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UBS GAM Gets New Head of EMEA

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UBS Global Asset Management has tapped Oliver Bilal as head of global asset management for Europe, the Middle East and Africa (EMEA). Bilal was the CEO of Baroda Pioneer Asset Management Company Ltd., an India-based joint venture between Pioneer Investments and Bank of Baroda. His stint at the Indian joint venture did not last long, starting in January 2015. Before he took on the JV role, Bilal was managing director, head of sales and marketing at Pioneer Investments KAG in Germany. Before Pioneer Investments, Bilal had a long stint at Allianz Global Investors Europe.

Bilal will start at UBS on May 4, 2015. He replaces the interim head Andreas Schlatter who is head of distribution in global asset management. Bilal will report to Ulrich Koerner, president of global asset management at UBS.

Jack Lin from Pioneer Investments will fill in Bilal’s spot. He is also the chairman of the joint venture with Bank of Baroda.

President Trump to Slap 10% Tariffs on $200 Billion in Chinese Goods, Increase to 25% Year-End

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U.S. President Trump in a bid to realign the global flows of trade surpluses and deficits moved to put 10% tariffs on US$ 200 billion in Chinese goods. The duties amount will go up to 25% at the end of 2018. China has already demonstrated and threatened to retaliate against the new trade tariffs.

President Trump’s first tariff shot against China started in July 2018, going after US$ 50 billion worth of goods.

“We stand ready to negotiate with China any time if they are willing to move towards serious talks to remedy trade problems,” White House National Economic Council Director Larry Kudlow commented to the press in New York on September 17, 2018.

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BNY Mellon Hires Shamik Dhar as Chief Economist

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BNY Mellon Investment Management hired Shamik Dhar as chief economist, effective October 1, 2018. This is a new position and Dhar will be based in London. According to the press release, “In the newly created role, Shamik will be responsible for conducting proprietary research and analysis, in order to develop economic commentary. He will act as the primary spokesperson for BNY Mellon IM on matters relating to global macroeconomics, geopolitics and capital markets.”

Previously, Dhar was Chief Economist since September 2014 at the UK government’s Foreign and Commonwealth Office. Dhar began his career as an Economic Assistant at HM Treasury, the UK government’s economic and finance ministry. He also had stints at Aviva Investors and the Bank of England.

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Saudi Arabia’s PIF Raises $11 Billion Loan

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Saudi Arabia’s Public Investment Fund (PIF) completed its massive US$ 11 billion international syndicated loan facility. According to documents, the cash will be used for “general corporate purposes.” The loan was structured as a club loan. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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