Mason C. Salit es el nuevo responsable de Banca Privada en EE.UU. de Leumi. Bank Leumi USA nombra a Mason C. Salit responsable de Banca Privada en EE.UU.
Bank Leumi USA has appointed Mason C. Salit as the Head of U.S. Private Banking.
Mason will lead the private banking team through Bank Leumi USA’s personalized and client-focused approach to ensure that the financial objectives of clients are met through a variety of innovative products and services.
Mason has more than 25 years of experience in the global financial services industry. Prior to joining Bank Leumi USA, he served as the Wealth Market Leader at TD Wealth. Mason was the Head of International Private Banking at HSBC Private Bank in New York and also spent 17 years with Citigroup in various wealth management roles.
Mason received his undergraduate degree from the State University of New York at Binghamton and his MBA from New York University’s Stern School of Business.
Mason added, “Our focus is on holistic wealth management and success is achieved when we work with our clients as strategic partners. It is about providing the best solutions for our clients, which is why we serve families generation after generation.”
Bank Leumi USA, the largest subsidiary of the Leumi Group, has operated in the U.S. for more than fifty five years. It is an FDIC-insured, full-service commercial bank providing financial services to middle market firms and international businesses through offices in New York, California, Florida, Illinois and a representative office in Israel. Bank Leumi USA offers U.S. and international private banking services as well as a full range of securities and insurance products through its brokerage subsidiary, Leumi Investment Services Inc. (LISI). (LISI) is a FINRA and SIPC member, and investments purchased through LISI are not FDIC insured, have no bank guarantee, and may lose value.
Photo: Alejandro Islas Photograph AC. A.M. Best Opens Its Mexico City Office
A.M. Best has opened its office in Mexico City located in the financial district at Paseo de la Reforma 412, and it is pleased to welcome its key staff that will lead this office forward.
This week, Managing Director Andrea Keenan welcomed Yazmin Galindo, Associate Director of Operations and Compliance, and Jesus Palacios, Associate Director of Market Development to round out the office leadership. They join Alfonso Novelo Gomez, Director of Analysis, who joined the company in March.
Novelo comes to AM Best with over fifteen years of insurance industry experience throughout Latin America and the Caribbean, including with the insurance regulator Comision Nacional de Seguros y Fianzas (CNSF), BBVA Seguros and the insurance ratings division of S&P in Mexico. “Alfonso brings a strong understanding of the Mexico and Latin American insurance markets, as well as the analysis of insurer financial strength, and we are very happy to have him leading our rating analytics in the region,“ said Keenan.
A.M. Best will be in attendance at this year’s AMIS Annual Seminar, with a team including Andrea, Keenan, Alfonso Novelo, and Jesus Palacios, along with Matthew Mosher, Senior Vice President of Rating Services, who is responsible for A.M. Best’s rating services globally.
Investcorp has announced that industry veteran Franklyn Chang has joined the firm as a Managing Director.
Mr. Chang joins Investcorp with nearly 20 years of experience in institutional sales, placements and distribution of alternative investments. Prior to joining Investcorp, Mr. Chang was responsible for global distribution of alternative investment funds at Eaton Partners, LLC, including hedge funds, private equity, real estate and infrastructure funds. During his eight year tenure at Eaton Partners, Mr. Chang served as both Partner for US Distribution and Managing Partner for the European and Middle East Distribution. Mr. Chang was involved in successfully placing over $12 billion in limited partner assets for the firm.
In his new role with Investcorp, Mr. Chang’s primary responsibility will be to help grow Investcorp’s Hedge Fund Group’s assets under management through strategic and targeted business development efforts.
“We are very pleased to welcome a person of Franklyn’s experience and caliber to our team,” said Mr. Lionel Erdely, Head and Chief Investment Officer of the Hedge Funds Group at Investcorp. “His wide ranging experience and capabilities within the alternative investment industry will allow us to expand our product offerings to further meet our clients’ needs as we significantly grow our hedge funds platform.”
Alex Crooke, Andrew Jones y Ben Lofthouse, gestores del fondo Henderson Horizon Global Equity Income Fund (SICAV) domiciliado en Luxemburgo. Henderson lanza el fondo Henderson Horizon Global Equity Income en formato SICAV
Capitalizing on its global equity income strength, Henderson Global Investors will launch the Luxembourg-domiciled Henderson Horizon Global Equity Income Fund (SICAV) on May 6, 2014. The fund will mirror the existing £680 million*(€817 million or US$1,126 million) Henderson Global Equity Income Fund (OEIC) managed by Andrew Jones and Ben Lofthouse.
Alex Crooke, head of global equity income, will manage the fund alongside Andrew Jones and Ben Lofthouse. Alex has over 23 years’ investment experience and is a manager on Henderson’s US domiciled Global Equity Income mutual fund.
Henderson’s 11-strong global equity income team cover all the major regions of the world and manage more than £8 billion** (€9.6 billion or US$13.25 billion) in equity income mandates.
Available in Euro and US dollar share classes, the Henderson Horizon Global Equity Income Fund aims to provide an above-benchmark dividend yield with the potential for capital growth. It will invest primarily in equities throughout the world and will typically hold between 50 – 80 holdings.
Greg Jones, head of EMEA retail and Latin America, says, “With interest rates at rock bottom levels on an international scale, never has there been a greater demand for income from our client base. In recent years, the equity market has become an increasingly important hunting ground for yield. We don’t see this trend abating.”
Alex Crooke adds, “As reported in the first edition of the Henderson Global Dividend Index in February, dividends paid globally reached more than one trillion dollars last year, up 43% since 2009. Increasingly, companies across the world are recognising the need to pay dividends. A global approach to income investing brings real diversification benefits, access to quarterly income and capital growth over the long term.”
“We have a closely integrated global equity income team that is well suited to bottom-up stock-picking and searching for undervalued, unloved and underappreciated companies. The SICAV will be a real benefit to investors that prefer the offshore equivalent.”
Since Inception (1st June 2012) to 31 March 2014 the Henderson Global Equity Income Fund (OEIC) returned 41.7%, outperforming the MSCI World Index which returned 33.1% over the same period.* Past performance is no indicator of future performance.
About the Portfolio Managers
Andrew Jones is a member of the Henderson Global Equity Income Team. Andrew has managed the team’s Global Equity Income OEIC with Ben Lofthouse since May 2012, and is also the fund manager of the Henderson Global Care UK Income Fund and a number of other institutional mandates. He joined Henderson in 2005 from Invesco Asset Management where he spent 10 years as a UK Equities fund manager, and was the co-manager of the Invesco Perpetual Income and Growth Fund for six years. Andrew graduated from Queens’ College, Cambridge with a BA (Hons) in Economics and holds the Securities Institute Diploma.
Ben Lofthouse is a member of the Henderson Global Equity Income Team. Ben has managed the team’s Global Equity Income OIEC with Andrew Jones since May 2012, and has managed the Henderson International Income Trust plc since its launch in April 2011. In addition to fund management duties, Ben covers the Support Services and Food & Beverages sectors for Henderson’s Equity Department. He joined Henderson Global Investors in 2004 as an Investment Analyst and Assistant Fund Manager having previously trained as a Chartered Accountant with PricewaterhouseCoopers in their Banking and Capital Markets division. He also worked in the PricewaterhouseCoopers Business Recovery Services team. Ben graduated from Exeter University with a BA (Hons) in Business Economics. He is also a CFA Charterholder.
Alex Crooke joined Henderson Global Investors in 1994 as an Associate Director of Investment Trusts after starting his investment career as a US investment analyst with Equitable Life Assurance Society in 1990. In mid 1994 he was recruited by Henderson, to co-manage the UK assets of Witan Investment Trust. His role broadened out within Henderson to become fund manager for a number of income based Unit Trusts and Investment Trusts. Alex has managed The Bankers Investment Trust PLC since 2003 and Henderson High Income Trust PLC since 1997. He is also the co-manager of Henderson’s US domiciled mutual fund, Global Equity Income and lead manager of Henderson Dividend and Income Builder. In 2013 he was appointed Head of Global Equity Income, bringing together all the equity focussed income teams within Henderson. Alex graduated from Manchester University with a BSc (Hons) Physics with Astrophysics and is an Associate Member of the Society of Investment Professionals (ASIP).
Citi has been awarded a mandate from Norges Bank Investment Management (“NBIM”), the organization responsible for managing the Government Pension Fund Global, to provide global custody and securities lending services to support NBIM’s $850 billion investment portfolio globally. The mandate is believed to be one of the largest of its kind in the industry.
“It’s a great privilege to have been selected by Norges Bank Investment Management to provide these services,” said Okan Pekin, Global Head of Investor Services, Citi. ‘’By having a global presence combined with in-depth, local expertise, our offering is well positioned to support Norges Bank Investment Management’s mission and growth objectives. This appointment highlights our ability to serve the needs of a leading investment manager on a multi-jurisdictional basis and I would like to thank all of the Citi team members who worked diligently to bring this relationship to fruition.”
With investor service capabilities in 95 countries and the world’s largest proprietary custody network in over 60 markets, Citi leverages its global footprint and sophisticated fund services platform to offer consistent, scalable and flexible solutions enabling global fund managers to extend their reach and business.
”We have carried out a detailed evaluation. Citi has demonstrated a commitment to the custody business through their proprietary sub custodian network and investment in technology, enabling them to deliver custody services in an integrated, efficient and transparent manner,” said Age Bakker, Chief Operating Officer, Norges Bank Investment Management.
Citi Investor Services provides fund managers with access to an end-to-end set of flexible investment solutions with leading capabilities in four distinct areas: Prime Finance and Agency Securities Lending; Futures, OTC Clearing and Collateral Management; Global Custody Services and Global Fund Services.
Foto: Stephan Photos, Flickr, Creative Commons. Evolución del renminbi y de la balanza comercial china
Deutsche Asset & Wealth Management (DeAWM) announces the launch of the db X-trackers Harvest MSCI All China Equity Fund (NYSE ticker: CN), the first US-listed exchange-traded fund (ETF) to provide investors with broad exposure to onshore and offshore Chinese equities through a single ETF. CN will offer direct access to highly coveted China A-shares in addition to China B-shares, China H-shares, China Red Chips, China P-Chips, China ADRs, and securities of Chinese companies listed in the US and Singapore.
“Deutsche Bank’s strong relationships across Asia are key building blocks for our Americas business,” said Jerry W. Miller, Head of Asset & Wealth Management Americas. “We remain committed to offering our clients extensive access to previously untapped markets through a wide range of exchange-traded products.”
CN is DeAWM’s second ETF to provide US investors with access to Chinese securities. In November 2013, DeAWM collaborated with Harvest Global Investments Limited to launch db X-trackers Harvest CSI 300 China A-Shares Fund (NYSE ticker: ASHR), becoming the first US ETF issuer to bring investors direct access to A-Share securities—Chinese companies that trade in mainland China.
“The launch of CN now provides investors with the most comprehensive exposure to China by investing across the spectrum of Chinese securities. This innovative product showcases Deutsche Bank’s ability to build upon our recent successes while leveraging our unique global capabilities,” said Fiona Bassett, Head of Deutsche Asset & Wealth Management’s Passive business in the Americas.
CN will seek to track the MSCI All China Index, which captures large- and mid-cap Chinese securities listed in China and Hong Kong, as well as in the US and Singapore, and which currently has 612 constituents.
“We are proud to be further expanding our relationship with MSCI, the leading provider of benchmark indices in the international equity space,” said Martin Kremenstein, US Head of ETPs for Deutsche Asset and Wealth Management.
Deutsche Asset & Wealth Management’s US exchange-traded products (ETP) platform has approximately $11 billion in assets under management as of December 31, 2013. The firm’s global ETP platform, launched in 2006, has grown to become the world’s fifth largest, with approximately $63 billion in assets under management as of December 31, 2013.
Fidelity Institutional, the division of Fidelity Investmentsthat provides clearing, custody and investment management products to registered investment advisors (RIAs), banks, broker-dealers and family offices in the United States, has announced the opening of the Office of the Future on its Smithfield, Rhode Island campus. In collaboration with the Fidelity Center for Applied Technology (FCAT), Fidelity Institutional developed the Office of the Future as a physical space as well as an online interactive experience for financial advisors to experiment with some of the latest technologies poised to transform the financial advice industry.
Fidelity’s Office of the Future features frequently used work spaces for the “anywhere advisor,” including conference and collaborative office spaces, an airport lounge and a home environment. While the specific form factors will change over time as new technology emerges, the space currently focuses on technology that addresses seven trends most impactful for advisors today: mobile, pervasive video, evolving interfaces, cloud computing, social media, big data and gamification. Advisors can visit to experiment with the technology or take a virtual tour of the space with interactive elements that display details on the Office’s technologies.
Fidelity’s new technology research from its Insights on Advice series found that while almost eight in 10 (77 percent) financial advisors surveyed are making an effort to increase their use of technology in their practices, nearly all (95 percent) see challenges in integrating or utilizing it. This disconnect is mostly attributed to: 1) lack of knowledge on what technology is best for them and 2) how to set it up and integrate it with their existing technology. Financial advisors continue to face mounting pressure to adopt technology and meet investor demand. In fact, one-third (34 percent) of investors surveyed said they would switch their advisors if they were not using technology to enhance their services.
“Investors today expect technology woven into everything they do, and that includes their financial advice,” said Ed O’Brien, senior vice president and head of platform technology, Fidelity Institutional. “For advisors, using technology is not about abandoning what they do so well, which is providing financial advice. It’s about finding that sweet spot that brings together human touch with technology. With Fidelity’s Office of the Future, we can show advisors how to do that.”
According to the survey, 75 percent of advisors felt that they needed to use the latest technology to grow assets among younger clients — investors whose assets are forecasted to be $41 trillion by 2023 and who expect a different relationship than previous generations. Gen X/Y investors noted three core benefits of technology in their advisor relationships: communication, collaboration and accessibility.
1. Communication: Supplement Face-to-Face with Virtual Conversation
Financial advisors can use technology to their advantage to create the feel of an in-person meeting with more flexibility, particularly with younger investors who are comfortable with these mediums. The study found:
Video conferencing is on the rise and many advisors are interested in pursuing it.
While very few advisors use social media to communicate with their Boomer clients, many are using social media with their Gen X/Y clients.
Advisors are leveraging text messaging to engage Gen X/Y investors.
2. Collaboration: Investors Want to Validate, Not Delegate
Sixty-three percent of advisors said that recent technology developments have helped make their relationships with clients more collaborative. This shift will be important as Gen X/Y investors embrace the “validator” model, looking to make some of their own investment decisions, while turning to their advisors for second opinions. According to the study:
Financial advisors are using media tablets with Gen X/Y clients to view portfolios and reports, creating a more meaningful, interactive dialogue.
Advisors are making it easier for investors to “visit their money” and participate in the decision-making process with their advisors.
3. Access and Engagement: Quality, Not Quantity
As mobile and cloud technology becomes more pervasive, the concept of the “anywhere advisor” has gone from a possibility to a reality. In order to meet the demands on their availability, advisors are embracing technology for a more mobile lifestyle. The study found:
Not only are advisors using cloud-based applications, many are interested in using it to make their desktop accessible anywhere.
By leveraging e-signature, advisors can spend less time on paperwork, freeing up time for deeper client engagements.
Advisors are starting to see how webinars or webcasts can help them engage with clients and share their current insights.
To “walk” through the virtual tour of Fidelity’s Office of the Future, go to this link and to visit the Office of the Future in-person, please contact your relationship manager.
Relatively low equity returns year-to-date, ongoing concerns over an escalation of tensions between Russia and Ukraine and the growth slowdown in China; investors might be tempted to give in to the “Sell in May” adage. According to ING IM, there are not enough reasons to do so and stay the course with their risk-on allocation stance.
With investor positioning now less concentrated and investor sentiment less euphoric, it seems likely that fundamentals will become more important drivers for markets again.
With only a few days left in April, the temptation among investors might start to rise to give in to the “Sell in May” adage. Since most of the market evolution this year has been dominated by the behavioural side of investing (geopolitical fear factors and position squaring) it is not difficult to imagine that the old market mantra on cautiousness during summer might start to resonate over the coming weeks.
Positioning shake-out at an advanced stage
Before jumping to conclusions, however, it might be wise to consider what has changed and what has actually not changed since the beginning of the year. To start with the former, it seems fair to say by now that the needed positioning shake-out has progressed a long way. Especially in the performance of equity markets this has been visible, as global equities have lagged other risky assets like real estate, credit and commodities year-to-date. Also within equity markets the performance of sectors and regions has seen a clear pattern of outperformance by the most unloved segments at the start of the year (like defensive sectors) and underperformance of the most popular ones (like Japan).
On top of this, it is clear that investor sentiment has normalized. At the start of the year it stood at a 3-year high and not too far off the record-highs of the late ‘1990s. Since then, investor confidence has fallen back substantially and now hovers somewhat below its long-term average.
Fundamental picture is improving
At the same time, the fundamental undercurrent of support for risky assets still seems to be in place. Actually, the visibility on the evolution of the global business and earnings cycles has only increased. The weather distortions in developed market data releases is gradually fading, while the leading role and upward path of the “old economy” pack has only gotten more confirmation. In March, a “leading” index of business surveys from the US, Germany, Japan and European peripheral countries reached its highest level since September 2007.
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The European Fund and Asset Management Association (EFAMA), in collaboration with SWIFT, has published a new report on the evolution of the automation and standardisation rates of fund orders received by transfer agents (TAs) in the cross-border fund centres of Luxembourg and Ireland in 2013. This report, entitled “Fund Processing Standardization”, underscores the industry’s commitment to move away from manual processes towards more efficient automation and standardization practices.
The report is part of an ongoing campaign by EFAMA and SWIFT to highlight the progress and importance of automation and standardisation rates of cross-border funds orders. 31 TAs in Ireland and Luxembourg participated in the survey, cumulatively representing more than 80 percent of the total incoming third-party investment fund order volumes in both markets.
The report highlights are as follows:
* Total order volumesincreased by 21% in 2013, bringing the total volume processed by the 31 survey participants to 29.5 million orders last year.
* Total automation rates reached78.7% at the end of 2013, compared to 77.7% a year earlier. This trend was driven by an increase in the use of ISO messaging standards (+1.5 percentage points in 2013 to 45.3%), and a fall in the use of manual order processing and proprietary File Transfer Protocol (FTP) formats, which totalled 21.3% and 33.4% in Q4 2013, respectively.
* The total automation rate in Luxembourg increased to75.3% in Q4 2013 (+1.6 percentage points compared to Q4 2012), mainly reflecting a rise in the use of ISO standards, which gained +1.2 percentage points to stand at 57.7%.
* The total automation rate in Ireland rose to 85.6% in Q4 2013 (+0.3 percentage point compared to Q4 2012), thanks to a rise in the use of ISO standards (+1.6 percentage point to 20.9%).
Peter De Proft, Director General of EFAMA, noted: “Five years ago, at the time of the release of the first EFAMA–SWIFT report, we set an 80% target for the automation rate of orders of cross-border funds. The Transfer Agent communities of Luxembourg and Ireland have never been so close to reaching this goal. The achievement, and the regular monitoring of the progress made in this area, highlights the fund industry’s commitment to become more efficient to the benefit of its clients.”
Fabian Vandenreydt, Head of Markets Management, Innotribe and SWIFT Institute, added: “We applaud the continuous progress towards ISO adoption along with the substantial increase in funds order volumes. Together with EFAMA, we are making great strides to alleviate the high costs and inefficiencies associated with manual processing by supporting programmes that foster automation and standardisation for the funds industry. And it is clearly moving forward in the right direction, which is very encouraging.”
