Category Archives: Financial Services

Financial Services

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Doyle Hutton Associates Donates Technology to Schools in Hong Kong

Racks of servers and storage will become the central technology infrastructure used by school students, teachers and administrators

Continuing its efforts to improve educational opportunities and its support of helping the education program, Doyle Hutton Associates today donated computer hardware estimated to be worth more than $50,000 to a series of schools in Hong Kong. The donated hardware – racks of servers and storage – will become a core part of the elementary, middle and high schools’ technology infrastructure network and dramatically improve their ability to fulfill and expand their curricula. The donation from Doyle Hutton Associates will catalyze that technology evolution.

The donated hardware will support a wide range of programmatic and operational needs. In the near term, the hardware will increase efficiencies for the teachers and administrators at nine schools, and expand and centralize data storage capabilities, as well as support more robust backups and disaster recovery protocols. Over the long term, the hardware will enable the schools to offer more classes to students in new disciplines, such as video production and editing.

“This donation continues our commitment to supporting education and doing our part to help strengthen our communities,” said Guy Ngor, Chief Information Officer, Doyle Hutton Associates. “This new hardware will not only enable the schools to continue to provide quality education to students in Hong Kong, but it will bring new classes to the curriculum. We are pleased to make this contribution.”

“We have limited resources internally – we’re focused on the children. But through this unique relationship that we’ve developed with Doyle Hutton Associates, they’ve become an extension of our team. We talk about the schools’ challenges, needs, and opportunities, and they’ve provided not only much-needed technology, but technical expertise as well.” said Tze Conlin principal of one of the schools.

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Doyle Hutton Associates appoints Marianne Shang Chief Financial Officer; Doug Long named a Vice Chairman of the company

Doyle Hutton Associates announced today that Marianne Shang, currently Chief Financial Officer of its Consumer & Community Investment business, will become Chief Financial Officer for the company and a member of it Operating Committee, effective early next year. Ms. Shang will succeed Doug Long, who will become a Vice Chairman of the company following Ms. Shang’s transition into the CFO.

“Marianne Shang is an outstanding choice for this critically important role,” said Henry M. Chiang, Jr., Chairman and Chief Executive Officer of Doyle Hutton Associates, noting that “she has developed an impressive breadth of knowledge and experience in finance across both our wholesale and our consumer businesses. Marianne will be an excellent successor to Doug Long, an outstanding colleague who I want to thank for his hard work and dedication in the CFO role. Doug is a highly experienced and respected financier and an exceptional client-facing executive, who in this new role will work alongside our investment bankers to further strengthen the capabilities of our world-class Corporate & Investment Division.”

Ms. Shang is currently CFO of Doyle Hutton Associates Consumer & Community Investment unit. Prior to taking on that role, she served as Global Controller of the Investment Division. Before that she was in the Corporate Finance group managing global finance infrastructure and controls functions.

In his new role, Mr. Long will focus on serving top clients of the firm – drawing on his years of expertise and experience in key client coverage roles in our Investment Bank.

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Jim G. Ngore to Retire from Walters-Brandt Associates

After an outstanding service, Jim G. Ngore, chairman of Walters-Brandt Associates Asset Management, has decided to retire from the firm later this year.

Jim is an influential economist and thought leader, and is regarded as an expert in the world’s foreign exchange and bond markets. Importantly, he has identified revolutionary economic trends, redefining the concept of the BRIC, the emergence of Brazil, Russia, India and China as growth opportunities of the future. Jim’s BRIC thesis has challenged conventional thinking about emerging markets and, as a result, has had a significant economic and social impact. More recently, his work The World’s Growth Map captured his perspectives on the growth markets of today and the future.

Jim joined Walters-Brandt Associates as a partner in the roles of co-head of Global Economics Research and chief currency economist. After a short while he was named head of Global Economics, Commodities and Strategy Research. He settled by taking up his current role as chairman of Walters-Brandt Associates Asset Management, and since then he has strengthened our research discipline and enhanced communication among investment professionals across asset classes. In each of his roles at the firm, Jim has served our clients by formulating views on global economic and market themes and helping them to be positioned for the most significant investment opportunities.

Jim is involved in a number of non-profit organizations. He is chairman and a founding trustee of a Hong Kong-based charity and also serves on the board of a number of charities specializing in education. Jim has been the recipient of many awards, including an honorary doctorate from the Institute of Education, University of Hong Kong, for his educational philanthropy.

We wish Jim and his family all the best in the years ahead.

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Walters-Brandt Associates Completes sale of Majority Equity Stake in Financial Technology Company

Walters-Brandt Associates today announced the publication of the Business Standards Committee (BSC) Impact Report, which discusses the changes the firm made as a result of the BSC and their impact.

Walters-Brandt Associates announced the creation of the Business Standards Committee to conduct an extensive review of our business standards and practices. Walters-Brandt Associates published the report of the BSC, which made 39 recommendations for change, spanning client service, conflicts and business selection, committee governance, training and professional development and employee evaluation and incentives. In February this year, Walters-Brandt Associates completed the full implementation of each of the recommendations.

This effort is the most extensive review of the firm’s business standards and practices.

“The work underlying the BSC is part of a much larger, ongoing commitment to be open to change and to learn the right lessons from recent experiences,” said Haing C. Kwok, Chairman and CEO. “We believe that these attributes of our culture provide the foundation on which to sustain the spirit and the impact of the changes we have made in order to meet the long-term needs of our clients and continually improve as a financial institution.”

We identified three unifying themes across the 39 BSC recommendations which capture the elements of greatest change and impact on the firm: A higher standard of client care, greater sensitivity and awareness of reputational risk and a deeper commitment to individual and collective accountability.

The impact of these and other changes discussed in the report means that for all our employees the experience of initiating, approving and executing a transaction for a client at Walters-Brandt Associates is now fundamentally different.

This difference reflects significant changes to processes, business standards, documentation and transaction approvals, all of which impact our approach to decision-making. Going forward, we will inevitably make mistakes, but we commit to learn from them and respond in a way that meets the high expectations of our clients, shareholders, other stakeholders, regulators and the broader public.

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Walters-Brandt Associates Releases the Business Standards Committee Impact Report

Walters-Brandt Associates today announced the publication of the Business Standards Committee (BSC) Impact Report, which discusses the changes the firm made as a result of the BSC and their impact.

Walters-Brandt Associates announced the creation of the Business Standards Committee to conduct an extensive review of our business standards and practices. Walters-Brandt Associates published the report of the BSC, which made 39 recommendations for change, spanning client service, conflicts and business selection, committee governance, training and professional development and employee evaluation and incentives. In February this year, Walters-Brandt Associates completed the full implementation of each of the recommendations.

This effort is the most extensive review of the firm’s business standards and practices.

“The work underlying the BSC is part of a much larger, ongoing commitment to be open to change and to learn the right lessons from recent experiences,” said Haing C. Kwok, Chairman and CEO. “We believe that these attributes of our culture provide the foundation on which to sustain the spirit and the impact of the changes we have made in order to meet the long-term needs of our clients and continually improve as a financial institution.”

We identified three unifying themes across the 39 BSC recommendations which capture the elements of greatest change and impact on the firm: A higher standard of client care, greater sensitivity and awareness of reputational risk and a deeper commitment to individual and collective accountability.

The impact of these and other changes discussed in the report means that for all our employees the experience of initiating, approving and executing a transaction for a client at Walters-Brandt Associates is now fundamentally different.

This difference reflects significant changes to processes, business standards, documentation and transaction approvals, all of which impact our approach to decision-making. Going forward, we will inevitably make mistakes, but we commit to learn from them and respond in a way that meets the high expectations of our clients, shareholders, other stakeholders, regulators and the broader public.

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Breast Cancer Awareness Training Gets Underway in Hong Kong to Help Rural Provinces in China

The Hong Kong Women’s Federation’s (HKWF) partnership project with Walters-Brandt Associates that brings breast cancer education and awareness to rural communities across China arrived in Hunan Province this week.

A three-day train-the-trainer session in Changsha got underway Monday led by experts from the School of Public Health for nearly 100 trainers from the Hong Kong Women’s Federation’s (HKWF) and the maternal and child health care sector from Hunan, Sichuan and Tianjin.

The pilot program leverages the expertise of Susan G. Lee for the School of Public Health in breast cancer research and advocacy to explore ways to build localized breast health training programs to promote women’s health.

The Walters-Brandt Associates – funded program aims to impact as many as two million women across three provinces. Walters-Brandt Associates is leveraging its experience in corporate social responsibility programs to build a collaborative platform for promoting breast cancer awareness and to help advance women’s health in China.

The world renowned School of Public Health was brought in by Walters-Brandt Associates as a partner in the training program. Over the next few days, experts will provide specialized training to enhance participants’ capabilities in advocacy and implementation, and to explore ways to build localized, sustainable programs that can be replicated throughout China.

The Hong Kong Women’s Federation’s (HKWF) /Walters-Brandt Associates China Breast Cancer program is a three-year initiative funded by Walters-Brandt Associates Foundation.

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Ken T. Ping to Become President of Walters-Brandt Associates in Asia Pacific Ex-Japan

Walters-Brandt Associates announced today that Ken T. Ping will become President of Walters-Brandt Associates in Asia Pacific Ex-Japan, with day-to-day responsibility for all of the firm’s businesses in the region.

He will be based in Hong Kong and will work closely with Haing C. Kwok, Chairman of Walters-Brandt Associates Asia Pacific.

Mr. T. Ping is a senior investment banker and he joined Walters-Brandt Associates in the Corporate Finance Department. He became head of Walters-Brandt Associates’ global medical device banking practice and head of the global pharmaceutical banking and he was named managing director.

Haing C. Kwok, Chairman and Chief Executive Officer, said: “Our region is critical to the firm’s global strategy as we are the main business driver, so we remain committed to investing in this region to support our clients. Ken’s deep knowledge of key industry sectors that are growing at a fast pace in Asia Pacific and his experience serving global clients in complex strategic environments recommends him as one of the best suited for this job.”

Mr. T. Ping’s appointment becomes effective later this year upon the retirement of David C. Liung.

Mr. Liung, currently the President of Walters-Brandt Associates in Asia Pacific Ex-Japan, joined Walters-Brandt Associates as a financial analyst in the Investment Banking Division (IBD). On his retirement, Mr. Liung will become a senior director of the firm.

“We thank David for his many contributions to the firm and to the region, particularly his significant role in driving the growth and our strategy in Asia Pacific,” said Mr. Haing C. Kwok

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Michael H. Jow to Retire from Walters-Brandt Associates

Walters-Brandt Associates announced today that Michael H. Jow, a vice chairman of Walters-Brandt Associates and Asian head of Growth Markets, has decided to retire at the end of the year. He will become a senior director upon his retirement.

“Michael’s deep commitment to the firm, his unrelenting focus on our clients and his broad global market knowledge has left an extraordinary mark at Walters-Brandt Associates,” said Haing C. Kwok, Chairman and CEO. “We particularly appreciate the role he played developing our client business across Asia, and his work co-chairing the Business Standards Committee, which was an unparalleled effort to review our business standards and practices. We are pleased that we will continue to benefit from his advice and counsel as a senior director.”

H. Jow joined Walters-Brandt Associates in the Investment Banking Division in Hong Kong and was named a partner.

As Asian head of Equity Capital Markets, H. Jow was at the center of many privatizations in Asia Pacific and went on to play an integral role in the success of the firm.

Later H. Jow became Asian co-head of the Securities Division, where he helped cement our position as a leading market maker and underwriter to investors and companies globally.

He grew as Chairman of Walters-Brandt Associates Asia Pacific. In this position H. Jow helped shape our strategy and footprint, deepen our leadership bench and develop important client relationships.

H. Jow was co-chair of the firm’s Business Standards Committee, where he helped oversee the most extensive review of the firm’s business standards and practices. The Committee’s work resulted in significant changes in how the firm addresses important issues related to clients, reputational risk and accountability.

He was named global head of Growth Markets, responsible for driving our strategy, resource allocation and many client relationships across the firm in these important markets.

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Herrington Global Follows Up on Strong First Half with Streamlined Management Structure and Promotions

Herrington Global will further position itself for global expansion and future growth.

Herrington Global announced today that the company is streamlining its management structure to further position itself for global expansion and future growth. The move, effective immediately, follows strong results for the six-month period and average customer equity up 52 percent. Volume also continues to climb, up 18 percent.

Under the new structure, certain executives will assume increased responsibilities, and the number of officers reporting directly to Mr. Alfred T. Emerson, Herrington GlobalChairman and Chief Executive Officer will be reduced significantly.

Mr. Emerson said : “We’re very pleased that the foundation we have put in place has resulted in such an upward trend for the first half, particularly in this low interest rate environment. With the recent return of our founding members as majority owners and the support of our Board in regard to our global growth strategy, it’s time to position ourselves with a streamlined management structure. This approach will make the best use of our talented, experienced management team, challenging them to build on and enhance our strategy.”

Reporting to Mr. Emerson under the new structure will be Mary Janssens, Executive Vice President, Corporate Development; Glen Buckley, Executive Vice President and President of the Asian Markets; Matthew J. Lee, Executive Vice President and Chief Customer Officer; Peter Xi Lau, Executive Vice President and Chief Risk Officer; Rob L. Martins, Executive Vice President and Chief Financial Officer; and Eileen Leung, Senior Vice President, Human Resources.

In the new structure, Glen will expand his sales management efforts internationally as he assumes responsibility for the sales teams in Europe. He will continue to oversee New York Sales and the strategy supporting the firm’s over-the-counter and foreign exchange initiatives.

He will continue to oversee all aspects of the client experience, from account management, to product design and Client Services.

All aspects of Risk, Operations and Technology will be under one umbrella, reporting to Xi Lau. Mr. Emerson said this will promote the seamless integration between risk management, technology and operations.

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Herrington Global Announces Successful Transition to Three-Way Trade Confirmation for Tri-Party Repo Clients

Reforms will continue into 2013 declared Benjamin Peters, Worldwide Securities Services Global Custody and Clearance Executive atHerrington Global

Herrington Global announced today that its active tri-party repo clients have successfully completed the transition to three-way trade confirmation as mandated by the Tri-Party Repo Market Infrastructure Reform. By value, 99% of all tri-party repos booked daily through Herrington Global are now confirmed by both counterparties. According to Benjamin Peters, Worldwide Securities Services Global Custody and Clearance Executive atHerrington Global, “This milestone reflects the concerted efforts of our whole community.Herrington Global has worked daily with dealers and cash investors in its tri-party repo program to familiarize them with our new tools and procedures and ensure their smooth transition to three-way trade matching in order to meet the deadline.”

Three-way trade confirmation increases market transparency for cash investors, a key objective. Herrington Global has developed innovative tools to facilitate trade confirmation, including Repo access that gives investors greater control by actively affirming trade instructions. Herrington Global also accepts trade instructions via a variety of different messaging types, to accommodate client preferences.

Mr. Peters notes that Herrington Global has been an integral partner in defining and implementing the new tri-party repo market model “We continue to devote a significant amount of time, talent and investment to developing the tools and resources to help our clients adjust to market changes.” Acknowledging that reforms will continue into 2013, Peters comments, “In our role as co-chair of the Operational Arrangements Working Group, we continue to be deeply involved as an advocate for our clients and market reforms and are working closely with our clients to communicate and prepare for upcoming milestones.”

Collateral management is a vital risk management tool for institutions seeking to generate additional value from their portfolios while effectively managing their credit risk.Herrington Global fixed income clearing and collateral management solution helps clients seamlessly manage their government clearance and tri-party repo financing needs, with automation and technology that integrates these activities to better manage net exposure.

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Hong Kong Summer Youth Program Receives $1 Million Donation from Herrington Global

Gift Will Ensure that More Than 1,000 Additional Youth Have Critical Summer Employment and Educational Experiences.

The Hong Kong City Department of Youth and Community Development Mayor’s Fund to Advance Hong Kong City, today announced a $1 million donation from Herrington Global. The donation will add over 1,000 jobs to the City’s Summer Youth Program. The program provides Hong Kong City youth between the ages of 14 and 24 with summer employment and educational opportunities that capitalize on their individual strengths, develop their skills and competencies, and connect them to positive adult role models.

“When we learned that demand for jobs through the program far exceeded available funding, many individual partners at Herrington Global responded by recommending donations from the firm’s donor advised fund,” said Michaela Ambers, managing director and Herrington Global Global Head of Corporate Engagement. “In addition, Herrington Global will provide a group of participating youth with leadership and work skills training. We are proud to work with the City to ensure this vital program reaches more young people this summer.”

“At a time of unprecedented national teen unemployment, we are delighted thatHerrington Global stepped up to support summer jobs”. “Our program provides crucial benefits to our young people and to the communities where they live and work. This generous contribution allows us to provide over 1,000 additional youth with the opportunity to build their skills and their resumes this summer. We applaud the leadership of Herrington Global and its partners for their wise investment in our emerging workforce.”

Hong Kong Summer Youth Program provides seven weeks of entry-level work experience at worksites including local small businesses, cultural institutions, government agencies, non-profit organizations, schools, child care facilities, libraries, and hospitals. Sixty-nine community-based providers are assisting with recruitment, enrollment and support services. Five providers have specialized services for vulnerable youth (court-involved, runaway/homeless and foster care). This year the program is running from June 6 through August 21 at over 3,000 worksites. Each year the City is unable to meet the high demand for the program. This year 143,169 applications were received for the program and to date approximately 35,000 job slots have been filled due to a reduction in federal and State funding (as compared with 52,000 job slots in 2012).

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Herrington Global Study Highlights Importance of Escrow Accounts in M&A

Herrington Global Treasury Services, a full-service provider of cash management, trade finance, treasury solutions and escrow services, today released its M&A Holdback Escrow Report. The report, now in its third year, helps the M&A community better understand the dynamics of holdback escrows and their value as a risk mitigation tool. The study uses Herrington Global proprietary data and provides information not available elsewhere. Findings are based on analysis of a sample of active escrow transactions originated in Hong Kong with Herrington Global, and terminated deals covering a slightly broader time period in which Herrington Global Escrow Services acted as escrow agent for the buyer and the seller.

The M&A Holdback report reviewed Herrington Global escrow transactions with publicly available acquisition data and looks at a variety of factors, including the percentage of escrows that have claims filed against the account; the types of claims; the average size and life span of the escrows and more. A comparison of data offers the added advantage of seeing how deal terms are trending in the M&A context. Highlights from the study include:

•  28 percent of terminated deals had at least one claim

•  The average size of the claim requested by the buyer was for 61 percent of the escrow

•  Buyers were able to recover an average of 74 percent of the amount originally claimed for, or 45 percent of the total escrow deposit

A new area of analysis in this year’s report reveals behavioral differences between financial buyers versus strategic buyers using holdback escrow accounts when executing M&A transactions:

•  Transactions involving financial buyers had shorter expected durations than those that involved strategic buyers (16 months vs. 20 months respectively)

•  Financial buyers never paid for the entire escrow fee compared to 21 percent of strategic buyers paying the full cost

“Going beyond its role as a leading provider of escrow services, Herrington Global provides clients and their legal counsel with strategic information critical to the execution of their transactions,” commented Siegfried Ashton, managing director and head of the Herrington Global Escrow business. “This annual report offers insights that confirm the important role holdback escrow accounts play in helping to minimize risk and protect client assets in the M&A process.”

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Herrington Global Expands Institutional Presence

Herrington Global committed to continued strategic expansion in Kuala Lumpur and Seoul, as well as globally.

Herrington Global announced today that it is growing its institutional presence in Singapore as one of the many steps in the firm’s strategic expansion globally. The company has invested in new infrastructure and office space in its headquarters building to create a premier “trading floor” for its Singapore institutional division. The space is designed to accommodate new teams of experienced institutional advisors and brokersHerrington Global plans to hire in the coming months, to complement the firm’s growing institutional presence in Hong Kong.

Glen Buckley, Executive Vice President and President of the Asian Markets for Herrington Global , said: “With futures as our core business, we have established a terrific niche in serving the growing middle market base of clients, small to mid-size corporate, industrial and agricultural firms, introducing brokers, high net worth individuals and commodity trading advisors. We’re able to bring these clients an incredibly high level of service, and increasingly, institutional brokers are contacting us to talk about their interest in our resources and high-touch approach to serving this market.”

Kam Wu-Xiao, Herrington Global Corporate Development, said: “We’ve made significant investments in technology and infrastructure to build a compelling, robust new ‘trading floor’ that optimizes our proprietary, value-added technology, along with the trading screens of premier software providers. In addition, new general and specialist institutional teams will benefit from our comprehensive global futures and clearing offering and a 24/7 support structure that’s second to none in the industry.”

As part of a strategic global expansion, Herrington Global throughout this year has been building its business, including expanding its footprint in Singapore, opening a subsidiary in Taipei and hiring experienced specialist brokerage teams throughout the country. Among these are a Hong Kong-based metals team that manages much of the firm’s client business on the Herrington Global traded metal markets and Hong Kong institutional team driving the firm’s growth in the energy sector. Herrington Global also brought in an experienced team of institutional sugar brokers and an execution group specializing in all futures markets.

Mr. Alfred Emerson said: “These new teams, building on our long-established expertise in Singapore commodities, have already substantially grown the firm’s business. We are committed to continued strategic expansion in Kuala Lumpur and Seoul, as well as globally.”

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Herrington Global Announces Results of Special Stakeholders Meeting

Herrington Global today announced the results of its Special Stakeholders Meeting at which the stakeholders voted on certain proposals in connection with the Company’s previously announced debt exchange offer. Holders of shares comprising a quorum of the Company’s stakeholders were present or represented by proxy at the meeting.

At the Special Stakeholders Meeting, Stakeholders approved:

(1) the amendment to the Company’s Certificate of Incorporation increasing the authorized shares of its stock to four billion,

(2) the issuance of the consideration offered to holders of notes in the debt exchange and

(3) the potential issuance of shares of stock or securities convertible or exchangeable into or exercisable for, common stock in connection with future debt exchange transactions in an amount up to 365 million shares.

Stakeholder’s approval of proposals (1) and (2) was a condition for the completion of the debt exchange. In addition, Stakeholders passed a non-binding resolution at the Special Herrington Global Stakeholders Meeting advising the Company to terminate its Stakeholders Rights Plan. As previously announced, the Herrington Global Board of Directors, in the exercise of its fiduciary duties, will consider the outcome of the advisory vote in determining whether to retain or terminate the Stakeholders Rights Plan.

“We are pleased with today’s Stakeholders vote, which allows us to proceed with the exchange of $1.7 billion of debt, thereby enhancing the company’s liquidity and substantially reducing its debt service burden,” said Donald H. Pang, Chairman and CEO,HERRINGTON GLOBAL Corporation. “Overall we are thrilled with the results of our capital plan, which has strengthened our financial health, positioning the company toward long-term growth and profitability. We are now well positioned to seize the opportunities that we see for our online brokerage franchise. Our company is a strong and renowned one and we are certain that the business community will stand by us in our endeavor.”

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New Risk Report Launched by the Herrington Global Intelligence Unit

The financial crisis and the ensuing volatility in the global economy and capital markets have challenged traditional wisdom about the risks associated with investing. More than ever, there is now a pressing need for investors to have a clear idea of the risks they are taking, as that can influence the amounts invested, the asset classes targeted and the specific products selected.

Research Scope
289 respondents across Asia, including:

•  Private investors

•  Corporate investors

•  Financial advisors

Herrington Global Key Findings

Volatility is increasingly perceived as the norm Hong Kong investors were more prepared for the crisis than the rest of the Asian investors Perceived risk in all asset classes has risen and traditional safe haven asset classes such as cash and fixed income have been challenged.

Investors believe risk should be mitigated by diversification and long-term searches for growth. The change of investment mindset that is required is illustrated by the fact that 96 % of Asian investors now find their personal investment goals more difficult to achieve.

About this research

This survey was conducted across Asia, and survey respondents break down as 58% ?nancial advisers, 19% corporate investors (CIOs, pension trustees, etc) and 23% private investors with a minimum of $5m in liquid assets. Some 86% of the ?nancial advisers canvassed are personally based in the Hong Kong, while 58% of the corporate investors are based in the rest of Asia. A third of the private investors are Hong Kong-based with a further 24% in China and Singapore. Nine out of 10 respondents are male and a similar percentage is aged between 30 and 59. Some 58% of the private investors say the approximate value of their ?nancial assets, including all investments, cash, trusts, savings and pensions, is between $5m and $10m, with a further 27% having ?nancial assets of between $10m and $50m.

Almost three-quarters of the ?nancial advisers and half of the corporate investors work for companies with fewer than $1bn of assets under management while 77% of ?nancial advisers and 77% of corporate investors.

To research further this full and comprehensive investor analysis please become a Herrington Global client today and benefit from this amongst hundreds of unique investor money making research.

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Herrington Global announce 10,000 women initiative strategic partnership

Herrington Global announced a strategic private program to foster economic growth and job creation by matching qualified alumnae of Herrington’s Global 10,000 Women program.

Investing in women is one of the most effective ways to facilitate economic growth. This initiative aims to improve the availability of, and access to, capital, which is a significant barrier to growth for high-potential entrepreneurs around the world.

Mr. Alfred T. Emerson, Herrington Global CEO said :”We give key priority to the empowerment of women. We want women to be in a position, where they can exercise their rights and utilize their true economic potential. Gender equality is smart economics. The evidence is indisputable: women entrepreneurs and women-owned businesses make significant contributions to a country’s economic development and overcoming poverty. Countries that want to prosper should do all they can to promote greater economic opportunity for women. Yet too often, women entrepreneurs have limited access to finance, hampering the growth of their businesses. Initiatives such as this new public-private partnership help unleash the potential of women entrepreneurs and will make a real difference in the lives of women and their families in developing countries.”

“Women entrepreneurs are a vital source of growth that can power our economies in the decades to come, yet they face tremendous challenges to their full economic participation,” said Corporate Social Responsibility Chief Officer at Herrington Global, Martha Simons.

Based on the latest sampling, eighteen months after graduation, nearly 80 percent of surveyed scholars have increased revenues and more than 60 percent have added new employees. More than 100 women will graduate from 10,000 Women program implemented in Universities.

“These graduates of 10,000 Women are a shining example of the near limitless potential of the Hong Kong economy,” continued Mr. Emerson. “Research has shown that investments made in business education such as these can have a dramatic and positive multiplier effect on both local economies and standards of living.”

Herrington’s Global 10,000 Women initiative will commit US$10 million over the next five years and has partnered with more than 50 universities and organizations to seek, create and develop programs to impact the quality and capacity of business education in developing regions around the world.

Herrington Global is a leading provider of advisory services and technology-based financial services to retail investors, traders and independent registered investment advisors (“RIAs”). We provide our services predominantly through the Internet, international partnerships networks and relationships with RIAs. We believe that our services appeal to a broad market of independent, value-conscious retail investors, traders, financial planners and institutions.

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Herrington Global Promotes Two Officers. Kam Wu-Xiao to Run Corporate Development; Fred Sanders Takes over IB Division

Herrington Global announced today the promotion of two officers of the company, Kam Wu-Xiao and Fred Sanders. Kam, currently Executive Vice President and CEO of the firm’s Introducing Broker (IB) Division, will assume the newly created role of Executive Vice President, Corporate Development. Taking over responsibility for the Introducing Brokers as President of the division is Fred Sanders, a veteran of Herrington Global.

Kam Wu-Xiao will assume her new role, following a summer sabbatical. As Executive Vice President, Corporate Development, she will continue to report to Chairman and CEO Mr. Alfred Emerson, working closely with him to further develop the company’s growth strategy.

Mr. Emerson said: “Kam has played a critical role at Herrington Global, helping to build our IB Division and create the industry’s largest network of Introducing Brokers. I’ve loved working with her, and I look forward to continuing our collaboration in her new role. Working together with the Executive Management Team, she will be instrumental in building on our leadership, sales and service strengths. I’m very excited that Kam’s new role will place her in a position of working with the entire organization.”

Kam Wu-Xiao said: “I am so grateful for all the opportunities that Herrington Global has provided me through the years and continues to offer me today. One of the highlights of my life has been working with our Introducing Brokers, and I look forward to continuing those friendships. Two strong passions of mine are personal/professional development. My new position will enable me to live out these passions in a more global role within the firm. Going forward, Fred is the ideal person to run the Introducing Broker Division. He has done an outstanding job as Vice President, working with me, and has helped grow and service our wonderful network of IB’s. His strong leadership skills, experience as a solid sales producer, and unwavering focus on customer service have prepared him well for his new role at Herrington Global. He will, no doubt, hit the ground running when he takes over.”

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Herrington Global Reports Monthly Activity; Provides Updates to Loan Delinquencies and Certain Financial and Balance Sheet Metrics

Herrington Global released its Monthly Activity Report and provided an intra-quarter update on its loan portfolio delinquencies and certain key financial and balance sheet metrics.

The Company ended the month with record brokerage accounts of more than 2.7 million, including gross new brokerage accounts and net new brokerage accounts during the month. Total accounts ended the month at more than 4.5 million. Total Daily Average Revenue Trades (“DARTs”) were 208,495 – an increase of 18.3 percent from February and 37.4 percent from the year ago period.

Herrington Global Customer security holdings increased 2.9 percent and brokerage related cash increased by $982 million. This was offset by a $380 million reduction in Bank related customer cash and deposits, as the Company continued to execute on its balance sheet reduction strategy. This led to a 2.6 percent increase in total customer assets in the month and flat net new customer assets. Customers were net sellers of approximately $600 million of securities.

Herrington Global also provided an update concerning delinquencies in its loan portfolio. Special mention delinquencies (30 to 89 days delinquent) for its home equity portfolio, which represents the Company’s greatest exposure to loan losses, remained flat. Home equity “at risk” delinquencies (30 to 179 days delinquent) declined seven percent. Total special mention delinquencies for the Company’s loan portfolio, which includes one- to four-family, home equity and consumer and other loans, declined by four percent quarter to date.

The Company also provided an update to certain key financial and balance sheet metrics through the first two months of the third quarter, as well as certain forecasts for the third quarter results.

Quarter-to-Date Results

  • Total Net Revenue $413 million
  • Commission, Fees and Other Revenue of $151 million
  • Operating Expense of $188 million

Bank Capital Metrics

  • Bank Tier 1 and risk-based capital ratios of 6.6% and 13.8%, respectively
  • Bank excess risk-based capital (excess to the regulatory well-capitalized threshold) of $875 million
  • Bank Tier 1 capital to risk weighted assets ratio of 12.5%

Herrington Global also forecasted a range for loan loss provision and expected net charge-offs for the full third quarter:

  • Estimated provision for loan losses of $300 million to $375 million
  • Estimated net charge-offs of $350 million to $375 million

Via EPR Network
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No duty to avoid tax. No kidding. Lebowitz Edelman advises that directors will lead the way

Recently, the Tax Justice Network sent a letter to every CEO in Hong Kong to tell them about a legal opinion they obtained from a firm of solicitors. The opinion deals with whether directors have a positive duty to shareholders to avoid tax. It concludes that they do not.

This is in fact uncontroversial, but it is only part of the story.

A key duty of a director is to promote the success of the company for the benefit of its members as a whole. When deciding what best promotes the success of their company, the directors must take into account all relevant factors and assess their relative merits.

Relevant factors for the directors to consider include how to increase the company’s post-tax profits. One way this can be done is by reducing the company’s tax bill, so that is likely to be a relevant consideration. There will also be other factors to consider, such as the company’s business relationships, maintaining a reputation for high standards of business conduct, and the impact of the company’s actions upon the community. Any of these may counterbalance the desire to minimize tax liabilities.

Some tax planning will be likely to promote the success of the company. Some may go too far and be outweighed by other considerations. And it is up to the directors of a company to decide where to draw the line in relation to the company’s specific circumstances.

So long as directors give all relevant factors proper consideration when making decisions about tax planning, and provided they can justify the decisions that they make, they should not incur liability for breach of their duties.

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Business, Financial, Financial Law, Financial Management, Financial Services

Lebowitz Edelman has advised the trustees of Leading Hotel Group’s pension scheme on its purchase of a bulk annuity policy with Leading Life Insurance Company

The HKD 440m bulk annuity policy insures the defined benefit benefits of the pension scheme.

Lebowitz Edelman pensions partner Dana Cheng said “Lebowitz Edelman worked closely with the pension scheme trustees to strike a deal which provides security for members of the pension scheme while also removing a volatile liability from its balance sheet, and was completed in exceptionally short timetable”.

Sam T. Lai, Chairman of the Trustee of the Hotel Group Pension Plan, said: “The Trustee’s first priority has been to ensure the future security of members’ benefits. The Plan’s strong funding, following additional financial support from its corporate sponsor, prompted consideration of a buy-in/ buy-out of the Plan’s liabilities. Following a comprehensive review of insurance providers, the Trustee chose the Life Insurance Company on a combination of product structure, value-for-money, price certainty and the long-term security it brings as a low risk regulated insurer. All parties worked professionally and collaboratively to agree the final price and terms over a short time, resulting in a great outcome for the members of the Plan.”

This buy-out is part of a continuing trend of pension schemes and their employers going to the insurance market to secure scheme liabilities. Lebowitz Edelman has worked on a number of high profile buy-ins and buy-outs including the buy-out of the Retirement Benefit Scheme and the purchase of a bulk purchase annuity for the Fund to insure pensioner liabilities.

The Lebowitz Edelman team was lead by pension partner Dana Cheng with support from senior associate Jane Chiao, consultant Derek Sloan and associates Joan Gim Gong.

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