Investec: “The General Growth Backdrop Will be Supportive for Equity Markets”

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Investec: “Las perspectivas son constructivas para la renta variable"
CC-BY-SA-2.0, FlickrFoto: Jônatas Cunha. La renta variable de los mercados emergentes ya acusa la salida de capitales

Looking into 2015, it’s a good moment to review both the most important issues of 2014 and the challenges we face for next year. Philip Saunders, Co-Head of Multi-Asset at Investec Asset Management highlights the outlook for 2015, which will come marked by a deflationist environment and the strength of equity markets.

What has surprised you the most in 2014?

I think what has surprised me the most was the market’s resilience to macro negatives throughout most of 2014 until October. We saw a long period when we did not see any meaningful correction despite some fairly serious threats in the form of ISIS and energy, lacklustre European growth and the weakness of the Chinese economy. In the autumn we saw a more conventional correction and that, I think, is generally healthy for the markets.

What is your outlook for global growth for 2015?

Our outlook for global growth in 2015 is relatively constructive. We think some of the concerns about economic weakness in the short term are overdone. Although we are not expecting a blisteringly strong global economy in 2015 it should continue to register positive growth in the vicinity of just over 3% internationally, which is very similar to the experience we have had over a number of years. The composition of that growth has shifted. It has moved away from emerging economies, where we have seen weaker growth, towards a stronger US economy, which seems to be firing on a lot of domestic cylinders, including energy. Weakness in China will probably continue, but it is a growth recession and we think that expectations for Europe are excessively negative. We think the general growth backdrop will be supportive for equity markets. The global economy is not going to race away and we think that interest rates are likely to remain low. Inflation prints around the world are likely come in at pretty low levels allowing central banks to pursue easy monetary policies, which should support growth.

What type of growth are we currently seeing and how does this affect market cycles?

The kind of growth we are currently seeing is pretty anaemic and unbalanced. Many economies are at different points in cycles, which we call asynchronous growth, i.e. it is not synchronised and therefore it is still positive, but it is not as dynamic as we have seen in periods in the past when all economies have tended to strengthen on a coordinated basis. That is quite good for investors because overly strong growth tends to result in inflation, which tends to encourage central banks to tighten policy. We are not seeing that and we do not think that we will see that for some time. Low inflation, low interest rates and a long economic cycle are constructive for equity markets in particular and also means that real long-term interest rates do not have to rise as much as would otherwise have to be the case.

What are the biggest risks to these views?

We think that the biggest risk is on the deflationary side rather than the inflationary side. We think that inflation is unlikely to be a problem because we are in a fundamentally disinflationary environment. Global growth is unbalanced at the moment because it is overly dependent on the performance of the US economy. We think the US economy is going to perform just fine and that will help to underpin growth internationally at a time when other economies are having to adapt. However, if the US economy were to weaken significantly that would compromise our global growth outlook, which will raise risks and affect corporate earnings. Our equity view depends on constructive corporate earnings. In practice, the corporate sector is performing better than national economies and we expect that to continue.

How are you positioning your portfolios?

Our portfolios currently reflect a strategic bias towards equities. We think that equity markets are fairly valued at current levels and we think that they are supported generally by an improving earnings dynamic. We also prefer equities within the growth space to other growth assets, such as high yield bonds or emerging market debt. The skew towards equities is less than in the post summer of 2012 period, but is still positive. That is balanced by defensive assets. We continue to be happy to hold bonds, even though yields are relatively low at the moment, simply because we see the principal risk to our primary scenario as being a deflationary one. This would result in undermining the prospects of earnings and it would mean that yields would fall even lower than they are at currently.

Ana Botín Appoints José Antonio Álvarez as CEO of Banco Santander, Replacing Javier Marín

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Ana Patricia Botín destituye a Javier Marín como consejero delegado de Santander
Ana Botín, Group Executive Chairman, with the new CEO, José Antonio Álvarez. Ana Botín Appoints José Antonio Álvarez as CEO of Banco Santander, Replacing Javier Marín

The Board of Banco Santander today announced the appointment of José Antonio Álvarez as Chief Executive Officer replacing Javier Marín.

It also announced the appointments of:

  1. Bruce Carnegie-Brown, as first Vice Chairman and lead independent director of the Board;
  2. Sol Daurella and Carlos Fernández as independent Board directors;
  3. Rodrigo Echenique, a current non executive Board Member, as Vice Chairman. 
The three new independent directors will fill the vacancies left by the death of Emilio Botín and the resignation of Fernando de Asúa and Abel Matutes.

José Antonio Álvarez, prior to his appointment as CEO, served 10 highly successful years as Chief Financial Officer at Banco Santander. His tenure has received wide external recognition for best industry practices specifically in the areas of Investor Relations and transparency. As a result of Mr. Álvarez’ move, several other senior management changes have been made, each by promotion of internal executives.

José García Cantera will assume the responsibilities of Banco Santander CFO. Mr. García Cantera was a top-ranked bank analyst at Citi before serving as CEO of Banesto, a leading bank in efficiency, balance sheet strength and customer satisfaction that was integrated with Santander Spain in 2013. Replacing Mr. Cantera as the global head of Santander Global Banking and Markets (SGBM) will be Jacques Ripoll, previously the head of SGBM in Santander UK.

These appointments will take effect from 1 January 2015 and are subject to regulatory approvals.

Ana Botín, Group Executive Chairman, said: “On behalf of the Board, I would like to express our gratitude to Javier Marín, for his great work for Banco Santander for 23 years and especially for his service as CEO. During his two years in this role, he has led the commercial transformation of our bank, bringing innovative management to lead our customer segmentation and service improvement initiatives, while also improving our profitability and efficiency”. “We would also like to acknowledge the contributions to our Board of Fernando de Asúa and Abel Matutes, whose work has been crucial to our success”.

“The financial services industry today faces many important challenges. But Banco Santander is uniquely well-positioned to succeed, thanks to our strong local retail and comercialbanking presence in 10 European and American markets. Our leadership team’s vision is to create a bank that is “Simple, Personal and Fair” for our teams, our customers, our shareholders and communities”, Ana Botin said.

The Banco Santander Board will now have 15 members, of which nine are independent, with highly relevant and current management experience in diverse business sectors with strong customer-focused expertise. Five members — 33 percent — are women, and represent a wide diversity of international perspectives, including the US, the UK, Mexico and Spain.

Credit Suisse Publishes a Study on Wealth Creation and Wealth Management among US’s Wealthiest African-Americans

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Credit Suisse, in collaboration with Brandeis University’s Institute on Assets and Social Policy (IASP), has published “Wealth patterns among the top 5% of African-Americans,” a study on wealth creation and wealth management among the nation’s wealthiest African-Americans as measured by net worth.

The study shows that the top 5% of African-Americans invest a greater proportion of their wealth in lower-volatility assets relative to a white comparison group, including insurance, savings bonds and CDs. It also shows proportionally higher investments in real estate, and proportionally lower investments in business assets.

The research was sponsored by Credit Suisse’s New Markets business, which seeks to advance financial opportunity among women, African-Americans and the LGBT community.

“This study identifies distinctive investing behaviors within the African-American community and a number of potential drivers of these behaviors,” said Pamela Thomas-Graham, Credit Suisse’s Chief Marketing and Talent Officer and Head of New Markets. “The findings may also reflect what we know from adjacent data, which is that African-Americans are generally under-served by banking institutions. The Commerce Department, for example, has published data showing that minority business owners receive loans less frequently, at significantly smaller sizes, and at worse rates than non-minority business owners.”

Highlights of the report include:

  • The top 5% of African-Americans take a relatively conservative approach to decision-making on matters of wealth creation and wealth management. For example:
    • The investment portfolios of the top 5% of African-Americans are three times more heavily weighted towards CDs, savings bonds and insurance than the investment portfolios of the study’s white comparison group, and are nearly one-half less weighted towards stocks, bonds and mutual funds.
    • The top 5% of African-Americans invest 9% of their non-financial assets in business assets, defined as the total value of business(es) in which a household has either an active or non-active interest. The study’s white comparison group invests 37% of their non-financial assets in business assets.
    • The top 5% of African-Americans invest 41% of non-financial assets in real estate outside their primary home, relative to 22% for the study’s white comparison group.
  • “Wealth mobility” – the degree to which a population maintains wealth over time or moves into wealth over time – is relatively low among African-Americans and may be a driver of more conservative financial decision-making. IASP’s research shows that around 57% of high-income African-American families in 1984 were still in the top segment of income in 2009, but 8% had fallen into the low-income segment. For high-income white American families, 73% remained in the high income segment and only 1% fell into the low income segment. This analysis is a new analysis of the 1984-2009 data.
  • Education is a key driver of wealth among the top 5% of African-Americans. Almost 69% of African-Americans at the 95th percentile of net worth have a college degree, compared with 64% for the study’s white comparison group.

“The numbers in our report provide rich and detailed insights,” said Stefano Natella, Global Head of Equity Research and one of the study’s authors. “Wealth at the top of the African-American community, what drives it and how it compares to specific control groups has not been studied with this comprehensiveness in some time.”

Commissioner Thomas B. Leonardi Joins Evercore as Senior Advisor

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Evercore has announced that Connecticut Insurance Commissioner Thomas B. Leonardi has agreed to join the firm as a senior advisor with a focus on the insurance industry sector. Mr. Leonardi has nearly 40 years of experience as an investment banker, venture capitalist, attorney, and insurance company president, and is widely regarded as a leading expert on systemic risk, group supervision, and international regulatory issues.

Roger Altman, Evercore’s Executive Chairman, said, “At a time of intense regulatory changes in the insurance industry, both here and abroad, Tom’s professionalism, knowledge and experience, coupled with his personal character and integrity, will prove invaluable to a wide range of Evercore clients.”

Ralph Schlosstein, Evercore’s Chief Executive Officer, said, “We are delighted to welcome Tom to Evercore. His deep knowledge of the sector, broad experience and relationships across the industry will further enhance Evercore’s leading global insurance advisory franchise. Tom will work closely with our teams in New York and London and joins an insurance practice that has an excellent track record of success and has built an outstanding reputation for high quality, specialist advice and creativity. We look forward to continuing to build on this success with Tom’s technical expertise, strong understanding of the regulatory environment and global perspective on the industry.”

Thomas Leonardi said, “The insurance industry continues to go through a period of extraordinary challenges in regulation, global competition, systemic risk designations, storms of increasing frequency and severity, and a prolonged low-interest-rate environment. Evercore has a world-class platform, a team of professionals that are among the most talented and experienced in the business, and a commitment to delivering extraordinary service. Perhaps most important to me, Evercore places the interests of the client above all else and they do all of this while adhering to the highest ethical standards. I look forward to contributing to Evercore’s continued growth and broadening and deepening its client relationships.”

Mr. Leonardi is head of the Connecticut Insurance Department, a regulatory agency with jurisdiction over one of the largest insurance industries in the United States. He has been a member of the executive committee of both the National Association of Insurance Commissioners (NAIC) and the International Association of Insurance Supervisors. He was a member of the U.S. Treasury’s inaugural Federal Advisory Committee on Insurance and was selected to serve on the World Economic Forum’s Global Council on Insurance and Asset Management.

For 22 years prior to his appointment as Commissioner, Mr. Leonardi was Chairman and CEO of Northington Partners Inc., a Connecticut-based venture capital, private equity and investment banking boutique that specialized in the insurance industry. Before Northington, he was head of the investment banking and venture capital divisions of Conning & Company in Hartford, Connecticut; President of Beneficial Corporation’s insurance subsidiaries; and began his career as a litigation attorney in Connecticut. He received a J.D. from University of Connecticut and a B.S in history from Boston University.

Pouring Oil on Troubled Waters

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El high yield seguirá sufriendo con los precios de petróleo bajos
CC-BY-SA-2.0, FlickrFoto: Sten Dueland. El high yield seguirá sufriendo con los precios de petróleo bajos

Brent crude, the benchmark world oil price, has tumbled by 22% in the year to date, sending a barrel of oil down to $84 in early November, its lowest level in over five years and below the cost of producing it for many countries.

However the ability of the world’s leading oil cartel, OPEC, to cut production levels in order to artificially raise the oil price is quite limited, says Léon Cornelissen. In fact, the leading Middle Eastern producers have been strangely quiet on the issue, partly because they could wage a price war with the US, he says.

The US shale oil revolution has been partly responsible for massively raising supply, as it cuts its dependence on Arab oil, while at the same time demand for oil is falling as cash-strapped consumers use less fuel, and as countries resort to using greener power.

“The oil market has experienced a perfect storm from supply and demand side developments in recent months,” says Cornelissen. “On the one hand, the oil market is currently experiencing a supply boom – the strong production volumes generated by the continuing oil revolution in the US has surprised everyone. US oil output is now running at the fastest pace since measurement began in 1983.”

“At the same time the macroeconomic growth momentum of the global economy has slowed, leading to a less bright demand outlook for oil. The International Energy Authority cut its estimates for global oil demand growth by 250,000 barrels a day for 2014 and by 90,000 barrels a day for 2015.”

“So the question that is now prevalent is whether the oil market is going to rebalance next year and if so, in which way this rebalancing process is going to take shape.”

Benefits of low oil price

Cornelissen says the low oil price is mostly beneficial to the West, with research showing that a drop of more than 20% in oil prices typically generates an additional 0.4% in real GDP growth. This is mainly caused by consumers getting more spending power as fuel prices drop.

Investors should also remember that OPEC, a collective of 12 highly diverse and often troubled countries from Angola to Venezuela, is not always unified, Cornelissen says. “The reluctance to cut production by Saudi Arabia could also be aimed at bringing more alignment and discipline among OPEC producers for a more meaningful production cut later on,” he says.

“History (and game theory) has shown OPEC members to have an incentive to ‘cheat’ on production levels that were agreed at OPEC meetings, and the Saudis could use the recent price drop to increase their leverage over non-abiding members. It means the discussion at the forthcoming OPEC meeting on 27 November will be as tense as it will be crucial, as Venezuela has been calling for a production cut.”

‘History has shown OPEC members to cheat on production levels’

No ‘game of chicken’ with the West

Cornelissen says that OPEC may contemplate a ‘game of chicken’ with the US, given that many US oil producers are also suffering from the low oil price, and therefore they may be tempted to cut production themselves. However, this is countered by the scale of the US shale oil revolution and American political resolve to stop being reliant on the Middle East following the Iraq wars and continuing tension with Iran. And such a policy might also backfire within OPEC members, he says.

In the US, Cornelissen believes that the dominant strategy is likely to be a continuing increase in production. “The lack of OPEC-like coordination mechanisms in the US industry and its history of maximizing output instead of cashflow leaves us with the view that the US oil revolution will continue,” he says.

Headwinds against oil price hikes

Further out, Cornelissen believes that headwinds for a rebound in oil prices will remain strong due to the impact of non-OPEC members such as Russia, which is one of the world’s largest producers. “Even if there is a production cut by OPEC, non-OPEC supply will be encouraged to rise even further in reaction,” he says. “Struggling emerging economies like Russia, Mexico and Brazil are clearly in need of additional oil revenues and will react with higher output if prices are propped up by OPEC.”

Another impediment is the steadily appreciating dollar, he says. “A stronger dollar, as we expect for 2015, will be troublesome for the oil market as well because this makes the oil bill for importers outside the US more expensive.”

“Therefore, our view is that oil prices are going to stabilize, but a significant rebound back to the USD 100-115 per barrel bracket will not happen next year. Prices will likely drift higher, but remain below USD 90 for Brent.”

Widows Confront Years of Undue Hardship after the Loss of a Spouse, New Study Reveals

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A unique survey looking at the financial and emotional toll of losing a spouse -the 2014 New York Life “Loss of a Spouse Study”- finds widows are unprepared for the financial difficulty that the loss of a spouse creates. Following the loss of their spouse, 68 percent of widows reported significant life changes, with financial concerns rising to the top of the list. The burden of these changes amounted to years of undue hardship after the loss.

 “The news is unsettling: women are not prepared for the loss of a spouse and the problems are financial and much more,” said Chris Blunt, co-president of the Insurance and Agency Group, New York Life.

The survey examined the repercussions of the loss of a spouse on 897 widows and widowers who were within 10 years of their loss. It focused on how the loss impacted daily life from both a financial and emotional perspective, narrowing in on financial security following the loss and how it may have changed as a result. Additionally, the survey explored the impact that life insurance has on their lives, both at the time of their loss and in the future.

Financial Burden is Real – and Greater for Women

Women suffer the burden of the loss more intensely than men. Forty percent of widows reported negative lifestyle changes the year following the loss, compared to 24 percent of widowers. The financial impact was even greater: two thirds of widows experienced a significant financial change compared to half of widowers. The top five life changes following the loss were financial in nature, with a greater percentage of widows impacted in these financial areas of their lives:

 

 

 

 

 

 

 

Life Changes Following Loss of A Spouse

 

 

Widows

 

 

Widowers

Adjusting to a change in income level

 

 

55%

 

 

34%

Budgeting for one income

 

 

46%

 

 

32%

Cutting discretionary spending

 

 

38%

 

 

24%

No longer being able to afford a vacation

 

 

22%

 

 

13%

No longer adequately saving for retirement

 

 

21%

 

 

10%

 

 

 

 

 

 

 

For some widows, the lifestyle changes were even more dire: two in five widows whose spouses did not have life insurance at the time of the loss (39 percent) reported that they were just making ends meet or struggling to meet basic needs within the first year of the loss.

Having a Financial Plan Is Often Not Enough

The majority of women reported feeling secure about their financial situation before the loss – yet after the loss, 59 percent reported they didn’t have enough life insurance in place to feel financially secure. Approximately half of women (47 percent) report that they wish they had some or more life insurance to help cushion the financial impact of their loss.

“These widows learned too late that they were underinsured,” added Mr. Blunt. “The message is clear – life insurance proceeds are important, but the need for that financial security blanket is much greater than what exists in many financial plans.”

Among those whose spouse had life insurance at the time of the loss, the life insurance proceeds lasted almost two and a half years – yet they wished these funds would have lasted more than 11 years longer, for a total of nearly 14 years.

These findings are directly in line with what New York Life’s Life Insurance Gap survey demonstrated last year. The Life Insurance Gap survey of 1,000 Americans age 25 and over with dependents found that many woefully underestimate their life insurance protection needs. It similarly revealed that the amount of life insurance protection in place equaled three years and the amount of protection needed totaled 14 years.

“These consistent findings give us the answer to the question I posed when the Gap survey findings were announced: ‘If families have three years of coverage in place, what happens in year four?’ Widows have given us the bleak answer: years of undue hardship,” added Mr. Blunt.

Real World Advice from Widows

Including life insurance protection, widows reported a wish list – the things they would have done to be better prepared for their loss:

A Wish List When Looking Back

Statement

 

 

Percentage

“I wish we had some or more life insurance on my spouse.”

 

 

47%

“I wish we had saved more.”

 

 

42%

“I wish we had detailed discussions about what might happen financially and otherwise if one of us passed.”

 

 

30%

“I wish we had a better financial plan in place.”

 

 

28%

“I wish we had organized all our important papers in one central location.”

 

 

18%

 

 

 

 

“This wish list can act as a financial survival guide for couples so they can ensure they are better prepared for a loss,” said Mr. Blunt. “These widows offer us insight into what life has been like for them since the loss: the financial strain for many has been very serious and for almost all the loss has been life changing. These insights should serve as a lesson for couples: there are actions that can be taken now to alleviate the future financial burden that comes with a loss.”

Pioneer Investments Names Fixed Income Client Portfolio Manager

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Pioneer Investments Names Fixed Income Client Portfolio Manager
Photo: James. Pioneer Investments Names Fixed Income Client Portfolio Manager

Pioneer Investments announced that Craig Anzlovar has been named Fixed Income Client Portfolio Manager. He is based in Boston.

“Pioneer has one of the industry’s strongest and most tenured fixed-income teams, and we have a continued focus on providing the highest level of service possible to our growing client base, said Kenneth Taubes, Chief Investment Officer, U.S. “We’re pleased to have someone with Craig’s experience joining us”.

Prior to joining Pioneer, Craig was a fixed income Institutional Portfolio Manager at Fidelity Investments, and a member of the firm’s liability-driven investing (LDI) strategy team. In this role, he was responsible for developing custom LDI solutions for institutional clients. He was also responsible for client servicing and representing the firm’s fixed income strategies to the marketplace. Prior to that Craig was an Investment Director at Fidelity responsible for product management and client servicing for the firm’s institutional high yield, bank loan and emerging market debt strategies.

“Pioneer has one of the industry’s strongest and most tenured fixed-income teams, and we have a continued focus on providing the highest level of service possible to our growing client base, said Kenneth Taubes, Chief Investment Officer, U.S. “We’re pleased to have someone with Craig’s experience joining us,” he added. As of Sept. 30, Pioneer Investments managed approximately $148 billion in fixed income asset globally, including approximately $40 billion in the U.S.

Craig earned his B.S. from Fairfield University and his M.B.A. from Babson College. He is a CFA® Charterholder and a member of the Boston Security Analysts Society.

 

RBC WM Confirms its Departure from the Caribbean and its International Advisory Centers in the US

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RBC WM confirma su salida del Caribe y de otros centros internacionales en Canadá y EE.UU.
RBC Toronto. . RBC WM Confirms its Departure from the Caribbean and its International Advisory Centers in the US

RBC Wealth Management has confirmed it will leave its international wealth management business in the Caribbean and other international private banking and international advisory groups in Toronto, Montreal, and the US, as confirmed to Funds Society by a company spokesman, who wished to emphasize that these segments “only represent a small part of the RBC Wealth Management business.”

According to a release by the firm earlier this year “the international division of RBC Wealth Management-U.S. serves high-net-worth and ultra-high-net-worth clients worldwide from offices in New York, Houston, Miami, San Diego, Seattle and Wilmington, Del. More than 50 international financial advisors and private bankers serve the needs of international and domestic clients through private banking, credit, investment management, asset management, trusts and other solutions”.

Refering to the closure, RBC Wealth Management said it “is undertaking a process of realigning certain businesses within their international operations as part of a focused strategy that allows us to achieve sustainable, controlled, and profitable growth in our core markets, while providing an excellent service to our customers.”

This closure is in addition to those already announced in October and which resulted in the closure of the private banking offices in Miami and Houston, two units which specialized in cross-border business, which is now in the process of decommissioning. Now, the closure also affects the broker dealer business in the US and Canada related to international clients. We must recall that in April, the largest Canadian bank also announced its departure from the Chilean market after six years in the marketplace, a decision which was also due to a “strategic review” of its business in Latin America. A year earlier, RBC closed its offices in Uruguay.

RBC Wealth Management ensures that it looks at the business in a scalable way and aims more towards the business of wealth management focused on serving high-net-worth and ultra-high-net-worth clients from their key operations centers in Canada, United States, the British Isles and Asia, “because we know that we are more successful when we leverage and build on the strength of the other RBC businesses.”

Finally, the same source stressed that they shall continue to serve their customers as they strategically exit those businesses.

The business of RBC WM is among the five largest in the world. RBC Wealth Management has more than $ 442 billion Canadian dollars (392 billion US dollars) in assets under management.

U.S. Leads the List of the World’s Most Expensive Homes

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U.S. Leads the List of the World's Most Expensive Homes
The Manor, Los Angeles. . ¿Cuáles son las 10 casas a la venta más caras del planeta?

From cascading waterfalls and waterslides to bowling alleys and private islands, Billionaire.com’s eye-watering list of the world’s most expensive properties takes extravagant real estate to the next level. Five of the top ten are from the US and include homes in New York and Los Angeles starting from US$ 95 million.

The list was complied from extensive in-house research and consulting the world’s top property firms to find the current most expensive homes for sale.

1. Penthouse at the Tour Odeon Monaco, Monaco

Price: US$388 million

Scheduled for completion in early 2015, the Tour Odeon Monaco will be the second-largest building on the Mediterranean coastline and home to the world’s most expensive apartment; a five-floor penthouse costing US$388. Apartments in the building start at US$36 million and with 35,000 square foot of space, ready to be designed according to buyer taste, the penthouse is a mini-mansion. Outside, a waterslide connects the dance floor to a circular infinity pool, which looks like an enormous floating glass.

www.knightfrank.com

2. The Manor, Los Angeles, US

Price: US$ 150 million

Built in 1988 by entertainment tycoon Aaron Spelling and his wife Candy, “The Manor” was bought three years ago by Petra Stunt (Ecclestone). Since then, she has spent US$ 20 million on refurbishments and now has 123 rooms, including a gym, bowling alley and screening room. The Manor sits within 4.7 acres of LA’s most exclusive land and would be the most expensive house ever sold in the US should it meet the asking price.

To be sold privately.

3. Beverly House, Los Angeles, US

Price:US$ 135 million

It famously appeared in the movie The Godfather and was the honeymoon spot for JF Kennedy and his wife Jackie. With almost 365 days of sunshine a year the house is purpose built to take advantage of the Californian temperature, with floor-to-ceiling windows, large cool rooms, an outdoor tennis court, swimming pool and cascading waterfalls. The terrace seats 400 and, given there is also a nightclub in the house, it has all the ingredients for a successful party.

www.christiesrealestate.com

4. Rancho San Carlos, California, US

Price: US$ 125 million

This 30-room Monterey Colonial mansion, designed in 1929 by American architect Reginald Johnson, is surrounded by 237 acres of land in one of America’s most sought-after addresses; Montecito, Santa Barbara. After 100 years the Jackson family estate, with ten residential cottages, horse paddocks and arenas, and 100 acres of cultivated orchards, is finally changing hands. Oak-paneled walls in the formal room, imported from the Jackson’s Manor House in England, are still intact, as is the English whisky pub with a secret door. The house is built on two natural terraces with views down the valley, across the estate and over the Pacific.

www.sothebys.com

5. One Hyde Park, London, UK

Price: US$ 103 million

The Candy brothers launched this billion-dollar complex mid-way through the recession. Occupying an entire floor, this apartment divides into two wings, known as “The City” and “The Park”. A 65m hallway connects both wings. The Mandarin Oriental hotel provides prospective owners with a 24-hour hotel concierge, spa and recreation facilities, parking and valet, use of a private wine cellar and room service.

www.aylesford.com

6. 17 The Sherry-Netherland, New York, US

Price:US$ 95 million

Built in 1927, The Sherry-Netherland in Manhattan is a luxury residential hotel co-op with apartments for sale. Apartment 17 occupies an entire floor with seven bedrooms, eight bathrooms and a huge terrace overlooking Central Park and downtown Manhattan. Would-be owners have access to all the hotel amenities, including room service from the Harry Cipriani restaurant downstairs. Caveat emptor: the hotel requires up to US$60,000 of maintenance fees — per month.

www.knightfrank.com

7. The Penthouse at The Pierre Hotel, New York, US

Price: US$ 95 million

Once owned by Martin Zweig, a financial analyst who famously predicted the stock-market crash of 1987, this palatial Manhattan penthouse sprawls over three floors. But even if you’ve got a spare US$95 million, interested buyers must be first vetted by the hotel committee to ensure they are up to par. With 16 bedrooms, a grand salon (formerly the Pierre ballroom) and 360-degree views over Manhattan, this has justifiably been called the most spectacular penthouse in the world.

www.sothebysrealty.com

8. Du Parc Penthouse, Geneva, Switzerland

Price: US$ 94 million

On the shores of Lake Geneva, surrounded by the Dents du Midi mountain range in the UNESCO-protected vineyards of the Lavaux, is the former Palace Mont-Pelerin. This was renovated into 24 über-modern apartments, the penthouse of which costs US$94 million. A key to one of these apartments gives you lifetime membership for the Lavaux Golf Club, a 10-year membership for the Mirador Country Club and the services of lifestyle group Quintessentially for one year. Kempinski Hotel services, the use of a Rolls-Royce, butler, wine cellar, Davidoff cigar lounge and Givenchy Spa come included in the price tag.

www.knightfrank.com

9. Private Island Paradise, Exuma Cays, Bahamas

Price:US$ 85 million

This house comes with its own private island and with space for 22 guests and 29 staff; it’s the place to relax in the hands of others. A self-generating power source, fuel, telecommunications system and a large vegetable garden make the house almost entirely self-sufficient. On top of this it is only a one-hour flight from Palm Beach and completely tax-free, so, if you’re a tax exile with green fingers it might well be a perfect match.

www.sothebysrealty.com

10. Lyndhurst Road Mansion, London, UK

Price: US$ 77 million

The front door of this North London redbrick mansion opens to a grand entrance hall with an overhanging chandelier, balustrade and marble fireplace. The decor is bleeding-edge “nouveau”, with every conceivable luxury, including indoor pools, steam rooms and a cinema. Upstairs, the master bedroom with adjoined dressing room has a large half-moon-shaped window, which opens up to a view down the garden and across London.

www.knightfrank.com

For the full report and images visit this link. 

Threadneedle Investments Launches Multi-Asset Income Fund

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Threadneedle lanza un fondo multiactivos enfocado a la generación de rentas
Photo: JJBAS. Threadneedle Investments Launches Multi-Asset Income Fund

Threadneedle Investments has launched the Threadneedle (Lux) Global Multi Asset Income Fund with immediate effect.

Managed by Toby Nangle, Threadneedle’s head of Multi-Asset Allocation, the Sicav is focused on income generation, targeting an income level of 5%. To be able to target this income in the current investment environment, the fund uses derivatives to enhance the anticipated yield. It is expected that this portfolio will be less volatile than a pure equity portfolio, Threadneedle said.

Nangle has 17 years’ investment experience and a proven track record in multi-asset fund management. As Threadneedle’s head of Multi-Asset Allocation, he is responsible for managing and co-managing a range of multi-asset portfolios, as well as providing strategic and tactical input to the Threadneedle asset allocation process.

The fund was previously launched with an absolute return investment strategy, but the company recently decided to revamp it betting on “Threadneedle’s core investment capabilities: asset allocation and income,” the company said.

It is now available in Austria, France, Germany, Italy, Luxembourg, Netherlands, Spain, Sweden and Switzerland.

“The investment approach of the fund enables the manager to invest directly across asset classes, principally in global equities and bonds. The fund may also invest up to 10% in other Threadneedle funds and uses derivatives for investment purposes and hedging, including the generation of additional income. It draws on the scale and diversity of Threadneedle’s wider investment platform and sophisticated risk management framework,” the company said.

Toby Nangle, head of Multi-Asset Allocation and manager of the Fund, said: “This fund offers investors the opportunity to receive a regular, targeted level of income from a range of assets. With investors looking for a degree of certainty around the level of income they receive from their investments, we aim to offer an appealing solution to these investors who are also concerned with the control of volatility. We aim to do this through our active asset allocation and risk management processes.”

Gary Collins, head of EMEA Wholesale distribution at Threadneedle, said: “Threadneedle has a strong asset allocation heritage, with around €52bn – 44% of assets under management – in some form of asset allocation mandate. Our income investment capability is very well known in the industry with a top performing product range.

“The combination of these two capabilities represents the blueprint behind our successful investment philosophy – working across asset classes and using the knowledge of our whole investment team to gain a perspective advantage and deliver the outcome desired by our clients.”