News archivos - Page 473 of 567

Madoff Victim Fund (MVF) Announces Receipt of More Than 50,000 Claims

Richard C. Breeden, the Special Master on behalf of the U.S. Department of Justice administering the Madoff Victim Fund (“MVF”), has announced preliminary results for the first stage of the MVF claim process. As of the close of the claim period on April 30, MVF received more than 51,700 claims from investor victims of the fraud at Madoff Securities. Claimants from 119 countries reported aggregate unrecovered net investment losses of more than $40 billion. MVF is the official vehicle for distributing slightly over $4 billion in forfeited assets recovered by the U.S. Attorney for the Southern District of New York from actions against persons involved in the fraud at Madoff Securities.

The claims received have not yet been reviewed to eliminate ineligible, duplicate or overstated claims, which MVF expects to be substantial. In particular, MVF received numerous filings on behalf of banks and other managers of pooled investment vehicles that are not generally eligible to participate. As a result, the final totals are expected to shrink considerably before payments commence. However, the flood of claims submitted to the MVF gives a new indication of the size and global reach of the Madoff fraud.

Special Master Richard Breeden said: “The MVF claims showed a strikingly larger group of victims — with much larger losses — than anyone previously knew to exist. Other than the Gobi desert and the polar icecaps, few places on earth seem to have escaped the scourge of this fraud. This fraud was of epic, and truly global, proportions.”

To date:

MVF has received more than 51,700 claims.
Claims came from victims in 119 countries.
Projected total claims of more than $40 billion in net investment loss.
Aggregate net losses are split almost evenly between U.S. and non-U.S. victims.
Victims submitted more than 3 million pages of backup documentation

MVF received more than 43,500 claims from individuals who did NOT file a claim in the Madoff Securities bankruptcy proceedings. Overall, MVF has received more than three timesas many claims as were filed in the Madoff bankruptcy proceedings (and roughly 20 times more claims as were allowed in the bankruptcy proceedings).

Based on preliminary review, approximately 77.5% of claims were submitted by individuals reporting losses of up to $500,000, while approximately 9.5% of claimants reported losing from $500,000 to $1 million. Approximately 13% of victims reported losses in excess of $1 million.

Mr. Breeden noted: “We have to eliminate ineligible or overstated claims before we can have an accurate picture of the losses. Nonetheless, it appears that at least twice as many investors as previously thought lost money in the Madoff fraud, with losses running many billions larger than previously documented. By far the greatest number of victims report that they have not recovered anything since the fraud. For many of those individuals, the forfeiture program can be a true lifeline.”

The wide dispersion of claims from around the world indicates that the Madoff fraud may be the most global fraud in history.

MVF received claims from victims in 119 countries or autonomous jurisdictions.
In 50 jurisdictions investors reported an average loss of more than $500,000 per claim.
In 28 jurisdictions investors reported an average net loss of more than $1 million per claim.
The largest number of claims from any one country came from residents of the United States, with roughly 58% of claimed losses. However, almost 62% of the persons filing claims reside outside the United States.
Victims in 24 countries reported a higher average loss per person than occurred in the United States.

The ten countries with the largest number of claimants were (in descending order):

United States
Germany
Italy
France
Switzerland
Austria
Spain
The Netherlands
United Kingdom
Taiwan.

Claims came from countries on every continent other than Antarctica. There were 26 countries or jurisdictions in which there were at least 100 claimants. In addition to the United States, Canada and Mexico in North America, MVF received claims in the Americas from Brazil, Argentina, Chile, Uruguay, Paraguay, Venezuela, Colombia, Peru, Ecuador, Bolivia, Guatemala, Panama, Costa Rica, El Salvador, Honduras, Nicaragua and Belize. MVF also received claims from numerous Caribbean states.

Eight of the ten countries with the largest number of claims were in Europe. However, there were claims from virtually every member state of the European Union. Claims also came from Russia, Kazakhstan and Georgia.

In the Asia/Pacific region, claims came from victims in China, Malaysia, Thailand, Singapore, Hong Kong, Taiwan, South Korea, the Philippines, Indonesia, Vietnam, Cambodia and both Australia and New Zealand. Claims also came from victims in India and Pakistan.

In the Middle East and Africa, claims came from victims in Kuwait, the United Arab Emirates, Qatar, Bahrain, Saudi Arabia, Oman, Lebanon, Turkey, South Africa, Kenya, Egypt, Zimbabwe, Zambia, Mozambique, Angola, Nigeria, Ghana, Senegal, Benin, Cote d’Ivoire, Liberia, Mauritius, Morocco, Algeria and Madagascar.

Locations that are often thought of as particularly low tax jurisdictions were also well represented. Claims came from such locations as Monaco, Gibraltar, Andorra, Lichtenstein, the Channel Islands, the Isle of Man, Cyprus, Malta, the British Virgin Islands, Bermuda, the Bahamas, Curacao and the Cayman Islands. Since many of these claims relate to persons who actually reside in other countries, our initial claims data per country may understate the number of victims in certain countries.

Many victims have not yet recovered anything

Mr. Breeden noted that more than 36,000 claimants reported to MVF that they have not received even $1.00 in recoveries from any source. “Tens of thousands of victims have not had any prior recovery for their losses, and for many of them, MVF is the only potential source of a recovery. We hope to make a meaningful difference for all victims, and especially for those who have not previously recovered any of their losses.”

Future Process

After all claims are reviewed, Mr. Breeden and MVF will recommend specific action on each claim to the Department of Justice, which makes all final decisions. The DOJ retains the discretion to amend its requirements or standards at any time, or to deny any claim that does not meet its criteria. The timing of distributions from MVF will be determined after claims are reviewed.

WE Family Offices Ranks Among Top 50 Wealth Managers In Forbes

| For Fórmate a Fondo | 0 Comentarios

WE Family Offices was listed as a Top Wealth Manager in a national ranking produced by Forbes magazine based on WE’s more than $2.7 billion in total assets under advisement. New to the Forbes Top Wealth Manager list, WE, a leading family office, is also recognized as one of the one the fastest growing firms on the list.

“When, as a firm, you embrace transparency, clients appreciate that and it deepens those relationships.”

Founding partners Maria Elena Lagomasino, Santiago Ulloa and Michael Zeuner have dedicated their professional careers to advocating on behalf of wealthy families and helping them avoid harmful conflicts of interest. “We’ve realized that transparency and independent advice can often be difficult to find in the wealth management industry. We believe that families deserve to know who they can trust, and know that the advice they get is their best interests,” Lagomasino says. “When, as a firm, you embrace transparency, clients appreciate that and it deepens those relationships.”

“WE is hired by families to help them understand their whole picture, create their plan, and execute around that plan, day-to-day. WE ensures that a family has the right set of providers, at the right fee structure, working together to serve the family’s best interests,” Lagomasino continues.

WE stands for Wealth Enterprise. The company’s core beliefs and business practices are designed around the principle that great wealth should be managed like a business.

With offices in New York and Miami, WE Family Offices is a family-focused wealth management firm, catering to ultra-high net worth families. WE is not affiliated with any financial services company and is compensated only with client fees. As a result, WE’s advisors are free to offer their clients independent advice and serve as their advocate. WE’s services include: family advisory; investment strategy and oversight; and back office support. In 2013, WE Family Offices was ranked by Investment News as the number one RIA in Florida, by assets under advisement and, in 2014, was ranked among the Top 50 Wealth Managers in the U.S. by Forbes magazine.

PwC US Signs 13-year Lease to Occupy New Office in Downtown Miami

| For Alicia Miguel | 0 Comentarios

PwC US has announced that the firm has made a major commitment to the region by signing a 13-year lease with MetLife, Inc. for 43,277 square feet at the Wells Fargo Center in downtown Miami. Approximately 300 PwC partners and professionals will make their move into the Gold LEED-certified building located at 333 SE 2^nd Avenue in February 2015.

In addition to signaling its faith in an exciting and thriving part of downtown Miami, PwC sought out the building to accommodate its future growth plans. The professional services firm is optimistic about its long-term growth prospects in the market and intends to increase its employment in order to continue its strong growth trajectory in South Florida.

“PwC has a longstanding history of serving companies in the greater Miami area, and we’re looking forward to continuing that legacy,” said Mario de Armas, managing partner for PwC’s Florida market. “We continue to see an increased demand for our assurance, tax and consulting services, and we’re optimistic about our future employment and the growth of our business here. We also plan to continue our work in the community, with a focus on helping local schools and organizations improve education and financial literacy.”

The office will be equipped with state-of-the-art technology, including the latest media sharing and collaboration tools. De Armas noted that the layout of the new space will enhance team collaboration and knowledge sharing, cater to the mobile worker and aid in client service delivery.

“As our business and the businesses of our clients continue to evolve, we recognize that technology and the workforce of the future will change the way we work,” added de Armas. “The new office design reflects this, emphasizing teaming, personal flexibility and efficiency.”

The firm is committed to reducing its carbon footprint and will have the new space built with energy efficiency in mind. Sustainable materials and furnishings will be utilized throughout the space and PwC will strive for LEED certification when the build-out is complete.

“MetLife is excited to welcome such a high caliber firm as PwC to Wells Fargo Center. As one of MetLife’s premier developments and long-term investments, the Wells Fargo Center continues to attract many of the country’s most prominent companies,” stated Chuck Davis, Director and Head of the MetLife Southeast Regional Office.

The 47-story Wells Fargo Center features scenic views of Biscayne Bay and Miami‘s skyline and offers PwC a number of significant benefits, including a fitness center and restaurants. The center is also adjacent to a four-star hotel, which includes an entertainment complex, salon and spa, and shopping.

Natural-Resource Equities Could Provide Better Inflation Hedge than Commodities

| For Alicia Miguel | 0 Comentarios

Foto: Kirainet, Flick, Creative Commons. Renta fija a corto a plazo, una solución para refugiarse de los tipos cero

Natural-resource equities could provide a better hedge against inflation than commodities themselves, according to a white paper from The Boston Company Asset Management, LLC (TBCAM), the Boston-based equity investment boutique of BNY Mellon.

This could be a particularly appropriate time to consider strategies that hedge against a rise in inflation as interest rates appear to have bottomed, the report said. It notes that an increase in the federal funds rate could come as early as the spring of 2015, which could spark a rise in inflation.

TBCAM warns that investors may wish to prepare for inflation despite concerns from the International Monetary Fund and U.S. Federal Reserve that inflation is too low. Such concerns may prompt central banks to add even more stimulus through quantitative easing and negative real rates, said Robin Wehbe, author of the report and portfolio manager for TBCAM.

“Preparing for the eventual transformation of stimulus into excess liquidity is paramount,” Wehbe said. The report, Inflation Investment Guide: The Advantage of Natural-Resource Equities Allocation, posits that natural-resource equities may provide inflation-hedging benefits without significantly reducing the performance of an investment portfolio in pre-inflationary time periods. Equities, natural resource equities and commodities perform differently across different inflation regimes, the report said.

“In times of low to moderate inflation, equities typically are the clear outperformer,” said Wehbe. “However, natural-resource equities have historically caught up and eventually overtaken the broader stock market to turn in the best returns as inflation begins to rise. Commodities tend to lag all equities in almost every inflationary environment, only outperforming the broad market in times of very high inflation.”

Rising U.S. interest rates contribute to a strengthening U.S. dollar and could drive inflationary pressures around the world, the report said. Countries with current account deficits will feel these pressures the most, according to TBCAM. The report notes that concerns about inflation have been blamed for the sell-off in emerging markets over the last year.

“It’s important to remember that commodities have an expected return of zero,” said Wehbe. “If you look at the historical return of commodities against other asset classes, such as equities, you’ll see that they have significantly underperformed.”

The report is available here.

The Major Headwinds Facing Brazilian Equities

| For Alicia Miguel | 0 Comentarios

With elections looming in October, approval ratings for President Dilma Rousseff’s government have been touching new lows. At 36 per cent in March – down from 43 per cent at the end of 2013[1] – it is reaching a critical level. However, with an opposition lacking in substance, Rogerio Poppe, portfolio manager at BNY Mellon’s investment boutique, ARX Investimentos, explains why there is a high chance re-election could be achieved. What’s more, he says there’s a great risk of much-needed economic reform being dodged.

All is not rosy in Brazil. Inflation is high and vast swathes of the electorate feel out of touch and ignored. Much of Dilma’s focus during her time in office has been on social assistance through programmes such as Bolsa Família, a social welfare platform implemented by her predecessor, President Luiz Inácio Lula da Silva, which provides financial aid to poor Brazilian families.

While the success of Bolsa Família can’t be ignored – around 11 million Brazilian families benefit[2] – it has had its fair share of critics who cite the problems of benefit addiction and the programme acting as a source of discouragement from work. The programme may well help around a quarter of the population but for the remaining 75 per cent, the overriding concern is inflation and the rising cost of living in the country’s major cities. Some 85 per cent of the population lives in urban areas[3].

Meanwhile, there are significant public transport limitations and Brazil remains some way behind the rest of the world when it comes to infrastructure spending. According to The Economist, Brazil invests just 2.2 per cent of its GDP in infrastructure, well below the developing-world average of 5.1 per cent.

The global stage

The Brazilian people grabbed the attention of the developed world during last year’s Confederations Cup, the traditional pre-cursor to the soccer World Cup, as millions took to the streets of Brazil’s cities to demonstrate against the government’s failures.

“This year’s World Cup is likely to prompt further unrest but we don’t expect it to be on the same scale as 2013,” said Poppe, who runs the BNY Mellon Brazil Equity Fund.

“Last year’s troubles were caused by a minority; peaceful protest had been the general intention.”

“What’s more, let’s not forget that this is Brazil and the World Cup we are talking about – never underestimate the draw and importance of football to the Brazilian psyche. Righting the wrongs of 1950 – the last time Brazil hosted the World Cup it lost the final to Uruguay – will do much to preoccupy the electorate,” he added.

Regardless of the widespread protests, Dilma has done little, if anything, to address the underlying concerns of the Brazilian people, according to Poppe; indeed, inflation continues to exasperate these problems.

“The effects of inflation will only get worse as areas in which the government has frozen prices, such as fuel, are unfrozen,” he explained.

“At the same time, fuel price freezes have severely hampered the ability of largely state-owned companies, such as Petrobras, to thrive. That the weakness in her approval ratings has corresponded with strength in the domestic stock market is no coincidence.”

“Dilma’s administration has limited the value of these companies by using them as a political lever. It is a similar story with the state-owned banks; used as a tool for cheaper credit availability, there is a need for significant capital raising within the banking system over the next five years.”

A period of sustained economic stagnation is the likely result, he says.

Challenged challengers

But what of the opposition to Dilma’s Workers’ Party?

“This is the crux of the problem – there is little opposition of substance,” said Poppe.

The major opposition party, the Party of Brazilian Social Democracy (PSDB), is yet to announce its candidate to run against Dilma. Aécio Neves is widely expected to be PSDB’s ‘man’ but uncertainty prevails.

What’s more, the party has long been dogged by internal wrangling and has also recently been the subject of an investigation into alleged corruption in the São Paulo state government, which it has run since the mid-1990s.

“Uncertainty abounds when it comes to the major opposition’s policies, too; inflation aside, there has been little detail forthcoming,” Poppe added.

A change of government seems a long shot but, at the very least, Brazil needs a change in government. Poppe says this seems unlikely, however.

“We believe Dilma’s re-election would be a negative for the Brazilian economy over the next decade,” he warned.

“The economic fundamentals are still very good, despite the recent Standard and Poor’s downgrade; indeed, the country is in ruder health than many European economies. Yet the problem remains the direction taken by the incumbent government – the current economic policy is a limiter on growth.”

“Ultimately, Brazil needs to follow the trail blazed by Mexico and implement far-reaching and achievable reforms. Given the scale of the Brazilian market, it too should be attracting huge investment – sadly, though, this is no longer the case.”

A Dilma re-election would usher in no change, according to Poppe.

“She vehemently believes in what she is doing – she is a lady not for turning.”

The result? An economy saddled with inflation, a depreciating currency, an inability to attract external investment and the prospect of low growth over the coming years.

Latin America’s great hope is facing a tough near-term future. Seleção glory this summer might prompt a short-term bounce but once the celebrations die down, the bleak reality will be felt once again.

[1]National Industry Confederation, March 2014

[2]The World Bank, April 2014

[3]The World Bank, December 2013

Which Sectors are Focal to the Private Equity Industry in Latin America?

| For Fórmate a Fondo | 0 Comentarios

¿Qué sectores están en el punto de mira de la industria de private equity en Latam? — Left to right, Álvarez-Demalde, Serebrisky, Velarde and Oliveira. Which Sectors are Focal to the Private Equity Industry in Latin America?

Technology, the consumer goods and services sector, financial services, infrastructure, and natural resources, were some of the sectors mentioned at a Terrapinn conference in Miami on Tuesday by experts in Latin American private equity.

The topic of the discussion at the Private Equity World Latin America Forum was “The flow of operations in LatAm: hot sectors, high risks and exit strategies”; it was moderated by Luis Octavio Nuñez Greenberg Tauring, and attended by Robert Velarde, managing director of Darby Private Equity, as well as by Diego Serebrisky, managing director of Alta Ventures, Francisco Álvarez-Demalde, founding partner of Riverwood Capital, and Fernando Oliveira, partner in charge of HIG for Latin America.

Although not all the experts shared the same industries as those which govern their strategies at the moment, they did all advocate for and share the same thoughts and ideas about a region which, even though it is always put under the same roof, is undoubtedly a region which requires very different strategies.

For example, Velarde de Darby, a company which has conducted 55 operations during its 20 year history, pointed out that they currently lean towards the consumer products and services sector. The reason is clear, as the middle class continues to grow in most countries. For the same reason, they are also focusing on financial services, infrastructure, and natural resources. In fact, during the last six months, Darby has made six investments in the region within the above sectors.

For Serebrisky of Alta Ventures, the options are wide and they are interested in considering investments in all countries excluding Brazil. Mexico, Colombia and Chile offer opportunities for Alta Ventures in companies during the early-stages, because in countries like Chile and Mexico their governments are devoting much effort to raise capital to support enterprises. “Although we are talking about early stage investment, significant opportunities will be created,” he added.

Serebrisky also referred to Mexico and to its energy sector, an industry in which the entrance of private companies will help change a market that has always been in the hands of the State. “The regulation is there, but as yet it has not been implemented. The situation will vary greatly once the oil industry begins to receive foreign inflows,” the manager added, while he wondered whether the investment opportunity will be immediate once the market opens.

In this regard, Velarde said that for Darby, the Mexican oil sector is an interesting market in which to invest, either directly or through companies which provide services such as, for example, companies engaged in prospecting. “It’s an area in which we expect private capital to flow,” he added.

Meanwhile, Alvarez-Demalde said that Riverwood Capital invests predominantly in technology, but not in the early stages. When entering into companies in the region, they look for good management teams and companies positioned in their respective markets, while one of their main concerns is in the macroeconomic data. Not only are they concerned by this data, but also by the regulatory environment and the judicial system, “since most countries within this region have unclear regulations and difficult judicial systems. It is currently impossible in Latin America to enjoy an environment like the one available in the U.S.,” he stressed.

The experts agreed that the technology sector is a key industry in the current economy. Likewise, they recalled that large U.S. companies have plenty of cash abroad which they don’t take back into the country to avoid paying taxes, leading them to seek opportunities, and the technological sector is one in which they can be found. “These companies are open to investment because they have to do something with the cash,” said Serebrisky.

Finally, the speakers referred to their exit strategies and the best time to dispose of the position in a company as well as the main reasons that drive them to enter into a transaction. Velarde said that in this regard, it is definitely essential to choose the right partner in the middle market, this decision represents 50% of the weight of the operation; Alvarez-Demalde agrees with this, adding that the management team also plays an important role. He added that, therefore and in order to support their operations, they work with a large network of executives within the region.

Fibra Inn Announces Acquisition of Hotel Mexico Plaza Silao in Guanajuato

| For Alicia Miguel | 0 Comentarios

Fibra Inn, a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, announced the acquisition of Hotel Mexico Plaza Silao, in the state of Guanajuato, which will be the fourth hotel to be converted to Wyndham Garden.

The acquisition price, was Ps. 80 million, plus Ps. 11.2 million in order to pay taxes and expenses related to the acquisition. Fibra Inn’s internal committees approved the purchase of this property, at a projected cap rate of 10%. The acquisition was paid with a second temporary credit line contracted with Banorte, which is expected to be refinanced once the Company formalizes the contract, currently under negotiation. This is a temporary credit line of Ps. 500 million, at a TIIE rate of 2.5 points, for 180 days and without commission.

The conversion to the Wyndham Garden Brand is expected to conclude by the last quarter of 2014. This property has 143 rooms, will operate under the limited service segment; and will be supervised by Fibra Inn under a sub-management structure with the current Hotel Operator.

During 2013, occupancy was 31%, with and average daily rate of Ps. 586.2 and RevPar of Ps. 181.7.

Fibra Inn opted to purchase this hotel for the following reasons, according to the company:

The Bajio region is a strategic area with high growth, and great lodging demand, mainly driven by the automotive industry along with the economic activity that this region generates. Foreign investment has benefited occupancy and room rates, as well as demand for group rates and events.
This city only has 3 chain hotels: one Holiday Inn Express, one México Plaza and one Citi Express.
This hotel is under an improvement phase, which will be accelerated once the conversion to Wyndham Garden takes place.
This hotel is strategically located in front of the Bajio Airport and within 4 kilometers distance from the Puerto Interior complex, which is an industrial park with specialized terminals in train cargo with internal customs.

This hotel is located at Carretera 45 León a Silao en el Km 156 + 400 s/n, Col. Nuevo México, Silao, Guanajuato, near to the Colinas and Fipasi industrial parks.

With this acquisition, Fibra Inn has 23 hotels in its portfolio, plus three under development, with a total of 4,644 rooms, of which 3,746 are currently in operation.

The Search for Yield is Still Alive and Kicking

| For Elena Santiso | 0 Comentarios

While last year we seemed to move to a more growth oriented environment with investors moving out of bonds and bond-like equities into more cyclical equities, the search for yield is still very much alive this year. Besides position squaring behaviour, fundamental drivers firmly underpin this investment theme.

Despite a sharp shift in investor behaviour in many parts of the market, ING IM considerate that the appetite for assets that generate some sort of income has persisted.

Key beneficiaries of the search for yield this year

Theme is driven by long-term trends in growth and inflation

Different from the position-squaring behaviour that seems to drive many of the recent changes in market dynamics, the robustness in the search for yield theme might be more fundamentally driven. Not only have the recent couple of years been crisis-packed for investors, it is also becoming increasingly obvious that underlying trends in growth and inflation are still tilted down rather than up.

Especially in developed markets it is clear that the long-term trends in growth and inflation are at multi-decade lows and have yet to show convincing signs of bottoming.

Given that the combination of these two variables adds up to the total (nominal) income stream that ultimately underpins all financial assets, the intensification of the search by investors for increasingly scarce income sources can be well understood.

What is more, the need for income from an aging population is also increasing. Demand will remain strong for income producing securities including those that pay dividends as well as interest.

To view the complete story, click on the attached document.

S&P Dow Jones Indices Launches Colombia Select Index

| For Alicia Miguel | 0 Comentarios

S&P Dow Jones Indices has announced the launch of the S&P Colombia Select Index.

The S&P Colombia Select Index is designed to provide investors with a means of measuring the largest and most liquid stocks domiciled in Colombia. The Index uses a modified market capitalization weighting scheme, providing investors with a broad, yet replicable index covering the Colombian equity market.

S&P Dow Jones Indices has licensed the S&P Colombia Select Index to an affiliate of Horizons ETFs Management (LATAM) LLC to serve as the basis for a forthcoming Exchange Traded Fund based upon the Index.

“The S&P Colombia Select Index employs many of the traits commonly associated with our leading indices. It also provides investors with a means of measuring the largest and most liquid stocks headquartered in Colombia while reducing single stock and sector concentration within the Index”, says says Alka Banerjee, Managing Director and Head of Global Equity Indices at S&P Dow Jones Indices.

“We have a strong business relationship globally with S&P Dow Jones Indices and are pleased to be able to offer their top-tier index strategies to Latin American investors,” says Howard Atkinson, Managing Director of Horizons ETFs Management (LATAM) LLC.

The underlying universe for the S&P Colombia Select Index is all stocks in the S&P Colombia BMI that trade on the Colombia Stock Exchange (the Bolsa de Valores de Colombia or BVC) as domestic stocks. Among other criteria, stocks must also have a float adjusted market capitalization equal to or greater than US$ 200 million as of the rebalancing reference date.

Reinhard Koester Joins Aquiline Capital Partners

| For Alicia Miguel | 0 Comentarios

Aquiline Capital Partners, a New York-based private equity firm investing in financial services, has announced that banking industry veteran Reinhard Koester has joined the firm as an investment professional. Mr. Koester joins Aquiline from J.P. Morgan and will focus on banking and credit investments.

“We have known Reinhard for many years and have been impressed by the quality of his work and industry expertise,” said Jeff Greenberg, Chief Executive of Aquiline. “Reinhard will share his expertise across the firm and play a major role on our banking and credit team, which has become one of our most active areas with a range of attractive investment opportunities.”

With over 20 years of financial services experience, Mr. Koester joins Aquiline from J.P. Morgan where he was a Managing Director and Co-head of Specialty Finance and Alternative Asset Managers in New York. Previously, he was with Goldman Sachs as a Managing Director and Co-head of Specialty Finance in New York and a Managing Director in London. He also served as Executive Vice President and Chief Risk Officer for The PMI Group in San Francisco and practiced law as an Associate with Davis, Polk & Wardwell in New York and London. He began his career as a consultant with McKinsey.

Mr. Koester has a J.D. from Yale Law School, an M.B.A. from the University of Michigan and a B.S. from Arizona State University.

“Aquiline has an excellent record of building companies and making successful investments across a range of financial services. I look forward to contributing to the success of the firm and its portfolio companies,” commented Mr. Koester.

Aquiline is a private equity firm based in New York investing globally in financial services enterprises in industries such as banking and credit, insurance, investment management and markets, and financial technology. Aquiline seeks to add value to its portfolio companies through strategic, operational and financial guidance.