The News Review:
- Singapore March PMI up but manufacturing contracts
- bofa Likely to Sell Columbia Management Unit
- Top San Jose management agrees to pay freeze and cuts as deficit looms
- Morgan Stanley Adds Four to Management Committee
- Julius Baer hedge fund unit outflows slow in 2009
- NW Florida Water Management District Receives Nearly $7 Million Grant
Singapore March PMI up but manufacturing contracts
Forbes
The Singapore Institute of Purchasing & Materials Management said on Thursday its purchasing managers’ index stood at 47. 1 in March from 45. A reading below 50 points indicates that the manufacturing sector is contracting. A small rise in March came as the overall inventory stocks of finished goods and supplier deliveries expanded the institute said in a statement.
bofa Likely to Sell Columbia Management Unit
Wall Street Journal
–>BofA Likely to Sell Columbia Management Unit ArticleCommentsmore in. expects to sell asset manager Columbia Management Group as it tries to preserve capital and shed noncore assets according to people familiar with the situation.
Top San Jose management agrees to pay freeze and cuts as deficit looms
San Jose Mercury News
The wage freeze means 300 city management and professional employees Advertisement yld_mgr. place_ad_here(“adPosBox”); will receive no cost-of-living increase or merit raises in the next budget year which begins July 1. About 800 other management employees engineers architects and maintenance supervisors will not get merit raises either though many still will receive the 1. 5 percent cost-of-living increases they were promised under existing labor agreements. Redevelopment Director Harry Mavrogenes who was paid $266000 last year also announced a freeze on raises for himself and 11 other executive staff members in his 121-employee agency. Although the redevelopment agency funded by a portion of the property taxes generated in project areas is not projecting a shortfall in its budget next year Mavrogenes felt it was an important gesture. “It sends a message that we are also very concerned” Mavrogenes said.
Morgan Stanley Adds Four to Management Committee
Wall Street Journal
–>Morgan Stanley Adds Four to Management Committee ArticleCommentsmore in. Mack on Thursday outlined an expansion of his management committee that adds four members from the investment bank’s institutional securities group. Mack said the move adds “breadth and depth” to the committee that helps steer Morgan Stanley’s business according to an internal memorandum reviewed by Dow Jones.
Julius Baer hedge fund unit outflows slow in 2009
Reuters
GAM’s assets under management should stabilise and recover in the second half of 2009 as clients focus on performance and risk control Julius Baer Chief Financial fficer Dieter Enkelmann said in slides for a presentation at the Morgan Stanley European Financials Conference in London. Julius Baer’s core private banking unit should see continued inflows in 2009 after hiring new client managers over the past two years Enkelmann said though private banking gross margin would narrow because of the unfavourable asset mix and expected subdued client activity. The private bank on Tuesday named 34-year-old Boris Collardi as its new chief executive replacing Hans de Gier who stepped into the role after his predecessor Alex Widmer committed suicide in December 2008. Baer has already started to cut investment management and support jobs with staff reduced by about 10 percent in European asset management. It said if business development continues along the lines of January and February group operating expenses should fall by between 10 percent and 15 percent.
NW Florida Water Management District Receives Nearly $7 Million Grant
WJHG-TV
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