gap leads to value leakage for companies of all stages and sizes. QoIP is the latest in a series of ground-breaking offerings
Aon has introduced to the market through its IP Solutions, to help clients rethink how they can create, leverage and realize IP value. The solution is designed to
more clearly value IP in sale transactions and financing situations alike, including venture capital and private equity investments. QoIP can also help buyers assess
IP during due diligence efforts. Aon's IP Solutions, part of Aon's New Ventures Group (NVG), is a global leader in assessing and valuing IP assets, leveraging a
proprietary, industry-defining IP analytics platform. The recent launch of its IP Capital Market Solution, as an example, focused on leveraging IP assets to serve as
collateral in an insurance-enabled debt structure for growth capital that avoids dilution. NVG, which comprises a team of senior leaders, was formed in the fourth
quarter of 2018 to help realize the full potential of the Aon United growth strategy. The NVG focuses on the rapid incubation and delivery of new high-impact
sources of value for clients.

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Aon’s (UK) Cyber Secure Select expands its suite of offerings
35
Aon plc a leading global professional services firm providing a broad range of risk, retirement and health solutions, has expanded its
Cyber Secure Select offering to include an enhanced cyber insurance program for high net worth individuals and executives. This
new insurance offering in partnership with Aspen Insurance expands on Aon’s Cyber Secure Select, a collaboration with
NortonLifeLock. With cyberattacks only getting more frequent and severe, Aon is committed to providing individuals and their
families with the necessary tools to protect their assets. Cyber Secure Select provides clients with white-glove concierge service to
help them address a multitude of IT and cyber security needs, including robust device protection and personal information
monitoring. This new expansion, in partnership with Aspen, provides clients with access to an enhanced cyber insurance offering. A
personal data breach can mean much more than traditional identity theft and can include other kinds of attacks, from unauthorized
fund transfers to cyber extortion. Aon designed this coverage to help clients recover from a myriad of cyber threats with an additional
$1.5 million in coverage for financial losses in excess of the $1 million coverage limit already available via NortonLifeLock.

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CME Group (USA) Launches First FX Listed and Spot Price Comparison Tool,
FX Market Profile
36
CME Group, the world's leading and most diverse derivatives marketplace, announced it launched the industry's first tool to
compare FX listed futures and spot liquidity on one screen – FX Market Profile. The new tool, powered by Quant Analytics,
a comprehensive FX analytics platform owned by CME Group, allows market participants to analyze trade flows and
calculate execution efficiencies by benchmarking their performance against CME's listed FX futures and EBS's spot trading
markets. In 2020, CME Group has built new FX tools to help market participants analyze CME Group markets, free of charge.
"Synchronizing and displaying two of the largest primary FX markets side by side on a single platform highlights the
complementary nature of the EBS spot and listed FX liquidity pools," said, Managing Director, FX Products at CME Group.
"With prices for 11 currency pairs, including EUR/USD, GBP/USD and USD/JPY, our new FX Market Profile tool will
provide clients with greater transparency and help them to uncover new trading opportunities."

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CME Group (USA) Announces Launch of New Implied Volatility Indexes
37
CME Group, the world's leading and most diverse derivatives marketplace, announced it began daily publication of a suite of new implied volatility benchmark indexes based
on its innovative, proprietary CME Group Volatility Index (CVOL™) methodology. Beginning with eight implied volatility indexes on its 10-Year Treasury Note futures and
G5 FX currency pair futures, the CVOL family of indexes will be expanded to include benchmarks across all major asset classes in the first half of 2021. The CVOL indexes
measure the 30-day forward-looking implied volatility of an underlying futures contract based on the information contained in the prices of CME Group's robust options on
futures markets. The CVOL methodology incorporates every single strike price on the implied volatility curve, not just at-the-money options prices, to calculate a single
volatility value called simple variance, which will allow clients to easily track and compare this metric across all available CVOL indexes. Initially, the daily indexes will be
available with two years of historical data on the seven individual treasury and FX volatility indexes, as well as an aggregate G5 FX currency index:
• 10-Year Treasury CVOL Index (price and yield volatility indexes)
• G5 FX CVOL Index
• EUR/USD CVOL Index
• GBP/USD CVOL Index
• JPY/USD CVOL Index
• AUD/USD CVOL Index
• CAD/USD CVOL Index

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Discover (USA) Forms New Internal Data and Analytics Organization
38
Discover Financial Services, a digital bank and payments provider, announced the formation of a new Data and Analytics (DNA)
organization within the company and named newly promoted Executive Vice President as Chief Data and Analytics Officer to lead
the unit. The new unit represents Discover’s commitment to technical advancement in financial services with an emphasis on
customer engagement and marketing technologies. It combines several existing functions, such as analytics, data engineering, data
science, enterprise data management and enterprise decision platforms. Discover Financial Services is a digital banking and payment
services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has
become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer,
and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its
banking business. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash
access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network
with acceptance around the world.

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HKEX To Introduce Synapse, A Settlement Acceleration Platform For
Stock Connect
39
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to introduce HKEX Synapse, a new settlement acceleration platform for its landmark Stock Connect
programme. Using DAML smart contracts, HKEX Synapse will standardise and streamline the post-trade workflows of Northbound Stock Connect, maximising
efficiencies for market participants in a transparent, secure and reliable manner. Asset managers, brokers, global custodians, local custodians, and clearing participants
will all benefit from the improved connectivity and enhanced capacity to handle the growing volume of trades flowing through Stock Connect. HKEX is partnering with
The Depository Trust & Clearing Corporation (DTCC) to link HKEX Synapse to DTCC’s Institutional Trade Processing (ITP) services. With this integration, global
investors and HKEX participants will be able to take advantage of the benefits of central matching of cross-border transactions on the Synapse platform, automating the
trade confirmation and settlement notification process. Digital Asset has been selected as the vendor to develop HKEX Synapse. HKEX Synapse will help institutional
investors participating in Northbound Stock Connect to better manage their post-trade operations across different time zones, in particular with regard to adhering to the
Mainland securities market’s T+0 settlement cycle. DAML is a type of programming language used to build smart contracts. A smart contract is a computer programme
or a transaction protocol which is intended to automatically execute, control or document relevant events and actions. Since its launch, institutional investors’ interest
and participation in Northbound Stock Connect has grown significantly, especially following the inclusion of China’s A-shares in major global indices. Stock Connect’s
Northbound average daily turnover in the first three quarters this year has more than doubled from the same period of 2019, to a record RMB90 billion. Mainland China’s
tight settlement cycle has created the need for a more efficient settlement infrastructure, and HKEX Synapse will address this, helping investors to manage their portfolios
and their risks.

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HKEX Launches Stage, Its Sustainable And Green Exchange
40
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce the official launch of the Sustainable and Green Exchange (STAGE),
Asia’s first multi-asset sustainable investment product platform, supporting fast-growing global demand for sustainable finance. At the heart of the
STAGE platform is an online product repository, which at launch features 29 sustainable-themed products from leading Asian corporates. These
HKEX-listed sustainable products include sustainability, green, and transition bonds from issuers across a variety of sectors including utilities,
transportation, property development and financial services as well as ESG-related exchange traded products. Over time, the scope of the product
repository will increase across asset class, industry, in Hong Kong and beyond. STAGE will allow issuers to provide investors with more information
on their sustainable investment products, promoting transparency and facilitating access. Issuers included on STAGE must provide additional voluntary
disclosures on their sustainable investment products, such as use of proceeds reports, as well as annual post issuance reports. This additional information
will enable investors to access a trusted, easy-to-use platform for the region’s fast growing ‘green sector'. At the same time, the data will act as a
benchmark for issuers seeking to raise funds for their sustainable projects, and will also contribute to the standardisation of sustainability metrics.
Globally, in excess of US$30 trillion is invested in the sustainable finance market, but less than one per cent of that is in Asia. But with increasing
government and policy support, the business and investment case for sustainable finance in Asia is stronger than ever.

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Investec SA self-service onboarding removes the pain points for business
clients
41
Investec Corporate and Institutional Banking recently piloted a self-service onboarding process for clients. Where previously businesses
would need to send through the required information for manual inputting by Investec, they will now have a digital platform to do so.
Information is housed online and feeds into Investec’s operational systems. This move towards digitisation is a trend that’s been
accelerated by the Covid-19 pandemic with businesses having to adapt to the imperative to work from home. To make this happen, firms
have had to ensure their staff are able to access networks and be able to service clients remotely. The lockdown has also changed mindsets,
particularly when it comes to automation and the reduction in paperwork. What were once nice to haves for clients and businesses, are
now considered imperatives, and more businesses are looking at which of their processes they can migrate away from the traditional way
of doing things. Client onboarding is one activity that fits this bill. For many businesses, onboarding is a key component in building a
positive client experience from the outset. An adverse experience at the onboarding stage is likely to affect the relationship for the future,
while an experience that is quick and efficient can help build trust between both parties.

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Mastercard (USA) Advances Multi-Rail Strategy to Modernize Business
Payments
42
Mastercard continues to deliver on its multi-rail strategy with the addition of Account-to-Account (A2A) payments functionality to
Mastercard Track™ Business Payment Service. This launch represents the next phase in Mastercard’s journey to modernize business
payments by solving persistent pain points that Buyers and Suppliers experience. Building on the success of card payments within Mastercard
Track Business Payment Service, businesses can now have a similar experience for A2A payments - exchanging data with greater efficiency
and facilitating payments across multiple payment rails including Real Time Payments (RTP) and the Automated Clearing House (ACH) in
the United States. The Account-to-Account payments functionality in Track Business Payment Service is now available in the U.S. and will
be available in all regions by the end of 2021. Cross-border payments are also on the roadmap for next year. Track Business Payment Service
gives businesses greater control of their payments and supports rich data exchanges and the ability to automate payments without the need to
share sensitive bank account information. About 80% of mid-size and large Suppliers view the sharing of bank account data as a business risk,
according to Mastercard research.1 The risk of bank account data being compromised is reduced because Suppliers no longer need to share
their confidential bank account details with Buyers, nor do Buyers need to store those details.

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Mastercard (USA), TSYS and Extend Launch Mobile Virtual Card
Solution for Commercial Clients
43
Mastercard and its partners, TSYS, a Global Payments company and Extend, introduced a mobile virtual card solution that enables virtual corporate cards to be easily loaded into a mobile
wallet for fast and secure contactless payments. The new mobile virtual card solution addresses the growing demand for digital, contactless commercial payments, which has been amplified
by the changing nature of work and business expenses during the pandemic, and the rise of the work-from-home economy. Previously, one of the main barriers to wider adoption of virtual
cards has been the inability to load them into a mobile wallet for use at physical point-of-sale terminals. With this new solution, employees or contractors can load their virtual corporate card
into their mobile wallet to easily initiate contactless payments with their mobile device. The solution uses Mastercard Digital Enablement Services (MDES) to tokenize virtual card numbers
(VCNs) for secure mobile payments. MDES turns card numbers into tokens that become useless to fraudsters and eliminates the frustration of manually updating card numbers. Businesses
can use this solution to issue a single or multi-use virtual card to employees, enabling them to fund and manage authorized purchases. TSYS generates the virtual card number, which is
accessed in the Extend app and then seamlessly loaded into a mobile wallet.
The new virtual card solution will:
• Make paying with a mobile device easier: Users will be able to load the virtual card into their mobile wallet to easily pay with their mobile device for easy, secure transactions at contactless
point-of-sale terminals.
• Simplify issuing virtual cards: The program administrator can easily create and issue a virtual card to an employee or contractor via the Extend mobile app or web-based application.
• Provide more control over spending: Companies will be able to easily set controls including specific time frames, amounts, and approved merchant categories.
• Create new opportunities for issuing banks: Issuers are now able to offer mobile VCNs to their corporate clients for carded and non-carded employee use. They can also be instantly issued
to an interview candidate for travel costs, or contract workers for the purchasing of supplies and materials.

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Synchrony (USA) Unveils New Digital Capabilities for Simplifying
Consumer Financing at the Point of Sale
44
Synchrony, a premier consumer financial services company, expanded its financing platform with new digital capabilities that make it faster and easier for partners to leverage
technology at the point of sale and grow their business. Synchrony Multisource FinancingTM offers additional lending sources within the Synchrony Business Center enabling
more consumer financing possibilities. Synchrony has also enhanced its patent-pending dApply capabilities to allow rapid integration of digital credit applications into a
partner’s business. Synchrony now enables partners to quickly enroll with a secondary lender to increase their customers’ credit application approval rate with Multisource
Financing. Expanding partners’ payment options before the holidays will help them drive more sales to completion by enabling more consumers to finance their purchases.
Synchrony partners can streamline the credit application and lending process by offering consumers the simplicity of completing one application, for use with additional
lenders, to find the financing option that works best for them. With Multisource Financing, Synchrony also provides easy access to credit applications, account numbers, and
purchases for both Synchrony and secondary lenders from one location. Many partners do not have the time or resources to handle lengthy, complex IT integrations with
consumer financing lenders. Recent enhancements to Synchrony’s digital application capability, allow business partners including native online businesses, to instantly access
the technology. In a matter of minutes, partners can add consumer financing options to their website, social media, and marketing with a simple copy and paste of a link. No
coding is required to seamlessly integrate and configure an exceptional digital application experience. Synchrony’s new digital capabilities are among many innovative, turnkey
business tools to simplify consumer financing, cultivate lasting relationships, and enhance customer experiences. The company’s other essential resources that help nearly one
million small businesses manage, market, and grow their businesses include Business Center, Learning Center, Advertising Center, and Synchrony ConnectTM.

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TP ICAP (UK) Launches Surfix Market Data API Service
45
TP ICAP Group, a leading provider of market infrastructure and OTC data, announces that its SURFIX market data feed
is now live. This is a market-leading service which enables customers to receive all TP ICAP market data via a single
consolidated feed, rather than through multiple different feeds. In what is a market-leading move, TP ICAP shared FX,
money markets, rates and derivatives data from its Tullett Prebon and ICAP brands with German bank, L-Bank. FIX has
become the chosen electronic communications protocol of global financial markets and SURFIX, which is based on FIX
5.02, allows for a greater breadth and volume of TP ICAP data to be shared with clients via one single feed. L-Bank and
TP ICAP partnered with oraise, a leading information technology services company, to complete the SURFIX connection,
enabling L-Bank to seamlessly integrate TP ICAP data within its workflow requirements.

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Voya (USA) Provides Greater Financial Wellness Support to Individuals
with New Budgeting Tool
46
Voya Financial, Inc. announced the launch of a new online, interactive budgeting calculator. As one of the latest enhancements to the company’s suite of digital retirement
and financial wellness experiences, the new budgeting capability provides an engaging experience aimed at helping individuals create a monthly budget for spending and
saving — including emergency funds. Voya’s new budgeting calculator is built on the “50/30/20” approach as an opportunity to help ease individuals into the budgeting
process. Specifically, this approach provides a simple rule of thumb suggesting that individuals put up to 50% of one’s after-tax income toward their needs (such as
housing, utilities, healthcare, childcare, etc.), 30% toward “wants” (such as entertainment, dining, hobbies and splurges) and 20% toward saving — which includes:
retirement, rainy-day needs like an emergency fund, and other savings goals such as vacation and travel. According to Voya research, consumers appreciate that
retirement plan provider websites consolidate many resources into one easily accessible location as the combination of capabilities and information provides convenient
opportunities for them to take action, such as making changes to one’s retirement account or learning more about future income projections.1 With this insight as a
backdrop, the new tool provides easy-to-use functionality, which allows individuals to create a balanced budget based on their unique needs and priorities. This includes
providing informative actions that can help them to achieve their savings goals. Once an individual provides the necessary information, including income, within the tool,
they are provided with a “50/30/20” budget, and are encouraged to personalize their results by providing information about their individual “needs,” “wants,” and
“savings.” The results are available for download for easy sharing with family members or a financial professional. In addition to providing an opportunity to fine-tune
and adjust as one’s needs change, the tool also provides an opportunity for broader education on practical tips to help balance one’s budget and stretch their income.

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Aon (UK) Recognized With Three ACORD Awards for Continued
Leadership of Insurance Digital Standards
47
Aon plc a leading global professional services firm providing a broad range of risk, retirement and health solutions, has received three awards from
ACORD, the insurance industry's standards and technology organization. An ACORD Award, presented to organizations and individuals that have
demonstrated outstanding achievement in implementing ACORD Standards, is a prestigious honor. ACORD Standards help organizations conduct
business more efficiently, internally and externally. During a recent virtual ceremony, ACORD presented Aon’s Reinsurance Solutions with the
ACORD Leadership Award. This Award recognizes organizations that demonstrate leadership effectively in the areas of Standards development,
advocacy and/or implementation. The award recognizes Aon for going above and beyond in guiding the insurance industry towards greater clarity
in the secure sharing of re/insurance data and the firm’s continued leadership and ongoing efforts in encouraging global partner acceptance and use
of these Standards. Aon’s Reinsurance Solutions also received the ACORD Global Citizen Award. This award recognizes organizations that assist
ACORD in globalization initiatives by establishing new opportunities for ACORD in regions where there is little or no ACORD adoption, or by
expanding ACORD use across geographies worldwide. ACORD recognized Aon’s Reinsurance Solutions for its continued expansion and global
use of the ACORD Standards in its Ruschlikon ACORD messaging implementations, improving the overall effectiveness and efficiency of
back-office processing.
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Capital One (USA) Receives Top Ranking J.D. Power Award
48
Capital One received top honors in the Northeast and South regions in the J.D. Power 2020 Small Business Banking Customer
Satisfaction Study, a study that examines satisfaction among small business banking customers with their financial institution. The
J.D. Power study, now in its 15th year, measures small business customer satisfaction with the overall banking experience by
examining seven factors: channel activities; products and fees; convenience; communication and advice; relationship with account
manager; new account opening; and problem resolution. The study not only analyzes customers’ perceptions of their bank’s ability to
meet their expectations, but also highlights which banks perform well in managing relationships with their customers and why.
Capital One® offers a broad spectrum of financial products and services to consumers, small businesses, and commercial clients.
Capital One Business offers a diverse suite of financial products, tools and services designed specifically for small businesses,
including credit cards with unlimited rewards and banking products and services. Capital One Business is committed to fueling the
courageous entrepreneurial spirit that's at the heart of American small businesses.
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