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RBC Global Asset Management Announces Leadership Transition

RBC Global Asset Management (RBC GAM), the asset management division of Royal Bank of Canada, has announced a leadership transition, with Damon Williams and Alex Khein appointed as co-CEOs, reporting to George Lewis, group head, RBC Wealth Management & RBC Insurance, effective May 1, 2015. Also effective May 1, 2015, John Montalbano, CEO of RBC GAM, will assume a new role as vice-chairman of RBC Wealth Management, continuing to report to Lewis.

“RBC’s asset management business is among the fastest growing in the world, and the continued development of this successful, leverageable business is central to RBC’s global growth plans,” said Lewis. “John’s decision to initiate this leadership succession reflects the strength of RBC GAM and the talented global management team he has built. Damon and Alex are accomplished leaders with extensive experience, and this transition will be seamless for our employees and our clients.”

Both Williams and Khein have extensive tenures with RBC GAM:

Damon Williams joined Phillips, Hager & North Investment Management (PH&N IM) in 2005; the company was acquired by RBC in 2008. He has served since 2009 as head of RBC GAM’s institutional business globally and president of PH&N IM.
Alex Khein joined BlueBay Asset Management in 2004 and was appointed chief operating officer in 2005. BlueBay was acquired by RBC in 2010. Khein will remain as partner and CEO of BlueBay, a position he has held since January 1, 2014.

“I am humbled and privileged to have had the opportunity to serve the employees and clients of RBC GAM as CEO over the past six years,” said Montalbano. “I have full confidence that Damon, Alex and RBC GAM’s management team will effectively guide the organization as it continues to grow, compete and further enhance its investment capabilities. I am honoured to be asked by George Lewis to help guide this transition over the coming year and to take on additional responsibilities to contribute to RBC’s future growth.”

“John has had an exceptional tenure as CEO,” said Lewis. “He has led RBC GAM from its foundation in 2008 – via the amalgamation of RBC Asset Management, Phillips, Hager & North Investment Management and Voyageur Asset Management – to the acquisition of BlueBay Asset Management in 2010 and beyond. RBC GAM has had a consistent trajectory through this timeframe, even within challenging market conditions, with strong growth in assets under management, investment performance and capabilities, and international expansion. Today, RBC GAM is a leading global asset manager with over C$350 billion in assets under management and 23 investment teams across North America, Europe and Asia.”

As vice-chairman of RBC Wealth Management, Montalbano will support business development and special projects for RBC Wealth Management and other RBC businesses, as well as provide advice and counsel to the co-CEOs of RBC GAM and to Mr. Lewis, especially with respect to merger and acquisition opportunities for RBC GAM.

BlackRock Introduces iShares MSCI ACWI Low Carbon Target ETF

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BlackRock has expanded its suite of Environmental, Social and Corporate Governance (ESG)-related products with the launch of iShares MSCI ACWI Low Carbon Target ETF. The new fund which seeks to track the results of the MSCI ACWI Low Carbon Target Index and addresses two dimensions of carbon exposure – carbon emissions and fossil fuel reserves – started trading on the New York Stock Exchange on December 9, 2014.

CRBN is designed for individuals and institutions interested in environmental sustainability without divestment and provides transparency to the carbon footprint of their investments. By overweighting companies with low carbon emissions relative to sales and those with low potential carbon emissions per dollar of market capitalization, it aims to maintain exposure to global equity, while accounting for carbon exposure. Relative to the standard ACWI index, the underlying holdings to the CRBN index produce 81% less carbon emissions and 97% less potential carbon emissions from fossil fuel reserves.

Daniel Gamba, head of BlackRock’s iShares Americas Institutional Business, said, “We see a growing demand from global investors who are seeking to invest in way that can have a positive impact on the broader economy without potentially sacrificing returns and to be able to do so with the ease, access and efficiency of an ETF. With iShares MSCI ACWI Low Carbon Target ETF, we are helping investors to look at socially responsible investing through the lens of long-term investment returns and in the process helping them to take action with their portfolios. This is particularly relevant for official institutions, pensions, foundations and endowments who are interested in pursuing environmental sustainability strategies without divestment.”

Carol Boykin, CFA, Representative of the Secretary-General for the investment of the assets of the United Nations Joint Staff Pension Fund, said, “As we consider the impact of climate change worldwide, as highlighted by the UN Secretary-General at his Climate Summit on 23 September, it is clear that investors are now paying close attention to the risk posed to their investments by climate change. The United Nations Joint Staff Pension Fund welcomes the creation of a new lower carbon index and related ETFs as a responsible approach to environmentally sustainable investing and a positive response to the Secretary-General’s call for action.”

Sam Gallo, Chief Investment Officer of the University System of Maryland Foundation, said, “Being able to address socially responsible concerns while maintaining our fiduciary standards is critical to our investment approach. The iShares MSCI ACWI Low Carbon Target ETF is a low-cost, investment solution that allows us to maintain full exposure to global equities while incorporating a carbon exposure reduction strategy.”

Baer Pettit, Managing Director and Head of the Index Business at MSCI, said “Socially responsible investing increasingly influences many of our clients’ investment strategies. We are pleased that iShares has again selected MSCI to meet its need for an innovative index.”

The MSCI Global Low Carbon Target Index re-weights stocks based on their carbon exposure in the form of carbon emissions and fossil fuel reserves. The index is designed to achieve maximum carbon exposure reduction given a specific tracking error target. The MSCI Global Low Carbon Target Index is based on the MSCI ACWI Index, the global policy benchmark covering developed and emerging markets, and utilizes MSCI ESG CarbonMetrics data from MSCI ESG Research Inc.

BlackRock’s commitment to social investing spans asset classes and enables investors to access investment strategies that target a reasonable risk-adjusted rate of return in addition to positive and measureable social or environmental outcomes. The firm managed $257 billion in social investing products as of the end of June 2014, up from $215 billion as of June 30, 2012.

Clare Spearing Appointed Head Of Private Banking at Clarien Bank

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Clarien Bank Limited has announced te appointment of Clare Spearing as Head of Private Banking.

“Ms Spearing will be responsible for leading the new business efforts for private banking, providing overall strategic direction for the division, maintaining the Bank’s high level of client service and overseeing operational excellence for the group,” the bank said.

“Ms Spearing’s appointment reflects Clarien’s aim to become the pre-eminent financial institution for local Bermudian banking clients, while strengthening its international offering of sophisticated products and services, combined with top level investment advice to wealth management and private banking clients. She will report to Mr. Paul Finn, Head of Global Wealth Management for Clarien.”

Ms Spearing brings over 10 years of Bermuda based banking experience. She began her career in corporate banking at Butterfield Bank, Bermuda where she worked for seven years, ending in the role of Assistant Vice President of Relationship Management and Sales.

Following this, Ms Spearing spent two years with HSBC Bank Bermuda, where she was Vice President, Senior Relationship Manager of the commercial banking unit.

Most recently, Ms Spearing was Head of Operations at the Bermuda Business Development Agency [BDA] where she acted as the primary liaison between various Government Ministries, the Bermuda Monetary Authority and other international industry leaders.

Ian Truran, CEO of Clarien Bank Limited, said: “Miss Spearing brings over a decade of Bermudian banking experience, and holds strong relationships with not only local and international clients but many important key organisations across the island.

“At Clarien, while we have international ambitions, we remain firmly committed to the island of Bermuda and the talent we have here. Miss Spearing brings an expert knowledge and experience of the local banking environment and we look forward to welcoming her.”

Ross Webber, CEO of the Bermuda Business Development Agency [BDA] commented: “Clare has dedicated the last 18 months to laying the foundation for the BDA to thrive and flourish; her tireless work has provided us with the platform to help Bermuda succeed in the international business arena.

“She has been a loyal and tenacious stalwart for the BDA, and handled with aplomb the myriad changes that come with building a business from scratch. While we will miss her expertise, we are delighted she will join one of Bermuda’s leading financial institutions. We wish her all the best and look forward to continuing our relationship”.

Matthews Asia Hires Head of U.K. Business Development

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Matthews Asia announces the appointment of Neil Steedman as Head of U.K. Business Development. Based in London, Neil will be responsible for directing the firm’s business development and client service activities in the U.K. and select European markets.

Neil has extensive experience working with institutional and professional investors, including local authorities, discretionary wealth managers, private banks, and global financial institutions, as well as leading platforms, including 10 years at Aberdeen Asset Management where he served as Head of U.K. Discretionary Sales.

Reporting to Jonathan Schuman, Head of Global Business Development, Neil’s hire marks an important step in the continued build-out of Matthews Asia’s global operations and highlights the company’s long-term commitment to the U.K. and European marketplace.

Neil Steedman, Head of U.K. Business Development, commented: “I am excited to join Matthews Asia as it continues to grow its business in the U.K. and Europe, and thrilled to be part of the team that will bring the firm’s distinctive investment approach and long-term focus on Asia to U.K. and European-based investors. Matthews Asia’s extensive product line-up and the firm’s long-term, fundamental approach to investing are ideally suited for institutional and professional investors’ portfolios.”

Jonathan Schuman, Head of Global Business Development, commented: “Neil’s appointment reflects Matthews Asia’s strategic commitment to provide distinctive Asian investment strategies and high-quality service to our partners and investors across the U.K. and Europe. We are pleased that a growing number of investors have recognized Matthews Asia’s specialist capabilities. The expansion of our local presence in Europe reflects the long-term importance that we place on providing quality products and service to our clients.”

Man Group to Acquire From Merrill Lynch the Investment Management Contracts of a US$2.1bn Fund of Hedge Funds Portfolio

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Man Group compra a Merrill Lynch los contratos de gestión de una cartera de 1.200 millones de dólares de fondos de hedge funds — . Man Group to Acquire From Merrill Lynch the Investment Management Contracts of a US$2.1bn Fund of Hedge Funds Portfolio

Man Group has announced that it has entered into a conditional agreement with Merrill Lynch Alternative Investments to acquire the investment management contracts to manage a portfolio of multi-strategy and strategy-focused fund of hedge with total AUM of $1.2 billion. The Acquisition is expected to complete in the second quarter of 2015, subject to certain approvals and consents, including approval of the board of managers and investors of a US registered investment company.

Man Group’s fund of hedge fund arm, FRM, has been selected to manage the Portfolio following a due diligence process which assessed its investment expertise, quality of personnel, investment process and ability to service clients. Following the completion of the Acquisition, Man Group intends to offer the funds to other investors globally as well as Merrill Lynch’s and US Trust’s wealth management clients.

The Acquisition of the Portfolio follows Man Group’s recent Acquisition of Pine Grove Asset Management LLC. The strategic rationale for the Acquisition includes:

Continued participation in the consolidation of the fund of hedge fund industry.
Further expansion of Man Group’s footprint in the US.
Increased commitment to the US wealth management channel.
Synergistic partnership allowing Man Group and Merrill Lynch to deliver high quality
investment solutions for clients.
Broadened portfolio of US registered investment companies and complementary fund of hedge fund products.
Expansion of FRM’s existing co-mingled fund platform and managed accounts.

The assets, which will be acquired, are spread across 17 multi manager hedge fund and managed futures fund of funds. One fund is registered as an investment company with the US Securities and Exchange Commission, while the others are private. All of the funds would complement Man Group’s and FRM’s existing product offering, with 3 multi-strategy funds and 14 strategy-focused funds. This would include emerging markets, equity long / short, global macro, relative value, managed futures and other credit-focused products.

The consideration will be paid to Merrill Lynch in cash from existing resources, and comprises: An upfront payment of $2.9 million, paid upon completion of the transaction, 35% of the net management fees generated annually by the Portfolio, payable annually for five years and the total payments under the earn-outs cannot exceed $30.0 million.

As at 31st October 2014, the Portfolio generated run rate net management fees of $6.2 million. The transaction is structured as an asset purchase and, as such, no additional costs are expected to be incurred, nor synergies generated. The regulatory capital requirement associated with the Acquisition is expected to be approximately $10.0 million.

Michelle McCloskey, Senior Managing Director of FRM, stated, “We are excited that Merrill Lynch has selected FRM as the steward of its world-class portfolio of multi-strategy and strategy-focused funds, supported by a proven distribution platform. We look forward to continuing to deliver high quality products and services to Merrill Lynch’s clients, while expanding the investor base globally as investors increasingly seek exposure to alternative investments through managers like Man Group.”

Have Equities Become Too Expensive?

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Global equities continue to offer good value, though Threadneedle beleives the case for active management has seldom been stronger given the diverging performance of regional markets and the emergence of powerful trends that are driving individual stocks.

The price to earnings ratio of global markets is currently below the average seen since 1997, which would certainly seem to suggest that equities are not overvalued.

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However, there are marked variations in terms of regions (as measured by trailing PE ratios). Surprisingly, Europe is among the more expensive markets despite its well-known problems, but if one looks at PEs on a forward basis, Europe is more attractively valued. This reflects a belief that European companies will grow earnings at a faster pace than those in other parts of the world. While the weaker euro may support earnings growth, we are concerned that expectations may not be met given the economic difficulties facing the region.

Dividend yields also provide an interesting measure of the relative attractiveness of equities around the world. Globally, sovereign bonds yields are low (below 1% in Germany and Japan, for instance), whereas dividend yields on world equity markets average around 2.5%. Not only is this yield attractive at face value, it will grow over time – making equities an attractive option for investors in a low-growth environment.

The case for US equities

Although dividend yields are relatively low in America, the picture changes markedly once you add in the impact of share buybacks. Including these, US companies are actually returning more capital to shareholders than their counterparts around the world. There are other good reasons for investing in US equities. The domestic economic recovery is continuing and the shale energy revolution is providing the US with a competitive edge in a wide range of sectors, and is boosting the country’s external finances. Meanwhile, corporate earnings growth is solid, helped by good cost management and the effective use of capital. Low interest rates will support equity valuations and we believe the main risk facing the US economy is how it reacts when interest rates start to increase.

Profit margins are at historically high levels. Threadneedle believes that they are likely to moderate in the long term, but remain high over the next few years at least given that:

Wage inflation is controlled and the participation rate can rise as economy improves.
Capital expenditure plans are conservative, with companies favouring capital returns or M&A.
Energy costs are particularly low in the US, reflecting the development of shale resources.

Thus, the asset management firm believes that US companies deserve their premium ratings.

Opportunities in Japan

Threadneedle is also overweight in Japan, where the government of Prime Minister Shinzo Abe appears to be succeeding in transforming the deflationary landscape of the past 20 years or so via its “three arrows” policy programme into one of inflation. Thus, we now have underlying inflation of around 1.5% in Japan, a development that is encouraging people to go out and spend rather than waiting for the price of goods to fall even further. The first two arrows – monetary stimulus via a massive programme of quantitative easing and fiscal stimulus via increased spending are already in place. Investors are now concerned that the delivery of the third arrow of structural reforms to the economy, including labour reforms, deregulation and trade agreements is making disappointing progress.

However, Threadneedle believes that investors would do better to regard the third arrow as a form of acupuncture with lots of little needle pricks taking place across the economy. Thus, Threadneedle points out that we have seen progress in a number of areas, including the ability of companies to make redundancies, and the encouragement of more women and migrants into the labour force.

There has also been significant progress in terms of corporate governance. Thus in 2013, the authorities launched a new stock index. The JPX-Nikkei 400 aims to showcase the country’s most profitable and shareholder-friendly companies and it is having a major impact. On learning that it was not in the index, the toolmaker Amada, for example, promptly announced that it would pay out half of its net profits in dividends, and use the other half to buy back stock, and improve corporate governance by appointing two independent directors. Thus, the new index is changing corporate behaviour and the third arrow is bringing about a major improvement in returns. Indeed, Threadneedle believes returns on equity can almost double over a period of three to four years as companies are increasingly run for the benefit of shareholders rather than employees.

Our overall strategy in global equities

Given the low growth environment that we envisage over the next few years, Threadneedle is focusing upon businesses which are not dependent upon a growing economy to expand their earnings. They favour companies that are fuelled by secular growth trends. These include:

Disney: benefitting from the rising value of differentiated media content.
Facebook and Google – beneficiaries of increasing advertising on the internet.
TE Connectivity (electronic engineering) – benefiting from the rapid growth of electronic components within cars in areas such as safety, infotainment, emission control, and fuel economy.

Overall, a positive outlook for active managers

In conclusion, there a number of reasons to be optimistic about the outlook for equities including the fact that although valuations have risen they are not high in historical terms, while cash returns to shareholders provide support. However, Threadneedle is also seeing a growing divergence in the performance of individual economies around the world and the rise of nationalism and geopolitical instability. The asset management firm believes this underscores the need for an active approach to stock picking, while the prospect of low economic growth over the next few years supports our focus on companies that are well positioned to exploit secular growth trends.

Dagong Global Will Become Sole Shareholder of Dagong Europe

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Dagong Europe has announced that its majority shareholder Dagong Global Credit Rating Co. Ltd. (Dagong Global) has completed an adjustment to the shareholding structure of the company.

Through the adjustment, Dagong Global has acquired the 40% shares previously owned by Mandarin Capital Partners (MCP), therefore becoming the sole shareholder of Dagong Europe Credit Rating Srl (Dagong Europe).

Jianzhong Guan, chairman of Dagong Global and of Dagong Europe commented “Dagong Global’s strategy in the European rating market is to build up a new bridge that pumps up mutual investment between China and Europe and to undertake rating responsibility to guard off credit risks by providing just and authoritative rating information for Chinese investors. We believe that we will reap great fruit from the unique blueprint that caters for the historical demands of Europe. We are grateful that MCP co-founded Dagong Europe with us, and I hope that we could continue our cooperation in the future to help Dagong Europe to thrive”. Lorenzo Stanca, deputy chairman at Dagong Europe and managing partner at MCP, commented “we believe that Dagong Europe has a significant potential to become a key player in the credit rating industry in Europe. The results obtained in the first year from the obtainment of the Licence from ESMA confirm such an expectation, in a sector that is bound to see important changes and reshuffles, following years of dominance of the three big U.S. players.

Ulrich Bierbaum, general manager of Dagong Europe added, “I’m confident that the new ownership structure will provide even stronger support for Dagong Europe’s future growth plans, as we can leverage fully the internationally renowned Dagong brand. We will keep promoting the Dagong brand under Chairman Guan’s guidance by providing top-notch quality services to European issuers and Chinese investors.”

Dagong Europe Credit Rating srl (Dagong Europe) was established in March 2012 with headquarters in Milan, Italy. In June 2013, Dagong Europe received authorization and registration by the European Securities Market Authority (‘ESMA’) under the Article 16 of the CRA regulation. Dagong Global Credit RatingCo., Ltd., headquartered in Beijing, is the sole owner of the company.

Dagong Europe provides credit opinions on financial institutions including insurance companies and non-financial corporates, producing autonomously Procedures, Criteria and models that are the foundations of the credit rating process.

Dagong, the biggest credit rating agency in China, has 600 employees, including over 300 analysts with master’s and doctor’s degree, and over 50 post-doctoral researchers. Over 30 branch offices in China provide credit information services for clients at home and abroad.

Asset Managers are Turning to Index Derivatives to Mitigate Risk

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Asset managers have told TABB Group that they are focusing more attention on index derivatives as market structure changes in both OTC and cash markets are impacting their portfolio decisions. As they change the way they manage cash flows and risk exposures, index derivatives are seeing greater growth as part of the evolution of existing strategies, already generating record level volumes on multiple days in October 2014.

According to Matt Simon, a TABB principal, head of futures research and author “US. Equity Index Derivatives: The Next Phase of Institutional Discovery,” traditional drivers of equity-index based derivatives usage will persist, evolving over time with asset managers using index products to equitize cash, hedge risk, gain exposure to underlying reference markets and search for new ways to gain alpha when provided with the right opportunities. “If recent volumes during October are any signal of what to expect in 2015, the changes for increased adoption are already taking hold.”

This growth potential has not gone unnoticed. “The recent announcement by the London Stock Exchange (LSE) concerning its acquisition of Frank Russell and its lucrative index operations for $2.7 billion highlights the current appeal of owning an index business,” says Simon.

For this study, which covers market validation, the most active products, electronic order routing, brokerage routing decisions, executing brokers’ market share, trading product selection, and regulatory impact, TABB interviewed 26 firms, including long-only asset managers, hedge funds, commodity trading advisers (CTAs) and pension managers with $6 trillion in total Assets under Management (AuM), It also includes interviews with sell-side trading desks, market makers, proprietary trading firms, technology providers and exchanges, conducted during the second quarter 2014.

Top findings include:

92% of long-only funds, hedge funds and CTAs say their equity index derivatives volumes will increase over the next year.
E-mini S&P 500 remains the most active futures contract by a wide margin with SPY the leading options index product, January-September 2014 vs. January-September 2013.
Nearly 60% of buy side trade through clearing broker(s).
For brokers, cost of execution and service levels are most important selection criteria.
Hedge funds and CTAs say they are interested in sophisticated trading functionality to support their derivatives activity; leading OMSs and EMSs received mixed results.

Rather than being used as a pure alpha generating tool, says Simon, hedge funds are using index products to manage the growing number of market risks. “Facing a more difficult operating environment, they’re not only being forced to improve their balance sheets and lower risk exposures, they’re being driven by pressure from their prime brokers to improve the management of their risk exposure.”

The 30-page 22-exhibit study is available for download by TABB Group Research Alliance Futures clients at this link.

New Asset Inflows into US listed ETF/ETPs were US$42.4 billion in November, Setting a New Record

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ETFGI’s research finds 2014 is proving to be a very good year for the ETF/ETP industry in the United States. The ETF/ETP industry in the United States reached a new record of US$1.98 trillion in assets at the end of November. They expect to see assets break through the US$2 trillion milestone any day.

At the end of November 2014 the US ETF/ETP industry had 1,659 ETFs/ETPs, from 68 providers listed on 3 exchanges. Net new asset inflows into US listed ETF/ETPs were US$42.4 billion in November, which is a record month, beating the previous high of US$41.2 billion set in July 2013.

The global ETF/ETP industry has reached a new record of US$2.76 trillion in assets. They expect the assets to break through the US$3 trillion milestone in the first half of 2015.

“Economic news in Europe during November was not positive with the OECD warning that Europe was the “locus of weakness” in the global economy – criticising the ECB’s efforts to combat economic stagnation. Many found the EC’s investment plan as lacking new money and new ideas with even the Pope criticising the plan. During November the US market continued its positive trend with both the S&P 500 and the Dow closing up 3% for the month. Developed markets ended the month up 1% while emerging markets declined 1%.” according to Deborah Fuhr, Managing Partner at ETFGI.

In November 2014 ETFs/ETPs listed in the United States saw net inflows of US$42.4 billion. Equity net inflows of US$41.2 Bn in November were a record month, beating the previous high of US$37.2 Bn in July 2013, followed by fixed income ETFs/ETPs with US$1.7 Bn, whilst commodity ETFs/ETPs saw net outflows of US$321 Mn.

iShares gathered the largest net ETF/ETP inflows in November with US$11.9 Bn, followed by SPDR ETFs with US$10.8 Bn and Vanguard with US$8.7 Bn net inflows. iShares is the largest ETF/ETP provider in terms of assets with US$757 Bn, reflecting 38.2% market share; SPDR ETFs is second with US$433 Bn and 21.8% market share, followed by Vanguard with US$421 Bn and 21.3% market share. The top three ETF/ETP providers, out of 68, account for 81.3% of US ETF/ETP assets, while the remaining 65 providers each have less than 5% market share.

Morgan Stanley Launches The Institute of Family Wealth Management

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Morgan Stanley lanza un nuevo instituto de gestión patrimonial familiar — Wikimedia CommonsPhoto: Jenix89. Morgan Stanley Launches The Institute of Family Wealth Management

Morgan Stanley Wealth Management has announced the launch of its Institute of Family Wealth Management (IFWM) to focus on family wealth which is part of a powerful strategy designed to help its Financial Advisors better serve clients’ growing multigenerational needs.

The IFWM is the first-of-its-kind interactive e-learning program that will give Financial Advisors the resources, process and knowledge to transform individual relationships into family relationships. The curriculum, which is entirely digital and accessible via tablet or PC, addresses the important planning needs of clients and their entire families, including spouses, children and aging parents, and the skills to engage these family members in the planning process.

“We are on the cusp of the largest wealth transfer in history, and we recognize the need for industry-leading family-focused solutions,” said Andy Saperstein, Head of Investment Products and Services. “The IFWM demonstrates our dedicated approach to building meaningful family relationships.”

The Firm’s most highly regarded wealth management experts, including Financial Advisors who already do this well, not only informed the content, but provide practical and tactical advice, via video messages and best practices, on how to apply the learnings in client engagements.

The Family Wealth Advisor designation, earned upon completion of the program, indicates a mastery of topics such as estate planning from the family perspective, families and philanthropy and family enterprises, as well as demonstrated ability to have effective conversations that help families understand and transition wealth from one generation to another.

“Innovative approaches such as the IFWM are part of our ongoing efforts to enhance the effectiveness of our Financial Advisors to the benefit of our clients,” said Jim Tracy, director of Morgan Stanley’s Consulting Group Wealth Advisory Solutions. “By building stronger relationships with clients and their entire families, we will lead the industry with our distinct family focus. Online advice is proliferating, but nothing can replace the value of personal advice from a highly trained professional who can ask the right questions.”