The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Global asset management giant Amvescap is developing an international operational risk management unit in a bid to reduce the threat of facing another massive fine for improper trading.
The new unit, which is still in the planning stages, will work alongside the group’s legal and compliance departments in a bid to oversee all of the company’s risk management functions, including legal, compliance and business risk. It will also provide internal audit functions.
Holly Deem, head of administration for Invesco, an Amvescap subsidiary, has been promoted to head the new risk management team. She is understood to be in the process of developing the structure of the new unit and deciding on the number of staff required in each of the group’s key international offices.
The development of the unit follows the $450m (£242.8m) fine imposed on Amvescap by the US regulators, including the Securities and Exchange Commission, in August for improper trading in mutual funds.
As part of the group’s bid to minimise the risk of such an incident reoccurring, Amvescap has also installed a global 24-hour confidential telephone line for staff to report suspicious or illegal activities.
The new risk management unit will be based in the company’s Atlanta office, but John Taylor, the deputy general counsel for Amvescap and head of legal for Invesco outside North America, said branches were likely to be established in the UK and the Asia-Pacific region.
In a separate move, Amvescap’s UK division, Invesco UK, also recently announced that it is looking to double the size of its UK legal team.