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Charges have also been brought against six executives - ANZ’s former treasurer Rick Moscati; Citi’s former Australia head Stephen Roberts, current local head of capital markets John McLean, London-based head of foreign exchange trading Itay Tuchman; and Deutsche’s former local chief Michael Ormaechea as well as former local capital markets head Michael Richardson. None of the executives have commented publicly so far. An ANZ spokesman declined to comment on behalf of Moscati when Reuters contacted the bank on Friday.
For investment banks, the case will set silver cufflinks and studs a precedent in an area of financial markets activity that lacks clear rules and has never been tested in the courts, according to Citi, “Underwriting syndicates exist to provide the capacity to assume risk and to underwrite large capital raisings, and have operated successfully in Australia in this manner for decades,” Citi said when the case was first made public, A Citi spokeswoman declined to comment any further when contacted by Reuters, The fear is that a court hearing involving such high-profile firms and individuals might prompt regulators to take a fresh look at equity deals..
“These aren’t just criminal charges at the trader level, or someone in operations, these are very senior people who have been charged,” said Ben Quinlan, CEO of consultancy firm Quinlan & Associates. Cartel charges in Australia come with a maximum penalty of three times the profit made from the cartel activity or 10 percent of a firm’s revenue. Penalties for individuals found guilty carry fines or a maximum 10-year jail term. The Australian Securities and Investments Commission has sued ANZ over the same share placement.
The regulator said ANZ broke company laws by failing to tell investors that its underwriters had bought about A$791 million ($558 million) of the total it was trying to sell, Regulators are under pressure to rein in Australia’s finance sector, as a powerful public inquiry, or Royal Commission, airs almost daily allegations of misconduct, silver cufflinks and studs The commission has issued a scathing interim report saying big banks and wealth managers had pursued profit ahead of customer interests and viewed regulatory compliance as a cost rather than a guide to proper conduct, Several other scandals have engulfed Australian banks, ranging from rate-rigging to money laundering..
The cases against all parties involved are listed as to be “mentioned” on Tuesday’s calendar for Sydney’s Downing Local Court. Prosecutors told Reuters that the people accused have been excused from being present as it will be an administrative affair where a timetable for future hearings will be set. Meanwhile, the Royal Commission continues, and ANZ alongside Australia’s other three major banks are scheduled to face questioning over the interim report before a parliamentary committee in Canberra this week.
(Reuters) silver cufflinks and studs - Asset manager Schroders Plc (SDR.L) and Lloyds Banking Group (LLOY.L) said on Sunday they were in discussions over a wealth management alliance, The deal would be among the biggest wealth management tie- ups in recent years and would come amid widespread consolidation in the broader industry sector, Schroders spokeswoman Beth Saint confirmed the move after Sky News reported that Lloyds was to merge its 13 billion pound ($17 billion) wealth management arm into a new joint venture with Schroders..
“Schroders confirms that it is in discussions with Lloyds Banking Group plc with a view to working closely together in parts of the wealth sector,” Saint said in an email to Reuters, adding there was “no certainty that these discussions will lead to any formal arrangement being entered into.”. Lloyds Banking Group issued a similar statement, saying any further announcement “will be made at the appropriate time.”. Sky News reported that the deal would see Lloyds owning 50.1 percent of the joint venture, with Schroders owning the rest, Sky News said, citing sources.
Wealth management contributed 273.3 million pounds to Schroders’ net income in 2017 and has been an area of focus for future growth, Sky News said the new joint venture would be part of a three-pronged tie-up between the companies, It would include Schroders taking on a 109 billion pound investment management contract from Lloyds-owned Scottish Widows that is the subject of a disagreement with Standard Life Aberdeen (SLA), which previously managed the money, silver cufflinks and studs The mandate was pulled from SLA after Lloyds said the 2017 merger of insurer Standard Life and Aberdeen Asset Management meant the enlarged company had become a material competitor..