FILE PHOTO: Jeffrey Smith, CEO of Starboard Value LP speaks during an interview on CNBC on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 22, 2019. REUTERS/Brendan McDermid
April 16, 2019
BOSTON (Reuters) – Activist investment firm Starboard Value has taken a new position in KAR Auction Services, the firm’s founder Jeffrey Smith said at a conference on Tuesday.
He called the company’s valuation “compelling” at the 13D Monitor Active-Passive Summit.
(Reporting by Svea Herbst-Bayliss)
FILE PHOTO: The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong March 8, 2013. REUTERS/Bobby Yip
April 16, 2019
LONDON (Reuters) – Short positioning on European equities was seen as the “most crowded trade” for the second straight month in April, a fund manager survey by Bank of America Merrill Lynch found on Tuesday.
Trade war was the biggest tail risk, according to the survey of 187 investors with $547 billion assets under management, while growth worries dominated.
Some 66 percent of investors see a “low growth, low inflation” backdrop – the highest level since October 2016.
While an inversion of the U.S. yield curve led many to predict an imminent recession, the survey found 70 percent of investors expect a global recession to start only in the second half of 2020.
A volte-face by the U.S. Federal Reserve on rate hikes helped drive stocks up this year. In the latest survey, a slim majority of investors said the U.S. Federal Reserve will not hike interest rates again during this cycle.
Allocation to global bank stocks fell to the lowest level since September 2016 – a reflection of investors’ wariness of the sector which suffers when interest rates stay lower for longer.
(Reporting by Helen Reid)
FILE PHOTO: The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong March 8, 2013. REUTERS/Bobby Yip/File Photo
April 12, 2019
HONG KONG (Reuters) – Bank of America Merrill Lynch appointed Joseph Fayyad and Tamao Sasada as country executives of Australia and Japan, respectively, an internal memo seen by Reuters said.
Sasada will also become president and representative director of Merrill Lynch Japan Securities, according to the memo. She takes over from Jiro Seguchi, who was named co-president of Asia Pacific in January.
Fayyad will retain his existing role as head of Australia investment banking and takes over from Kevin Skelton. Meanwhile, Skelton will take up a newly-created role as chairman of Australia.
Fayyad has over 20 years of investment banking experience in Australia, while Sasada has worked in investment banking since joining the firm in 1998.
The changes are first major moves made by Seguchi and Jin Su since they were named co-heads for the Asia Pacific business.
Reiko Hayashi has also been appointed deputy president of Merrill Lynch Japan Securities and a director of the board, according to the memo. Hayashi will oversee interactions with regulators and government departments and ensure good governance is in place across the franchise.
The memo was sent by Seguchi and Su.
(Reporting by Julia Fioretti; Editing by Uttaresh.V)