Philippe d’Orgeval began with Amundi in December 2020
Amundi has selected Philippe d’Orgeval to become deputy group chief investment officer
bringing nearly 30 years of experience to the role
D’Orgeval has been CEO of Amundi UK since he joined in December 2020
he spent 15 years at AXA Investment Managers
where he began as head of fund research and became head of AXA IM UK in 2016
He also held positions at Pargesa and Rothschild Gestion
See also: Amundi, Norges Bank and Union Investment call for an end to arms exports to Israel
Amundi currently manages over €2trn in assets and has six international hubs in London
They practise picking up items thousands of times over
to test whether their latest algorithms are working as intended
Nomagic’s engineers turn up for work to check how the machines did
“This is a never-ending effort,” says co-founder and chief of strategy Tristan d’Orgeval. If the robot arms performed as intended
the updated algorithms get uploaded to the Warsaw-headquartered company’s live system
Nomagic currently has 70 employees and has raised $39 million to date
dozens of the firm’s robot arms are toiling away in warehouses scattered around Europe
They pick and move an astounding variety of items — from t-shirts to bags of screws
They lift them out of storage bins; they sort them; they drop them into boxes for shipping
The total number of these picking arms being used by various clients including fashion retailer ASOS and logistics company FIEGE is currently below 100 — d’Orgeval declines to reveal the exact figure
suggesting that the number of machines deployed commercially could triple over the next six months
In the battle to ship goods as quickly and as efficiently as possible, retailers and logistics firms around the continent are increasingly turning to AI and robotics
These technologies promise streamlined sorting and shipping of individual items and yet they remain imperfect — sometimes robots pick the wrong item
or go the wrong way as they move around a warehouse
adoption of these machines could limit the number of warehouse jobs that are available for humans in the future
The industry is nonetheless adamant that there is significant demand for automation
Nomagic’s robot arms are tasked with picking and sorting foil-wrapped garments
It’s only when the arms can pick 95% or more of the items in a given warehouse that the company brings significant value to customers
the arms should hardly ever slip up: “It needs to work more than 99.9% of the time.”
Nomagic’s robot arms have cameras mounted on them so that they can see and analyse what they are about to pick
They can lift anything up to about 5kg in weight and the machines can also decide
which tool to use for grasping a given item
That choice will depend on the item’s size
A small suction cup might work for a smooth
plastic-packaged item whereas a gripping finger or pincer-like blades would suit something less rigid
But what happens if the robot correctly picks up a package that happens to have been left open
How will it respond when the pair of shorts falls out unexpectedly
Nomagic has a team of operators that watch the bots in action and
these human supervisors can connect remotely and fix problems on the fly
the robot arms currently in production are performing well
each picking an average of 650 items per hour
“A successful pick is probably three seconds,” he adds
Humans might not always be as fast as that but millions of years of evolution has helped human hands to become extraordinarily adept at gripping or lifting things
Why get a robot to do what humans can do so well
“I think the worry that we see the most nowadays — and it’s definitely much higher since Covid — is actually warehouse managers not finding people to fill the jobs,” says d’Orgeval
One vision for the future might be robots assisting better-paid human employees in warehouses
The warehouse worker shortage is a genuine problem
says Mehmet Dogar at the University of Leeds
who studies robotic manipulation of objects
Dogar is also currently working on projects partnering with Amazon and a logistics firm
He stresses that robots must be able to coexist safely with human beings in warehouse environments, however. Last year, a man in South Korea was killed when a warehouse robot crushed him against a conveyor belt by mistake
D’Orgeval says Nomagic’s robots have never been involved in a safety incident
They operate within cages that prevent anyone from approaching the machine
It may seem inevitable that AI and robots will come to dominate warehouses in the future though the pace and nature of the rollout will undoubtedly matter to people. As David Spencer, Dogar’s colleague at the University of Leeds noted in a blog post
“If workers and society rather than big tech companies […] are to benefit from automation
they need to have a larger influence and stake in it.”
They can’t slide a hand into a random box to move unexpected inner packing material aside and see what’s in there in less than a second
the other task that startups tend to focus on for warehouse robot applications is navigation
and bring it to the other side without getting lost or bumping into anything
An unusual approach to this is currently under development at Opteran
a UK startup developing AI algorithms inspired by the way animal brains function
“We take different things from different animals,” says David Rajan
The company studies neural activity in, for example, insect brains while those insects navigate through experimental environments
And the patterns of their neural activity then influence how Opteran’s human engineers write their algorithms
as they aim to produce equivalent behaviour in a robot
“Such a bioinspired approach may be promising,” says Dogar
Opteran announced a partnership with German logistics technology company SAFELOG
to provide software for its automated guided vehicles (AGVs) — squat
rectangular warehouse bots that slide under pallets to lift them up and carry them to a particular destination in a warehouse
Among the benefits Opteran says its bioinspired algorithms offer is a high level of robustness
Harsh lighting or unexpected lighting changes inside the warehouse won’t trouble these machines
is a result of studying how animals deftly navigate to a goal
Opteran is providing part of the software it uses in its AGVs
It will offer collision avoidance algorithms next year
As for the risk to human jobs from the rise of warehouse robots, Rajan says, “The Luddites thought that about spinning,” referring to a group of craftspeople in the late 18th and early 19th Centuries in Britain who protested violently against the increasing mechanisation of their industry
in an attempt to protect their livelihoods
before going on to argue that the current adoption of automation in logistics is largely to do with addressing contemporary labour shortages and helping people to run systems inside large-scale infrastructure
Research suggests that warehouse workers’ opinions about automation are mixed
While some fear job losses and potential mechanical failures
others praise improved efficiencies and point out that
working alongside robots has improved safety
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Amundi has appointed marketing and products head Eric Bramoullé as CEO of its UK business.
who became deputy chief investment officer (CIO) for Amundi in September.
Bramoullé will sit on the French asset manager’s executive committee in his new role.
Amundi has named Philippe d’Orgeval as deputy group chief investment officer
d’Orgeval will take over from Matteo Germano
who has served as deputy group CIO and a member of Amundi’s general management and executive committees since February 2022
Germano has ‘decided to pursue other projects’
He will remain president of KBI, the dedicated investment management specialist for institutional investors within the Amundi group
the A14 freeway will be closed in both directions between Nanterre (Hauts-de-Seine) and Orgeval (Yvelines)
Maintenance work will cover the entire length of the expressway
The entire route of this expressway will be affected
mainly due to work on one of the tunnels along the way
specific work on the Chambourcy interchange is scheduled for the nights of March 10 to 12
resulting in the temporary closure of the Poissy and Orgeval interchanges
Sanef will take advantage of these night-time interruptions to dismantle the toll equipment at the Chambourcy interchange and remove the toll canopy
These operations are part of a wider project to transform the Paris-Normandy axis into a free-flow road
In view of this closure, alternative routes have been put in place to limit the impact on traffic. Motorists will be able to take the RN13, RD913 orA86, depending on their direction of travel. We strongly advise you toplan ahead and consult traffic information platforms such as Sytadin to monitor traffic conditions in real time
aims to modernize the road and improve user safety
drivers travelling in the evening and early morning will need to be vigilant and patient
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Sold largely on the merits of their health benefits
the sweetener of these taxes for local governments is that they have proven to be an effective way to raise revenue
one complementary approach to taxing sugary drinks—subsidizing healthy foods—has gotten much less attention globally
A 10 percent decrease in the price of healthy food due to subsidies led to a 12 percent increase in the consumption of that food
Research from the University of Washington’s Institute for Health Metrics and Evaluation and Tufts University found that subsidizing healthy food had a greater impact on changing consumption than taxing unhealthy food
the researchers found that a 10 percent tax increase in the price of unhealthy food decreased its consumption by only 6 percent
The researchers evaluated studies that examined healthy foods such as fruits
and unhealthy foods such as sugary drinks and fast food
the team found that subsidizing healthy foods like fruits and vegetables helped reduce body mass index (BMI) by a small but measurable amount—one that would add up across a population
Few large-scale interventions have been found to reduce BMI
so subsidies may be an essential tool in the fight against obesity
Efforts to subsidize healthy food have been much less prominent than initiatives to tax unhealthy food. Some examples of subsidies include those implemented by Great Britain and the United States for healthy food purchases among low-income families
South Africa’s biggest private health insurer
provides a 10 percent rebate for purchases of healthy foods
So why are efforts to subsidize healthy food much less prominent than initiatives to tax unhealthy foods
One key reason may be that subsidies require governments to spend money instead of taking it in
While consuming sugary beverages is unhealthy and linked to diabetes and ischemic heart disease, not eating enough healthy food also causes a heavy disease burden (poor health and death) in every country according to the Global Burden of Disease study
eating too little fruit contributes to 14 times more health loss globally than sugary beverages alone
Lack of vegetables in the diet is linked to nearly eight times more health loss around the world than sugary beverages
As more governments recognize the revenue-generating potential of taxing unhealthy food—the proverbial “stick”—these taxes are likely to expand to more countries and localities
governments should also prioritize the “carrot” approach of subsidizing healthy food
and Kelly Brownell from the Sanford School of Public Policy at Duke University
is for governments to use revenue generated from sugary drink taxes to subsidize healthy food
Some cities in the United States, such as Seattle and Boulder are already investing part of the revenue raised by sugary drink taxes to increase access to healthy food
and as more communities consider taxing sugary drinks
it is vital for them to also consider the critical role of subsidies in promoting healthier eating habits
EDITOR'S NOTE: The author is employed by the University of Washington’s Institute for Health Metrics and Evaluation (IHME)
which leads the Global Burden of Disease Study
IHME collaborates with the Council on Foreign Relations on Think Global Health
All statements and views expressed in this article are solely those of the individual author and are not necessarily shared by their institution
Katherine Leach-Kemon is the policy translation manager at the University of Washington's Institute for Health Metrics and Evaluation.
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Ethiopia's minister for health services and programs lays out long-term strategies for nutrition and global partnerships
A new version of H5N1 influenza continues to pound poultry
Ongoing conflict threatens Sudan's already weak food system
Incorporating indigenous small fish into local diets can deliver health benefits to communities facing malnutrition
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a provider of AI powered robotics for warehouses and the fulfillment sector
💥 Problem: Warehouses and fulfillment centers face inefficiencies
and increasing demand for automation in order fulfillment
📣 Solution: AI-powered robotic picking solutions that seamlessly integrate into ecommerce and multichannel fulfillment operations
👥 Customers: Ecommerce and multichannel fulfillment businesses
💰 Investment amount: €41.94 million ($44 million)
🚀 Funded by: EBRD Venture Capital (lead)
👁️🗨️ Investor’s perspective: “Nomagic’s proven track record in deploying advanced AI and robotics technologies
combined with its impressive growth trajectory
positions it as a leader in the warehouse automation revolution,” said Bruno Lusic at EBRD Venture Capital
“We’re excited to support the company as it continues to break new ground in this dynamic industry.”
💡 It will be spent on: Expanding deployments across Europe
further developing AI and robotics technology
and scaling operations to support growing customer demand
💬 In their own words: “With the support of our investors
we’re positioned to be the partner of choice for the largest retailers
and 3PLs who look for robots already operating at scale.” – Kacper Nowicki
💪 Their specialty: AI-powered robotic picking systems designed for warehouse automation and ecommerce fulfillment
🔑 Business model: B2B SaaS and robotics deployment for warehouses and fulfillment centers
👩🏫 Market: Warehouse automation
📊 Traction: 220% ARR growth in 2024; targeting another 200% growth in 2025; increasing number of deployments across multiple industries
⚡ Competitors: Companies in AI-powered warehouse robotics
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Neil Goddin has returned after four years away, stepping into the newly-created role as head of equities and multi-asset, our sister title Portfolio Adviser has learned.
He previously spent eight years at Kames Capital (now Aegon AM), where he managed sustainable and global equity portfolios.
An Aegon spokesperson told Portfolio Adviser his record of managing both global and responsible portfolios alongside his previous experience at the firm made him “an ideal candidate” for the role.
Meanwhile, current head of equities Philip Haworth has left the firm. He has co-managed the £160m Aegon UK Equity fund since 2015.
The company has now confirmed that chief financial officer Richard Oldfield will the successor to Peter Harrison as the firm’s CEO, according to a stock exchange announcement.
Harrison’s decision to retire next year was announced in April, prompting the global search for a successor, including internal and external candidates. He took on the role in 2016.
Oldfield joined the firm last October after three decades at PwC, where he held a range of senior roles and reported directly to the global chair.
Former chief financial officer and current interim group CEO, Jason Windsor has been appointed the firm’s official group CEO.
The announcement comes three and-a-half months after former CEO Stephen Bird stepped down, amid abrdn’s “strategic repositioning” towards becoming a specialist asset manager.
According to the firm, an external search for a permanent group CEO took place alongside a formal succession process.
The fund manager has selected Philippe d’Orgeval to become deputy group chief investment officer, bringing nearly 30 years of experience to the role.
D’Orgeval has been CEO of Amundi UK since he joined in December 2020. Previously, he spent 15 years at AXA Investment Managers, where he began as head of fund research and became head of AXA IM UK in 2016. He also held positions at Pargesa and Rothschild Gestion, where he began his career in 1995.
The firm has appointed State Street Global Advisor’s Robert Forsyth as global head of ETFs as the company builds out its active ETF capability.
Forsyth was global head of ETF strategy at State Street, which has a $1trn ETF business.
He has spent over 20 years working with exchange traded products and held positions in product, investment and sales strategy. He spent over a decade at State Street and previously at UBS Wealth Management.
The firm has hired Craig Goodsir and Harry Schofield as business development executives.
Goodsir was formerly at Schroders, while Schofield joins following a spell as a relationship manager at Azure Asia.
The duo will be tasked with driving Goodhart’s continued growth in the UK wholesale channel, supporting Goodhart’s new investment teams and its existing partners, Asset Value Investors (AVI) and Global Opportunities Trust.
Head of emerging market debt Alejandro Arevalo is exiting the firm after eight years.
He co-manages Jupiter’s range of EMD funds, which total £572m assets under management.
Arevalo joined Jupiter from Pioneer Investments, now Amundi, in 2016.
His fund management responsibilities will be taken over by co-manager Reza Karim, who will also become the firm’s head of EMD.
Trading at record low valuations compared with large firms
Most investors fled volatile markets in the wake of Trump’s tariff, but others took advantage of depressed US valuations
He named Greg Abel as his successor, who had no idea Buffett was going to make the announcement
Just 1,490 estates have used the strategy
Deposits in banks and building societies rose by £7.4 bn
Published by MA Financial Media Ltd (part of Mark Allen),St Jude’s Church, London SE24 0PB . Copyright (c) 2024.
PA Adviser is written for UK financial advice businesses – especially those that outsource all or part of their investment decision-making to model portfolio services, funds of funds and other multi-asset solutions.
Amundi has hired AXA Investment Managers’s UK boss to serve as its local chief executive.
Philippe d’Orgeval (pictured main) had headed AXA IM UK since 2016, having previously served as chief risk officer.
He joined AXA in 2001 as head of fund research from Pargesa, where he was a portfolio manager and analyst having previously worked at Rothschild Gestion.
SaveSave this storySaveDutch graphic artist Irma Boom is renowned for designing books whose contents have been filtered through her idiosyncratic view of the world
that she was asked to design a book for New York’s Cooper Hewitt
Smithsonian Design Museum as it celebrated its recent renovation of the Carnegie Mansion
The Cooper Hewitt is the only museum in the U.S
and its vast collection (more than 210,000 objects
spanning 30 centuries) must have served as a near-limitless playground for Boom’s imagination
Her only guidelines were to include 54 essays
and at least 450 works selected by the curators from the collection
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Schooled with the photographer Lewis Hine and with close ties to Alfred Stieglitz
1976) is a prevalent figure in the definition and practice of modern photography
found halfway between straight photography and documentary
New York becomes a starting point and important setting for the artist and other artists with similar viewpoints
in 1950 Strand abandons New York and relocates to France
thus the exhibition Paul Strand: The World on My Doorstep
Strand's work in Europe during the twenty five years of his self-exile
Strand looks to set in motion a previously conceived project
“to visualise a village embodying and representing an unbroken exchange between people
his purpose is to “confirm a social system in relation to nature.”
The exhibition opens with a foreword made up of a selection of images from his New York period (around 1915)
outlining the roots of his style and working method
The rest is organised around what would become his life project: photographic journeys with a certain anthropological aim
noteworthy for the value given to the idea of objectivity in the images: France (1950-1951)
a personal portrait of each country (La France de profil
The Garden and Ghana: An African Portrait)
The selection closes with photographs taken in the garden of his house in Orgeval
In the close-ups of plants and flower beds
which become abstraction due to their small scale and soft focus
reflected in works such as On my doorstep (1976)
not to portray what is known; he does not attempt to discover or revive the image of a country
rather he looks to explore life in those places through faces and the daily activities of their inhabitants
Strand's work revolves around the notion of composition
the sharpness of the images that is not manipulated during development and the use of close-ups
all of which is interspersed with the search for the relationship between man and machines or religion
tools and people all possess an homogenised beauty
“symbols of a culture that has grown organically on the land.”
1995); Museo di Storia della Fotografia Fratelli Alinari
1996); Rupertinum Salzburger Landessammlungen
1996); Museo Nacional Centro de Arte Reina Sofía
1996); Maison Européenne de la Photographie
Collaboration with different agents and international political and cultural collectives
A confederation of artistic internationalism made up of seven European museums
François-Marie Banier has been sentenced to three years in jail and ordered to pay back €15m to L’Oréal heiress Liliane Bettencourt and her family
A French celebrity photographer has been found guilty and sentenced to two and a half years in prison for exploiting the mental frailty of Liliane Bettencourt
who showered him with gifts including Picasso paintings
life insurance funds and millions of euros in cash
arguing that he was the only person who made her laugh
was given a three-year sentence – six months of which was suspended – and ordered to pay a fine of €250,000 and pay back over €15m to the Bettencourt family
But judges cleared Eric Woerth
a former minister in Nicolas Sarkozy’s government and campaign treasurer for his 2007 presidential campaign
He was acquitted of charges of exploiting Bettencourt’s frailty by taking an envelope of cash from the weak and elderly billionaire who suffers from dementia
Woerth was also cleared of charges of influence-peddling
He had been accused of using his position of influence to secure favours from Bettencourt’s financial manager – urging him to employ his wife in exchange for receiving the Legion of Honour
The Bettencourt saga began in more than seven years ago as a family feud between mother and daughter in one of the richest families in France, but it sparked a political scandal as well a raft of judicial investigations including on tax evasion and illegal party funding
Bettencourt’s daughter began legal action claiming that Banier
befriended her ageing mother and taken advantage of her frail state of mind to persuade her to give him more than €1bn in artworks
The long-running case gripped France and sent shockwaves through the political class
who was placed under formal investigation for illegal campaign financing and taking advantage of Bettencourt after being voted out as president in 2015
Those charges against Sarkozy were dropped in October 2013 due to lack of evidence
presented himself in court as a rich and well-connected celebrity photographer
a charming eccentric who did not need the money
who is estimated to be worth €33bn (£24bn) by Forbes magazine
was alleged to have found a new best friend in the outrageous and eccentric Banier
She showered him with so many gifts that even his own lawyer admitted in court that he had been “drowning in gold” and briefly made him her sole heir
The court had heard how Bettencourt had been suffering from increasing dementia and
Banier received gifts from Bettencourt worth €414m
Banier conceded that just hearing the figures sparked “an enormous vertigo”
But he said Bettencourt chose to bestow the gifts
it “gave her immense pleasure to do it” and she had been of sound mind
He said she got angry if he tried to turn down gifts
Most of the value of the gifts was paid back before the court case
was sentenced to 18 months in prison for exploiting her frailty
was found guilty on the same charges and received a suspended sentence
Banier and de Mestre will appeal against the verdicts
2015By Patrick Kovarick/AFP/Getty Images.Save this storySaveSave this storySaveThe legal saga of Liliane Bettencourt—92-year-old heiress to the L’Oreal fortune
and second richest woman in the world—has lasted for years
filed a lawsuit alleging that her mother was in unfit condition to manage her estate in 2007
The resulting legal cases have captivated European society and dragged on since that time
Past installments of the Bettencourt affair dealt with the legal management of her affairs
and potential contraband political donations
French judges heard arguments as to whether Bettencourt was of sound enough mind to give away more than a billion dollars to friends and acquaintances in recent years
Was she simply more generous in her old age
which included French society photographer François-Marie Banier and former budget minister Éric Woerth
On Thursday French judges delivered a decision that
Banier was sentenced to three years in prison
and seven other defendants were found in some way accountable for taking advantage of the ailing heiress
We’ve broken down what all the fuss was about from her fortune (measured in billions) to prison terms (measured in years)
$40.1 billion: The estimated fortune of Liliane Bettencourt
She is the 10th richest person and the second-richest woman in the world
a French society photographer and close confident of Bettencourt
although her signature was noticeably missing a “t” on the policy
Banier was also the sole beneficiary in her will—until Bettencourt Meyers sued
saying that this proved her mother was unfit to run her own estate
Her mother’s response to the legal action: her daughter was “une emmerdeuse” (a pain in the ass)
$38 million: The reported value of a tax break Bettencourt received while Nicolas Sarkozy served president of France
and his wife were cozy with the Bettencourts
Prosecutors say Thurin conned Bettencourt out of the money
but he says she created the account without his knowledge
€350,000: The fine judges ordered Banier to pay Thursday
On Wednesday he was ordered to return €158 million to Bettencourt
He had previously returned a reported €500 million
2,000: The number of faxes exchanged between Banier and Bettencourt since 2007
who is deaf and suffers from signs of dementia
56: The number of daily pills taken by Bettencourt
To make me her son would denote a generation gap between us.” Added Diane von Furstenberg: “She really likes him and wants to help him
but it’s not like a gigolo and a rich lady at all.”
21: Hours of recorded conversation by butler Pascal Bonnefoy
where she (and her financial advisors) conducted much of her business
and have been a cornerstone of the Bettencourt affair ever since
Bonnefoy say he recorded the conversations to show Bettencourt’s fragile state and how she was being “abused by people without scruples”
whereas critics say he was in cahoots with Bettencourt Meyers
allegedly purchased with some of Bettencourt’s money
12: Pieces of priceless artwork promised to Banier by Bettencourt
10: Total number of defendants in the Bettencourt trial that are accused of being involved with defrauding the heiress
Banier was sentenced to; six months were suspended
Banier’s boyfriend Martin d’Orgeval received an 18-month suspended sentence
1: Island in the Seychelles allegedly given to Banier by Bettencourt. When asked about his association with the island, Banier replied, “I detest this island. It is full of mosquitoes, it is tiny, and it’s very humid. On top of all that, there are sharks. I hate islands.”
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