Managers of Wealth Americas

POBA to up co-investment with CalSTRS, Texas pension fund

POBA had committed $200 million to each JV.

Swedbank admits money laundering flaws, faces multiple U.S. probes

Swedbank has found itself caught up in a regional money laundering scandal originating with Danske Bank, which said last year that 200 billion euros ($223 billion) of suspicious funds moved through its Estonia branch between 2007 and 2015.

CIBC Asset Management announces changes to fund line-up

In contemplation of the termination, the Manager may make distributions prior to the Fund's Termination Date if this is deemed in the best interests of the Fund and its unitholders.

Ogier acts for BTG Pactual Reinsurance in insurance license application

BTG Pactual Reinsurance reinsures surety bonds and related insurance products written by its affiliates in Brazil.

Vermont Governor signs into law captive bill for 2019

Vermont Governor Phil Scott has signed into law a bill to tidy up and modernise parts of its captive insurance law as it enters its 2019 legislative session.

IRS launches captive campaign to ensure compliance with arm's length prices

The Internal Revenue Service has launched a compliance campaign to ensure US multinational companies are paying their captive service providers no more than arm's length prices.

China Delays Data-Onshoring Rules Until After US Trade Talks

The new regulations would require companies to localise data analytics processes in China.

Trial begins for Platinum Partners hedge fund honchos charged with bilking investors

Hein told jurors evidence would show how the trio lied about the fund’s health — knowing they were “strapped for cash” —so investors would keep throwing money in the pot.

New guidance clarifies aspects of the Opportunity Zone program

The proposed regulations clarify some of the substantive issues involving qualified opportunity funds

Brazil’s Petrobras revisits whistleblowers in wake of trading scandal

Company officials questioned the employees on how their complaints had been handled, said the people, who requested anonymity to discuss internal matters.

Michael Avenatti is accused of embezzling $2.5 million from an NBA player, report says

Avenatti was entitled to $1 million in legal fees, but instead took $2.5 million and put it toward a private jet, prosecutors alleged in an April 10 indictment by a California-based grand jury.

Investment adviser accused of soliciting millions in medical marijuana scheme

Altogether, Galvin’s office said, investors have “lost control of more than $8 million in assets, while seeing no returns on their investments.”

JPMorgan Analyst Says He Was a Victim of Mike Lynch Vendetta

Khan, who worked for JPMorgan’s Cazenove unit until 2011, was testifying on behalf of Hewlett Packard Enterprise Co. in its $5.1 billion suit against the British software founder.

Credit Suisse Notches Win Against Wells FA Who Alleged Fraud

The case appears to be the first in which Credit Suisse has prevailed against claims filed by dozens of its former U.S. brokers seeking to collect forfeited compensation or to walk away from promissory notes.

New Mountain Capital targets net lease sector

The investors include pension funds, insurance companies, asset managers, family offices, high net worth individuals and endowments. Limited Partners include new investors as well as existing investors.

Barclay’s provides $100 mln debt funding to Brex

Recently, the company has made significant enhancements to its financial and capital markets infrastructure including software upgrades and strategic financial hires from SoFi, PwC and Kraft Heinz.

UniCredit to Pay $1.3 Billion, Plead Guilty to US Sanctions Violations

UniCredit Group Banks Agree to Pay Over $1.3 Billion for Violating Sanctions

Hedge Fund Versus Manulife Saga Continues As Manager Files Appeal

A hedge fund investor in insurance policies from Manulife and other Canadian insurers is fighting a court decision that prevented it from taking full advantage of ‘90s-era contracts.

Rating Agency Says New Mexico Pension Woes Persist

An international credit rating agency says New Mexico's unfunded pension obligations to public employees continue to cast a shadow over government finances.

4th richest Czech billionaire Vitek sued for $3bn by NY hedge fund claiming fraud

The accusation is that they did so by concealing CPI’s real ownership stake in Orco to avoid having to make a mandatory offer.

Legal, Regulation & Compliance