I Bytes Financial Services industry

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I-Bytes
Financial Services
January Edition 2021
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................26
3. Rewards and Recognition Updates..................................................................................................................38
4. Customer Success Updates...............................................................................................................................60
5. Partnership Ecosystem Updates.......................................................................................................................65
6. Environment & Social Updates........................................................................................................................69
7. Miscellaneous Updates......................................................................................................................................77

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Financial, M & A Updates
Financial Services Industry

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Financial, M&A Updates
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Ameriprise (USA) Welcomes Team of Advisors with $168 Million in Assets and Big
Plans for Growth to Its Financial Institutions Channel
Three Financial advisors recently joined the Ameriprise
Financial Institutions Group (AFIG) from Raymond James with
$168 million in client assets. The team, which operates under
the name Centennial Financial Services, Crowley Wealth1 ,
provides financial advice and investment services to 15 bank
branches across the Florida Panhandle, as well as the broader
community. Ameriprise formed its Financial Institutions Group
after acquiring Investment Professionals, Inc. (IPI) in 2017.
Leveraging Ameriprise’s strength as a wealth manager and IPI’s
expertise in serving the financial institutions market, the AFIG
channel specializes in the on-site delivery of investment
programs to banks and credit unions.
Executive Commentary
“Ameriprise offers significant growth potential for our team
because we are able to efficiently provide outstanding
service to our clients and acquire new ones through the firm's
deep financial planning and investment product
capabilities,” said one of Financial Advisor “The company
has extensive marketing resources that focus on the value
financial advice can bring to Centennial Financial Services
clients.”
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Aon (UK) launches dedicated SPAC Task Force
Aon plc a leading global professional services firm providing a
broad range of risk, retirement and health solutions, announced
the formation of its Special Purpose Acquisition Company
(SPAC) Task Force. The task force leadership team has more than
seven decades of combined experience and is supported by 20
additional industry veterans that have vast experience in every
stage of the SPAC transaction from program design to insurer
selection to claims advocacy to support business decision making.
Aon’s task force is focused on the deal lifecycle, including
offering, diligence, insurance coverage alignment and boardroom
ready analytics. In addition, the team provides global oversight on
program design, insurer selection and claims advocacy.
“Due to a mix of rising premiums and retention deductibles,
and shrinking capacity – businesses entering a SPAC need an
experienced team that knows the complexities of each stage of
the deal,” said National D&O practice leader, Aon. “Our team
possesses the unique knowledge of the mechanics of the
transaction and offers a guiding light to businesses unaware of
the intricacies of this process.”
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Arthur J. Gallagher & Co. (USA) Acquires North Star Insurance Services, LLC
and North Star Marine Insurance Services, LLC
Arthur J. Gallagher & Co. announced the acquisition of Seattle-based North
Star Insurance Services, LLC and Fairhaven, Mass.-based North Star
Marine Insurance Services, LLC. Terms of the transaction were not
disclosed. Founded in 2001, North Star Insurance Services is a full-service
marine insurance broker serving clients throughout the U.S. Their expertise
spans nearly all facets of the marine industry, including hull, machinery,
marine liabilities and cargo for commercial fishing, tugs and barges,
shipyards and ocean-going cargo vessels. In 2014, North Star Marine
Insurance Services was established in Fairhaven to address growing
customer demand in that region. John Walsh, Ian Blackburn and their
associates will continue operating from their current locations under the
direction of Jim Buckley, head of Gallagher's Northwest region retail
property/casualty brokerage operations.
"North Star brings us a widely recognized and well-respected team of
marine professionals with strong carrier relationships and a client roster
that complements our existing marine business," said Jr., Chairman,
President and CEO. "I am delighted to welcome John, Ian and their
associates to Gallagher's growing global team."
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Arthur J. Gallagher & Co. (USA) Acquires Cool Insuring Agency, Inc.
Arthur J. Gallagher & Co. announced the acquisition of Queensbury, New
York-based Cool Insuring Agency, Inc. Terms of the transaction were not
disclosed. Founded in 1857, Cool Insuring Agency provides commercial,
personal, and life & health insurance and consulting services to clients
across the Northeastern United States from offices in Queensbury and
Latham. The agency specializes in serving construction and healthcare
industry clients, as well as governments and municipalities, which together
account for more than half of its revenues. Anthony Mashuta, Ira Neifeld
and their associates will continue to operate from their current locations
under the direction of Patrick Kennedy, head of Gallagher's Northeast
Region retail property/casualty brokerage operations, and Tom Belmont,
Jr., head of Gallagher's Atlantic Region employee benefit consulting and
brokerage operations.
"Cool Insuring Agency has operated for more than 160 years and is
viewed as the premier independent agency in Upstate New York. Their
specialties align closely with our construction, healthcare, senior living
and public entity practices," said Jr., Chairman, President and CEO. "We
are delighted to welcome Tony, Ira and their associates to our growing
Gallagher team."
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Arthur J. Gallagher & Co. (USA) Acquires Premier Brokerage Services, Inc.
Arthur J. Gallagher & Co. announced the acquisition of
Jenkintown, Pa.-based Premier Brokerage Services, Inc. Terms of
the transaction were not disclosed. Founded in 1995, Premier is a
high-net-worth focused life insurance wholesale agency offering
primarily permanent and term life insurance, annuities and
long-term care products from its offices in Jenkintown and
Miami, Fla. Premier places coverage throughout the U.S., with
approximately 80% of the business concentrated on the East
Coast. Steven J. Katz and his associates will continue to operate
from their current locations under the direction of Jeff Leonard,
Gallagher's North American Practice Leader for Financial and
Retirement Services.
"Premier Brokerage Services will enhance our life brokerage
capabilities in the high-end agent and advisory space, and our
clients will benefit from their advanced planning and
underwriting expertise," said Jr., Chairman, President and
CEO. "They are also a great cultural fit, and I'm very pleased
to welcome Steven and his associates to our growing
organization."
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Arthur J. Gallagher & Co. (USA) Acquires PIATX, LLC
Arthur J. Gallagher & Co. announced the acquisition of San
Antonio-based PIATX, LLC. Terms of the transaction were not
disclosed. Founded in 2009, PIATX is an employee benefits
broker and consultant focused on delivering responsive and
innovative coverages and services to businesses across the state of
Texas. The team will add to Gallagher's existing benefits
capabilities in San Antonio and expand its footprint in the Texas
small group benefits space. Edward King and his associates will
relocate to Gallagher's existing San Antonio office, led by Walter
Sprang, under the direction of Robby White, head of Gallagher's
South Central Region employee benefits consulting and
brokerage operations.
"The PIATX team represents a great cultural fit with Gallagher,
embodying our dual focus on driving sales growth while
delivering responsive client service," said Jr., Chairman,
President and CEO. "I am very pleased to welcome Eddie and
his associates to our growing, global team."
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Arthur J. Gallagher & Co. (USA) Acquires Harden & Associates, Inc.
Arthur J. Gallagher & Co. announced the acquisition of Florida-based
Harden & Associates, Inc. (Harden). Terms of the transaction were not
disclosed. Founded in 1953, Harden is a full-service insurance broker
headquartered in Jacksonville, Florida, with offices in Amelia Island
and Tampa. It offers retail property/casualty, employee benefits and
related services to businesses and individuals primarily in Florida,
with a particular focus on the healthcare, real estate and construction
industries. M.C. (Ceree) Harden III and his team will continue to
operate from their current locations under the direction of Peter Doyle,
head of Gallagher's Southeast region retail property/casualty
brokerage operations, and John Tournet, head of Gallagher's Southeast
region employee benefit consulting and brokerage operations.
"Harden will further strengthen our healthcare and real estate
practices in the Southeast, as well as expand our presence in North
Florida and along the East Coast of Florida and Georgia," said Jr.,
Chairman, President and CEO. "We are elated to welcome Ceree
and his associates to our growing global team."
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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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Deutsche Börse (Germany) completes the purchase of a majority stake in
Quantitative Brokers
Deutsche Börse has completed the purchase of a majority position in Quantitative Brokers LLC. The transaction was announced in September and closed
on 1 December. Quantitative Brokers is a fintech specializing in advanced execution algorithms and data-driven analytics for global futures, options and
interest rate markets. It currently has operations in New York, London, Sydney and Chennai. Quantitative Brokers is broker and venue agnostic, a neutrality
that is key to clients and member firms. Since the signing of the transaction in September, Quantitative Brokers has expanded its reach in the APAC region
by launching its award-winning execution algorithms on the Singapore Exchange (SGX) derivatives market. Quantitative Brokers’ platform and team will
help bring Deutsche Börse closer to the buy-side value chain, accelerating product adoption and order flow attraction in the Exchange Traded Derivatives
segment. Capitalizing on the growing importance of buy-side firms is a key growth driver for Deutsche Börse and forms part of the Group’s mid-term
growth strategy, Compass 2023. 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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Exor (Netherlands) Invests In Shang Xia Partnering With Hermès To Take The
Chinese Luxury Company To The Next Stage Of Its Development
Exor and Hermès International announce an agreement to take
Shang Xia, one of the first Chinese luxury companies, to the
next stage of its development. During the decade since its
foundation in 2010 Shang Xia has established its reputation
both in China and internationally for combining traditional
Chinese craftmanship with its distinctive interpretation of
luxury. Shang Xia has stores in exclusive locations in Shanghai,
where it was founded, and in Beijing, Chengdu, Hangzhou,
Shenzhen and Paris. 2021 will see new stores openings in
Singapore and Taipei.
With this agreement, Shang Xia will benefit from the support
of two family-owned companies, one with French roots and
one with Italian roots, both with a common culture of
excellence and entrepreneurship. Exor’s Chairman and Chief
Executive Officer commented: “We’re delighted to be able
to share with Shang Xia our experience of developing global
luxury brands as well as the entrepreneurial spirit we bring to
all our companies.”
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Balder and Serneke in structural business
Balder acquires 50% of the shares in Karlatornet AB, becomes a shareholder in Serneke
Group and agrees on the acquisition of just under 1,400 rental apartments and just over
12,000 sq m of commercial premises. Fastighets AB Balder has, December 17, entered into
an agreement to acquire preference shares in Karlatornet AB ("Karlatornet") for SEK 25,000
corresponding to 50% of capital and votes. Karlatornet is the owner of the properties where
the Nordic region's tallest skyscraper, which consists of 73 floors and is 245 meters high, will
be built. The properties comprise approximately 600 apartments, 300 hotel rooms and 8,000
sq m of office space. About 80% of the apartments are sold and 100% of the hotel and office
premises are rented out. According to the agreement, Serneke secures the remaining unsold
apartments. Balder also receives an option to acquire the commercial premises. Serneke
guarantees the total costs of constructing the Charles Tower and has already invested SEK
1,500 million in foundations and begun construction of the first floors. Balder contributes
SEK 500 million in the form of shareholder loans and the remaining financing needs have
been secured through a construction credit from Nordea of SEK 3,000 million. The
preference shares only entitle to a priority dividend of SEK 600 million. Balder has also
subscribed for 2,300,000 Series B shares in Serneke for a subscription price of SEK 53
corresponding to SEK 122 million.
“Getting Balder as a partner in Karlatornet is an optimal solution for us, for the project
and for the city. In Balder, we have a stable and long-term partner with strong local roots
and with the same strong faith in the project and the development of the city as we do.
Together, we will now continue the implementation of a unique urban development that
will strengthen Gothenburg and hopefully create pride among Gothenburgers,” says
CEO of Serneke Group.
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Fubon (Taiwan): Preliminary November 2020 net profit
• Fubon Financial reported November 2020 preliminary pre-tax profit of NT$6,468mn and net profit of NT$5,789mn. Cumulative pre-tax profit for the
first eleven months of the year was NT$92,148mn. Cumulative net profit reached NT$80,376mn, which was up 37% yoy, translating into EPS of NT$7.57.
The strong earnings performance was a result of another record high in November cumulative earnings.
• Fubon Life reported net profit of NT$3,440mn in November, up 423% yoy. Cumulative net profit was NT$52,816mn, up 88% yoy, driven by sound
investment performance. Cumulative FYP for the first eleven months of the year reached NT$112.6bn and total premium reached NT$489.8bn.
• Taipei Fubon Bank’s November net profit was NT$1,322mn, up 43% yoy. Net interest income and fee income remained stable. Cumulative net profit
was NT$18,255mn. NPL ratio and coverage ratio as of November were 0.15% and 817%, respectively.
• Fubon Insurance reported net profit of NT$515mn in November, up 26% yoy. Cumulative net profit reached NT$4,831mn, up 17% 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$465mn in November, up 271% yoy(1). Earnings growth reflected revenue growth across business lines and
higher market turnover. Cumulative net profit was NT$3,760mn, up 52% yoy(1).
• Fubon Bank (China) delivered strong net profit of NT$1,833mn in the first eleven months of the year, up 33% yoy, mainly driven by growth in net
interest income.
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Fubon (Taiwan) FHC announces tender offer to purchase the common shares of
JihSun FHC
Fubon Financial Holding Co., Ltd. announces that its Board of Directors has passed a resolution to
launch a tender offer to purchase over 50% and up to 100% of the outstanding common shares of
JihSun Financial Holding Co., Ltd. (TWSE: 5820) (“Jihsun FHC”), at a price of NT$13.0 per common
share in cash (the “Offer”). Following the closing of the Offer, Fubon FHC expects to further conduct
a merger with JihSun FHC as soon as regulatorily permissible. An approval from Taiwan’s Financial
Supervisory Commission has been received on December 17, 2020, and the tender offer period will be
commencing from December 22, 2020 to February 1, 2021. Successful completion of the Offer will
not only support consolidation in the financial industry and produce synergies, but will also establish
the first precedent of an acquisition of a financial holding company by another financial holding
company in Taiwan. The Offer is conditioned upon receiving a minimum number of 1,886,603,386
common shares tendered (representing over 50% of outstanding common shares) up to 3,772,452,281
common shares (representing 100% of outstanding common shares) and obtaining approval from the
Fair Trade Commission. The expected total offer value is NT$24.5-$49.0 billion. The Offer price
represents a premium of 24.8% over the average closing price of JihSun FHC of NT$10.42 over the
previous one month (20 trading days). Under the long term global financial market trend of the big
getting bigger, JihSun FHC’s long term operational and stock price performance are limited by its
scale. The Offer presents an attractive premium and profitable exit opportunity for the shareholders of
JihSun FHC.
Chairman of Fubon FHC, commented, “As a leading financial institution in Taiwan operating in
a rapidly changing environment, we are constantly assessing how to strive for sustainable
development and growth. We view JihSun FHC as a financial holding company that is relatively
less scalable but with stable performance in its principal businesses of securities, futures and
banking. The successful integration of JihSun FHC will increase the scale in Fubon FHC’s
securities and banking businesses, provide customers with enhanced product offerings and
convenient service, and also continue our efforts to build a top-tier financial institution in Asia.
We will be Taiwan’s first precedent of M&A between financial holding companies, and leading
the positive evolution of Taiwan’s financial industry.”
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Goldman Sachs’ Launch With GS Announces Investment in MaC Venture Capital
I
Goldman Sachs’ Launch With GS announced an investment in MaC
Venture Capital I, a California-based seed stage venture capital fund.
Launch With GS is Goldman Sachs’ $500 million investment strategy
grounded in our data-driven thesis that diverse teams drive strong returns.
Through Launch With GS, Goldman Sachs aims to increase access to
capital and facilitate connections for women, Black, Latinx and other
diverse entrepreneurs and investors. Since the initiative began in 2018,
Goldman Sachs has deployed nearly $400 million of the original $500
million commitment. The Goldman Sachs Group, Inc. is a leading global
investment banking, securities and investment management firm that
provides a wide range of financial services to a substantial and diversified
client base that includes corporations, financial institutions, governments
and individuals. Founded in 1869, the firm is headquartered in New York
and maintains offices in all major financial centers around the world.
“We believe MaC Venture Capital has a unique pulse on cultural trends,
and we are thrilled to be formally partnering with them as they drive
growth and innovation across the early stage ecosystem,” said
Managing Director at Goldman Sachs and member of the Launch With
GS Board of Advisors. “We are excited for MaC VC’s General Partners,
all of whom have differentiated experiences and skillsets, to bring
valuable perspectives to founders at an integral part of the company
lifecycle.”
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Macquarie Group (Australia) to acquire Waddell & Reed Financial, Inc. and enter
into a long-term partnership with LPL Financial
Macquarie Asset Management, the asset management division of Macquarie Group (Macquarie)
announced it has entered into an agreement to acquire all of the outstanding common shares of
Waddell & Reed Financial, Inc., one of the oldest asset and wealth management companies in the US,
for $US25.00 per share in cash, or total consideration of approximately $US1.7 billion ($A2.3
billion1). On completion of the transaction, Macquarie has agreed to sell Waddell & Reed’s wealth
management platform to LPL Financial Holdings Inc. (LPL) a leading US retail investment advisory
firm, independent broker-dealer and registered investment advisor custodian, and enter into a
long-term partnership, with Macquarie becoming one of LPL’s top-tier strategic asset management
partners. As a result of the transaction, Macquarie Asset Management’s AUM are expected to increase
to over $US465 billion ($A650 billion2), with the combined business becoming a top 253 actively
managed, long-term, open-ended US mutual fund manager by assets under management, with the
scale and diversification to competitively position the business to maintain and extend its high
standards of service to clients and partners. Through its subsidiaries, Waddell & Reed has provided
investment management and wealth management services to clients throughout the US since 1937.
Investment products are distributed under the IVY INVESTMENTS® brand, as well as through
independent financial advisors associated with Waddell & Reed. As of September 30, 2020, Waddell
& Reed’s asset management business had $US68 billion of AUM and its wealth management business
had $US63 billion of AUA.
Head of Macquarie Asset Management, said: “The addition of Waddell & Reed and our enhanced
partnership with LPL will significantly increase our ability to grow and invest in our combined
business for the benefit of our clients. IVY INVESTMENTS’® complementary investment
capabilities will provide diversification to Macquarie Asset Management’s capabilities and client
base. The consideration offered reflects the quality of Waddell & Reed’s business and the future
benefits of our partnership with LPL.”
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Macquarie (Australia) agrees to sale of Società Gasdotti Italia to Ontario Teachers’
Pension Plan
Macquarie Infrastructure and Real Assets (“MIRA”), via Macquarie European Infrastructure
Fund 4, has reached an agreement to sell its 69.4 per cent interest in Società Gasdotti Italia
S.p.A (“SGI”) to Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”). SGI is the
largest independent gas transmission operator in Italy, with a 1,700-kilometre high pressure
pipeline network transporting natural gas to key industrial and urban centres. MIRA acquired
SGI in a consortium with Swiss Life and has since supported the growth of the company
through the construction of the San Marco-Recanati and Larino-Chieti pipelines as well as
the development of a gas transmission network in Sardinia with SNAM. In October 2020,
SGI commissioned leading energy consultancy DNV GL to assess the feasibility of
transitioning its gas network from natural gas to renewable gases. The study will support
SGI’s ambitions to decarbonise the delivery of energy to Italian homes and businesses
through its gas network. MIRA has invested in Italy’s essential infrastructure for nearly two
decades, overseeing the delivery and operation of utility networks, renewable energy
projects, and transport infrastructure across the country. In addition to SGI, MIRA’s managed
infrastructure funds are currently invested in Hydro Dolomiti Energia S.r.l, an owner of a
portfolio of hydro power generation facilities across Northern Italy.
Senior Managing Director and Head of Country Coverage for MIRA in Europe, said:
“We are proud to have supported SGI as it has increased investment in its network
infrastructure to ensure the continued delivery of safe and reliable energy to
communities across Italy. SGI is helping to shape the future of Italy’s energy networks
and we are delighted to have found a new owner who will oversee the next stage of its
development.”
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Morgan Stanley Capital (USA) Partners Completes Investment in AWT Labels and
Packaging
Investment funds managed by Morgan Stanley Capital Partners (MSCP), the
middle-market focused private equity team at Morgan Stanley Investment
Management, announced that they have completed an investment in Advanced
Web Technologies Holding Company, which operates as AWT Labels &
Packaging and Citation Healthcare Labels (“AWT” or the “Company”), from
Mason Wells, a Midwest-based private equity firm. AWT marks MSCP’s third
investment in the packaging sector, following previous investments in PPC
Flexible Packaging and Comar. Headquartered in Minneapolis, MN, AWT is a
leading provider of labels and flexible packaging solutions focused on healthcare,
personal care, food and beverage, household and industrial end markets. Founded
in 1976, the Company operates through three facilities in the U.S. and holds a top
three market position in the medical device labels and clinical trials labels
segments. Through its innovative product design approach and swift speed to
market, AWT helps customers address mission-critical application needs.
Managing Director of Morgan Stanley Capital Partners, said, “We are excited
to partner with AWT and its talented management team. The team has built a
phenomenal platform that serves attractive, defensive end markets with
best-in-class R&D capabilities. We look forward to building upon the
Company’s prior success by investing in assets, capabilities and the
management team, and continuing to deliver innovative packaging solutions
through organic initiatives and acquisitions. Eric will become Chairman of
AWT as part of the transaction.”
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Nomura Mezzanine Partners (Japan) Completes Final Close on Japanese
Mezzanine Fund
Nomura Mezzanine Partners Co., Ltd. ("N-MEZ"), a wholly owned subsidiary of Nomura Holdings, Inc., announced that
it has completed the final close on its mezzanine fund N-MEZ Investment Business Limited Partnership 1 (the "Fund").
The Fund has made two investments to date, and will continue to enhance its investment activities in order to build a good
investment portfolio.The Fund forms part of Nomura Group's strategy to expand the scope of its business from public to
private side services. N-MEZ will continue to actively pursue mezzanine investment opportunities to respond to clients'
leveraged and management buyout needs and contribute to the expansion of the mezzanine market. N-MEZ was
established in September 2019 as a wholly owned subsidiary of Nomura Holdings, Inc. to manage Japanese mezzanine
funds. Leveraging its fund management expertise and network as well as the Nomura Group platform, N-MEZ aims to
respond to the investment needs of institutional investors by providing mezzanine solutions tailored to the unique
Japanese market.
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Raymond James (USA) to acquire retirement administration firm NWPS
Raymond James Financial, Inc. announced that it has reached an agreement to
acquire NWPS Holdings, Inc., doing business as NWPS and Northwest Plan
Services, an independent provider of retirement plan administration, consulting,
actuarial and administration services based in Seattle, Wash. The transaction is
expected to close before Dec. 31, 2020. The addition of NWPS allows Raymond
James to expand its retirement services offerings, including retirement plan
administration services, to advisors and clients. The timing is opportune as the
industry prepares for new solutions created by this year’s SECURE Act, such as
pooled retirement arrangements, and increases the investable market for employer
and employee small business solutions. The approximately 160 NWPS employees
will be retained in the firm’s current locations. President and CEO Tim Wulfekuhle
and his leadership team will continue to lead NWPS within the Raymond James
organization. NWPS will operate as part of the Raymond James Private Client Group
and enhance the existing retirement capabilities and solutions provided by the
Institutional Fiduciary Solutions department.
“As one of the architects of modern financial planning more than 55 years ago,
we are excited to add this important capability to our broad suite of advisor and
client-centric retirement services,” said President of Raymond James’ Private
Client Group. “We’re confident our advisors will benefit from NWPS’s
excellence in this area, and that advisors considering Raymond James will find
the capability compelling. Along with our industry leading technology solutions,
focus on service and financial planning expertise, Raymond James continues to
set a high bar.”
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Raymond James Financial (USA) to acquire consumer-focused boutique
investment bank Financo
Raymond James Financial, Inc. announced that it has entered into a definitive purchase agreement to
acquire Financo, a boutique investment bank focused on the consumer sector. The transaction is
expected to close in the firm’s fiscal second quarter. With offices in New York and London, Financo
has strong expertise in a number of consumer and retail specialties and is particularly known for its
capabilities in the beauty and personal care, direct-to-consumer e-commerce, enthusiast brands,
healthy living and active lifestyle, as well as home furnishings segments, and for working with private,
private-equity-backed and publicly traded high-growth, transformative consumer companies. The
integration of Financo’s more than 25 experienced professionals with the Raymond James
complementary consumer and retail practice positions the firm as a global market-leader in consumer
and retail investment banking. With the acquisition of Financo, Raymond James Investment
Banking’s new and enhanced sub-sectors of coverage within Consumer & Retail will include apparel
and accessories, beauty and personal care, consumer services, direct-to-consumer/e-commerce,
enthusiast brands and active lifestyle, fitness and healthy living, footwear, food and beverage, home
furnishings and décor, restaurants and specialty retail. The combined Consumer & Retail practice will
be led by John Berg, the CEO of Financo, who has nearly 30 years of experience as an investment
banker and private-equity investor in the consumer and retail space. The strengthened 50-person team
will offer enhanced product capabilities and deliver broader and deeper market coverage.
“As the consumer and retail spaces undergo significant shifts in business models and shopping
behavior, we see tremendous growth opportunity for M&A and growth capital-raising in the
space, which are Financo’s main areas of expertise,” said President of Raymond James Global
Equities & Investment Banking. “This acquisition significantly expands our Consumer group and
deepens our private-equity relationships further assuring Raymond James is well-positioned to
serve clients’ growing demand for banking expertise during a critical period of transition and
change in the sector. We welcome Financo’s impressive professionals to Raymond James and
look forward to integrating our collective team.”
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Scentre Group and Cbus Property commence works on $1billion landmark
joint-venture development in Sydney's luxury precinct
Cbus Property and Scentre Group have commenced construction on their
$1 billion mixed-use development of the former David Jones department
store at the corner of Castlereagh and Market Streets in the heart of
Sydney’s CBD. Set within the luxury retail precinct and near historic Hyde
Park, the joint venture development will transform Sydney’s CBD skyline
with a curvilinear tower seemingly arising from the heritage building
below. The heritage redevelopment will feature high-end retail and
premium commercial within the existing building, while the new 22-storey
luxury residential tower will be added above with podium gardens and
views across Sydney Harbour and Hyde Park. Scentre Group has also been
appointed to build the joint venture project, designed by award-winning
architects fjmt studio. The news comes after Cbus Property and Scentre
Group received development consent from the City of Sydney earlier this
year.
“We are excited to commence construction on this landmark
development, which will usher in a transformative new age of living,
working and shopping at the heart of the city’s luxury shopping, parks
and lifestyle district,” Cbus Property’s Chief Executive Officer, said.
“The 111-121 Castlereagh development is a timeless symbol of
transformation. It celebrates the history and legacy of the former David
Jones department store, whilst also offering unparalleled amenity for
future residents, workers and customers.”
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Schroders (UK) completes acquisition of wealth management family office
specialist Sandaire
Schroders is announcing that it has completed the acquisition of
Sandaire, the specialist London-based family office, cementing
Cazenove Capital’s position as one of the UK’s leading advisers to
families of significant wealth. The agreement to acquire the
business, which was announced on 18 September 2020, has now
received regulatory approval. This acquisition will combine the
boutique-style service of Sandaire with the depth of international
investment expertise, financial stability and strength of Schroders, a
FTSE 100 company still largely owned by the family who founded
it over two centuries ago. The founder of Sandaire, Alex Scott has
remained with the business and taken the role of Chair of Schroders
Global Family Office Services.
Chief Executive at Cazenove Capital, said: “We are delighted to
confirm the completion of this acquisition and formally welcome
the Sandaire team on-board. The combination of our two
businesses will bring significant benefits and enhanced
opportunities to clients. The established heritages of our two
firms and shared culture of service excellence, combined with
the depth of our investment resource and continuous investment
in people and technology, will allow us to sustain our presence
by the side of our clients for generations to come.”
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First Horizon National Corporation to Transition Newly Acquired Wealth
Management Book of Business to SEI
SEI announced that First Horizon National Corporation will convert
IBERIABANK’s wealth business to SEI. Following its previously announced
merger and an extensive due diligence process, the combined First Horizon
Wealth Management and Trust business will operate on TRUST 3000®, SEI’s
legacy wealth management platform. On July 6, 2020, Memphis, Tenn.-based
First Horizon National Corporation and Lafayette, La.-based IBERIABANK
announced the completion of a merger of equals. First Horizon National
Corporation has been a TRUST 3000 client since 2003. IBERIABANK currently
runs its wealth management business on a competitor platform. This new
arrangement allows SEI to continue providing its current scope of technology
services to the new, larger organization. The conversion of First Horizon National
Corporation’s additional book of business is targeted to occur in 2021. TRUST
3000 is part of SEI’s Global Wealth Management Services business, comprised of
market-leading, innovative solutions designed to support the future growth of
investment and wealth managers globally.
“We are proud to extend and expand our 17-year relationship with First
Horizon National Corporation, a key strategic partner poised for faster growth
in the southeastern United States,” said Senior Vice President for North
America Private Banking at SEI. “Trust and collaboration with our client
partners are at the heart of what we do. Our ability to tailor the scope of
services and technology platforms to best suit First Horizon’s business needs
reflects our customized client approach, as well as our long-term focus on and
commitment to the wealth management industry.”
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Voya Financial (USA) Announces Regulatory Approval of Sale of Individual Life
Business and Other Closed Blocks
Voya Financial, Inc. announced that it and Resolution Life Group
Holdings (Resolution Life) have received all regulatory approvals
needed to complete the sale of Voya’s Individual Life and
non-retirement legacy annuities business to Resolution Life. As
previously announced, the transaction is expected to close on Jan.
4, 2021. Voya also announced that it intends to enter into an
accelerated share repurchase (ASR) agreement with a third-party
financial institution before the end of the year, under which it will
repurchase approximately $150 million of its common stock. The
initial delivery of shares under the ASR would take place in the
fourth quarter of 2020, with final settlement during the first
quarter of 2021.
“We are pleased to have received regulatory approval of the
Individual Life transaction,” said Jr., chairman and chief
executive officer, Voya Financial, Inc. “Thanks to the
commitment of employees at both companies, we have already
completed the operational and financial requirements needed
to close the transaction and ensure a smooth transition for our
customers. We look forward to working with Resolution Life
over the coming days to prepare for closing the transaction on
Jan. 4.”
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Fiserv (USA) Enhances Digital Experiences with Acquisition of Ondot
Fiserv, Inc. a leading global provider of financial services technology solutions, announced that it has
signed a definitive agreement to acquire Ondot Systems, Inc. (“Ondot”), a leading digital experience
platform for financial institutions. The transaction will further expand Fiserv digital capabilities,
enhancing its suite of integrated solutions to enable clients of all sizes to deliver frictionless,
digital-first and personalized experiences to their consumers. Founded in 2011, Ondot processes more
than 1 billion transactions per month and provides digital capabilities for over 30 million cards. Fiserv
plans to further develop the Ondot platform’s unique interplay between real-time authorization, user
context, and artificial intelligence (“AI”) to engage users in-the-moment – before, during and after
transactions. With the integration of Ondot, Fiserv will help clients accelerate digital customer
acquisition, drive digital commerce, increase card activation and usage, reduce service costs, and
engage contextually in moments that matter – all via ready-made solutions for clients. For example,
cardholders can benefit from instant card issuance and usage, as well as unprecedented visibility into
purchases through enriched transaction information and actionable insights to spend smarter.
Chargebacks and customer service calls are frequently the result of a cardholder not recognizing a
transaction. Data enrichment from Ondot organizes and identifies transaction and merchant data,
allowing customers to more easily recognize their purchases and understand their spending patterns,
resulting in higher engagement and fewer service calls and disputes. With these holistic
consumer-facing experiences and client-facing tools, card issuers can deliver modern digital card
services quickly on top of their existing processing infrastructure.
“The importance of digital has accelerated and consumers are increasingly turning to online and
mobile banking, as well as contactless payments experiences,” said President and Chief
Executive Officer of Fiserv. “By combining Ondot and Fiserv capabilities at scale, we plan to
provide our clients with a unified digital experience, spanning card-based payments, digital
banking platforms, core banking, and merchant solutions, enabling them to deliver best-in-class
solutions that continue to reduce friction for their customers. We look forward to welcoming the
talented Ondot team to the Fiserv family as we continue to help our clients deliver innovative
ways for their customers to actively manage their financial lives – at the point of thought.”
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Aon (UK) Launches Digital Cyber Insurance for Small and Middle
Market Businesses
26
Solution Description
Aon plc a leading global professional services firm providing a broad range of risk, retirement and health solutions, announced the
launch of a digital insurance solution for small and middle market businesses. With this new offering, businesses across a wide
spectrum of industries can go through the full end-to-end process of buying and managing cyber and professional liability insurance
online. They also have access to an insurance specialist to walk through the application process and coverage details. This digital
insurance solution is designed for any business generating up to $100 million in annual revenue across sectors including retail,
technology, professional services, manufacturing, and more. The new offering builds on other insurance products that Aon has
recently introduced to middle market businesses, providing clients with access to a seamless platform to help manage all of their
insurance coverages under this offering in one place. By leveraging CoverWallet, the insurtech startup Aon acquired in January 2020,
Aon is further expanding the solutions and services it provides to 30 million small and medium-sized U.S. businesses. New and
existing clients now benefit from a dedicated team for small and middle market businesses, a user-friendly digital platform, and
self-service tools.

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BlackRock (USA) Unveils New Offering to Power Investors’ Transition to
Net Zero Emissions
27
Building on BlackRock’s strength in risk management through the Aladdin platform, BlackRock announced it has created Aladdin Climate to meet the urgent
need among financial institutions and investors to quantify climate risk in their portfolios as the physical toll of climate change mounts and the global
transition to net zero emissions accelerates. Aladdin Climate is the first software application to offer investors measures of both the physical risk of climate
change and the transition risk to a low-carbon economy on portfolios with climate-adjusted security valuations and risk metrics. Using Aladdin Climate,
investors can now analyze climate risk and opportunities at the security level and measure the impact of policy changes, technology, and energy supply on
specific investments. Aladdin Climate is initially available as an add-on for existing Aladdin clients globally with asset class coverage rolled out gradually
over the course of 2021. Investors have long highlighted the need for improved ESG data to increase sustainable investing strategies. Now, the dramatic
growth in relevant corporate disclosures and unstructured data has created unprecedented opportunities to enhance climate analytics. More than 85% of S&P
500 companies disclose ESG data, compared to 20% ten years ago and Sustainability Accounting Standards Board’s (SASB) disclosures have increased
288% since January. More and more organizations seek to report on climate risk, whether for mandatory stress tests or voluntary disclosures such as the Task
Force on Climate-related Financial Disclosures (TCFD) recommendations, but have lacked tools that quantify climate risk. Aladdin Climate will help clients
stress test investments to estimate how they might perform in different climate scenarios like those outlined in the Paris Agreement.

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HKEX (Hong Kong) Launches STAGE, its Sustainable and Green
Exchange
28
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. STAGE
is also an online repository of green and sustainable finance resources, promoting market education, knowledge sharing and stakeholder engagement in sustainable finance. This
extensive, and growing resources library providing case studies, webcast videos, guidance materials, research papers and other publications aim to help market participants
enrich their understanding of sustainable finance, green products, ESG integration and sustainable investing. HKEX is working closely with local, regional and international
partners to further expand the available content on STAGE.

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Intercontinental Exchange (USA) Becomes First Venue to Launch SONIA
Options
29
Intercontinental Exchange, Inc. a leading operator of global exchanges and clearing houses and provider of mortgage technology,
data and listings services, announces the launch of Options and Mid-Curve Options based on Three Month SONIA Index Futures.
Since launching one month SONIA futures in December 2017 and three month SONIA futures in June 2018, cumulative volume in
the contracts is equivalent to more than £13 trillion notional. Open interest stands at a record 112,723 contracts in three month SONIA
futures, with open interest out to June 2026. ICE SONIA futures trade alongside Three Month Sterling (“Short Sterling”) futures and
options. Open interest in Short Sterling stands at more than 17.6m contracts, and Sterling futures recently hit a record of 4.87m. Other
alternative reference rate futures available on ICE include one month and three month SOFR futures, €STR futures and SARON
futures. “ICE is where the market comes to hedge its exposure to Sterling-related interest rate risk and SONIA Options provide
another tool to help the market transition from LIBOR® and manage nonlinear risk,” said Global Head of Financial Derivatives at
ICE. “Throughout 2020, open interest in SONIA futures has grown three fold as increasing parts of the market utilize SONIA to
express their views on, and manage, UK interest rate risk.”

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ICE Data Services (USA) Launches Premium Hosting Services
30
Intercontinental Exchange, Inc. a leading operator of global exchanges and clearing houses and provider of mortgage technology,
data and listings services, announced the launch of its premium hosting services and its managed services offering with Netrix. ICE’s
global data center footprint already allows its customers to host or collocate their equipment in key trading centers across the United
States, Canada and Europe. This new offering builds on that infrastructure and provides customers with an end-to-end premium
hosting solution—including ultra-low-latency market access and managed infrastructure—as well as access to more than 150 capital
market venues and over 750 native market data feeds. Market participants will be able to meet their connectivity and hosting needs
in addition to gaining ultra-low-latency access to local market data and order entry. ICE is also offering private bandwidth to connect
to and from remote locations, as well as accurate timestamping services. The premium hosting and timing services are initially
launching in Aurora, Illinois; Frankfurt, Germany; and Basildon, UK, with additional sites to be added in 2021. Netrix, a specialist in
managed services and systems integration, will help customers augment or replace their existing trading infrastructure. Netrix
provides the complete stack of related services, including procurement, management, monitoring, support and specialized services.

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Intercontinental Exchange (USA) Launches 10 New MSCI® Index
Futures
31
Intercontinental Exchange, Inc. a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced the launch of
futures on an additional 10 MSCI Indices. Four of the MSCI Indices help market participants better understand the opportunities and risks associated with climate change and
transitioning to a low carbon economy. These new carbon- and climate-focused index futures capture exposure to large and mid-cap securities across developed countries and allow
investors to holistically integrate climate and carbon risk considerations into their investment process. The new carbon- and climate-focused MSCI Index futures include:
• MSCI World Low Carbon Leaders NTR Index Future (contract symbol WLC)
• MSCI World Low Carbon Target NTR Index Future (contract symbol WLT)
• MSCI Europe Climate Change NTR Index Future (contract symbol EU1)
• MSCI World Climate Change NTR Index Future (contract symbol WOW)
This launch further expands ICE’s offering of MSCI ESG Futures, which comprises six MSCI ESG Leaders Futures and the MSCI USA Climate Change Futures. ICE is also listing
futures on a new index developed by MSCI in conjunction with ICE and market participants, the MSCI China Technology DR and P-Chip NTR Index Futures (contract symbol CHT).
The index aims to track the performance of a set of Chinese companies represented by Depository Receipts and P Chips that generate revenue from technology-related activities. ICE
is also listing futures on an additional four MSCI country-specific indices, which allow market participants to efficiently hedge or gain exposure to indices that capture large and
mid-cap companies in Australia, Malaysia, Thailand and Hong Kong, and one regional index, the MSCI Kokusai GTR Index, denominated in Japanese Yen, also known as the MSCI
World ex Japan Index.

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Macquarie (Australia) to establish Asia FX trading hub in Singapore
32
Macquarie Commodities and Global Markets (“Macquarie”) announced plans to establish an Asia FX pricing engine in Singapore. The centralized FX
hub will enhance Macquarie’s digital offering and allow it to better service its clients across the Asia Pacific region. Locally hosted liquidity will allow
customers optimal access to various developed and emerging regional markets including Australia, Singapore, Japan, China, Taiwan, Korea and India.
The APAC pricing hub is an extension of CGM’s global digital trading platform ‘Aurora’, which allows clients real-time access to Macquarie’s broad
suite of products and services. Aurora enables clients to interact with CGM electronically and offers a customized solution to their trading, hedging and
operational requirements. Aurora is being developed in partnership with Celer Technologies, a fintech company that specializes in digital product
delivery and electronic trading, demonstrating Macquarie’s innovative approach to technology adoption and commitment to ensuring an optimal client
experience. The new Asia FX pricing engine will be consuming local liquidity and is expected to be launched for clients in Q1 2021. It will be
Macquarie’s third FX trading hub globally following the establishment of infrastructure in London and New York. Commodities and Global Markets
has been active in Asia for more than 25 years, with major operations in Australia, Singapore, China and Japan. CGM partners with its clients on
opportunities across global markets including equities, fixed income, foreign exchange, commodities and technology, media and telecoms. Its diverse
platform provides access to more than 200 products across more than 30 market segments in 43 locations globally.

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Mastercard, TSYS and Extend Launch Mobile Virtual Card Solution for
Commercial Clients
33
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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SEI (USA) Unveils Enhanced User Interface for the Archway Platform
34
SEI announced a newly redesigned user interface (UI) for the Archway PlatformSM. The latest version of the Archway Platform features marked improvements
to its underlying front-end technology, enabling the continued roll-out of large-scale innovations that extend the platform’s existing capabilities and introduce a
diverse range of future features and functionality. As the next generation of wealth becomes more involved in family office technology selections, SEI Family
Office Services determined a new UI as an opportunity to rethink the way the Archway Platform engages its users. Enhancements include an overall refresh of the
platform’s front-end technology and appearance, the introduction of new branding and personalization options for clients, streamlined favorite and default settings
for most-used tools, simplified enterprise and entity navigation selection, and an improved mobile experience for end-client reporting. SEI’s Archway Platform and
suite of family office services are leveraged by hundreds of family offices and high-net-worth families. The platform has been repeatedly recognized as a best
accounting technology solution for family offices. Most recently, the Archway Platform was recognized as the operations and reporting engine behind the
award-winning SEI Family Office Services outsourced service suite, which includes outsourced consolidated client reporting, portfolio reconciliation, partnership
accounting and bill payment. SEI Family Office Services is a division of SEI focused on delivering technology and technology-enabled services to family offices,
including seven of the top 15 wealthiest American families, and financial institutions serving ultra-high-net-worth families. The Family Office Services division is
part of SEI’s Global Wealth Management Services business, comprised of market-leading, innovative solutions designed to support the future growth of investment
and wealth managers globally.

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Pacific Premier Trust to Convert Wealth Business to SEI (USA) Wealth
Platform
35
SEI announced that Pacific Premier Trust, a division of Pacific Premier Bank, will convert their wealth business to the SEI Wealth PlatformSM
(SWP). Pacific Premier Trust will also benefit from SEI’s comprehensive integration strategy, including an extensive API offering and an
ecosystem of web services geared toward wealth and asset management markets. SWP is a fully-integrated, single-infrastructure technology
solution that enables organizational transformation, provides front-, middle-, and back-office services and supports an end-to-end, advanced digital
experience for wealth management organizations and their clients. Another key driver in Pacific Premier Trust’s decision was SEI’s vast expertise
in outsourcing as a leading 30-year provider of investment processing back-office services. Although Pacific Premier Trust currently runs their
business on a competitor’s technology platform, they have always run their operations in house. This will be Pacific Premier Trust’s first time
outsourcing any part of their back office. The conversion of Pacific Premier Trust’s wealth business to SWP is targeted to occur in the first half of
2021. SWP is part of SEI’s Global Wealth Management Services business, comprised of market-leading, innovative solutions designed to support
the future growth of investment and wealth managers globally. Pacific Premier Trust joins more than 50 other SEI clients across the industry
utilizing SWP as a core technology and infrastructure to grow and modernize their wealth management businesses.

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State Street (USA) Launches Cloud-Native Alpha Data Platform for
Institutional and Wealth Managers
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State Street Corporation launched its State Street AlphaSM Data Platform, an end-to-end data management and warehouse solution for
institutional investment and wealth managers. The platform enables clients to seamlessly assemble and access investment data spanning
internal and third-party services across their investment processes. It provides access to front office data in near real-time, and
incorporates data catalog and visualization capabilities that result in higher quality data, while reducing cost and accelerating decision
making. State Street Alpha leverages the product and engineering capabilities of Charles River Development and State Street supported
by global service delivery teams ensuring cross- region business resiliency. The Alpha Data Platform connects to data from multiple
sources, including Snowflake® Data Marketplace, to deliver timely insights while simplifying the user experience for both assembling
and consuming this information. The Alpha Data Platform’s open architecture system, enabled by Snowflake and operated by expert data
stewards, allows clients to leverage any number of critical capabilities or services within the platform, together with their own systems
and preferred partners. The interoperable Alpha Data Platform will also serve as the foundation for the next stage of development for
Alpha’s new solutions for cash and position management and performance measurement.

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Paychex (USA) Offers HR Management Solutions Through New
Integration with Clover
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Business owners using the popular Clover® platform from Fiserv, Inc. a leading global provider of payments and financial services technology
solutions, are now able to streamline payroll and time & attendance management with Paychex, Inc. a leading provider of HR, payroll, benefits, and
insurance solutions. Small business retailers using Clover integrated with Paychex Flex®, now available through the Clover App Market, can more
efficiently manage the essential tasks of payroll, staffing, time tracking, and scheduling while helping save time, increase accuracy, and reduce cost.
The Paychex app for Clover provides small business owners with payroll and time & attendance solutions within a single application. The app enables
employees to punch in and out from Clover point of sale devices to the Paychex Flex platform, arming merchants with sophisticated functionality and
business insights like an employee status board, absent notifications, and labor cost control through time management tools. This strategic alignment
allows Clover retailers to join the more than 680,000 clients already leveraging the Paychex platform for HR, payroll, and benefits. This integration will
increase cross-selling opportunities for both companies and significantly enhance the client experience for shared customers. To help businesses remain
as competitive as possible in this challenging business environment, Congress has passed the Federal Coronavirus Stimulus Package and Fiscal Budget.
Pending presidential approval, the provisions of the legislation expand Paycheck Protection Program (PPP) relief, including extending loan forgiveness
to cover, subject to certain specific limitations, expenses such as payroll and HR software, and other expenses essential to the operations of the business.

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B3 (Brazil) is elected for the second consecutive year the stock exchange
of the year by the Global Investor Group
38
The B3 was elected for the second consecutive year, the Global Exchange of the Year by FOW Awards 2020 organized
awards for 11 years by the magazine Futures and Options World (FOW), published by Global Investor Group, the
leading communications group specializing in hedging the UK capital and derivatives market. Last year, B3 was also
chosen as the stock exchange of the year for the award, which was previously unheard of for a Latin American stock
exchange. Every year, the best and most innovative bags from the Americas, Europe, Asia, Africa and Oceania are
awarded. In order to choose the winners in each category, FOW's editorial team draws up a short list , which is
submitted for the evaluation of a panel of experts from various sectors of the financial and capital markets. Each judge
ranks competitors on technical and objective criteria, and the results are weighted. To ensure the integrity of the award
process, no editorial member of FOW or Global Investor Group participates in the evaluation process.
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B3(Brazil) receives Brazil's first international gold ETF
39
B3 started trading, last Monday (14), the third international ETF and the first gold ETF in Brazil. GOLD11, which invests
in shares of an ETF from abroad, in this case BlackRock's iShares Gold Trust (IAU), listed on the American stock
exchange NYSE, which replicates the performance of the theoretical asset portfolio of the LBMA Gold Price index. The
product developed by XP Inc., has its shares traded at B3 in a similar way to shares. However, when acquiring such quotas,
the investor, indirectly, holds all the assets that make up the LBMA's theoretical portfolio. In this way, GOLD11 provides
more efficiency to investors seeking diversification in the sector. GOLD11 offers a number of advantages to investors,
such as liquidity - since it can be traded on the stock exchange and can be bought and sold as if it were a stock -
diversification - with just one transaction the ETF provides investment in a varied portfolio of assets - and transparency -
with the daily disclosure of the composition of the index portfolio and price formation on the stock exchange.
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B3 (Brazil) receives the first international ETF linked to a Chinese index
40
B3 started trading (21) the fourth international ETF and first linked to a Chinese index. XINA11 aims to replicate the
performance of the theoretical asset portfolio of the MSCI China index. The product, developed by XP Inc., has its shares
traded on B3 in a similar way to shares. However, when acquiring such quotas, the investor indirectly holds all the assets that
make up the theoretical portfolio of MSCI China. In this way, XINA11 provides more efficiency to investors seeking
diversification in the sector. XINA11 offers a number of advantages to investors, such as liquidity, since it can be traded on
the stock exchange and can be bought and sold as if it were a stock; diversification, since with just one transaction the ETF
provides investment in a varied portfolio of assets; and transparency, as it has daily disclosure of the composition of the index
portfolio and price formation on the stock exchange. “Geographic diversification with exposure to Asian stocks is the great
differential of this product, which becomes part of the range of possibilities available to investors at B3”, explains director of
Relationship with Customers and Individuals at the Brazilian stock exchange.
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Fubon Financial Holdings (Taiwan) awarded by CDP for lead in climate
change, first local insurer to win prestigious award
41
Fubon Financial made it onto CDP's prestigious Climate A-list for the first time. According to CDP (formerly the Carbon Disclosure Project), just 7% of companies scored an “A” for
their sustainability efforts in tackling climate change. Fubon Financial continued its award-winning streak in environmental, social, and governance (ESG) performance to become
Taiwan’s first insurer on CDP's A-List, underscoring the financial influence of the company and its accomplishments towards carbon-neutrality amid climate change. CDP, a leading
non-profit ratings organization, rates the ESG performance of over 2,900 companies annually. On December 8, CDP unveiled its 2020 Climate A-list, in which just four of 12
Taiwanese financial services providers made the cut, including Fubon Financial, the only insurer on the list. Internally, Fubon Financial achieved 144% of its 2019 carbon reduction
goal—an annual decrease in electricity usage of 2,066 kWh—one of the top three readings locally. Its ambitious renewable and sustainable energy developments included: 1)
installation of a wind power generation system in a building on Dunhua South Road in Taipei; and 2) installation of rooftop photovoltaic (PV) systems in five other buildings. As of
November 11, Fubon Financial had received 11 Taiwan Renewable Energy Certificates. Tapping into growth opportunities in climate change, Fubon Financial has ramped up its green
financial developments. Notably, its low-carbon financial products and services lowered carbon emissions by 534,035 tons in 2019, equivalent to the carbon absorbed annually by
1,380 parks similar in size to Daan Park. Fubon Financial started implementing plans based on Climate-Related Financial Disclosures (TCFD) recommendations in 2018, before
endorsing them in September 2019. In 2020, the company enhanced its ESG development plans with a dual-track system—submission of climate change plans to both an audit
committee and an ESG committee—before making presentations to board members. Fubon Financial also conducts an annual climate-change risk and opportunity assessment as part
of its corporate social responsibility roadmap. In 2020, the company completed most of this assessment for its buildings, including evaluation and review of carbon-intensive
businesses engaged in domestic investments and loans. Fubon Financial will continue with its risk management as a benchmark firm leading the local financial services industry
towards carbon-neutrality.
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Startups recognize Grupo SURA for its efforts in driving the innovation
and entrepreneurship ecosystem in Latin America
42
For the fifth consecutive year, Startups from around the world were asked to name the companies that they consider to be
more actively promoting entrepreneurship as well as the development and innovation ecosystem in different parts of the
planet. This year, Grupo SURA obtained the highest of these recommendations with respect to Latin America. These awards,
sponsored by the European Commission of Startups, in alliance with the International Chamber of Commerce (ICC) and the
innovation advisory firm “Mind the Bridge”, are aimed at encouraging greater support on the part of both private and public
sectors for new business ideas that effectively energize the entrepreneurship ecosystem in various markets. One of the ways
in which Grupo SURA is driving the innovation ecosystem throughout the Latin American region is by creating new
companies such as Viliv and Nubloq, which are helping to form collaborative networks between all kinds of organizations, no
matter their size and the industry to which they belong. Similarly, our holding company has invested in other companies that
are coming up with new disruptive solutions in the fintech, insurtech and healthtech segments.
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A-Team Group Recognizes ICE Data Services (USA) as Best Pricing and
Valuations Data Provider
43
Intercontinental Exchange, Inc. a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings
services, announced that ICE Data Services was recognized as best pricing and valuations data provider in the A-Team Group’s 2020 Data
Management Insight Awards. These awards are given based on reader nominations and voting, and recognize outstanding performance by market
data service providers and consultants. ICE Data Services’ pricing, analytics and market data service provides critical insights into fixed income,
equity and derivatives markets for front-, middle- and back-office market participants. ICE offers independent end-of-day and intraday evaluated
pricing on approximately 3 million fixed income and other illiquid securities, including hard-to-value, thinly-traded fixed income issues. The
company’s suite of analytics tools, including Best Execution, ICE Liquidity Indicators and ICE Portfolio Analytics, help customers measure best
execution, analyze liquidity, manage credit risk, value securities and price derivatives. ICE Data Services’ evaluated pricing is also used as the
primary source for ICE’s global family of over 5,000 fixed income indices, which serve as performance benchmarks for over $1 trillion in assets
managed by investors around the world. In addition to pricing and analytics, ICE Data Services offers reference data on millions of financial
instruments covering more than 210 markets. ICE’s recently-launched ESG reference data service offers detailed ESG attributes and indicators to
help customers identify risks and opportunities in globally listed corporations.
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Kaisa Wins “Best Investor Relations Team Award” by The Asset
44
Kaisa Group Holdings Limited (“Kaisa” or the “Company”, SEHK stock code: 1638, which together with its subsidiaries, is referred to as the
“Group”), a property developer established in Shenzhen with a countrywide foothold in China, is pleased to announce that the Group has won the
“Best Investor Relations Team Award” at “The Asset ESG Corporate Awards 2020” organized by The Asset, the renowned international asset
management and investment magazine. The award recognized Kaisa’s Investor Relations team’s effort made and the effectiveness shown in
closely communicating with the market under the pandemic. Organized by The Asset, the “The Asset ESG Corporate Awards 2020 - Best Investor
Relations Team Award” aims to acknowledge the importance of providing an efficient interface between a company and its investors and analysts.
The investor relations teams were evaluated in terms of their day-to-day achievements, the troubleshooting capabilities and initiatives they have
taken to enhance the interactivities with investors through new online channels such as social media communications. Only ten companies were
awarded the honor in this year’s assessment. In response to the social distancing and travel restrictions under the pandemic, the Group promptly
and proactively conveyed corporate updates via online channels; launched an IR WeChat mini program to enables easy access to company
information on mobile; and make use of virtual tours to showcase the Group’s new projects to investors who are unable to go to the Mainland China
in-person, to help investors timely grasping the Company’s situation and facilitate comprehensive investment decisions.
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Macquarie Equities Research (Australia) Asia wins 12 awards in Refinitiv
StarMine Analyst Awards 2020
45
Macquarie Group (“Macquarie”) Equities Research Asia received 12 awards in the Refinitiv StarMine Analyst Awards
2020 across Hong Kong, China and Asia. The Refinitiv StarMine Analyst Awards are recognised as the gold standard in
objective measurement of sell-side analyst performance. For more than 25 years, Macquarie's Equity Research Asia has
delivered diversified knowledge, breakthrough ideas and sector themes for our institutional clients. Our dedicated team
covers more than 900 stocks across Asia in 13 markets. Outside of Asia, our coverage is complemented internationally by
our specialised teams in the US and Australia, and partnerships with Kepler Cheuvreux in Europe. Based on StarMine
methodology, the awards recognise the world’s top individual sell-side analysts and sell-side firms. The awards measure
the performance of sell-side analysts based on the returns of their buy/sell recommendations relative to industry
benchmarks and the accuracy of their earnings estimates in 14 regions across the globe.
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Mastercard (USA) Wins First Place in Global 2020 Corporate Startup
Stars Awards, Start Path Named World’s Best Accelerator
46
Mastercard has won first place in the 2020 global Corporate Startup Stars Awards and its Start Path startup engagement program has
been recognized as the World’s Best Corporate Accelerator. The prestigious prize is a partnership between the innovation advisory
firm Mind the Bridge and the International Chamber of Commerce (ICC). The awards, announced at a virtual ceremony hosted by
Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, recognizes the world’s most active
corporations working with startups and best practices in corporate-startup collaboration. Mastercard earned recognition for the
advancement of its Start Path program, helping fintech innovators around the world scale their business and deliver transformative
solutions. Through the Start Path program, startups have an opportunity to connect with partners in Mastercard’s global ecosystem of
banks and merchants as well as technology and digital players. With more than 250 startups in the network since its founding in 2014,
Start Path companies have gone on to raise more than $3 billion in post-program capital. Mastercard would like to extend
congratulations to all of the companies from around the world who have been recognized by the Corporate Startup Stars and
Corporate Startup Accelerator Awards to drive innovation across industries.
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Nomura (Japan) Makes CDPA List for Leadership on Climate Change
47
Nomura Holdings, Inc. announced that the CDP1 has named the firm to its 2020 Climate Change A List, recognizing Nomura as a
global leader on climate change initiatives and information disclosure. Nomura was one of 5,800 companies worldwide evaluated by
the CDP this year, and one of 270 companies globally, including 53 Japanese companies, named to the prestigious A List. Companies
are assessed on their efforts to tackle climate change and ranked in one of eight levels from A to D-.Nomura's management vision is
to achieve sustainable growth by helping resolve social issues. In keeping with this vision, Nomura Group is committed to delivering
financial services that contribute to a sustainable world. By underwriting green bonds, Nomura supports clients' need for climate
change related financing as well as providing financial solutions. In addition, Nomura Asset Management promotes sustainable
investment. Nomura is actively engaged in ESG and SDG activities as part of its efforts to "Drive Sustainability." Nomura's selection
to the CDP's A List recognizes such initiatives and the firm's proactive approach to information disclosure. Nomura will continue
working to create an affluent society and contribute to sustainable economic growth.
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Nomura's Joint Research Papers with Preferred Networks Selected by
AAAI and AAMAS
48
Nomura Holdings, Inc. and Nomura Asset Management Co., Ltd., the core company within the Asset Management Division of Nomura Group,
announced that some of the findings of their joint research with Preferred Networks, Inc. (PFN) on investment methods have been selected by
prestigious AI academic conferences AAAI (Association for the Advancement of Artificial Intelligence) and AAMAS1 (International Conference on
Autonomous Agents and Multiagent Systems). The three companies have been conducting research on advanced investment methods since October
2019. Nomura aims to leverage the findings of this joint research to launch a fund. The asset management industry has been actively pursuing research
on new investment methods using machine learning and data science. Despite the tremendous amount of research presented at academic conferences
each year, very few of these methods have been implemented in the asset management business. To improve investment performance, it is critical that
investment methods provide practical solutions in addition to being cutting edge. Nomura Group has for many years developed various quantitative
methods to address investment business issues based on its knowledge of financial engineering and data science. PFN develops practical applications
using machine learning, deep learning and other advanced technologies to help solve issues specific to various industries, such as automated driving
and cancer treatment. To provide clients with more investment opportunities and added value, Nomura has started discussions with PFN towards
creating a fund that makes full use of AI and other technologies, including the results of their joint research.
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Raymond James (USA) Recognized with Two M&AAdvisor Turnaround
Awards
49
Raymond James Investment Banking received industry honors during the virtual 14th annual M&A Advisor Turnaround Awards
presented last month. The Raymond James Recapitalization & Restructuring team was recognized this year with two deal-of-the-year
awards.
• Distressed M&A Deal of the Year (Over $100MM) for the sale of Payment Alliance International to Further Global Capital
Management by Mike Pokrassa of the Recapitalization & Restructuring team and Steve Hufford of the Technology & Services
Investment Banking team
• Out-of-Court Restructuring of the Year (Over $100MM) for the acquisition of Black Box Corporation by AGC Networks by Geoffrey
Richards of the Recapitalization & Restructuring team and Dru Rushing of the Technology & Services Investment Banking team
These awards add to the year-over-year recognition of the Raymond James Recapitalization & Restructuring group. The team has
received two deal-of-the-year awards for three consecutive years. Moreover, in 2015 and 2016, the team was selected as Investment
Banking Firm of the Year by The M&AAdvisor.
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Raymond James (USA) recognized with The Bond Buyer’s Deal of the
Year award
50
Raymond James Public Finance/Debt Investment Banking received industry honors during The Bond Buyer’s 19th Annual
Deal of the Year Awards for their role in the California Health Facilities Financing Authority’s inaugural No Place Like Home
program bond issuance. Raymond James served as bookrunning joint senior manager with Citi for the $500 million sale of
taxable revenue bonds issued by the California Health Facilities Financing Authority. This was the first installment of
California’s $2 billion bond authorization for the No Place Like Home program, which will fund permanent supportive
housing for persons who are in need of mental health services and are homeless or at risk of homelessness. For nearly 20
years, The Bond Buyer has been identifying and recognizing the nation’s leading municipal finance transactions and the
professionals behind them with their Deal of the Year award. The editorial board considers a range of factors when judging
entries, including: creativity, the ability to pull a complex transaction together under challenging conditions, the ability to
serve as a model for other financings and the public purpose for which a deal’s proceeds were used.
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Schroders (UK) awarded ‘Advanced’ recognition in Morningstar ESG
Commitment Level Assessment
51
Morningstar, a leading provider of independent investment research, has awarded Schroders with ‘Advanced’
recognition in its first assessment report following the introduction of the Morningstar ESG Commitment level. This
ranking expresses Morningstar’s analysts’ assessments of individual strategies and asset managers’ determination to
incorporate ESG factors into their investment processes and organisations. It is assigned to both strategies and asset
managers according to a four-tier scale; ‘Leader’, ‘Advanced’, ‘Basic’, and ‘Low’. In its first evaluation report of more
than one 100 strategies and 40 asset managers, Schroders’ was awarded an ‘Advanced’ level due to the firm’s ongoing
commitment to ESG integration and the strong vision of Group Chief Executive, which has played a central role in
enhancing the firm’s focus on ESG and its investment in excellent resources and research.
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Schroders (UK) joins the global Valuable 500 Initiative to address disability
inclusion across global businesses
52
Schroders is proud to announce that it has joined the Valuable 500 Initiative; the largest network of global chief
executives determined to embed disability inclusion throughout the whole business supply chain. The Valuable 500
Initiative, launched in 2019, aims to bring disability inclusion to the forefront of the diversity and inclusion agenda and
raise awareness amongst business leaders around how disability is valued and represented within business., the
Valuable 500 encompasses fifty five sectors, with over 12.8 million employees and reaches across thirty one countries.
This development follows the recent news that Schroders’ became one of the first signatories and founding partners of
Change the Race Ratio. Both initiatives demonstrate Schroders resolute commitment to advocating for greater
diversity and inclusion across all businesses.
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SEI (USA) Wins 2020 Canada Lipper Fund Award from Refinitiv
53
SEI Investments Canada Company (SEI Canada) announced that the SEI U.S. High Yield Bond Class F Fund was awarded a
2020 Canada Lipper Fund Award from Refinitiv as the “Best Fund Over 10 Years in the High Yield Fixed Income” category.
Presented annually, the awards highlight funds and fund companies that have excelled in delivering consistently strong
risk-adjusted performance relative to their peers. The SEI U.S. High Yield Bond Class F Fund provides a high level of total
return by investing in high-yield fixed income securities issued primarily by United States corporations. Performance for the
unhedged version of Class F units of the SEI U.S. High Yield Bond Fund for the period ended November, 30, 2020, is as
follows: 3.5% (1 year), 4.8% (3 year), 5.9% (5 year), and 8.4% (10 year). Performance shown is for Class F units, net of the
Fund's management fees payable to SEI. Performance does not reflect any advisory fees that may be payable to the dealer.
SEI Investments Canada Company, a wholly owned subsidiary of SEI Investments Company, is the Manager of the SEI Funds
in Canada.
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State Street’s (USA) PAM® Named the Best Portfolio Accounting
Platform at the Annual Buy-Side Technology Awards 2020
54
State Street Corporation announced the recognition of its accounting solutions and software, PAM®, at the Annual Buy-Side Technology Awards 2020. The awards, launched in 2007 by
WatersTechnology, highlight the technologies and services available to global investment management firms to help them manage every aspect of their day-to-day operations, from portfolio
management and execution to risk management, performance, accounting, and client and regulatory reporting. The insurance industry faces a flurry of changes as insurers target new asset
classes and redesign operating models. They are looking to harmonize their data landscape and balance the external compliance drivers with the benefits of platform modernization, business
intelligence and powerful analytics. PAM helps insurers aggregate data, integrate workflows, and eliminate redundant costs. It helps insurers discover new insights from their vast data stores,
equip the business with real-time portfolio views, and benefit from automated back-office functionality. State Street is committed to continual investment in PAM, to improve its core
architecture for integration, performance, scalability, security, quality and cloud readiness. The core capabilities that set PAM apart in this award category were:
• Broad asset class coverage that eliminates the reliance on multiple and manual systems
• Ability to meet regulatory reporting and compliance requirements across global jurisdictions
• In-depth cash and security processing, with simplified and automated workflows
• Data provided in real time, with on-demand analysis and instant access to reports
• Flexible multi-basis accounting methodologies
• Versatile deployment options to minimize technology spend and operational risk
• Robust security and business continuity programs, with highly secure data centers
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