Latest news with #JanusHenderson
The Independent
11 hours ago
- Business
- The Independent
Brother and sister guilty of £1m insider trading over Jet2 and Daimler shares
A former research analyst at the investment firm Janus Henderson has been found guilty of insider trading after making around £1m during the Covid lockdown, along with his sister. Redinel Korfuzi and his sibling Oerta Korfuzi were charged by the Financial Conduct Authority (FCA) with conspiracy to commit insider dealing and money laundering, between January 2019 and March 2021, and were found guilty at Southwark Crown Court after pleading not guilty. Mr Korfuzi was accused of using confidential information gathered during his work to place a particular type of complex trade, called Contracts for Difference (CFDs), through accounts owned by his sister and two other co-defendants. In this manner, Mr Korfuzi made £963,000 in around six months and was 'was at the absolute centre' of matters, said the prosecutor, benefitting from share price changes of at least 13 companies including Jet2, Daimler and THG. Their trading was detected by FCA market monitoring systems, despite Mr Korfuzi's apparent efforts to hide his involvement. The brother and sister were also convicted of money laundering, with the FCA saying they received money from the proceeds of crime, with more than 176 cash deposits totalling over £198,000. The source of that money was unrelated to charges of insider dealing. Insider trading is punishable by up to ten years in prison, but these charges predate a rule change increasing that time, meaning the pair face a maximum of seven years and/or a fine. For money laundering, a fine and/or up to 14 years imprisonment is the maximum. His Honour Judge Milne told the pair on Thursday: 'These are serious matters of which you've been convicted and the sentences will reflect that.' Steve Smart, joint executive director of Enforcement and Market Oversight at the FCA, said: 'We are committed to fighting financial crime and protecting the integrity of our markets. Those who use inside information to unlawfully make profits should be aware that we will identify them and bring them to justice.' Mr and Ms Korfuzi are set to be sentenced on 4 July and the FCA are also to apply for confiscation orders to recover the proceeds of crime. The jury cleared their two co-defendants, Rogerio de Aquino - Mr Korfuzi's personal trainer - and Dema Almeziad - Mr Korfuzi's partner - of both charges. Their accounts were also used to place trades but they said in statements they had been 'hoodwinked' and 'duped'. Ms Almeziad's lawyer Roger Sahota said in a statement: 'This case should never have been brought. There was no evidence that Ms Almeziad knew anything about insider dealing and it is wrong to expect ordinary people to understand or spot complex financial conduct that even professionals struggle with.' Janus Henderson was not involved in the case or accused of wrongdoing.
Bloomberg
a day ago
- Business
- Bloomberg
Ex-Janus Henderson Analyst Found Guilty of WFH Insider Dealing
A former Janus Henderson Group Plc analyst and his sister were found guilty of running an insider trading ring from a London flat while working from home during the coronavirus lockdowns. Redinel and Oerta Korfuzi, were both found guilty by a London jury of conspiring to use insider information while trading, and money laundering. Redinel, 38, used confidential information about companies issuing new equity to time leveraged short trades between 2020 and 2021.
Reuters
a day ago
- Business
- Reuters
Ex-Janus Henderson analyst found guilty of insider dealing in UK
LONDON, June 19 (Reuters) - A former Janus Henderson analyst was on Thursday found guilty of using confidential information on companies including Daimler, Jet2 and THG to make nearly 1 million pounds ($1.3 million) after a London court trial. Redinel Korfuzi, 38, was accused of using information he accessed through his job as a research analyst at the asset manager to trade using accounts held by his sister Oerta Korfuzi, 36, and two other co-defendants. The siblings stood trial at Southwark Crown Court with Redinel Korfuzi's personal trainer Rogerio de Aquino, 63, and de Aquino's partner Dema Almeziad, 40, who prosecutors said were "secret proxies" for the insider trading. The four were each charged with conspiracy to commit insider dealing and money laundering between January 2019 and March 2021, with prosecutors alleging they used lockdown restrictions imposed from March 2020 to carry out the criminal trades. Redinel and Oerta Korfuzi were each convicted of both charges by a jury, while de Aquino and Almeziad were cleared of both charges.
Khaleej Times
3 days ago
- Business
- Khaleej Times
UAE, Saudi Arabia likely to be reclassified as developed markets
The UAE and Saudi Arabia have demonstrated significant economic growth and financial maturity, warranting their reclassification from the Emerging Market Bond Index to developed market status, similar to Kuwait and Qatar, analysts say. This change would better reflect their robust economic profiles, characterised by low sovereign risk, tight spreads, and market maturity. 'Both UAE and Saudi have diversified their economies beyond oil, investing in infrastructure and technology, leading to stable growth and enhanced financial resilience. Their high sovereign credit ratings and tight bond spreads indicate strong investor confidence and market stability. Reclassifying the UAE and KSA as developed markets, and Oman and Bahrain as emerging markets, would acknowledge their achievements and attract a broader range of investors, further supporting their global standing and continued growth,' Meshal AlFaras, Head of Middle East, Africa and Asia at Janus Henderson, told Khaleej Times in an interview. There are some very clear requirements to be included in benchmark indices (the typical one being JP Morgan's EMBI global diversified). After broader inclusion of rich Middle Eastern countries in the benchmark during 2019 countries are now starting to exit because they are surpassing the income limit to be an emerging market. 'Therefore, Qatar and Kuwait are already exiting the benchmark and if the current cost of living in UAE remains at the same level next year, can also depart from the benchmark,' Thomas Haugaard, Janus Henderson's portfolio manager on the emerging markets debt hard currency, added. The current volatility in global oil markets due to ongoing geopolitical events are unlikely to affect the GCC countries, the analysts said. 'Most of the major energy exporters are highly rated, which means that they have solid access to market funding and are generally seen as resilient in times of financial market stress. As long as oil prices stay within reasonable ranges over the longer term, these sovereigns are alright. It is a bit more challenging for higher-cost producers and smaller frontier countries (eg. In Sub-Saharan Africa),' Haugaard said. Overall, from an asset class perspective, it is worth noticing that more than half of the investment universe in emerging markets debt hard currency are net importers of energy, and therefore benefitting from falling oil prices. 'As recent events clearly show, movements in the oil price are very sensitive to geopolitical turmoil, and the recent escalation of the conflict between Israel and Iran has pushed oil prices higher,' Haugaard added. While oil price fluctuations can strain public finances in many emerging markets, GCC nations such as the UAE benefit from robust fiscal buffers and active debt management strategies. The UAE, for example, continues to attract strong demand for its sovereign bonds, supported by high credit ratings and a diversified funding approach. 'Data shows that non-oil sectors contribute around 75 per cent of UAE's GDP, a strong indicator of economic diversification. Major non-oil sectors include real estate, tourism, aviation, logistics, finance, trade and renewable energy,' AlFaras said. Historically, oil prices have been in the range of $50-80 per barrel under stable global demand and moderate supply growth, which is a quite comfortable range for countries in the region given low all-in costs. The UAE is well known for its proactive economic planning and sizable sovereign wealth assets. Despite oil price fluctuations, the government has maintained investment in infrastructure and diversification programmes, helping to sustain investor confidence and macroeconomic stability. The same applies to other GCC Countries such as Kuwait, Qatar and Saudi and the best way to cover any potential shortfall in the fiscal budget is to tap into the debt market for the main infrastructure and giga projects, AlFaras said. With most of the global policy uncertainty emanating from the US ,there are signs that financial markets are rethinking the US as a safe-haven. During a short period in April after the US announcement of broad-based tariffs, financial markets experienced a simultaneous sell-off in US equities, US bonds and the US dollar, indicating a disruption in the traditional safe-haven behaviour of financial markets. 'While part of that re-think is of more tactical nature, having realised too much exposure to US assets, there is also likely a structural rethink that can benefit the rest of the world in terms of attractive capital flows. Even as global growth is slowing alongside a slowing US economy, we have seen US dollar weakness that has given more space to ease monetary policy to support slowing economies,' Haugaard said. The rethink about US exceptionalism caused a potential disruption of the traditional safe-haven behaviour which has historically amplified the negative impact on emerging markets from risk aversion in global markets. Hence, emerging markets are proving very resilient in this otherwise uncertain environment. AlFaras expects interest rates will stay higher for longer and will not go back to where they were over the last decade. 'In the GCC, and particularly the UAE, dollar pegs can help reduce currency volatility, which supports foreign investor appetite. Despite global headwinds, the UAE's stable macro framework and investment-grade profile make it resilient compared to many other emerging markets,' he added.
Yahoo
3 days ago
- Business
- Yahoo
Janus Henderson: Market Mayhem Opens New ETF Entry Points
Market volatility in 2025 has created entry points for exchange-traded fund investors as trade tensions and global uncertainty drive down stock and bond prices. The first half of this year saw the tech-heavy Nasdaq-100 fall 24% from its peak while the S&P 500 dropped 19%, creating opportunities for investors who had been waiting for better entry points, according to Janus Henderson Investors's recent mid-year outlook. These temporary declines allowed investors to purchase quality companies at reduced prices. The market stress stems from concerns about new tariffs and shifting global politics, which continue to create uncertainty, according to the report. While most investors dislike volatility, these price swings actually create opportunities for fund managers to find undervalued investments. The investment firm's analysis shows that major economic changes could benefit the types of investments that have been overlooked, while a handful of large technology stocks dominated returns, creating opportunities for more diversified ETF strategies. This year marks a shift away from the mega-cap stocks that led markets for years, the outlook found. Half of all S&P 500 companies now outperform the index over the calendar year, up from 40% in recent years. This broadening gives active ETF managers more opportunities to identify winners and losers. Small-cap ETFs look particularly appealing after declining in the recent selloff, which created entry points into quality smaller firms at discounted valuations, according to the analysis. These funds have twice the exposure to industrial and materials companies compared to large-cap funds, sectors that could benefit as companies relocate production. International ETFs are also attracting investor interest, with European and emerging markets stocks trading at lower valuations compared to U.S. shares, the report notes. Historical data show U.S. and foreign stocks alternate leadership about every eight years, and U.S. stocks have led for 14 consecutive years. Corporate bond markets experienced dramatic swings this year, with investment-grade company debt starting at tight pricing before spreads widened and then narrowed again, according to Janus Henderson's data. These moves pushed more investors toward bond ETFs that diversify across different debt types rather than focusing on one sector, the firm noted. The multi-sector category has become one of the fastest-growing areas in fixed income as managers adapt to changing market conditions. Bond ETFs focused on asset-backed debt demonstrated defensive characteristics during the recent stock market decline, posting small gains or flat returns while the S&P 500 fell nearly 19% from its February high, the analysis found. These specialized debt funds have outperformed corporate bonds during the five most recent market corrections, with only Treasury bonds performing better. The report indicates volatility will continue creating opportunities for ETF investors who remain selective in both U.S. and international markets as policy uncertainty persists through the remainder of | © Copyright 2025 All rights reserved Sign in to access your portfolio
