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The European Parliament Rejected the Draft on Priips’ Regulation and Asked for a Delay on its Application

The members of the European Parliament, with a 602 votes to 4, and 12 abstentions, have rejected draft regulatory technical standards aiming to provide a framework to packaged retail investment and insurance-based products (Priips). According to them, the draft regulation, is so “flawed and misleading” it could make retail investors losing money instead of protecting them.

The European Fund and Asset Management Association (EFAMA) stated in a press release that they welcome today’s adoption of the European Parliament Motion for a Resolution on the Commission Delegated Regulation (EU) No 1286/2014 on key information documents for PRIIPs, which:

objects to the Commission delegated regulation
calls for a postponement of the application date of the PRIIPs Regulation

EFAMA firmly believes that the PRIIPs KID is a powerful instrument to ensure that consumers receive the right information before making their investment choices. Asset managers know how important it is that investors and their advisers are given meaningful, comprehensible and comparable information to make sound investment decisions. It is therefore crucial to get the PRIIP KID right the first time around to ensure consumers find it helpful before making their investment choices.

Asset managers have long argued that the draft RTSs, as endorsed by the European Commission, will not achieve the intended objective to make the KID helpful to consumers. They will at best confuse investors, at worst mislead them.

The European asset management industry is absolutely convinced that the RTSs must be amended in a satisfactory way to serve their purpose for consumers. They need to be amended to solve flaws – and the key ones are allowing past performance so the investor can see if the asset manager has met its objectives in the past, and fixing the inaccurate calculation methodology of transaction costs. Investors must have the basic facts of what their investment will bring in terms of risks and costs. This is fundamental in terms of trust and confidence from consumers.

“We trust today’s adoption will result in amended RTSs that will help and inform consumers. The current draft RTSs do not.” EFAMA said.

Peter De Proft, EFAMA Director General, commented: “We want to be crystal clear. EFAMA would not like to reopen discussions on the PRIIPs Level 1 Regulation, save for a postponement of the Regulation’s application date. What is crucial now is to get the Level 2 right – and this means appropriately amending the draft RTSs, while leaving untouched the letter and spirit of the Level 1 Regulation.”

But timing is of essence, and EFAMA has also welcomed the EP’s call to the EC to consider a delay in the applicate date of the PRIIPs Regulation.

Alexander Schindler, EFAMA President, commented: “Market operators will apply the rules and want to do so appropriately. This is our wish and our intention. However, legal unclarities and flaws in the rules do not make this objective feasible. The premise to do this is to know the final rules, and to have sufficient time to implement them. There is only one reason why we find a delay absolutely essential, and this is because it is materially impossible and simply unrealistic for product manufacturers and distributors to meet the 31 December 2016 deadline. We would suggest a delay of 12 months. We urge the Commission and the European Supervisory Authorities to follow suit to today’s call from the European Parliament and begin the process of amending the RTSs, and we trust they will consider the concerns of investors and asset managers”.

Custom House Global Fund Services Opens Shanghai Office

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Custom House Global Fund Services, a leading independent hedge fund administration specialist, has expanded its presence in China with the official opening of a Shanghai office. In addition, the firm has hired Sunny Huang as a Relationship Manager who will be responsible for new business development and the collaboration between clients and the firm.

“Our continued growth in China supports investor’s desire to gain immediate access to a financial services centre perfectly suited to meet the demands of those who are looking to venture into the global financial markets,” said Mark Hedderman, CEO, Custom House Global Fund Services. “With a considerable amount of wealth generated in China over the recent years, investors are looking to diversifying into global investment opportunities, amid concerns of future lower domestic growth and threat of potential currency devaluation.”

“We are excited about the opening of our new office and having Mrs. Huang on board to strengthen our partnership with our valued clients and provide a local presence for quality fund administration solutions to clients in the Shanghai region managing offshore funds,” said Tony Kan, Managing Director of Custom House Fund Services Hong Kong Ltd.

“Harvest Wealth Management has been working with Custom House since May 2015. In the past year, Custom House helped set up our overseas investment platform in the Cayman Islands and acted as the fund administrator for five funds launched on the platform. The efficiency, resourcefulness and client focused professionalism they have demonstrated are truly superb and beyond our expectations. Custom House has become one of our go-to partners when conducting our business overseas,” said Thomas Huang, Deputy CEO of Harvest Wealth Management. Harvest Wealth Management Limited is the subsidiary of Harvest Fund Management Limited. Both companies are regulated by China Securities Regulatory Commission.

Before joining Custom House, Huang was a client advisor assistant at UBS AG in Hong Kong where she was responsible for the day-to-day administration of onboarding clients and providing updates on their portfolios. Huang holds a Master of Finance (Investment Management) from Hong Kong Polytechnic University, PolyU and a Bachelor of Economics from East China Normal University in Shanghai. She will report to Allen Li, Director of the Hong Kong office.

Schroder Real Estate Appoints John Chantrell as Head of Asian Real Estate

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Schroder Real Estate has appointed John Chantrell to the newly-created role of Head of Asian Real Estate. John will be responsible for the Real Estate strategy and investments across the Asia Pacific region as well as developing the business.

John brings with him thirty years of experience in property and has previously held a number of senior posts at companies such as Advance Funds Management, Colonial First State Global Asset Management and Novion Property Group. He has a strong track record as an active investor in Australia with responsibility for over AUS $8bn in transactions, as well as experience with investors in a number of large commercial real estate markets in the region including Tokyo, Korea, Hong Kong, Singapore and mainland China.

John will report to Duncan Owen, Global Head of Real Estate, and will be based in Hong Kong.

Duncan Owen, Global Head of Real Estate at Schroders, said: “Following the successful evolution of the real estate business across the UK and continental European markets, as well as the growth of our Global Real Estate Securities capability, expansion into Asia is a natural next step. Existing clients and strategic relationships are looking to expand into Asian real estate and we see a growing number of potential clients seeking investment opportunities in the region. The strength of the Schroders brand in Asia complements and adds a competitive advantage.”

Morgan Stanley Investment Management’s International Equity Team Launches Global Brands Equity Income Fund

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Morgan Stanley Investment Management (MSIM) announced the launch of the Morgan Stanley Investment Funds (MS INVF) Global Brands Equity Income Fund, offering an enhanced income version of the renowned Global Brands Fund.

GBEI invests in a portfolio of high quality stocks in line with that of the MS INVF Global Brands Fund. It generates income, currently targeting a yield of 4% p.a., from a combination of dividends from high quality stocks and premiums from index option overwriting. As of June 30, 2016, the MS INVF Global Brands Fund I shares delivered 10.3% net annualized total returns vs the MSCI World Net Index, which delivered 3.8% since the Fund’s inception on October 30, 2000. GBEI aims to provide investors with attractive and sustainable income while still offering long-term compounding of capital and relative downside protection.

The highly experienced International Equity team manages GBEI, supported by the Solutions & Multi Asset team, specialists in the implementation of option strategies. London-based portfolio managers William Lock, Bruno Paulson and Dirk Hoffmann-Becking are the key portfolio managers for GBEI. The International Equity team manages AuM of US$ 34 billion across its four strategies as of June 30, 2016.

William Lock, Head of MSIM’s International Equity team commented: “We believe the GBEI portfolio’s high quality bias offers a far more robust approach to income generation than that typically offered by high dividend or income funds. We focus on the underlying company fundamentals and free cash flows, which means dividends are more likely to be sustainable and growing. The companies in GBEI make a high return on capital and are capital light. This means they can afford to pay out, and keep paying out, dividends to shareholders. We would argue ours is “income, the right way”, as it offers sustainable dividends in addition to compounding of capital.”

This is a year of important milestones for the International Equity Team. In addition to the launch of Global Brands Equity Income, the International Equity Strategy celebrates its 30-year anniversary and the Global Franchise Strategy marks its 20th year. Morgan Stanley’s Global Quality Strategy, currently at US$ 7billlion, is now three years old.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 590 investment professionals around the world and US$ 405 billion in assets under management or supervision as of June 30, 2016. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.

Lisa van Walleghem and Jim Butler III Launch MAXIMAI Investment Partners in Partnership with Dynasty Financial Partners

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Two leading global financial advisors – Elizabeth (Lisa) van Walleghem and Thomas J. (Jim) Butler III – with previous responsibility for managing $550 million in client assets, announced yesterday that they have left Merrill Lynch and are partnering with Dynasty Financial Partners to launch a new firm, MAXIMAI Investment Partners.

Based in Coral Gables, Florida, MAXIMAI Investment Partners is an independent boutique investment advisory firm focused on working with ultra-high-net worth entrepreneurs and families from around the world. In addition to Mr. Butler and Ms. van Walleghem, Alejandro Behrens, Daniella Viete, and Ana Bueso are joining the firm– all from the Merrill Lynch Miami Latam Complex.

The team of the new firm is multigenerational, multilingual and global – as are their clients. It provides concierge services to those entrepreneurs and families with international financial interests, and also provides a keen understanding of the entrepreneurial perspective and the Latin American experience.

“One of the main reasons that we have decided to launch MAXIMAI is our desire to build stronger relationships with our clients, their families and communities by offering objective and transparent advice unconstrained by the structure of a one-firm model,” said Ms. van Walleghem.

According to Mr. Butler, “Given the pace of change within global markets, we must maintain the agility to identify new developments, tap attractive opportunities around the world and deliver advanced solutions while safeguarding client assets. Independence equips us to do all this and more.”

“Lisa, Jim and their team have a strong track record working with institutions and families in Latin America, Europe and around the world on a broad array of complex financial issues. Now, as an independent financial advisory firm, they are well positioned for success in the future as they build out their business. At Dynasty, we are delighted to be partnering with MAXIMAI in expanding our Latin American and international business,” said Shirl Penney, President and CEO of Dynasty.

“One feature that distinguishes the independent wealth management segment is the ability to choose platforms and providers that uniquely meet the client’s needs, which is especially relevant for global clients,” said Javier Rivero, Senior Vice President, International Division at Dynasty. “MAXIMAI recognizes that the independent model is the future for advisors working with global clients that require a truly open platform and we congratulate them on their decision.”

UCITS Funds See 10 Billion Net Outflows While AIF Funds’ Net Sales Increase in June

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The European Fund and Asset Management Association (EFAMA) in its latest Investment Funds Industry Fact Sheet, which provides net sales of UCITS and non-UCITS for June 2016. 28 associations representing more than 99 percent of total UCITS and AIF assets provided us with net sales data, highlights that:

Net inflows into UCITS and AIF totaled EUR 14 billion, compared to EUR 52 billion in May.
UCITS experienced net outflows of EUR 10 billion, down from net inflows of EUR 41 billion in May.

Long-term UCITS (UCITS excluding money market funds) recorded net outflows of EUR 10 billion, compared to net inflows of EUR 24 billion in May. Equity funds experienced a turnaround in net flows, from net inflows of EUR 3 billion in May to net outflows of EUR 21 billion in June. Net inflows into bond funds decreased from EUR 14 billion in May to EUR 8 billion in June. Multi-asset funds also recorded lower net sales in June: EUR 2 billion compared to EUR 5 billion in May.
UCITS money market funds experienced net outflows of 0.5 billion in June, compared to net inflows of EUR 17 billion in May. Cyclical end-of-quarter withdrawals of money market funds explain this development.

AIF recorded net inflows of EUR 24 billion, compared to EUR 11 billion in May, with all AIF categories recording the same or higher levels of net sales.
Net assets of UCITS decreased by 1.9% to EUR 8,135 billion in June, and AIF net assets decreased by 0.1% to EUR 5,224 billion. Overall, total net assets of European investment funds decreased by 1.2% in June to stand at EUR 13,358 billion at the end of the month.

Bernard Delbecque, Senior director for Economics and Research at EFAMA commented: “UCITS equity funds suffered a severe drop in net sales in June due to the uncertainty created by the UK’s Brexit vote. Interestingly, AIF equity funds and practically all AIF categories saw their net sales increase in June.”

PIMCO: Disruptive Regulation – A Secular Investment Opportunity

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PIMCO: la regulación disruptiva supone una oportunidad de inversión secular — CC-BY-SA-2.0, FlickrPhoto: RufusGefangenen, Flickr, Creative Commons. PIMCO: Disruptive Regulation - A Secular Investment Opportunity

“Reforms may create opportunities to capture economic profits being ceded by banks” say Christian Stracke, global head of the credit research and Tom Collier, product manager – alternative investment strategies at PIMCO, in their latest insight.

It’s been nearly a decade since the global financial crisis prompted an onslaught of regulations intended to abolish excessive risk-taking and make the financial system safer, they remember. “Yet the implementation of reforms – and their disruptive effect on financial business models – will peak only over the next few years.” They state.

As Dodd-Frank and Basel regulations come into force and a further wave of regulatory reform is announced, they believe banks will exit more non-core businesses, specific funding gaps will become more acute and dislocations between public and private markets will become more frequent. “Each will create investment opportunities for less constrained and patient capital to capture economic profits being ceded by banks.”

The experts highlight that banks are facing higher capital requirements, higher loss provisioning and higher compliance costs – pressures that they believe will prompt banks to exit more non-core businesses. “The result, we believe, will be more acute funding gaps and more frequent dislocations between public and private markets – all of which will create investment opportunities for less constrained and more patient capital.”

You can read the full article in the following link.

BlackRock’s Funds are Now Allowed to Lend Money to Each Other

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The U.S. Securities and Exchange Commission has allowed BlackRock‘s mutual funds and money-market funds to borrow up to a third of their assets in total – or up to 10 percent of assets without posting collateral.

BlackRock’s “InterFund Program” is an internal program in which funds with excess client redemptions could temporarily borrow money from other BlackRock funds with extra cash.

Other firms such as Vanguard Group and Fidelity Investments have already been allowed to use similar schemes. Besides providing more flexibility, the firm explains that borrowing through the program could be less expensive than using credit lines for the borrowing fund and give higher returns than money market instruments to the lending fund.

In its June application, BlackRock noted that “At any particular time, those Funds with uninvested cash may, in effect, lend money to banks or other entities by entering into repurchase agreements or purchasing other short-term money market instruments. At the same time, other Funds may need to borrow money from the same or similar banks for temporary purposes, to cover unanticipated cash shortfalls such as a trade “fail” or for other temporary purposes.” Specifying that “certain Funds may borrow for investment purposes; however, such Funds will not borrow from the InterFund Program for the purposes of leverage.”

Lord Abbett also filed an application for interfund lending in 2015.

Steve Georgala, CEO at Maitland: “Growing Demand From our LatAm Client Base Has Provided an Opportunity for us to Open Up our First LatAm Office”

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With four decades of experience and a presence in 12 countries, Maitland is familiar with the global advisory and fund management needs of private and institutional clients. As its business dedicated to Latin American clients grew, the need to provide a regional base for the team composed by Benjamin Reid, Head of Business Development and Client Management for Latin America, and the Client Relationship Managers Camila Saraiva and Pedro Olmo, became apparent.

In May, the company opened its first office in Miami, a perfect candidate as headquarters for its Latin American business, as many of Maitland’s Latin American clients have some kind of presence or connection with that city.

Next 15^th of September, there will be a cocktail reception to celebrate the opening of the new office and give an opportunity to meet the team behind Maitland. The event will be attended by Steve Georgala, the group’s CEO, who will travel from London to attend the evening.

Steve joined Maitland in 1985 in Luxembourg, after completing his law studies in South Africa and starting his career with Webber Wentzel law firm in Johannesburg. In December 1996, he moved to the Paris office, where he remained until he moved to the London office in 2009. Since 1987, he has been a partner of the firm, and the CEO since 2006. In an exclusive interview with Funds Society, Steve talks about the challenges of the industry and how to prepare to face them.

What sets Maitland apart from other providers in your space?

Firstly, Maitland is a private company owned and run by management and staff – making us truly independent. We are not controlled by any parent and equally we do not have any controlling interest in a bank or prime brokerage business. Secondly, all of our many global operating companies are integrated to provide a single operating platform. This ‘one-firm’ approach solution across all of our service lines permits us to deliver comprehensive solutions to our diverse client base.

Forty years ago, we started out as a small law firm in Luxembourg advising international private, corporate and fund clients. Our growth over the decades has been largely organic – accommodating for our clients’ developing needs. For example, many of our high-net-worth private client relationships are with directors of corporates for which we did structuring work, who approached us to assist them in their personal capacity.

We’ve kept our business tightly aligned with client needs so that any acquisition made has been carefully considered from a strategic and resources point of view, rather than growth for growth’s sake.

Second, our people set us apart. We are a family of over 1,300 employees globally, representing legal, accounting, administration and technology professionals throughout multiple jurisdictions. Some who have been with Maitland from the start are still serving the same clients or later generations of early clients.

In the case of the Maitland LatAm team, Benjamin Reid has been with Maitland for almost four years serving our Brazilian and LatAm client base – both private client and institutional. Prior to joining Maitland, Benjamin was involved in the set-up and roll-out of LatAm desks at BOA Merrill Lynch, RBC and HSBC. At Maitland, Benjamin has built out the LatAm business methodically; hiring native Brazilians Camila Saraiva and Pedro Olmo who as a result of their legal backgrounds fully understand our clients’ offshore multi-jurisdictional requirements.

Tell me more, why now? Why did you open an office in Miami in 2016?

As the LatAm business grew it soon became obvious that Benjamin needed to relocate to be closer to our clients. Many of our LatAm clients have some form of presence in or connection with Miami.

Benjamin, Pedro and Camila have made sure our offering is properly tailored and relevant to the LatAm market. Take for example our institutional and private client accounting product for companies and funds which was developed specifically using local knowledge. Our teams across the globe (USA, Canada, London, Luxembourg and South Africa) understand the cultural differences and nuances that make LatAm clients different to those from North America, Europe and Africa.

As we have built the products needed by our clients, firmed up staffing needs and shored up our operational platforms, 2016 proved to be the perfect time to launch our presence in this part of the globe.

What are the challenges and how are you prepared to handle them?

Challenges we face are the same as the rest of the industry – stricter and frequent regulatory changes, the need to keep up to speed with technology that supports such regulatory changes and ensuring we are always ahead of the curve. As a mid-size provider with a niche advisory and fund administration focus, we have made our mark by investing in best-in-breed technologies and top talent to provide tailored solutions and swift turn-around times.

Two challenges that became an opportunity to apply our knowledge and expertise are FATCA and CRS (the OECD’s Common Reporting Standard). Our comprehensive FATCA offering encompasses responsibilities starting with our advisory team recommending the most favorable FATCA registration strategy through to tax authority reporting. Working closely with clients to identify their individual and unique situations is what Maitland does best. For example, certain structures may give rise to surprising or unnecessary reporting. We help identify the correct classifications that may impact the way in which and by whom entities are managed or operate. This in turn can impact the reporting which upon review may make room for choices that also address the client’s legitimate concerns about their privacy. Our comprehensive CRS solution is similar to the FATCA solution.

How do you see Maitland fitting in and what are your long-term goals?

Our mission is to be the go-to firm for clients who want a partner that has firm roots, a strong understanding of LatAm and provides a conduit to tailored solutions and multi-jurisdictional offerings through Cayman, BVI and Luxembourg, for example.

Our long-term goals have not changed over 40 years – we embrace complex situations to provide simple solutions. We work as teams to build long-term relationships with our clients.

With the Maitland team now here in Miami to serve clients directly and provide them with access to our worldwide, ‘one-firm’ expertise, we are happy to call Miami another corner of our home.

Eric Varvel appointed President and CEO of Credit Suisse Holdings USA

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Credit Suisse Group announced recently that Eric Varvel is appointed President and CEO of Credit Suisse Holdings (USA), in addition to his current responsibilities as Global Head of Asset Management. The bank also announced that Tim O’Hara will be succeeded by Brian Chin, currently Co-Head of Credit, as CEO of Global Markets. Brian Chin will join the Executive Board of Credit Suisse Group AG. These changes are effective immediately.

Urs Rohner, Chairman of the Board of Credit Suisse said: “Eric Varvel will provide critical continuity at Credit Suisse Holdings (USA), with his extensive background in investment banking and his proven leadership skills in various key roles as a former member of the Executive Board.”

Tidjane Thiam, CEO of Credit Suisse said: “I welcome Eric Varvel to the role of President and CEO of Credit Suisse Holdings (USA). Eric is one of the firm’s most accomplished professionals, adding considerable experience and expertise to the role. Over his 25-year career at Credit Suisse, Eric has held a number of senior positions including: CEO of Asia Pacific, CEO of the Investment Bank, and CEO of Europe, Middle East and Africa. He also served on the Executive Board for six years from February 2008 to October 2014. Eric will continue to lead our Global Asset Management activities in addition to this new role. I look to Eric to provide our bank with leadership, insight, governance and accountability as we develop our franchise in the United States, maximize its potential and deliver significant value to our clients.”

“I am confident that these management changes that I have proposed and that have been approved by the Board of Directors of Credit Suisse Group AG will drive a continued improvement in the performance of our bank.”