Latest news with #Deutsche
Business Times
2 days ago
- Business
- Business Times
IPCG accuses Deutsche Bank of breaching agreement, files lawsuit
[SINGAPORE] Asset manager Invest Partners Capital Group (IPCG) is suing Deutsche Bank for allegedly breaching a contractual agreement governing their external asset management arrangement, according to court documents filed with the High Court on Jul 11 and seen by The Business Times. The bank allegedly offered better pricing and terms directly to IPCG's former client, Splendor Lights Holdings – conduct that the asset manager claimed 'seriously undermined' IPCG's ability to carry out its advisory role. The pre-trial conference is scheduled for Aug 18. Deutsche declined to comment when contacted by BT. However, a person close to the matter said the bank disagrees with the reported allegations and intends to vigorously contest any claims filed. The case Singapore-based IPCG holds a Capital Markets Services licence from the Monetary Authority of Singapore, and advises high-net-worth individuals and family offices. Eric Chen, a senior director at IPCG, previously managed Splendor Lights through a Limited Power of Attorney, authorising IPCG to handle Splendor Lights' investments at Deutsche. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Under the external asset manager agreement, Deutsche was to hold Splendor Lights' assets and execute transactions initiated by IPCG, which was 'solely responsible' for managing the client's assets and determining the suitability of investments, court documents said. The dispute centres on Deutsche relationship manager Sean Poh, who allegedly provided Splendor Lights with direct quotations for financial products that undercut IPCG's pricing. Poh also made statements to Splendor Lights that 'were seemingly to disparage' IPCG's professionalism, according to court documents. Splendor Lights subsequently terminated its Limited Power of Attorney with IPCG in November 2023 and began working with Deutsche directly for asset management services, said IPCG in the filing. At the time, Splendor Lights' assets managed by IPCG at Deutsche were worth about US$42.8 million. Court documents showed that from 2021 to 2023, when the Limited Power of Attorney was in force, IPCG earned retrocession – a form of commission – and performance fee payments of a combined US$3.4 million. In the suit, IPCG is seeking for damages to be assessed, a declaration that Deutsche breached its contractual and fiduciary duties, as well as interest, legal costs, and other relief. The asset manager is represented by Lin Yuankai and Annabel Kwek of Premier Law. 'We initiated this legal action to protect the rightful interests of our relationship managers and our company, and to call on banks to meet their duty of care toward their partners,' said an IPCG spokesperson. 'Banks should act as custodians and execution roles – not compete unfairly with external asset managers for clients or pricing advantage.'
Business Times
2 days ago
- Business
- Business Times
Asset manager IPCG accuses Deutsche Bank of breaching agreement, files lawsuit
[SINGAPORE] Asset manager Invest Partners Capital Group (IPCG) is suing Deutsche Bank for allegedly breaching a contractual agreement governing their external asset management arrangement, according to court documents filed with the High Court last Friday (Jul 11) and seen by The Business Times. The bank allegedly offered better pricing and terms directly to IPCG's former client, Splendor Lights Holdings – conduct that the asset manager claimed 'seriously undermined' IPCG's ability to carry out its advisory role. The pre-trial conference is scheduled for Aug 18. Deutsche declined to comment when contacted by BT. However, a person close to the matter said the bank disagrees with the reported allegations and intends to vigorously contest any claims filed. The case Singapore-based IPCG holds a Capital Markets Services licence from the Monetary Authority of Singapore, and advises high-net-worth individuals and family offices. Eric Chen, a senior director at IPCG, previously managed Splendor Lights through a Limited Power of Attorney, authorising IPCG to handle Splendor Lights' investments at Deutsche. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Under the external asset manager agreement, Deutsche was to hold Splendor Lights' assets and execute transactions initiated by IPCG, which was 'solely responsible' for managing the client's assets and determining the suitability of investments, court documents said. The dispute centres on Deutsche relationship manager Sean Poh, who allegedly provided Splendor Lights with direct quotations for financial products that undercut IPCG's pricing. Poh also made statements to Splendor Lights that 'were seemingly to disparage' IPCG's professionalism, according to court documents. Splendor Lights subsequently terminated its Limited Power of Attorney with IPCG in November 2023 and began working with Deutsche directly for asset management services, said IPCG in the filing. At the time, Splendor Lights' assets managed by IPCG at Deutsche were worth about US$42.8 million. Court documents showed that from 2021 to 2023, when the Limited Power of Attorney was in force, IPCG earned retrocession – a form of commission – and performance fee payments of a combined US$3.4 million. In the suit, IPCG is seeking for damages to be assessed, a declaration that Deutsche breached its contractual and fiduciary duties, as well as interest, legal costs, and other relief. The asset manager is represented by Lin Yuankai and Annabel Kwek of Premier Law. 'We initiated this legal action to protect the rightful interests of our relationship managers and our company, and to call on banks to meet their duty of care toward their partners,' said an IPCG spokesperson. 'Banks should act as custodians and execution roles – not compete unfairly with external asset managers for clients or pricing advantage.'
The Guardian
4 days ago
- Business
- The Guardian
Festivalgoers help drive Burberry to best sales performance in 18 months
Shoppers snapping up Burberry wellies, scarves and light jackets to wear at music festivals have helped the fashion brand to its best sales performance in 18 months despite lacklustre spending by tourists around the world. Sales of the luxury British brand fell 2% to £433m in the three months to the end of June, with a 1% decline at established stores, an improvement from the 6% fall in the previous quarter and the best performance since Christmas 2023. Shares in Burberry rose more than 4% on Friday morning on the better-than-expected performance, as Joshua Schulman, who was appointed a year ago, attempts a turnaround. Sales rose in Europe and the Americas but continued to fall in Asia, including its all-important Chinese market, which accounts for 30% of sales. Schulman, the former boss of the US fashion brand Coach, said: 'Its a tough macro [environment] out there and we are taking things step by step but we are optimistic about the quarters ahead and the business in general.' He said the company had appealed to 'elite VIP' customers with events linked to its partnership with King Charles's Highgrove estate and also to a younger luxury customer through festival-linked pop-ups featuring DJ sets located in shopping centres. A trial of dedicated 'scarf bars' within stores have also gone well and the company plans to install 200 in total. 'We are appealing to a much broader range of luxury consumers,' he said. Adam Cochrane, an analyst at Deutsche, said further growth was largely dependent on Burberry's ability to 'replicate the success' of its core products in other areas. The company said it was 'still in the early stages of our turnaround' with aims to continue simplifying the business and improving productivity and cashflow. It expects to achieve £80m of its planned £100m cost cuts this financial year, with the remainder next year, and has already reorganised the business under four regional heads. The company said in May it was cutting up to 1,700 jobs, including an entire shift at its Yorkshire raincoat factory, in an effort to make £60m in cost savings on top of a £40m savings programme announced in November. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Schulman said Burberry's autumn ranges were being 'well received', although the external environment 'remains challenging. Over the past year, we have moved from stabilising the business to driving Burberry forward with confidence. 'The improvement in our first quarter comparable sales, strength in our core categories, and uptick in brand desirability gives us conviction in the path ahead,' he said. He called on the UK government to implement policies that would 'encourage tourism' as he said: 'International consumers are not shopping in the UK to the extent we would like due to the lack of a VAT refund scheme.' The scheme was phased out under the last government. 'All luxury brands and all retail brands would benefit from that,' he said.
Time of India
06-07-2025
- Entertainment
- Time of India
Apoorva Mukhija compares India's Got Latent backlash to Rhea Chakraborty's experience: 'It's the audience that views, shares, and mocks this content'
Content creator Apoorva Mukhija, popularly known as The Rebel Kid, recently opened up about facing intense public scrutiny and media trial after her controversial appearance on Samay Raina's India Got Latent show just a few months ago. Alongside Ranveer Allahabadia, Apoorva had come under fire for alleged inappropriate remarks that triggered mass outrage and multiple FIRs. While legal proceedings are still underway, Apoorva is now shedding light on the aftermath of the backlash, particularly the media narrative and public response, which, she says, reminded her of what Rhea Chakraborty went through after the death of Sushant Singh Rajput . 'It's the audience that allows them to keep doing it' Speaking to Bollywood Bubble, Apoorva called out the public's role in fuelling sensationalist content and encouraging toxic coverage. Referring to the way Rhea was mobbed outside court during her own media trial, Apoorva said the cycle is perpetuated because of the demand for viral, clickable content. 'Look at the amount of views those videos have. People like us give them the right to do this. That sort of gives them the right to do this. It's the audience that views this content, shares it, and mocks it. That content is what allows them to keep doing it over and over again,' she said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Deutsche Gründer brauchen Sie: Investieren Sie in innovative Ideen Mehr erfahren Undo Apoorva Mukhija Evicted After 'Latent' Controversy | Chaos, Police & Silent Exit Public reaction fuels toxic trends, says Apoorva According to Apoorva, the consistent attention, whether in the form of outrage, mockery, or curiosity, is what keeps such content alive. She suggested that as long as the public continues to engage with these stories, creators and platforms will keep producing them. Despite the trolling, criticism, and emotional toll, Apoorva maintains a reflective and composed stance. When asked how she remains strong, she responded with a mix of acceptance and humour: 'I mean, it's a combination of everything, honestly. I've just had a lot of experiences, but experiences are just stories; they make for great story times. So it's okay.'
Business Insider
18-06-2025
- Business
- Business Insider
Stocks are at risk from the Iran-Israel conflict. Here's how quickly the S&P rebounded from the greatest shocks since WWII.
The S&P 500 has shrugged off Israel's conflict with Iran so far, trading only 1% lower as of Tuesday's close. Even if the benchmark stock index does slide, history suggests it will come roaring back. "The escalation in the Middle East brings into focus the playbook for geopolitical shocks and risks, which entails sharp equity selloffs, which is intuitive, but also surprisingly quick recoveries, which is not," Deutsche Bank Research strategists Parag Thatte and Binky Chadha said in a recent note. "The typical pattern is for the S&P 500 to pull back about -6% in 3 weeks but then rally all the way back in another 3," they wrote, attaching a table showing how the index has fared during 32 previous geopolitical events. Jim Reid, Deutsche's global head of macro research, said in a note this week that a stronger market reaction could be sparked by direct US involvement in the clash or targeting of Iran's oil production or shipping infrastructure — or Iran deciding to close the Strait of Hormuz, which accounts for 20% of global daily trade flows. Bouncing back The Deutsche strategists' table offers a fascinating look at how the stock market has reacted to many of the most significant geopolitical events of the past century. The S&P, and the index that preceded its launch in 1957, has only crashed more than 20% following two geopolitical incidents. It fell about 21% after Adolf Hitler's Germany annexed Czechoslovakia in March 1939, and by 26% after the Nazis invaded France in May 1940. The benchmark tumbled more than 15% after the Israel-Arab War broke out in October 1973, prompting an oil embargo that blocked crude exports to the US and other nations, and after the First Gulf War began in August 1990. The S&P tanked by more than 10% on four occasions: North Korea's invasion of South Korea in June 1950, the 9/11 attacks in September 2001, Pearl Harbor in December 1941, and the Iranian hostage crisis in November 1979. Taking the median event, the S&P typically falls by 6% over 17 trading days and then rebounds fully over the next 16 trading days. It tends to rally nearly 15% from its trough over a 12-month period. However, a swift bounceback is not guaranteed. Recovering from the oil crisis of 1973 took 1,475 trading days or nearly six years, per Deutsche's table — with the S&P falling a further 28% from its trough over 12 months. The index also fell 15% from its trough in the year after the Berlin Wall was built in August 1961, and 13% in the year after President Nixon's impeachment proceedings began. At the other extreme, the benchmark soared by about 42% from its trough in the 12 months after the Israel-Hamas conflict began in October 2023. It jumped more than 30% in the year after North Korea invaded South Korea in June 1950, the Iraq War broke out in March 2003, and the Cuban Missile Crisis erupted in October 1962. It's too soon to say whether the Israel-Iran conflict will join the list of most impactful geopolitical events for the S&P. Reviewing historical market reactions may relieve investors as the index tends to recover quickly from these kinds of disruptions, though it's worth remembering the index can fall sharply and stay underwater for years.
