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U.S. charges McKinsey partner with insider trading in Goldman purchase of GreenSky
A partner at the McKinsey consulting firm was criminally charged on Wednesday with insider trading ahead of Goldman Sachs Group Inc’s agreement to buy fintech lender GreenSky Inc for $2.24 billion, U.S. prosecutors said.
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Puneet Dikshit, 40, of Manhattan, faces two securities fraud counts after allegedly generating about $450,000 of profit from 2,500 GreenSky call options that he bought in the two days before the merger was announced on Sept. 15.
Authorities said Dikshit led McKinsey’s unsecured lending practice in North America and had been a lead partner advising Goldman. The U.S. Securities and Exchange Commission filed related civil charges. McKinsey said it has fired Dikshit for “a gross violation of our policies and code of conduct. We have zero tolerance for the appalling behavior described in the complaint and we will continue cooperating with the authorities.”
Dikshit was arrested on Wednesday morning, and bail was set at $1 million at his initial appearance before a federal magistrate judge in Manhattan. Lawyers for the defendant did not respond to requests for comment.
GreenSky is a specialty lender that arranges consumer loans for large one-time purchases such as home remodeling, cosmetic surgery and dental implants. Its share price rose 53% on the day the merger was announced, and had been volatile on the three prior trading days, when options trading was particularly busy.
Prosecutors said Dikshit bought his call options, a bet the stock price would rise, without receiving preclearance from McKinsey, and sold them shortly after the merger was announced. They also said that following media reports of suspicious trading in the options, Dikshit sought permission to trade in GreenSky, and was denied. Goldman was not charged or accused of wrongdoing.
The charges were announced nine years after former McKinsey chief and Goldman director Rajat Gupta was convicted of insider trading for passing tips about the Wall Street bank, including a pending investment from Warren Buffett’s Berkshire Hathaway Inc.
Prosecutors said Dikshit ran Google searches related to Gupta’s conviction about three weeks after Goldman agreed to buy GreenSky.
The cases are U.S. v. Dikshit, U.S. District Court, Southern District of New York, No. 21-mj-10772; and SEC v. Dikshit in the same court, No. 21-09289.
(Reporting by Jody Godoy and Jonathan Stempel in New YorkEditing by Will Dunham and Matthew Lewis)
U.K. : CBI Remains in Negative Territory For Third Consecutive Quarter
The CBI’s quarterly indicator of manufacturing confidence in the UK increased from -34 in the previous three months to -21 in the third quarter of 2022, although it remained in negative territory for the third quarter in a row.
After a period of unusually rapid development over the prior year, growth in manufacturing output and orders slowed in the quarter to July, returning to more regular rates of expansion. Despite growth slowing from recent peaks, average costs and prices rose considerably.
Though less fast than anticipated in the previous quarter, overall investment intentions improved, and employment in the industry continued to grow at a strong rate (for the third quarter running).
Although they are no longer at all-time highs, worries about labour and component shortages are still quite serious.
(Source: Confederation of British Industry // Reporting by: The Decision Maker – Technology editors) In today’s fast-paced and constantly evolving environment, we seek to become the stable, loyal and reliant partner who will facilitate your investment needs. We pride ourselves for understanding our clients’ needs and establishing an efficient approach with detailed strategy and bespoke services that meet their demands and provide excellence.
Our team comprises of seasoned professionals combined with young and exciting individuals that can attest to any demand and provide investment services through a wide variety of financial instruments and in various sectors.
We believe that adaptability and decision- making are the most important attributes in portfolio management.
Our values are interconnected with our work and the one we value the most is our independency and transparency. In today’s complicated and submissive bank matrix, we choose to make the best decisions based on our most important asset, our values.
Our goal is to build strong and long-lasting relationships with our clients that will derive from our work ethic and the results that we achieve together. Monaco plays a huge role of who we are. A heavenly place with political stability, where one is instantly captivated by both the incredible scenery and fascinating history, manifesting in all aspects of life. An important hub for the financial sector, our company is established having access to all the institutions and solutions that our clients’ need.
As values reflect our sense of right and wrong, we take pride that our mindset meets with our values through our relations with our clients. Our idea is that ethics, integrity, trust and honesty are the key elements of our world and manifesto. In challenging times, the core has to remain solid and that is what we are trying to accomplish in every step. We continue to search and expand strong relations that will continue driving Moneikos forward and help us grow further.
Every day, we strive for excellence and every day we strive to provide more. We are here to guide every type of investor and achieve their goals together.
Contact us, to realise the true potential of your goals:
Moneikos Global Asset Management (Monaco) S.A.M. 7 Av. de Grande Bretagne, 98000 Monaco Tel. : +377 97 77 23 07 e-mail: moneikos@moneikos.mc
OLYMPICO VISION
What is Olympico Vision
Olympico Vision is a civil non-profit Company, which was established according to the Article 741 of the Civil Code (Civil Code), on 08/12/2020. It was the initiative of Ms. Theotoki-Titi Ntolaptsi. Olympico Vision is a Special Purpose Culture Organization, which upholds the universal Olympic Values and addresses all citizens of this planet, regardless of race, color, creed, religion, gender, age, nationality, sexual orientation or political views. Olympico Vision does not represent any political party and does not serve political purposes
A few words from the President…
Countries do not expect to profit from ticket sales, but they do hope to gain from the prestige of the competitions and the enhancement of their national image abroad. It is now even more obvious that wealthy countries will have new priorities after the pandemic rather than a battle with Olympic costs and debt, making now the ideal time to re-launch the Games. The pandemic and economic crisis have both jolted the entire world. It should be mentioned that the Olympics have been losing their allure and glamour for some time. While the Olympism Ideas have waned and the Games have ceased to serve as a vehicle for the unification of the populace, movements have even been developed against the Games.
We wouldn’t set our sights on something that was thought to be impossible. Although Baron Pierre de Coubertin’s initial proposal to revive the Olympic Games was met with mockery and indifference, he was not deterred. After 1500 years, he revived the first modern Olympic Games in Athens in 1896 through tenacity and endurance. Even though it was considerably harder to do, it did. I’m convinced that the target can be achieved based on the responses so far. I think there are people who truly care about our nation and are prepared to sacrifice anything for it, without regard to their own political interests or personal goals, but instead are motivated by a love for the humanitarian ideals that Greece, and therefore the Olympic Games, stand for.
As a true Macedonian, I shall quote the words of Alexander the Great: “There is nothing impossible for him who will try”
What is the mission of Olympico Vision?
Our mission is the creation of a global stream of supporters, the undertaking of actions, programs and initiatives with credible offices of civil society internationally, in order to contribute to the promotion and implementation of the idea for holding the Olympic Games permanently in Greece with a different Country/City as the organiser each time.
Our efforts are focused on persuading the stakeholders that the Olympic Games returning permanently to their homeland is a one-way move with many advantages for Greece but also for the entire world. We employ all appropriate methods to achieve this, including:
Regular communication with our members
• The formation of working groups
• The development of campaigns in schools and municipalities • The organisation of speeches and other public events
• The organisation of information campaigns involving culture, sport, and tourism both domestically and internationally
• The creation of networks of collaboration with other national and international organisations with similar or related goals
For this reason, we have launched a global electronic support vote platform, addressed to everyone who believes in our vision. The platform can be reached as below:
For Greek voters
https://olympicovision.com/ypografo-stirizo/
For other voters
https://olympicovision.com/en/support-our-vision/
How is your organisation funded?
Olympico Vision has three funding sources; our supporters’ program, sponsorships and donations.
Supporters’ Program
Olympico Vision has developed a supporter’s program through which anyone who wishes to closely experience the effort of our vision’s accomplishment can do so by becoming a supporter. The annual fee is 20 Euros; following the payment, every supporter receives the relevant supporter’s card. Eligible supporters are people over 15 years of age, while younger supporters must have the consent of those who act in loco parentis.
The process can be found through the following link.
https://olympicovision.com/en/become-a-member/
Sponsorship and Donations
We have adopted a unique approach to our Sponsorship and Donations program, whose target is to further raise awareness of our mission. We are asking our sponsors to become our Strategic Public Relations partners, by sponsoring a social media and/ or a full Public Relations campaign in their region.
The relevant link can be found below.
https://olympicovision.com/en/become-a-sponsor/
What is your relationship with the Greek state and the International Olympic Committee?
The activities of Olympico Vision are multifaceted. We communicate with prosperous Gulf nations, Greek communities all over the world, intellectual Philhellenes, American senators who currently support Olympico Vision in numerous ways, and several groups in Greece.
We are aware of the IOC’s influence, but we have not established a relationship with the organisation as yet. We believe that as our work is at a premature stage, it would be wise to initiate the contact at a later stage. We firmly believe that our hard work will attract IOC’s attention and we are confident that they will eventually adopt our vision. Our vision is already being spread around the world by our ambassadors in Pittsburgh, London, Latin America, and Cyprus. We are confident that Olympico Vision will work with Mr. Mitsotakis’ administration as well as any other Greek administration because the permanent holding of the Olympic Games in Greece represents a national accomplishment with long-term economic and geopolitical significance.
How does Greece and the different countries/cities benefit from the mission of your organisation?
Financial
The advantages come in many forms, but we must be clear about the financial aspect. Our plan does not suggest holding the Olympic Games in they were organised in 2004. Only the lease and upkeep of the current Greek infrastructure will require funding from IOC. Many nations compete to host the Olympics in the future with the aim of enhancing their sense of national pride and generating income through their hospitality. These advantages, however, are dwarfed by the hefty expense involved in organising such a large event. When compared to the expenditures of building new Olympic facilities in other places every four years, the cost of maintaining the sports facilities in the host nation, Greece, will be minimal.
With the potential to be featured on all internet search engines for the four years previous to the games with the brand name “GREECE,” our idea allows less wealthy nations to host the Olympics, as each organising nation seeks to market itself.
Eliminating the bid process for the Games will conserve time and resources, given that the process itself is expensive and time-consuming. Given that a number of countries have withdrawn their candidacies over the past few years mainly due to cost, should Greece hosts the Games permanently, would help governments reduce their cost related to the Games, significantly, while sponsors could shift their sponsorship strategy by donating to charity and projects which promote sportsmanship.
Each organising country will be promoted all over the world and benefit from the success of the organisation in a country like Greece which has always been attractive to tourists. The Organisation of the 2004 Olympic Games shows that Greece, as a developed country and “mother” of the Olympic Games, is ready to repeat the task, anytime, employing its know-how, professionalism and advance technology.
Ethical
Another aspect is the historical one; our proposal is offering the athletes the opportunity to compete in the birthplace of the Olympic Games and feel the energy and the sportsmanship as their co-athletes did in 776 B.C. This is undoubtedly a feeling of a lifetime, considering that through the Olympic values of encouraging effort, preserving human dignity and developing harmony under noble rivalry, people have a great opportunity of adopting a more anthropocentric and honourable approach of life, away from personal interests that harm our society and lead to corruption.
The hosting of the Olympic Games in Greece will provide us with the opportunity to all become better people as a result of putting the Olympic values into practice on both a personal and societal level, while contemporary Greece will become a spiritual leader of the globe.
Political
During a volatile time in International Relations, Greece can be the ground where the Ancient Hellenic idea of the Olympic truce could be materialized, regardless any possible military conflicts at that time. The country’s geopolitical position, the high standards of safety and security and the immense experience of organising large-scale Athletic Events such as the Olympics, are elements which should further embolden the idea.
https://olympicovision.com/en/
ASSET AND WEALTH MANAGEMENT INDUSTRY ESTIMATED TO HIT $147 TRILLION BY 2025
Written by Richard Oyamo
As the global economy strives to recover from the fangs of the Covid-19 pandemic, most industries are expected to experience massive expansions due to increased investments. One of them is Global Assets under Management (AuM), which is expected to hit about $147 trillion by 2025. According to a report from PwC, the AuM industry is likely to experience a growth of 5.6% per annum from its current $110 trillion level to $147 trillion in 2025. However, this estimation is on the optimistic end of projections from the PwC’s Asset and Wealth Management Research Center. The research center used three scenarios to give its estimations. In the first scenario or the best case, the report showed that the global economy would see a rapid recovery starting in the Q4 of 2020. This is, however, possible if there is increased fiscal stimulus that revitalizes economies and boosts investors’ confidence.
In the second scenario, or the base (most probable case), the world will see a sustained pandemic hold off economic recovery until mid-2021. Global Asset under Management (AuM) growth would also drop to a CAGR of 4.4% to reach $139 trillion in 2025.
The worst-case scenario of PwC’s report showed that there would be a double-dip recession amid further lockdowns and delayed vaccination. This would result in economic recovery starting at the end of 2021, which will further drop the AuM’s growth to 3.1% CAGR to reach $131 trillion in 2025.
The AuM expansion, however, in all cases would be strongest in North America and fastest in Latin America and Asia-Pacific. The report also shows that asset managers are the only hope for the economic recovery and Environmental, Social, and Governance (ESG) goals through their investments.
The PwC further indicates that non-bank lending, which now stands at $41 trillion, exceeds bank lending in advanced economies. This is because continued low-interest rates and higher capital adequacy ratios have put pressure on banks’ lending ability. This opens more opportunities for non-bank facilities to finance promising businesses with limited access to mainstream funding. They also achieve superior fund returns as alternative capital providers.
Assets and wealth management firms have also seized more opportunities to fill the ever-growing gap in infrastructure development from governments. They can now refurbish roads, airports, hospitals, and even develop 5G and renewable energy. As a result, this infrastructure fund from AuM is expected to double by 2025.
PwC Global Asset and Wealth Management leader, Olwyn Alexander, said that assets and wealth management firms need to channel capital and target investment opportunities to help in economic recovery. He also emphasized the importance of understanding the power of the AuM industry in influencing the future.
More investors also have their expectations in asset managers to make ESG issues the core of their investment strategy. Of course, ESG- aligned returns are as important as financial returns, and anybody thinking about investing in asset and wealth management should look for firms that deliver both social and financial returns. Besides, ESG-aligned funds are not underperformers since the PwC report shows that ESG-aligned funds cumulatively outperformed their traditional competitors by 9% from 2010 to 2019.
SOCIAL IMPACT OF COVID-19 VS COVID-19 VACCINES STOCKS AS AN INVESTMENT
By Angelos C. Tsigkopoulos
The social impact
The Covid-19 pandemic, which broke out two years ago, became a huge public health threat, forcing governments to take steps that had previously only been seen in Hollywood movies. The measures have clearly had an influence on our daily lives, and by watching societies and quantifying the impact as part of a larger picture, we can see that the required limitations (lockdowns, curfews, and so on) have worn down the social tissue globally. After all, changing or even cancelling activities that define us as human beings in modern society cannot be considered good news for our general well-being.
But what about the business side of this global pandemic?
Let’s be clear about one thing. We don’t live in a utopia, so every crisis is a chance for all of us, whether we recognize it or not. The credit crunch of 2008, for example, saw a considerable percentage of investors throughout the world see their yields jump while others saw theirs plummet. The market’s regulations can be harsh, but for all investors, “skyrocketing” or “plunging” are basics of global markets. “High risk – high reward,” “low risk – low reward,” an investment manager will frequently remind you, and those two pairs, to be honest, will become part of your investing decisions for as long as you participate in the “game.”
The role of your qualified investment manager
One could claim that investors participate in the “game” in order to increase their earnings. Again, this is a fundamentally valid statement; yet, this is also where things may get complex and risky for your money. We can all agree that everyone’s hunger for big profits is the same, but not everyone’s appetite for risk is. This is when your preferred and qualified investment manager, as determined by the relevant official body in your country, enters the picture. He or she must assess your risk appetite in order to present you with the available investments that match your “Risk Profile” before making any investment decisions. After you’ve completed your risk profile, you may discover that your original goal of “maximizing earnings” has nothing to do with your risk profile as an investor.
A “risk averse” investment profile result, for example, identifies you as an investor who prioritizes capital preservation over the chance for a higher-than-average return. Does this ring a bell for any of you out there? It’s only natural, given that the surveys used to create your “Risk Profile” typically include questions that filter your (true) needs, available capital, and targets over a certain time frame.
Investing in Covid-19 vaccine stocks
So, two years into the epidemic, market volatility has established itself as a pattern to which we must adapt. The economic turbulence caused by the Covid-19 pandemic has had a significant impact on financial markets, including stock, bond, and commodity markets, with crude oil and precious metals, such as gold, not being excluded.
In their pursuit of higher returns, astute investors rapidly recognized the potential of Covid-19 vaccination stocks and entered the “game.” The conventional rule is that once an investment reaches the news, it is no longer considered an “opportunity.” “Is it too late to join?” you might be thinking right now. I’d much rather argue that it isn’t the case. Let me explain; while most vaccine manufacturers are publicly traded pharmaceutical largecap behemoths, we must keep in mind that they are developing an entirely new product.
Despite the fact that this new product, the vaccine, is now widely available in the United States, Europe, and Canada, two important variables must be considered: first, the vaccine is still not accessible in certain parts of the world, and second, any new Covid-19 variant which may emerge could increase vaccine demand.
How to get involved
So you see the potential and want to be a part of it. Unless you are a seasoned investor, the best approach to learn more about this (or any other) investment opportunity is to meet with a certified investment manager, who, as previously said, must assess your risk appetite through the risk-profiling process. Then he or she will lead you in the right direction. Your investment manager will typically look at the company’s vaccine manufacturing progress and any troubles they’ve had so far, because, like any other investment, the commercial success of a relatively new medicine cannot be assured. For example, earlier this week, a research revealed that several vaccines may be ineffective against the Omicron strain, which could hurt its market performance.
Having said that, in order to keep your portfolio balanced, your investment manager should keep an eye on the performance of other products in the firm’s product line; despite the current high global demand for Covid-19 vaccines in the midst of the pandemic, the frequency and/or even need for boosters is still being debated for the post-pandemic period, putting the product’s life cycle in jeopardy.
(Mr Angelos C. Tsigkopoulos is the Founder & CEO of Diorasis Capital and Publisher of The Decision Maker)
