Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

The combined monetary policy outlook suggests that Japanese megabanks’ window of US middle market acquisitions is limited, even despite the current “perfect storm” of conditions in the respective sectors.

The combined monetary policy outlook suggests that Japanese megabanks’ window of US middle market acquisitions is limited, even despite the current “perfect storm” of conditions in the respective sectors.

Fed, BOJ Could Rain on the Megabank Middle Market Acquisition Parade

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Non-farm payroll employment came in much higher than market expectations with 287,000 jobs being added in June 2016 compared to an average addition of 148,400 jobs in the first five months of 2016. Over the past 3 months (April-June 2016), job gains have averaged 147,000 per month. The payrolls number for May 2016 was revised down from 38,000 to 11,000 and the number for April 2016 was revised up from 123,000 to 144,000.The unemployment rate increased to 4.9% in June 2016, up from 4.7% in May…

Non-farm payroll employment came in much higher than market expectations with 287,000 jobs being added in June 2016 compared to an average addition of 148,400 jobs in the first five months of 2016. Over the past 3 months (April-June 2016), job gains have averaged 147,000 per month. The payrolls number for May 2016 was revised down from 38,000 to 11,000 and the number for April 2016 was revised up from 123,000 to 144,000.The unemployment rate increased to 4.9% in June 2016, up from 4.7% in May…

US: Non-Farm Payrolls Surge, Beating Market Expectations

Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

WK 23: Mon 6 Jun 2016. (As always thoughts/comments welcome…)Global Macro Take: WK 23 – RBA, RBNZ but really all about US Bonds<ul><li>Market will continue to digest the huge NFP miss 38k a vs. 160k e, with implications into the USD &amp; the Fed</li><li>Yellen’s round table today on Economic Outlook &amp; Monetary Policy will be heavily watched</li><li>Busy week on the central bank front with decisions due out from the like of RBA, RBI, RBNZ &amp; that’s just a taste…</li><li>US bonds, the consensus long trade it seems, what (if anything) are real rates telling us? Nobody seems to believe in US inflation</li></ul>

WK 23: Mon 6 Jun 2016. (As always thoughts/comments welcome…)Global Macro Take: WK 23 – RBA, RBNZ but really all about US BondsMarket will continue to digest the huge NFP miss 38k a vs. 160k e, with implications into the USD &amp; the FedYellen’s round table today on Economic Outlook &amp; Monetary Policy will be heavily watchedBusy week on the central bank front with decisions due out from the like of RBA, RBI, RBNZ &amp; that’s just a taste…US bonds, the consensus long trade it seems, what (if anything) are real rates telling us? Nobody seems to believe in US inflation

TGIM! @KVP_Macro - WK 23. Mon 6 Jun. The Global Macro Take: RBA, RBNZ but Really All About US Bonds

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

For the past several years, the U.S. Department of Labor (the “DOL”) has been in the process of revising the “investment advice” regulations that govern “fiduciary” status under the Employee Retirement Income Security Act of 1974 (“ERISA”). Revising these ERISA rules has been a high priority of President Obama’s administration for quite some time, and was the centerpiece of a policy speech by the President on February 23, 2015. These rules had not been meaningfully revised since 1975, notwithstanding the dramatic shift in the retirement market from defined benefit plans to defined contribution plans (such as “401(k)” plans) and individual retirement accounts (“IRAs”).

For the past several years, the U.S. Department of Labor (the “DOL”) has been in the process of revising the “investment advice” regulations that govern “fiduciary” status under the Employee Retirement Income Security Act of 1974 (“ERISA”). Revising these ERISA rules has been a high priority of President Obama’s administration for quite some time, and was the centerpiece of a policy speech by the President on February 23, 2015. These rules had not been meaningfully revised since 1975, notwithstanding the dramatic shift in the retirement market from defined benefit plans to defined contribution plans (such as “401(k)” plans) and individual retirement accounts (“IRAs”).

The Brave New Fiduciary World Has Arrived - Has the Department of Labor Found a More Ideal Balance?

<ul>
<li>There has been buzz in the tax and private equity communities about the rise in audits of private equity firms by the Internal Revenue Service (“IRS”).</li>
<li>This has been fuelled by the restructuring of the IRS’ Large Business &amp; International group, a report by the Government Accountability Office analyzing IRS audits of “large” partnerships, and public statements by IRS officials of the IRS’ intent to apply more resources to audits of partnerships, “mid-market” companies and high net worth…</li>
</ul>


There has been buzz in the tax and private equity communities about the rise in audits of private equity firms by the Internal Revenue Service (“IRS”).
This has been fuelled by the restructuring of the IRS’ Large Business &amp; International group, a report by the Government Accountability Office analyzing IRS audits of “large” partnerships, and public statements by IRS officials of the IRS’ intent to apply more resources to audits of partnerships, “mid-market” companies and high net worth…


Partnership Audits of Private Equity Firms on the Rise

United States

First Citizens BancShares, Inc. is the holding company for First-Citizens Bank & Trust Company and Ironstone Bank.  First-Citizens serves North Carolina, Virginia, and West Virginia.  Ironstone operates in Georgia, North Carolina, and Florida.

Huntington Bancshares Incorporated is a multi-state bank holding company.  The Company's subsidiaries provide full-service commercial and consumer banking services, mortgage banking services, automobile financing, equipment leasing, investment management, trust services, brokerage services, customized insurance service programs, and other financial products and services.

M&T Bank Corporation is a bank holding company. The Company, through its banking subsidiaries, offer a variety of commercial banking, trust, and investment services to their customers.  M&T Bank operates branch offices in New York, Maryland, Pennsylvania, Delaware, New Jersey, Virginia, West Virginia and the District of Columbia.

Regions Financial Corporation is a regional multi-bank holding company.  The Company provides mortgage banking, credit life insurance, leasing, commercial accounts receivable factoring, specialty mortgage financing, and securities brokerage services.  Regions provides banking services throughout the South, Midwest, and Eastern United States.

Citizens Financial Group Inc. provides a full range of commercial banking services for retail and Institutional customers. The Bank offers consumer loans, commercial loans, mortgage loans, deposit products, internet banking, and trust services.

KeyCorp is a financial services holding company.  The Company provides a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services to individual, corporate and institutional clients.

First Horizon National Corporation, through its subsidiaries, provides a range of financial services. The Company offers a variety of commercial banking services and also conducts mortgage banking, capital markets, and transaction processing.

East West Bancorp, Inc. is the holding company for East-West Bank.  The Bank is a commercial bank specializing in commercial, construction, and real estate lending as well as financing international trade.  East-West operates throughout Los Angeles, Orange, San Francisco and Santa Clara counties.

Western Alliance Bancorp is a multi-bank holding company.  The Company provides a full range of banking and related services to businesses and consumers in Nevada, Arizona, and California.

Webster Financial Corporation is a bank holding company. The Company's banking subsidiary provides a wide range of financial services to individuals, families, and businesses throughout southern New England and eastern New York State. Webster provides business and consumer banking, mortgage lending, financial planning, trust and investment services, as well as Internet banking.

Hang Seng Bank Limited and its subsidiaries provide banking and related financial services.

Standard Chartered PLC is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.

BOC Hong Kong (Holdings) Limited provides a comprehensive range of financial products and services to retail and corporate customers.  Its products include retail banking, corporate banking, and treasury services.  The Company operates its branches in Hong Kong and China.

CTBC Financial Holding Company Ltd. is a holding company.  Through its subsidiaries, the Company provides a variety of banking and financial services, including deposit, loan, guarantee, international banking, trust banking, credit card, investment banking, safety deposit box, and Internet banking services.

PT Bank Mandiri (Persero) Tbk is formed by the merger of four state-owned banks, namely Pt Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Import Indonesia (Bank Exim), PT Bank Pembangunan Indonesia (Bank Bapindo). The Bank operates in the commercial banking services.

Malayan Banking Berhad operates as a bank. The Company provides financial services such as insurance, asset management, stock broking, nominee services, venture capital, leasing, and Internet banking. Malayan Banking Berhad serves customers in South East Asia.

Ping An Bank Co Ltd provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

Shanghai Pudong Development Bank Co., Ltd. provides banking services. The Company provides loans, deposits, accounts settlement, foreign exchange, and other services. Shanghai Pudong Development Bank provides its services to individuals, companies, and other groups.

Shanghai Pudong Development Bank Co. (600000 CH)

Japan Post Bank Co. Ltd. provides general banking services. The Company offers deposits, savings, loans, currency exchange transactions, investment trusts, national bonds, and other related banking services to individuals and businesses. Japan Post Bank also provides other financial services such as insurance agency and financing service.

Fifth Third Bancorp is a diversified financial services company that operates banking centers in the Midwestern and Southeastern regions of the United States. The Company's principal businesses include retail banking, commercial banking, investment advisory, and data processing.

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Fifth Third Ban (FITB US)

Fed, BOJ Could Rain on the Megabank Middle Market Acquisition Parade

The combined monetary policy outlook suggests that Japanese megabanks’ window of US middle market acquisitions is limited, even despite the current...

Naomi Fink

US: Non-Farm Payrolls Surge, Beating Market Expectations

Non-farm payroll employment came in much higher than market expectations with 287,000 jobs being added in June 2016 compared to an average addition...

Rajan Govil

TGIM! @KVP_Macro - WK 23. Mon 6 Jun. The Global Macro Take: RBA, RBNZ but Really All About US Bonds

WK 23: Mon 6 Jun 2016. (As always thoughts/comments welcome…)Global Macro Take: WK 23 – RBA, RBNZ but really all about US Bonds Market will...

Kay Van-Petersen

The Brave New Fiduciary World Has Arrived - Has the Department of Labor Found a More Ideal Balance?

For the past several years, the U.S. Department of Labor (the “DOL”) has been in the process of revising the “investment advice” regulations that...

Dechert LLP

Partnership Audits of Private Equity Firms on the Rise

There has been buzz in the tax and private equity communities about the rise in audits of private equity firms by the Internal Revenue Service...

Dechert LLP

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