Foto: Marc Ben Fatma. ALFI espera la aprobación de un régimen de fondos de Inversión alternativo en Luxemburgo
Up until now all unregulated investment sctructures in Luxembourg needed to have a company structure rather than a fund one, but the AIFMD has introduced the concept of “unregulated” AIFs which will benefit form a European marketing Passport.
The bill for this concept, the Reserved Alternative Investment Fund (RAIF) will run through the usual legislative process and is therefore still subject to change. A final text of the law might be adopted in the second quarter of 2016.
Denise Voss, Chairman of ALFI, explains: “The future Luxembourg RAIF Law will provide an additional – complementary – alternative investment fund regime which is similar to both the Specialised Investment Fund and SICAR regimes.”
Currently Luxembourg rules not only require the Luxembourg Alternative Investment Fund Manager (AIFM) to be authorised and regulated by the CSSF but also require the Alternative Investment Fund (AIF), usually a Part II UCI, a SIF or a SICAR, to be authorised and supervised by the CSSF. The CSSF approves and supervises the Luxembourg AIFM and the Luxembourg AIF separately.
The new RAIF is an AIF that has very similar features to the Luxembourg SIFs and SICARs with the key difference that the RAIF does not need to be approved and is not supervised by the CSSF.
Jacques Elvinger, partner at Elvinger, Hoss & Prussen and Chairman of ALFI’s Regulation Advisory Board, highlights the benefits of the new regime: “Managers will benefit from a reduced time-to-market because the RAIF itself does not have to be approved by the Luxembourg regulator. Going forward, managers will be able to choose whether to set up their Luxembourg AIF as Part II UCI, SIF or SICAR if they or their investors prefer for the AIF to be supervised by the CSSF, or to set up their AIF as a RAIF, which does not need to be approved and supervised by the CSSF, with consequent time-to-market benefits.”
Claude Niedner, partner at the law firm Arendt & Medernach and Chairman of ALFI’s alternative investments committee, mentions that “the RAIF legislation will enable Luxembourg and foreign AIFMs to benefit from a flexible and innovative investment fund vehicle.”
In order to ensure sufficient protection and regulation via its manager, a RAIF must be managed by an authorised external AIFM. The latter can be domiciled in Luxembourg or in any other Member State of the EU. If it is authorised and fully in line with the requirements of the AIFMD, the AIFM can make use of the marketing passport to market shares or units of RAIFs on a cross-border basis. As is the case for Luxembourg SIFs and SICARs, shares or units of RAIFs can only be sold to well-informed investors.
“The new structure will complement our attractive range of investment fund products in Luxembourg and we believe this demonstrates the understanding the Luxembourg lawmaker has of the needs of the fund industry to best serve the interests of investors.“ concludes Denise Voss.
CC-BY-SA-2.0, FlickrFoto: Yves Henri Bonzon dirigirá la recién creada división de gestión de inversiones (IM) de Julius Baer. J Safra Sarasin desmiente la compra de BSI a BTG Pactual
Yves Henri Bonzon chose to join Julius Baer after rejecting to join Swiss bank BSI (of BTG Pactual) as Chief Investment Officer.
According to a statement, “Julius Baer has decided to create the new division Investment Management (IM) to emphasise and further strengthen its commitment to achieve a consistently solid investment performance for its clients,” of which Bonzon will be in charge.
He will also become a member of the Executive Board of Bank Julius Baer as of February 1st, 2016. In this function he will report to CEO Boris F.J. Collardi. The new IM division will complement the existing division Investment Solutions Group (ISG) headed by Burkhard Varnholt. He and Yves Bonzon will be Co-CIOs.
Boris F.J. Collardi, CEO of Julius Baer, said: “I am delighted that Yves Bonzon has joined Julius Baer. He will be instrumental in further strengthening our expertise in managing our clients’ wealth and thus contribute to further consolidating our position as the international reference in private banking. Together with Burkard Varnholt’s ISG division, we will have two complementing, highly professional units that will jointly deliver best-in-class investment management to our clients.”
Foto: LinkedIn. Alvarez Arrieta & Diaz-Silveira nombra consejero y director del negocio de Venture Capital a Brian Canida
Alvarez Arrieta & Diaz-Silveira, a Miami-based corporate boutique law firm specializing in international and domestic M&A, finance, real estate, immigration and private wealth services, announced the promotion of Brian Canida to counsel and head of the firm’s Venture Capital group.
“We are thrilled to have Brian lead our growing Venture Capital practice during such an exciting time for the tech industry here in Miami,” said Albert Diaz-Silveira, one of the firm’s founders. “Brian’s broad exposure to venture capital transactions – both here in South Florida and in the key startup hubs domestically and abroad – has allowed the firm to stay current with market terms and trends.”
Brian regularly represents emerging companies and investors on both ongoing and transaction-specific matters, including those related to corporate and securities law, venture capital financing, mergers and acquisitions, and technology transactions. He is also a venture capital investor and heavily involved in supporting the technology and venture capital ecosystem in South Florida and Latin America.
“I could not imagine a better opportunity than being able to counsel clients in such a dynamic field at a firm which is itself young and emerging,” said Brian Canida. “I look forward to continuing to help clients navigate the constantly changing venture capital industry.”
Prior to joining AADS, Canida was a corporate associate in the New York office of the international law firm Schulte Roth & Zabel LLP for several years. He graduated from Georgetown University’s Edmund A. Walsh School of Foreign Service in 2007 with a B.S.F.S. in International Economics. After completing an investment banking internship with Deutsche Bank AG, Brian continued his post-graduate studies at Georgetown and graduated with a J.D. from Georgetown Law in 2010, while also receiving a Certificate in Emerging Markets and Country Risk Analysis from Fordham University’s Graduate International Political Economy & Development Program.
In addition to serving as an active member of the Cuban American Bar Association, Brian also provides services to the Dade Legal Aid Venture Law Project, a pro bono legal services clinic for local entrepreneurs. He is fluent in both Spanish and English and is admitted to practice law in the states of Florida and New York.
Foto: Nick Harris
. Jefferies WM se asocia con Envestnet para mejorar y racionalizar sus negocios de Wealth Management
Envestnet has begun working with Jefferies Wealth Management to strengthen its service and product offerings. Jefferies Wealth Management, part of global investment banking firm Jefferies Group, is utilizing the Envestnet platform to update its technology, offer a wider array of investment products and solutions, and create operational efficiencies which allow its advisors to devote more time to client engagement and portfolio management.
“By providing Jefferies Wealth Management with access to a broader suite of investment products and programs through a fully integrated platform, we can empower its team with more options to both improve client outcomes and meet clients’ evolving needs,” said John Yackel, Managing Director and Head of Global Institutional Business Development at Envestnet. “We look forward to helping place the team in a stronger position to recruit and retain top advisors—and continue to flourish as a key part of a global investment bank.”
New York based Jefferies Wealth Management, which harnesses the power of its parent firm’s global investment bank to meet its clients’ needs, will leverage the Envestnet platform to offer clients access to best-in-class separately managed accounts, unified managed accounts, and fund strategist portfolio programs—as well as to simplify multi-currency reporting for international clients.
CC-BY-SA-2.0, FlickrPhoto: Omar Burgos
. Neuberger Berman Acquires Options Investment Team From Horizon Kinetics
Neuberger Berman on Monday announced that it has acquired from Horizon Kinetics an investment team that manages collateralized index-based options portfolios that seek to capture global volatility premiums. The team’s investment track records, proprietary research and client assets have also transferred to Neuberger Berman.
Neuberger Berman’s new options investment team is overseen by Doug Kramer, who joined the firm in November 2015 as Co-Head of Quantitative & Multi-Asset Class Investments (working alongside current Multi-Asset Class Chief Investment Officer Erik Knutzen). Derek Deven salso joins Neuberger Berman from Horizon Kinetics as a Managing Director and senior portfolio manageralong with research analysts, Rory Ewing and Eric Zhou. With the addition of this team, Neuberger Berman strengthens its lineup of systematic, outcome oriented investment capabilities.
Previously, Mr. Kramer was CEO of Horizon Kinetics, an investment management firm with approximately $8 billion in assets under management, and prior to that a Managing Principal of Quadrangle Group and a Partner of Goldman, Sachs & Co., where he served as Chief Investment Officer and Head of the Global Manager Strategies Group.
Joseph Amato, President and Chief Investment Officer, Equities, at Neuberger Berman, said “This highly differentiated global options strategy has a demonstrated, long-term track record of delivering attractive risk-adjusted returns. Doug’s leadership and investment expertise is valuable as we serve global investors seeking innovative, outcome-oriented solutions.”
Mr. Kramer said of coming to Neuberger Berman, “The breadth and rigor of Neuberger Berman’s investment capabilities is well-suited to serve a wide variety of client needs. I am excited to be working with such a talented group of investment professionals as we help clients achieve their unique investment objectives.”
CC-BY-SA-2.0, FlickrFoto: Skyseeker. BNP Paribas Investment Partners and Orion Partners Announce Strategic Partnership in Asia Alternative Investments
BNP Paribas Investment Partners, the asset management arm of BNP Paribas, and Orion Partners LP, announced a strategic partnership that brings together a leading Asia-focused alternative investment firm specialising in real estate and private equity, and a global key player in asset management.
Under the terms of the transaction, BNPP IP -through its alternative and incubation specialist BNP Paribas Capital Partners- will acquire a minority stake in a new partnership based in Hong Kong. Orion Partners will continue to operate under its existing leadership and remain independent in all its businesses and investment decisions.
Going forward, BNPP CP and Orion Partners plan to develop and launch new funds to meet growing client demand for Asia-focused alternative investment funds. BNPP IP and Orion Partners believe there is tremendous opportunity to provide these various alternative investment products to retail and institutional investors throughout the world using BNPP IP’s highly-regarded platform and global distribution capabilities and Orion Partners’ local specialist expertise.
Gilles Guerin, CEO of BNPP CP, commented: “The partnership with Orion Partners provides us with an excellent opportunity to broaden our exposure to fast growing alternative investment opportunities in Asia, managed by a leading Asian-based and Asian-focused firm. Having worked closely together for more than 10 years to develop and distribute some of their products to institutional investors across the globe, we value their expertise and excellence in the creation and protection of value for their clients.”
. BBVA hires Derek White for Global Product and Design Post
BBVA has hired Derek White, former Chief Design & Digital Officer at Barclays Bank PLC, as Global Head of Customer Solutions. In this role White will drive the transformation of the customer value proposition, including global product and design, customer experience, launching new products and services and leveraging big data and customer analytics.
Derek White will report to Carlos Torres Vila, president & COO of BBVA. White will start at BBVA on March 1st and will be based in Madrid. White joined Barclays in 2004 through the acquisition of Juniper Bank (now Barclaycard US), where he was an early member of the start-up internet bank. In his latest role at Barclays, Derek White led the U.K. bank’s digital banking initiative, embracing disruptive technologies and the startup ecosystem, while overseeing the design and launch of market leading applications, platforms and services. Prior to joining Barclays, Derek was at First USA Bank (now JPMorgan Chase) in the U.S.
“BBVA is a global institution that is transforming banking and creating the future of financial services,” said Derek White. “I can’t wait to join the team.”
Born in Utah in the U.S., Derek has a B.A. in Liberal Arts and Sciences from Utah State University and holds an MBA from Wharton School at the University of Pennsylvania. He and his wife have four children.
Foto: Kreg Steppe
. Norteamérica lidera las adquisiciones respaldadas por private equity
Private equity-backed buyout deal activity saw continued growth in 2015, as 3,546 deals were recorded totalling $409bn. This represents an 18% increase on the $348bn of private equity-backed deals in 2014, and it is the sixth consecutive year in which global deal value has increased. These figures are expected to rise by a further 10-20% as more data becomes available, says Preqin.
Large cap deals in North America are the main source of this growth, with six of the 10 biggest deals in 2015 taking place in the region. Overall, North America saw $255bn of private equity-backed buyout deals take place, up 35% from the $189bn of deals recorded in 2014. Overall, deals worth $1bn or more accounted for 9% of the total number of deals globally and 70% of the aggregate deal value, up from 52% in 2014.
The number of private equity-backed deals was 3,546, down slightly from the 3,797 deals recorded in 2014. However, given that Preqin projects these figures to rise by 10-20% as new information becomes available, deal flow in 2015 looks set to be on a par with previous years.
Aggregate buyout deal value in Europe was $90bn in 2015, down slightly from $95bn the previous year. Total deal value in Asia stayed level, with $45bn of deals recorded in 2015, compared with $46bn in the previous year.
Partly fuelled by acquisitions such as EMC/Dell, add-on deals accounted for 39% of total buyout deal value in 2015, up from 19% in 2014. LBO deals also accounted for 39% of global deal value. Both deal types each also accounted for just fewer than 40% of the total number of deals recorded in 2015.
Total levels of uncommitted capital available to buyout fund managers have continued to climb through 2015, and are approaching the record levels seen in 2008-2009. As of the end of 2015, total buyout dry powder stands at $461bn.
“2015 has been a record year for global M&A, and this has been reflected within the private equity universe.The global buyout market recorded its sixth consecutive year of increases in aggregate deal value, with a surge in the number and value of large cap deals. North America drove this increase in activity as the overall buyout deal value there rose by over a third from 2014’s total, and the region saw the largest ever private equity-backed deal with the acquisition of EMC by Dell Inc. Dry powder has increased by $12bn over the course of 2015 however this represents a slow-down in the rate of dry powder growth over recent years. This is an encouraging sign as, despite concerns over valuations, managers have been able to find attractive investment opportunities and put investor capital to work.” Said Christopher Elvin, Head of Private Equity Products, Preqin
CC-BY-SA-2.0, FlickrPhoto: Skyseeker. Martin Currie Buys Japan Equity Boutique
Martin Currie has completed the acquisition of the business assets and investment management team of PK Investment Management, the London based long/short Japan Equity boutique.
Led by Paul Kirkby and including manager Claire Marwick, PK IM has overall AUM for the enlarged team are $425m (€395m).
Kirkby has also been appointed as lead manager of the Legg Mason Japan Absolute Alpha Fund the Luxembourg domiciled Ucits fund.
Andy Sowerby, head of Sales and Marketing at Martin Currie comments:- “This is an exciting milestone in the development of our Japanese long/short capability.
By capitalising on the combined strength of our collective resources we can further establish ourselves as a leading manager in this specialist area.
“Paul has over 30 years’ experience in managing Japanese equities and is backed by a proven team who together have combined experience of the Japanese market in excess of 97 years.”
CC-BY-SA-2.0, FlickrPhoto: OTA Photos. Groupama and Orange Enter Exclusive Negotiations for the Creation of “Orange Bank”
Groupama and Orange announced that they are entering exclusive negotiations with a view to working in partnership to develop a new banking model that will enable Groupama to strengthen its online banking business and Orange to successfully diversify into banking services.
The launch of “Orange Bank” is planned for the start of 2017 in France, followed by other European markets such as Spain or Belgium. The services offered will cover all standard banking services as well as savings, loans and insurance services.
These negotiations could result in the acquisition by Orange of a 65% stake in Groupama Banque, enabling it to benefit from an existing operational infrastructure for the launch of Orange Bank.
From its creation, Groupama Banque has positioned itself as a multi-channel bank. Orange will bring its digital knowledge to develop a 100% mobile offer corresponding to new uses increasingly employed by the two partners’ customers. The partnership with Orange will accelerate the deployment of such innovative banking offers and will leverage the network of local Orange stores as well as the highstreet branches of Groupama and its subsidiary Gan.
During the presentation of the “Essentiels2020” strategic plan in March 2015, Stéphane Richard, Chairman and Chief Executive Officer of Orange, announced the Group’s ambition to diversify its operations by capitalizing on its assets and in particular by concentrating its efforts on mobile banking, which offers important growth prospects. The plan’s objective is to reach 400 million euros of revenues in financial services in 2018.
