The Bank of New York has been appointed by Great West Life & Annuity Insurance Company to provide custody, insurance trust and securities lending services for approximately $8.5 billion of invested assets. The assets represent those of Canada Life's former
Singapore Exchange Limited (SGX) and index provider FTSE Group (FTSE) have signed a memorandum of understanding (MOU) to explore the creation of internationally recognised indices for the Singapore and regional markets. Under the MOU, SGX and FTSE will undertake a
Bank Austria Creditanstalt (BA CA) has purchased Hebros Bank in Bulgaria. The bank, which was created through the merger of eight state owned banks in 1993, is being sold by SWC BV and SWR Investments, both independent investment management companies.
Standard and Poor's has assigned the Republic of Serbia credit ratings for the first time in its history. S&P gave Serbia a long term sovereign credit rating of 'B+' and a short term sovereign credit rating of 'B.' Furthermore, S&P
Thomson Financial has entered into an agreement with BNY Brokerage Inc. to integrate its Direct Execution Services (DEx) equity trading platform with Thomson AutEx. Powered by the BNY Brokerage SonicSuite of services, DEx will provide Thomson AutEx clients with direct
The Hungarian Cabinet decided yesterday not to increase capital gains tax (CGT) from 0% to 25%. Both the main opposition party and the smaller coalition party SZDSZ voted to remove the CGT increase from the proposed tax law.
ING is buying the Canadian non life insurance business of German insurer Allianz for $370 million, funded by floating part of its ING Canada unit. The IPO prospectus for ING Canada which the Dutch insurer is using to pay for
Pershing Limited has been selected by Rensburg Investment Management Limited to support its private client business. Under the agreement, The Bank of New York subsidiary will provide a complete front to back solution, including an integrated portfolio management tool and
London based City Consultants has merged with DCE Consultants. "It is a new strategic relationship and will produce an even stronger, more far reaching management consulting firm for the financial services industry," says a spokesman for City Consultants. "The merged
The rising Canadian dollar was bad news for balanced pension funds in Canada in the third quarter. Currency losses on foreign investments largely erased market gains at home, according to a survey just released by BENCHMARK, the investment analytics arm