Evercore Wealth Management Names Helena Jonassen Managing Director, Wealth Advisor

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Evercore Wealth Management has announced the appointment of Helena Jonassen as a Managing Director and Wealth Advisor.

Ms. Jonassen joins Evercore Wealth Management from U.S. Trust, where she managed investment accounts as a Senior Trust and Fiduciary Officer. Prior to joining U.S. Trust in 1997, she worked as financial planner and portfolio manager for Train, Smith Counsel in New York. She has 30 years of experience in wealth management.

“We are pleased to welcome Helena to our growing national practice,” said Evercore Wealth Management Chief Executive Officer Jeff Maurer. “She shares our values and will further strengthen our strategic wealth planning team, delivering independent advice and solutions to serve each client’s interests.”

Ms. Jonassen reports to Chris Zander, Chief Wealth Advisory Officer at Evercore Wealth Management. She is based in New York City. She is a graduate of the State University of New York at Albany and holds the Certified Financial Planner designation.

Evercore Wealth Management, a subsidiary of Evercore, serves high net worth individuals, families and related institutions, delivering customized investment management, financial planning, and trust and custody services. Evercore Wealth Management is a registered investment advisor with offices in New York, Minneapolis, San Francisco, Los Angeles and Tampa. The firm manages client assets totaling $5.2 billion as of March 31, 2014. Additionally, Evercore Wealth Management offers personal trust services to its clients through Evercore Trust Company N.A., a national trust bank with $42.3 billion in assets under administration as of March 31, 2014.

ACE to Acquire P&C Insurance Business of Itaú Seguros for $685 Million

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ACE Limited announced on Thursday that it has reached a definitive agreement to acquire the large corporate property and casualty (P&C) business of Itaú Seguros, S.A. from Itaú Unibanco S.A. for approximately $685 million. Upon completion of the transaction, ACE, which has a longstanding presence in Brazil, will be the largest commercial P&C insurer in the largest market in Latin America.

The Itaú Seguros large corporate P&C insurance business was established in 2006 and has been 100% owned by Itaú Unibanco, Brazil’s largest non-government bank, since 2009. In 2013, the business had approximately $950 million in gross premiums written and an 18% market share, making it Brazil’s leading commercial P&C carrier for the large corporate market. The business, which focuses on a broad array of property and marine coverages for large corporate accounts, has approximately 320 employees, a national distribution footprint and relationships with more than 600 brokers.

“Brazil is a large and important market to ACE’s strategy in Latin America. The addition of Itaú Seguros’s large corporate P&C insurance business will complement and deepen our longstanding presence in Brazil in a significant way,” said Evan G. Greenberg, Chairman and Chief Executive Officer, ACE Limited. “This is a great opportunity to acquire from one of the region’s largest and most highly regarded banks an insurance market leader that has complementary business lines, national reach, extensive distribution, a diversified portfolio and, importantly, an experienced, professional and talented management team with an underwriting culture similar to ours. We are delighted that they will be joining ACE.”

ACE’s operations in Brazil currently include an established commercial and personal P&C business, a significant accident and health insurance business, as well as life insurance and reinsurance. The transaction, which is subject to regulatory approval, is expected to be completed in the first quarter of 2015 and be accretive to earnings immediately.

ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange and is a component of the S&P 500 index.

Napier Park Global Capital Hires Dan Kittredge as Managing Director

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Napier Park Global Capital has announced that Dan Kittredge has joined the firm’s private equity group, Napier Park Financial Partners, as a managing director.

“We have known Dan for over fifteen years and have had the privilege of co-investing with him in HealthEquity, one of our current portfolio companies,” said Manu Rana, managing director and co-head of Napier Park Financial Partners. “Dan has an outstanding track record of identifying innovative high-growth companies in financial services and building their value. We look forward to Dan contributing greatly to the Napier Park franchise as we continue to grow.”

“Dan is an excellent addition to our team, bringing broad investment experience in the financial services industry including businesses across many of our target growth sectors, such as payments technology solutions, outsourced administrative technologies, financial product distributors, specialty finance alternative providers, asset management solutions, banking products and insurance related solutions,” added Steve Piaker, managing director and co-head of Napier Park Financial Partners.

Prior to joining Napier Park, Kittredge was vice president of investments at Security Benefit Corporation, a Guggenheim Partners affiliate, where he focused on leading private investments. Before that, he was a principal at Berkley Capital, a subsidiary of W.R. Berkley, where he focused on financial services and financial technology private equity and mezzanine debt investments for over ten years. Kittredge began his investing career at J.H. Whitney, prior to which he was an investment banker initially at Lazard, focusing on financial institutions, and subsequently at Banc of America Securities, focusing on insurance. Kittredge received a BA from Bowdoin College where he majored in mathematics and graduated summa cum laude.

BofA Merrill Lynch Survey Finds Investors Positioning Aggressively for Recovery in H2

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Seguimos siendo positivos con los activos de riesgo
Foto: John Morgan, Flickr, Creative Commons. Seguimos siendo positivos con los activos de riesgo

Global investors have regained a strongly bullish stance on the outlook for equity markets in the second half of 2014, according to the BofA Merrill Lynch Fund Manager Survey for July. An overall total of 228 panelists with US$674 billion of assets under management participated in the survey from 3 July to 10 July 2014. A total of 179 managers, managing US$524 billion, participated in the global survey.

A net 61 percent of global asset allocators are now overweight equities. This ranks as the survey’s highest reading on this measure since early 2011 and represents the panel’s second-strongest response ever.

This aggressivepositioning for recovery in H2 reflects a significant increase in investors’ inflation expectations. A net 71 percent expect global core CPI to be higher in 12 months, up 13 percentage points since last month. This marks a cyclical high for the survey. Exposure to commodities, an asset class especially sensitive to inflation, has risen to its strongest in more than a year.

A growing number of investors now see inflation moving above trend levels while global growth remains below-trend. Confidence in macroeconomic performance still remains fairly high, though. A net 69 percent forecast that the world economy will strengthen over the next year.

Neither valuation nor tail risks deter fund managers from their optimism. A net 21 percent regard stock markets as overvalued – the survey’s highest reading since 2000. Concerns over potential Chinese debt defaults, “asset manias” and eurozone deflation have all faded since last month. The prospect of geopolitical crises now stands out as the greatest tail risk and threat to financial market stability.

“Improving investor sentiment on global growth, inflation, equities and risk-taking are all testament to a potential macro normalization in the second half. This could eventually feed into a normalization of rates. If growth does pick up, volatility will rise too,” said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Research. “As Europe’s recovery falters the region is becoming a global passenger as investors pin their hopes on growth elsewhere,” said Obe Ejikeme, European equity and quantitative strategist.

Qualms over core Europe

Regional investors now see global re-acceleration as the likeliest source of eurozone growth. Thirty-three percent of respondents point to this driver after a rise of eight percentage points month-on-month. It has overtaken a renewed stimulus program as the panel’s primary driver of regional recovery.

Global survey respondents have further postponed the timing of anticipated quantitative easing by the European Central Bank. Twenty-five percent now expect QE to take place in 2015, up from June’s 15 percent, while only 12 percent see it starting in Q3.

Against this background, the panel has lost conviction towards European equities. Only a net 10 percent would now most favor overweighting the region across the next year, down 11 percentage points from June’s reading.

German equities have lost favor in particular. Only a net 12 percent of regional fund managers would overweight this market over the next 12 months, compared to a net 31 percent last month.

Periphery appetite fading

Investors’ appetite for exposure to the eurozone periphery is also declining. U.S. high-yield has overtaken EU peripheral debt (down nine points month-on-month) as the investment trade that fund managers regard as most crowded.

Confidence in periphery equities has fallen, too. Most notably, only a net 3 percent of regional investors now see Italy as one of the European equity markets they will seek to overweight over the next year, down 16 percentage points from last month. Appetite for Spain has barely weakened, however.   

Call for capex

For the seventh month in a row, investors’ call for companies to invest more in capital spending has again reached a record high. The reading now stands at an unprecedented 65 percent and is mirrored by a record net 71 percent judging that companies are under-investing – the highest reading since the survey began asking this question in 2005. 

Conversely, those wanting companies to return surplus cash are at their lowest level in five years. Only 18 percent of fund managers are looking to companies to institute buybacks or dividend payments – or to make acquisitions for cash.

Paolo Scaroni Appointed Deputy Chairman at Rothschild

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The Rothschild Group is pleased to announce the appointment of Paolo Scaroni as Deputy Chairman with effect from 1 July 2014. He will work particularly closely with the Group’s Global Financial Advisory business, bringing his wealth of experience in industry to the bank and its clients, especially in the energy and power sector.

Mr Scaroni was, most recently, CEO of Eni, one of the world’s major integrated energy companies, from May 2005 to May 2014.

Announcing the appointment, David de Rothschild said “I am delighted that Paolo Scaroni has agreed to join Rothschild. Having worked with Paolo for many years, I have no doubt that our clients and colleagues will benefit greatly from his deep knowledge of many industries, his experience in managing multinational organisations, and his energetic and entrepreneurial outlook. I look forward to working closely with him.”

Paolo Scaroni said “I am very much looking forward to working with David and the team at Rothschild. In particular, I am excited about the prospect of using the experience I have gained through my different business roles to help the firm’s clients address the strategic issues and opportunities available to them.

Paolo Scaroni obtained an economics degree from Milan’s Bocconi University in 1969 and an MBA from Columbia Business School in 1973. After business school, Mr. Scaroni was an associate at McKinsey and Company. From 1973 until 1985, he was with Saint Gobain, culminating with his appointment as President of the flat glass division. In 1985, Mr. Scaroni became CEO of Techint, and executive VP of SIV, a joint venture between Techint and Pilkington plc. He joined Pilkington plc in 1996 and was CEO until May 2002. Between 2002 and 2005 he was CEO of Enel, Italy’s leading electricity utility, and between 2005 and 2014 he was CEO of Eni, one of the world’s major integrated energy companies.

 

BlackGold Capital Management and KKR Form Strategic Partnership

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KKR and BlackGold Capital Management, a credit-oriented hedge fund specializing in energy and hard asset investments, have announced that KKR is acquiring a 24.9% interest in BlackGold. Financial terms of the transaction were not disclosed.

Established in 2006 by co-founders Erik Dybesland and Adam Flikerski, who have spent their entire careers in the energy sector, BlackGold specializes in energy and hard asset event-driven strategies while investing throughout the capital structure. The nature of BlackGold’s strategy and investments facilitates repeatable low correlation and volatility returns relative to the broader market and commodities, providing meaningful diversification benefits to its investors.

“Through this strategic investment in BlackGold, we are partnering with an outstanding team with an excellent track record of delivering returns to investors. We are thrilled to add BlackGold to our hedge fund platform and we look forward to a long-term partnership with Erik, Adam and the full BlackGold team,” Todd Builione, co-head of Hedge Funds at KKR, said.

Erik Dybesland and Adam Flikerski stated: “KKR has nearly three decades of experience investing in the energy sector and maintains a significant presence and technical expertise in the industry. Having access to KKR’s global network of relationships, institutional infrastructure and management expertise will introduce new areas of opportunity for BlackGold and our investors. We are confident that our partnership will strengthen relationships with our counterparties and within our investment universe, while enhancing the durability and unique capabilities of our franchise.”

Marc Lipschultz, KKR’s Global Head of Energy & Infrastructure, added: “We are always looking for exceptional teams with whom we can partner, and this investment marks the culmination of those efforts. We believe their deep industry knowledge coupled with our energy franchise will benefit both parties and lead to new investment opportunities for our respective investors.”

BlackGold’s management team will continue to manage the business independently, and BlackGold’s investment strategies will not change as a result of KKR’s investment. All of BlackGold founders’ capital will remain invested in the funds and the majority of the proceeds received from this transaction will be re-invested in the funds – maintaining full alignment with their investors. Pro forma this transaction, the BlackGold management team will own 75.1% of BlackGold.

The investment in BlackGold is part of KKR’s efforts to develop the firm’s hedge fund platform, which is co-led by Girish Reddy and Todd Builione, and to expand the firm’s energy business, which is led by Marc Lipschultz. KKR’s hedge fund platform includes its approximately $10 billion multi-manager hedge fund business (KKR Prisma) and a Strategic Stakes & Seeding business that invests the firm’s balance sheet to acquire minority stakes in hedge fund managers. BlackGold represents KKR’s second minority stake in a hedge fund manager, following the 2013 investment in Nephila Capital, an insurance-linked securities manager with approximately $10 billion under management.

The investment by KKR was made by the firm and not through KKR’s investment funds.

BTG Pactual Enters Agreement to Purchase Ariel Re from Global Atlantic

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MiFID II and Lessons from The UK
CC-BY-SA-2.0, FlickrFoto: AedoPulltrone, Flickr, Creative Commons. MiFID II y lecciones de Reino Unido para Europa

Banco BTG Pactual S.A. and Global Atlantic Financial Group Limited have announced that they have signed an agreement whereby BTG Pactual will acquire Ariel Re, Global Atlantic’s Bermuda-based property and casualty reinsurance company. The transaction, which includes all of the operating entities, assets and obligations of Ariel Re, is still subject to customary regulatory approvals. The purchase price has not been disclosed.

Ariel Re will be the cornerstone of BTG Pactual’s international reinsurance venture, which builds on the success of its London-based reinsurance principal investment business and establishes a permanent presence in the industry. Ariel Re, which has offices in Bermuda and London, will continue to operate its Lloyd’s of London syndicate and retain access to Lloyds security ratings. The transaction will be seamless for brokers and customers.

“Ariel Re is an exceptional business with a strong track record, experienced people, market-leading technology and an innovative structure, including a Lloyd’s syndicate. While current market conditions are clearly challenging, the opportunity to buy a best-in-class business with proven risk-discipline was too good to miss, as it offers an exceptional opportunity to expand our presence in the P&C industry outside of our local market,” said Andre Esteves, CEO of BTG Pactual.

Ariel Re will continue to operate under the Ariel Re brand name and identity. This transaction will provide Ariel Re and its talented team of insurance and reinsurance professionals the opportunity to continue their record of growth and underwriting performance into the future.

Going forward, Global Atlantic will concentrate its strategic focus on growing its life and annuity business. With over $30 billion in assets, the company will continue to innovate and develop a compelling, diversified mix of insurance and reinsurance offerings tailored to the evolving needs of today’s consumers and institutional customers.

“As markets and our strategy have evolved over the past year, we determined that the best path forward for each of the company’s business units from a strategic perspective was to operate them separately,” said Allan Levine, CEO of Global Atlantic. “With this transaction, both the Property & Casualty and Life & Annuity businesses are well positioned for success with a more concentrated focus on their individual long-term strategies and objectives.”

Deutsche Bank Hires Joe McIntosh as Vice Chairman of Consumer and Retail Investment Banking Coverage, Americas

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Deutsche Bank announced the appointment of Joe McIntosh as a Vice Chairman of Consumer and Retail Investment Banking Coverage (IBC), Americas. Based in Chicago, he will report to Keith Wargo, Co-Global Head of Consumer and Retail IBC.

McIntosh will join from Bank of America, where he was most recently a Managing Director in the Consumer group, responsible for leading client coverage for large-cap, multinational agribusiness, food and consumer companies. He joined Bank of America through Merrill Lynch in 1997. McIntosh has advised on numerous high profile deals including the USD 8bn Fortune Brands spinoff of Beam, Inc and the USD 7bn ConAgra acquisition of Ralcorp.

“Joe is a trusted leader with extensive experience advising some of the industry’s most important multinational food and consumer companies. His appointment, coupled with other senior additions we have made to our team, further demonstrates our continued investment and commitment to providing our clients with advice of the highest quality,” said Paul Stefanick, Head of Global Investment Banking Coverage & Advisory and Co-Head of Corporate Finance Americas.

Last month, Deutsche Bank also announced the hire of Jeff Rose as a Managing Director, Global Head of Consumer and Retail Mergers & Acquisitions (M&A), and Americas Head of Consumer and Retail Investment Banking Coverage (IBC) from Bank of America.

PREI and Swedish Pension Fund Form Joint Venture to Invest in German Retail Properties

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Prudential Real Estate Investors and the Third Swedish National Pension Fund, AP3, announced they have formed a joint venture to invest in retail properties throughout Germany. The joint venture has acquired a first portfolio and agreed to acquire a second portfolio of grocery-anchored retail properties from funds managed by Taurus Investment Holdings, which remains a minority partner in both transactions. PREI is the real estate investment and advisory business of Prudential Financial, which is headquartered in the United States.

The joint venture is acquiring controlling stakes of the properties in two separate transactions totaling €265 million, or a little more than $361 million. The first transaction closed in April and the second is expected to close in the second quarter, with Taurus remaining a minority investor in both instances. Combined, the entire portfolio comprises more than 200,000 square meters and 83 high yielding, grocery-anchored properties throughout Germany. Key tenants include such large German food retailers as REWE, Aldi, Lidl, Netto, NORMA and Tegut. The portfolio has centers located across Germany, including in Bavaria and Hesse, with properties near Munich, Frankfurt and Wiesbaden.

“The German market offers good prospects for retailers amid low unemployment, low household debt and rising wages,” said Sebastiano Ferrante, PREI’s head of Germany, where the company operates as Pramerica Real Estate Investors. “Grocery-anchored retail properties continue to fill a critical need in the market, despite the growth of online sales, leading some retailers to expand and providing our investors with attractive opportunities. We are delighted to partner with AP3 in this important Eurozone market.”

Klas Akerback, senior portfolio manager at AP3, added, “We see a potential for attractive risk-adjusted returns in established German regional grocery-anchored retail, as the tenants are strong companies and existing sites will benefit because stricter planning rules make new construction difficult. I am very pleased to be working on this investment with Pramerica’s experienced team.”

Lorenz Reibling, founder and partner at Taurus, said: “We are pleased to have found a strong and experienced partner that enables us to continue Taurus Euro Retail Funds I & II, and are looking forward working with Pramerica and AP3. We share their positive outlook on the German retail real estate sector.”

AM Global Family Investment Office Celebrates its Second Anniversary

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AM Global Family Investment Office Celebrates its Second Anniversary
Foto: Photomatt28. AM Global Family Investment Office cumple su II aniversario con crecimientos del 150% en AUM

AM Global Family Investment Office, an emerging family office leader founded by two former GenSpring Family Offices executives, celebrates the second anniversary of its investment-focused family office business model for wealthy individuals and families. The business model features a single-family office client experience combined with a service offering acutely focused on investing. The firm is growing rapidly with year-over-year organic growth in Assets Under Advisement of over 150% (as of March 31, 2014) and was recently ranked number two in the Financial Advisor Magazine Top 50 Fastest Growing Independent Advisors.

In addition to the growth in clients and assets under management, the firm also recently announced the hiring of Victoria Karasin and Susan Dsurney, two experienced and respected advisors who previously worked with the founders at GenSpring.

“We are convinced that the business model we’ve developed, being a Family Investment Office, solves some of the biggest issues with wealth management firms and full service family offices,” says Founder and Chief Investment Officer Andrew Mehalko. “Basically, a single purpose family office that acts as a professional investor on behalf of its clients without having the investment experience diluted by competing services and unnecessary costs.”

AM Global Family Investment Office is based in West Palm Beach, FL and serves wealthy individuals and families throughout the U.S. and internationally. The firm was recently named “Best Newcomer – Private Wealth” for 2014 by Private Asset Management.