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People moves: Deare departed

Futures powerhouse Newedge has appointed three managing directors in Asia-Pacific as part of its continued expansion in the region. Toby Lawson has been appointed managing director of Newedge Hong Kong, relocating from Sydney. He has been replaced by Nick Scarf, who becomes managing director of Newedge Australia; Scarf was previously at MF Global in Sydney. Jerome Burban has been appointed managing director of Newedge Singapore. Burban will also maintain his position as managing director of Newedge’s Mumbai office.

Standard Chartered is expanding its reach and depth of business in Latin America. “This is our chance to take a larger piece of the global pie,” says Mohamed Grimeh, the bank’s head of trading and deputy head of global markets, Americas.

Times may be tough for most folks, but not for the top moneymakers on Alpha magazine’s eighth annual ranking of the world’s best-paid hedge fund managers.

There may be no alternative to printing dollars and buying toxic assets, but beware future inflation and further dollar weakness. Europe is taking a different route focusing on inflation.

His plans for a public-private investment programme, long in gestation, finally emerged with much hype obscuring a rather elegant simplicity.

Banks have been enquiring about licensing the FTSE EPRA/NAREIT global real estate indices for over-the-counter options and swaps. "It’s a broad license, allowing for the use of our intellectual property for use in these kinds of transactions," said Bob Ebert, executive vp of commercial sales in New York.

In a declining economy, commercial real estate investors want long-term leases, low tenant rollover, low expense ratios and the ability to pass along increasing operating expense to tenants. Hotel properties have none of these features.

LaSalle Investment Management has hired Insa von Jürgensonn as a regional director and head of portfolio management Northern Europe.

Cortland Capital Market Services, a Chicago-based custody and portfolio administration provider, has expanded its securitization services for commercial real estate investment managers and issuers. Russ Goldenberg, managing director, said the company is responding to the expected implementation of TALF, which has been expanded to include commercial mortgage-backed securities.

CIBC World Markets wants to buy or originate as much as $1 billion in commercial real estate loans by year end. "We were always originating loans, and now there's better value in buying loans in the secondary market," said Michael Higgins, head of real estate finance. "It's the best place to put money to work," he said, adding that the bank will deploy capital based on opportunity.

A more frugal future looms, one where simple is the new sane.