Investor Services

London, 21 May 2013: BCS Financial Group (‘BCS’), an independent Russian financial institution, has appointed Dipak Rajani and Timur Salikov to its sales and research teams. Dipak joins as Director of International Prime Brokerage Sales while Timur comes on board as a Senior Oil and Gas Analyst.

Dipak has extensive knowledge of prime brokerage and electronic execution products. Prior to this role, he spent five years as Head of Prime Brokerage Execution Sales at BNP Paribas, where he was responsible for its Global Execution Services division.

Previously Dipak was was Head of UK, Benelux and Iberia for the Institutional Senior Sales Team at E*TRADE Securities. He has also held various positions at SunGard, BNY Mellon and Dresdner Kleinwort Benson Securities. Dipak will work alongside Tim Bevan to develop its customer base.

Timur joins from Morgan Stanley where he worked for four years, most recently as co-Head of the bank’s CEEMEA Oil and Gas Research Team in London. Prior to this, he worked in the Investment Banking Division at Deutsche Bank.

Yossi Dayan, Head of Markets at BCS Financial Group commented:

“Both Dipak and Timur have a wealth of experience and knowledge. We look forward to having them on board. These hand-picked appointments highlight our commitment to growing the firm’s prime brokerage, efficient execution and quantitative research offerings, in order to meet client demand and increase our market share.”

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Notes to Editors

About BCS Financial Group

BCS Financial Group (‘BCS’) is an independent Russian financial institution providing a full range of services to both institutional and retail clients. The business has a near 20-year heritage and now runs brokerage, banking, asset management, custody and consulting businesses through more than 100 offices and agency points in Russia and abroad.

For more information visit www.bcsprime.com

Press Contact

Adam Honeysett-Watts/ Simren Priestley

Hume Brophy

+44 (0)20 3440 5656

bcs@humebrophy.com

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Data reliability poses an increasing regulatory and reputational risk to asset managers as data is maintained rather than managed

SimCorp, a leading provider of investment management solutions and services for the global financial services industry, has released a paper from integrated investment management consultancy Investit titled, “Data governance: key contributor to successful data management strategy.” The paper notes that by permeating data governance throughout an organisation, buy-side firms can ensure good quality data at every level and positively impact the bottom line.

“Investment management firms are starting to grasp the importance of defining and establishing a governance framework to ensure delivery of a cost-effective, flexible, scalable and sustainable data management solution,” explains John Robertshaw, author of the paper and principal within Investit’s Operations Practice. Data governance can be a major contributor to aligning and improving an enterprise-wide dialogue in data.”

Citing that many firms invest substantially in IT infrastructure systems, the paper explains that few adopt the holistic view required to extract value from the data these technology investments are meant to harness, manage and govern. In terms of benefits, good data governance:

Improves enterprise-wide performance of data management

• Applies good practice management of a firm’s data assets
• Instils overall confidence in the integrity and quality of data
• Lessens risk through use of data quality control mechanisms
• Eases regulatory compliance through good quality data

According to Marc Schröter, head of strategic research at SimCorp, “Ultimately, a well-formulated data governance program drives transparency for buy-side firms and can be a significant differentiator. In today’s disparate system landscape, data accessibility and quality are major obstacles, especially when generating up-to-date and accurate client reports. Considering the industry’s increasing regulatory environment as well, asset managers must ensure enterprise-wide data quality and control.”

For further details, please download the full paper here.

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Enquiries regarding this announcement should be addressed to:
Susan Peter, SimCorp North America, +1 917-546-4654

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About SimCorp

Since 1971, SimCorp has been providing investment and portfolio management solutions and services to the world’s leading investment managers, asset managers, fund managers, fund administrators, pension funds, insurance funds and wealth managers. SimCorp’s world-class software provides global financial organisations with the tools they need to mitigate risk, reduce cost and enable growth. SimCorp is a global company, regionally covering all of Europe, North America and Asia Pacific. Listed on the NASDAQ OMX Copenhagen, SimCorp is dedicated to supporting the global investment management industry, its clients and its investors. For more information about SimCorp’s products, please visit www.simcorp.com/product.

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SimCorp, a leading provider of investment management solutions and services for the global financial services industry, today announced that Nordea Investment Management has gone live with new broker strategy functionality in SimCorp Dimension, with ten brokers. This has simplified the asset manager’s trading environment and made trading operations more efficient.

The broker strategy functionality is a new component in SimCorp Dimension’s Order Manager solution. It is based on taking industry standard FIXatdl files from brokers and directly rendering the relevant strategies on to the order ticket in SimCorp Dimension. This direct use of FIXatdl allows new or updated strategies from brokers to be made available to traders quickly and easily without any need for software updates. It places SimCorp at the cutting edge of broker strategy support.

Per Møller, global head of trading at Nordea Investment Management, recognises the efficiency advantages: "Placing trades via FIX to execute broker algos directly from the SimCorp Dimension Order Manager blotter is quick and easy. We now have Tier-1 broker strategies embedded into our core STP order execution and post-trade processes, so there is no real need for other equity EMSs. Our traders can effectively execute increasing volumes this way, leaving them more time to work illiquid or special stocks.”

An additional benefit for SimCorp’s clients is that since orders are created from within SimCorp Dimension and the strategies are incorporated there too, a full audit trail of orders and associated strategy usage is retained. Strategy names are saved on related transactions so that this information can also be used in post-trade transaction cost analysis and other middle and back office related processes.

Any broker which uses FIXatdl can be supported by the new functionality. The brokers currently live with Nordea Investment Management include: BofA Merrill Lynch; Barclays; Deutsche Bank; Goldman Sachs; JP Morgan; Knight Capital; Morgan Stanley; Sanford Bernstein; and UBS.

Extensive verification of the new functionality has been of paramount importance. The testing of the process and first live usage has been via the London Stock Exchange FIX Gateway ‘LSE Hub’. Katherine Lachelin, product manager of the ‘LSE Hub’, says: “The broker strategies involved have been individually tested by SimCorp and the relevant brokers across the LSE Hub to ensure a rapid implementation and lower ongoing costs for our mutual clients. We are pleased to see the first client live, which shows that executing orders via broker strategies works seamlessly from SimCorp Dimension and over our network.”

SimCorp expects to make strategies available to traders from further brokers, including one more in Q2 2013. As new brokers come on board, or as brokers update or devise new algorithms, SimCorp will work in partnership with them, managing and certifying the testing of the FIXatdl files. This certification service provides SimCorp clients with an assured, out-of-the-box solution that gives them fast and hassle-free access to the brokers’ strategies that they desire to use.

2013 is set to exceed 2012 issuance for Natural Peril Catastrophe Bond Market

As the tenacious search for yield continues, uncorrelated alternative assets such as insurance-linked securities (ILS) have become even more desirable, with the opening quarter of 2013 showing growth of over 2%* on the ILS index.

Despite controversy around investing in catastrophe bonds, which saw near record issuance in 2012, traditional reinsurers struggled to raise rates during the same time, as the market remained well-capitalised. With many insurance agreements up for renewal, some industry experts are predicting that ILS' share of the non-life catastrophe reinsurance market will double by 2017.

The latest Insurance-Linked Securities for Institutional Investors report from Clear Path Analysis looks at what is attracting investors and the challenges to consider when looking at these assets.

Michael Stahel, Partner at LGT Capital Partners looks at the industry potential: “The current market for non-life catastrophe reinsurance capacity is about $180 billion; essentially the total capacity purchased in the reinsurance industry by primary insurance companies. Of this, the pure non-life cat bond market is roughly $14 billion, but add to that the $15 billion collateralised insurance market and it brings the total close to $30 billion. We believe that this number can grow considerably over the next 5-10 years and as a result, up to a third of the entire market around $50-60 billion of capacity, may be provided by investors by 2017.”

“There is no question that there is interest from investors to bring more capital to catastrophe risk as Investors are searching for assets that are not correlated to stocks or bonds,” remarks Greg Hagood, Founding Principal at Nephila Capital. “Activity in the private transaction market place has picked up noticeably since the financial crisis in 2008 as insurers are more sensitive to the embedded credit risk in a traditional reinsurance transaction.”

Dr Gero Michel, Chief Risk Officer** and Head of Risk Analytics at Montpellier Reinsurance (Blue Capital) contemplates the scope for generating long term profit within the catastrophe and reinsurance market: “The market will be profitable because the insurance market depends on catastrophe reinsurance; and no other line requires similar levels of capital to stay afloat. Not only this, large losses trigger capital shortages which are followed by premium, price increases and capital influx. For these reasons, catastrophe reinsurance in general is unlikely to follow the fate of other reinsurance lines which have remained in deficit for years.”

Looking at recent industry trends; Liz Frederick, Director of ILS Insurance Management at Aon Captive & Insurance Management adds: “The number of state-backed insurers that have come to market recently has increased, which is intriguing especially from an administrator’s perspective. It’s interesting to see what areas of the industry are attracted to the ILS market and who utilises the products and this will hopefully lead to further new cedants entering the market.”

Cory Anger, Managing Director at Guy Carpenter Securities points out: “2013 is currently on pace to exceed 2012 as sponsors continue to embrace the effectiveness of capital markets-based protection in their risk management programs. Conservative institutional asset managers, the custodians of trillions of dollars of investable assets, have largely accepted catastrophe risk as a component of mainstream investment strategy.”

Investment in ILS is considered to be complex and investors need to understand the risks associated with the non-correlated asset class. Dirk Lohman, Managing Partner and Chairman at Secquaero notes that: “Investing is difficult business – even for professionals. When one is confronted with a myriad of choices, there is a tendency to default towards certain key metrics when comparing multiple products all seemingly operating in the same space. Thus, it’s vital for investors to have a full risk distribution of potential outcomes for the investments being contemplated”

A clear educational process is required for explaining the structures and costs associated with accessing the market and Luca Albertini, CEO at Leadenhall Capital Partners warns “There are many risk considerations to be made when investing in ILS. In our opinion, the different types of risks embedded in the sector require a combination of insurance, structured finance and trading expertise as material inflow of capital into the sector has caused some volatility in generating mark to market gains for existing investors”.

Notes to Editors

Press Contact

Andrew Gates

Hume Brophy

+44 (0)20 3440 5656

clearpathanalysis@humebrophy.com 

#TradeTech Europe, 17 April 2013: BCS Prime Brokerage Limited (‘BCS’), an independent financial institution, has appointed John Barker and Edward Golosov to its Board. Mr Barker and Mr Golosov join existing Executive Directors Rizwan Kayani and Vitaliy Shelikhovskiy.  

John Barker joins as a Non-Executive Director bringing more than 20 years of management experience in financial markets, including regulated brokers, banks and electronic trading platforms to the firm.

Prior to this role, John was the Chief Executive and Managing Director of Liquidnet Europe Ltd. He was also Head of International with responsibility for driving revenue across Asia, Canada and the move into Latin America.  John was intrinsic in the building of Liquidnet’s European platform, and for eight years he was also responsible for compliance as its MLRO. Previously he had held various senior management positions at Tokyo-Mitsubishi International Plc, Deutsche Bank and Instinet Global Services Ltd. Roles included Head of Operations, Head of Trade Support and managing the membership of multiple exchanges, clearing and settlement systems.

One of the founding partners of BCS Financial Group, Edward Golosov, has rejoined as an Executive Director. Having setup the firm’s domestic and international brokerage as well as asset management operations back in 1995, he now brings more than 17 years of experience in financial markets, including brokerage, investment banking and asset management to a broad base of clients. He will be responsible for product development across a range of businesses as BCS continues its expansion across Russia and into the UK.

Prior to re-joining Edward was with Barclays Capital Fund Solutions from 2006 to 2011. His last role was Global Head of Structuring and Origination. While there he pioneered the use of sophisticated statistical techniques in the investment and risk management processes, as well as originating and developing a number of flagship strategies.  Previously Edward was with Merrill Lynch for more than six years – most recently in the European Equity Derivative Structuring Group in London, and before that in the Global Structured Product Group of Global Debt Markets in both New York and Sydney.

Roman Lokhov, CEO of Global Markets and Investment Banking at BCS Financial Group commented:

BCS has been hand-picking professionals from selected market participants and vendors in order to drive business expansion and to increase our market share.  BCS Financial Group welcomes John and Edward, who bring a wealth of experience to our colleagues in London. We look forward to working with them as they assist in the expansion of our international business.

Notes to Editors

About BCS Financial Group

BCS Financial Group (‘BCS’) is an independent Russian financial institution providing a full range of services to both institutional and retail clients. The business has a near 20-year heritage and now runs brokerage, banking, asset management, custody and consulting businesses through more than 100 offices and agency points in Russia and abroad.

For more information visit www.bcsprime.com

Press Contacts:

Adam Honeysett-Watts or Simren Priestley

Hume Brophy

+44 (0)20 3440 5656

bcs@humebrophy.com