Wikimedia CommonsRaymundo Yu, presidente de Threadneedle Asia Pacifico. Threadneedle incorpora un reputado equipo de renta variable asiática a su franquicia en Singapur
Threadneedle Investments announces the appointment of Soo Nam Ng as Head of Asian Equities (Asia), along with four additional prominent hires adding significantly to the firm’s capabilities in the region. All five members of the new team have worked together during their careers. Bernard Lim joins as Senior Fund Manager, Asia Pacific ex Japan; Christine Seng as Fund Manager, Singapore and Australia; Weixiong Liang as Analyst and Wee Jia Low as Senior Associate. They will be based in Threadneedle’s Singapore office.
The new team will work closely with Threadneedle’s long-standing Asian Equities team of seven headed by Vanessa Donegan, which currently manages £3.6bn out of London and Singapore (as at 31 August 2013). The Singapore-based team will focus on further building the firm’s offering for Asian investors.
Soo Nam Ng reports to Leigh Harrison, Head of Equities at Threadneedle. Bernard Lim, Christine Seng, Weixiong Liang and Wee Jia Low report to Soo Nam.
Mr Mark Burgess, Threadneedle’s Chief Investment Officer commented: “We have a strong team-based approach at Threadneedle, with a culture of open discussion, debate and sharing of ideas to give us a global perspective advantage”.
Soo Nam Ng joins Threadneedle from Nikko Asset Management where he was Chief Investment Officer and he managed a team of more than 20 investment professionals including equity and fixed income specialists. Soo Nam is a veteran in the fund management industry, having spent more than 18 years focusing on Asia Pacific ex Japan equity markets and is an award-winning portfolio manager.
Bernard Lim joins Threadneedle from Fullerton Fund Management where he was Senior Vice President, Equities, with responsibility for the firm’s Asia Focus mandates. He was also country specialist for Hong Kong, and covered the technology and energy sectors. Bernard brings 20 years investment experience to Threadneedle.
Christine Seng joins Threadneedle from Nikko Asset Management where she was a Portfolio Manager and was responsible for an award winning dividend yield fund. Christine has been in the fund management industry for the last 14 years.
Weixiong Liang joins Threadneedle from Nikko Asset Management where he was a Portfolio Manager.
Wee Jia Low joins Threadneedle from Nikko Asset Management where he was an Equity Analyst.
Photo: Taxiarchos228. Google, EY and Goldman Sachs, the World's Most Attractive Employers 2013
Universum Global reveals the list of organizations that have a competitive edge in employer reputation. Close to 200,000 business and engineering students from top universities weighed in on what companies and employer characteristics they find most attractive. As in the last four years, the 2013 rankings are compiled from student surveys in the world’s 12 largest economies: Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Russia, UK and USA.
The 2013 business ranking shows fierce competition between the professional services, investment banking and fast moving consumer goods industries. KPMG, last year’s second place contender, has dropped six places to be replaced by EY (Ernst & Young), which climbed four slots.
“The reason why these employers are seen as being attractive is due to their strong association to attributes that students consider important, such as market success, professional training and development and providing secure employment. This might come as a surprise as there is a view of Gen Y valuing more corporate social responsibility, a friendly work environment and flexible working conditions,” said Petter Nylander, Universum’s CEO.
The organizations in the top ten on the engineering list have remained fairly stable compared to last year. Employers in the computer & software space are vying for the top spot, which has been Google’s home for five years, while Microsoft (no. 2) replaces IBM (no. 3) in second place. Employers in this sector are highly associated with innovation and exciting products and services – two attributes that are very important to engineers. Below is the top ten of the world’s fifty most attractive employers
The Dreyfus Corporation, a BNY Mellon company, announced that it has introduced the Dreyfus Floating Rate Income Fund, an actively managed mutual fund designed to seek high current income by investing in floating rate loans and other floating rate securities. The fund is sub-advised by Alcentra NY, LLC, a BNY Mellon global investment firm specializing in sub-investment grade credit. Dreyfus is the fund’s investment advisor.
“Floating rate loans could be attractive to investors seeking an asset class with lower interest rate sensitivity, seniority in a company’s capital structure and diversification potential as floating rate loans generally exhibit low correlation to other asset classes,” said Dreyfus President Charles Cardona. “The loan market has traditionally catered to large, institutional investors. The new fund provides access to a broad range of investments not generally available to individual investors. We’re pleased to provide U.S. investors access to the investment expertise of Alcentra, one of the top global loan managers.”
William Lemberg and Chris Barris are the fund’s primary portfolio managers. Lemberg is the fund’s portfolio manager principally responsible for floating rate loans and other floating rate securities. He is a managing director, senior portfolio manager and head of Alcentra’s U.S. loan platform. Lemberg has been employed by Alcentra since 2008. Barris is also the fund’s portfolio manager principally responsible for high yield, fixed-rate securities. He is a managing director, senior portfolio manager and head of global high yield at Alcentra. Barris has also been a senior portfolio manager for the Dreyfus High Yield Fund since 2007.
Alcentra employs a value-oriented, bottom up research process that incorporates a macroeconomic overlay to analyze investment opportunities. This includes evaluating default trends, performance drivers and capital market liquidity. Alcentra’s fundamental credit analysis identifies favorable and unfavorable risk/reward opportunities across sectors, industries and structures while seeking to mitigate credit risk.
“We seek to reduce credit risk through a disciplined approach to the credit investment selection and evaluation process,” said David Forbes-Nixon, Alcentra’s Chairman and CEO. “Long term investors, who are looking for consistent returns and anticipating a rising rate environment, may want to consider the Dreyfus Floating Rate Income Fund. The fund seeks to deliver current income, enhanced principal protection and capital appreciation potential.”
To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate loans and other floating rate securities. These investments, may include: (1) senior secured loans, (2) second lien loans, senior unsecured loans and subordinated loans, (3) senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper), (4) debt obligations issued by U.S and foreign governments, their agencies and instrumentalities, and debt obligations issued by central banks, and (5) fixed-rate loans or debt obligations with respect to which the fund has entered into derivative instruments to effectively convert the fixed-rate interest payments into floating rate interest payments. The fund may also invest up to 20% of its net assets in the securities of foreign issuers and up to 20% of its net assets in high yield instruments.
Manuel García-Durán, presidente y consejero delegado de Ezentis.. "An Investment is Like a Movie and Ezentis is a Great, Well-Told Story”
When talking with Manuel García-Durán, president and CEO of Ezentis, the pride of a manager who in just two years has managed to lead the company to become one of the most talked about turnaround stories in the Spanish market, is evident. Since taking over the firm’s reins on September 22 nd, 2011, the company’s figures have taken a 180 degree turn, and have revealed a story of courage coupled with experience. After bringing forth an Ezentis focused on the business of water, electricity, energy and telecommunications infrastructure, very oriented to Latin America, with a healthy balance sheet, a committed management team, and the ability to maintain a growth plan, both organic and inorganic, he is confident that investors around the world may find his story interesting.
“There are great opportunities for investors from all over the world, both Latin and North American or European, and both retail and institutional,” he explains. And with different risk profiles also: “For the first time, Ezentis may have a niche in portfolios with a varied risk profile, from the least to the mostconservative.” He specifically stresses the case of Premaat, one of his last institutional investors, a benefit society of surveyors and architects in Spain which has a very conservative profile and remembers their milestone of the capital increase undertaken in January this year, which netted them nearly 14 million Euros.
And all, despite the volatility which those securities have suffered in the past. For now, the president believes that this year will consolidate those securities and faces 2014 with confidence, with the ultimate goal of building a stable medium-term shareholder base. Something which he believes he will achieve to the extent that the company gains visibility: Ezentis ended the semester with a record portfolio of 288 million Euros, a level similar to that contracted throughout 2012, and has a year and a half of guaranteed returns, something which is valued highly by the more conservative investors.
With this conviction of their ability to deliver value, the company will start the last quarter with a roadshow to try to attract potential investors in Latin America, where he plans to meet with about 40 investors, from local family offices to venture capital funds and which work with mid-cap technology companies.
Duplicate their Price
García-Durán does not rule out that this turnaround story may double the price of their shares from their current levels, as indicated by some analyst reports: “It would be reasonable. We have been meeting the milestones and giving evidence which lays the foundations of trust, but perception is what will drive up the share price now. There is still a fragile market but the value will tend to grow based on the good results. There’s no hurry and we understand that investors have reservations about the past, but it is more difficult to change reality than perception and we have already achieved that first part,” he says. For Garcia-Duran, an investment is like a good movie: you need a good story but you also need good direction and actors, because a good story told wrong can be bad. “We are a well-told good story and that is what the investor is looking for: companies with credible stories, which are true, executable, easy to explain and which honor their commitments,” he adds.
A Commitment to Growth
Duran’s commitment is precisely to “strictly” comply with all the steps contemplated in his strategic plan ending in 2015, and which involves inorganic growth in markets such as Mexico, Colombia and in the Brazilian city of Sao Paulo before the end of 2013. Ezentis, already present in Chile, Peru, Argentina, Panama and Jamaica, recently expanded its presence in Chile (after buying 45% of the Chilean company RDTC-of which it already owned 50% of the capital) and entered into the Brazilian marketby acquiring 60% of the Brazilian company SUL. And, the president does not rule out going into more markets in the future.
In terms of organic growth, the plan includes the renewal of their contracts in Chile (after doing the same in other markets such as Argentina) and growth in the electrical segment in Brazil, a country which he defines as “a continent within a continent”, and in which the development of infrastructure in the electricity and telecommunications sectors will be key for the future. “You can’t be a leading player in the region without being in Brazil. Its economy has uncertainties but the history of infrastructures is not negotiable. There are no politicians who do not question the failure to grow in basic infrastructure,” he says. This is a sector in which Ezentis seeks to position itself as a partner of the large telecommunications or energy companies in a highly fragmented market.
Firmly committed to Latin America
In fact, the company is firmly committed to Latin America: if in the first half of the year, 92% of its turnover came from that region, the company forecasts that over 90% of the estimated turnover in late 2015 (around 400 million Euros ) will also come from that region. “Latin America is in its best historical moment for growth and for generating wealth transversally,” says Garcia-Duran, noting that at the level of economic growth there is currently more uncertainty in Europe and pointing out the “unstoppable race to generate basic infrastructure,” a story which involves Ezentis.
The obverse and the reverse
But when Garcia-Duran took over the management of the company, it was not the only story in which he participated. His legacy was that of a company involved in shareholdings’ wars, in a complicated situation, and an amalgam of unrelated businesses which the president defines as a real “chaos”. Duran could see the “real value” of several companies which Ezentis had in Latin America, and which he considered “crown jewels”, and the possibility of good management of its assets and liabilities. Thus, after paying several debts and dealing with creditors, he conducted a process for the sale of non-core businesses to focus on their core business, which also helped to stabilize the company and reduce the ratio of debt to EBITDA, from 15 times, down to their current rate which stands at around 2.
A restructuring process which ended last August with the completion of the debt restructuring, and also with the total sale of Amper and after changing their participation in Vertex to non-strategic. Another milestone achieved was the creation of a team in which the first shareholders are company executives, which works in favor of consolidating their confidence in both their project and reputation.
Photo: N.V. Deremer. Goldman Sachs AM to Acquire Stable Value Business from Deutsche Asset & Wealth Management
Goldman Sachs Asset Management (GSAM) has entered into an agreement with Deutsche Asset & Wealth Management (DeAWM) to acquire DeAWM’s stable value* business, with total assets under supervision of $21.6 billion as of June 30, 2013. The transaction represents the latest step by GSAM to grow its defined contribution (DC) franchise following last year’s acquisition of Dwight Asset Management, a premier stable value asset manager based in Burlington, VT.
This transaction follows GSAM’s July 2013 announcement of its intent to establish a new stable value collective trust. As part of this transaction, John Axtell, DeAWM’s Head of Stable Value, and other key members of the DeAWM stable value management team will join GSAM.
Prior to the closing, DeAWM will be working with clients to ensure a seamless transition to GSAM or other stable value managers. GSAM currently manages over $55 billion in defined contribution mandates, including more than $34 billion in stable value assets under supervision.
Subject to certain conditions, the transaction is expected to close during the first quarter of 2014.
Wikimedia Commons. Invesco y SSV Properties compran parte del complejo de oficinas Park Place en California
Invesco Real Estate and SSV Properties (formerly known as Second Street Ventures) announced the acquisition of the Park Place office complex, located within prestigious Continental Park in El Segundo, CA. The four-building campus consists of 2120/2121/2175 Park Place and 800 Apollo, totaling 540,000 square feet of office space. The 2120 Park Place building is fully leased to tenants including Wells Fargo and Pardee Homes. The other three buildings will undergo an extensive renovation program to provide new, state-of-the-art creative office space. Ample parking for tenants will be provided in the 2145 Park Place garage, also included in the acquisition. The purchase price was not disclosed.
The renovation program, estimated at more than $75 million, will showcase two outstanding architecture firms, providing different design ethos while utilizing similar materials, landscape and signage to create a unified feel across the campus. Shubin+Donaldson will design the 2121 building with construction commencing in two weeks, and Steven Erhlich Architects will design the 800 building with construction commencing this fall. 2175 Park Place will follow with construction commencing in 2014.
Murad Inc. will be the lead tenant at 2121 Park Place, committing to 45,000 square feet on a new long term lease. “The tenant wants its corporate headquarters to reflect a more open, collaborative working environment, which these buildings are ideally suited to provide given their large flexible floor plates and high ceilings,” stated Jack Spound, a principal of SSV.
Continental Park, owned by Continental Development Corporation, is a 3 million square foot mixed-use park with a premier location in the South Bay market of Southern California. The park combines the best of premium office space with adjacent first class retail, entertainment, recreation and residential amenities surrounded by Manhattan Beach and El Segundo communities.
“We are excited about the partnership with Invesco, and the unique opportunity to create a dynamic campus environment for this segment of the office market along the highly-amenitized Rosecrans Corridor,” said President David Jordon of Second Street Ventures. “We are also very appreciative of Continental Development Corporation and the trust they have invested in us to execute this renovation, to further enhance the overall vibrant Rosecrans Corridor market that Continental Development has created over the decades.”
“Invesco is thrilled about teaming up with SSV on this exciting opportunity to create the type of collaborative workspace sought by the most progressive tenants in the market, both creative and more traditional,” said Peter Cassiano, Director of Acquisitions , Invesco Real Estate.
John Bertram of Studley represented the buyer and CBRE represented the seller in the transaction.
Nouriel Roubini, chairman of Roubini Global Economics and professor at NYU Stern Business School, was the economist who anticipated the collapse of the United States housing market and the worldwide recession, which started in 2008. In an interview in Bloomberg TV, posted in YouTube, Roubini pictures an “anemic recovery” for the US economy which will result in a very slow process of tapering by the FED, “regardless of who chairs the FED, as it is a committee that will act slowly in any decision”. Roubini expects the FED to take three years to normalize the interest rate situation and highlights that even if global growth will be better on 2014, in will still be “still just below trend”.
Talking about Europe, Roubini also describes the economic situation as “anemic and pathetic”, stressing that in Southern Europe, countries like Greece and Spain are near “depression” and that the Eurozone will not be able to reduce at all the high levels of unemployment . China will not help either, as it “will surprise on the downside” growing below 7% next year.
Nouriel Roubini speaks on Bloomberg Television’s “Bloomberg Surveillance.”
Dexia announced today the signature of a share purchase agreement with New York Life Investments for the sale of Dexia Asset Management, after having entered into exclusive negotiations on 19 September 2013. The scope of the transaction includes 100% of Dexia’s shares in Dexia Asset Management and will be realized for a firm price of EUR 380 million.
Dexia has been forced by European authorities to sell its asset management arm as a condition for its bailout after the 2008 financial crisis.
Dexia Asset Management, a major player in asset management, with centers in Brussels, Paris, Luxembourg and Sydney, has built a significant presence in Europe and across international markets over the last 20 years. Dexia Asset Management has EUR 74 bn in assets under management (approximately $100 billion) , as of 31 July 2013; it provides investment solutions, to a diversified client base across 25 countries. Renowned for its specialist skills in fundamental and quantitative strategies, it has also earned a solid reputation in tailored asset allocation solutions. It is recognized as a front-runner in SRI (sustainable and responsible investments) and in regulated Alternative Investments.
A wholly owned subsidiary of New York Life Insurance Company, New York Life Investments is a leading investment management firm, with $388 billion in assets under management, as of 31 July 2013 –of which $173 billion are third party assets-. During the initial auction process, New York Life Investments was one of the final contenders. New York Life Investments constitutes a solid financial and operational partner, able to support Dexia Asset Management’s commercial development. Moreover, Dexia is confident in its capacities to achieve a successful completion of the transaction.
Dexia will release the impacts of the sale on its financial situation and its regulatory ratios when the transaction is closed. According to New York Life Investments, the transaction, which remains subject to the approval of regulatory authorities, is expected to close on or about December 31, 2013. The addition of Dexia Asset Management is expected to bring New York Life Investments’ total assets under management to more than $480 billion, and will likely propel its rankings into the top 25 global institutional money managers.
John Kim, chairman and chief executive officer, New York Life Investments, added: “The acquisition of Dexia Asset Management will provide our clients with access to the company’s highly-rated funds, strong European platform, and established Australian equities business. It builds upon the strong momentum we’ve achieved in our third-party global asset management business and positions us for further growth in key markets around the world.”
Photo: Averette. Wharton Equity se hace con uno de los terrenos sin desarrollar más grandes de downtown Miami
Wharton Equity Partners has taken title to one of the largest remaining undeveloped parcels of land in the Miami CBD, a full city block comprised of approximately 2.2 acres. The property was acquired through a deed in lieu of foreclosure on a note that Wharton Equity purchased from IberiaBank earlier in 2013. The note was acquired with an institutional partner in an “all cash” transaction that closed in under 30 days from contract signing. The partnership has begun evaluating options for the property including development, joint venture and/or sale.
Known as the “Burdines Site,” the property was approved for a 2.2 million square foot mixed-use project designed by internationally-acclaimed architect/design firm, Pei Partners (IM Pei) and Miami based firm, Oppenheim Architecture+Design. The prior approval included residential, hotel, retail and office components as part of the project. The property enjoys a superb location and favorable zoning, and when developed, will provide unmatched views of Biscayne Bay, the Brickell Avenue corridor and the Miami River.
Among its attributes, the property is adjacent to the on- and off-ramp of Interstate 95 and has a Metromover station located on site. Additionally, the property is centrally-located and within walking distance of downtown Miami’s major dining, entertainment and retail destinations. Adjacent to the property is the 47 story Miami Tower, famous for its ever-changing colorful exterior lighting scheme, an icon that defines the heart of downtown Miami.
The property is within a few blocks of a number of high-profile projects that are under construction in the re-surging downtown Miami market. Among them, one block away, is Met 3, a mixed-use project consisting of a new Whole Foods Market at street level with 462 high end residential units, and Brickell CityCentre, a nearly four million square foot mixed-use project located in Mary Brickell Village, one of the largest developments Miami has seen to date.
The purchase represents Wharton Equity’s continued commitment to the Florida/Miami market where it is in various stages of acquisition of other development sites, as well as large income producing properties. “We are a great believer in the long term prospects of South Florida, and in particular Miami, and expect to acquire other major assets in the market in the coming months,” states Peter C. Lewis, Chairman of Wharton Equity Partners.
Photo: Frank Schulenburg. Global Investors Bullish on Latin America’s Private Equity Markets
Investors believe the overall risk/return equation for Latin American private equity (PE) is improving, though conditions in Brazil are more challenging, according to the annual Coller Capital/LAVCALatin American Private Equity Survey. According to LPs, the risk-return equation is improving in Mexico, Peru and Colombia – more than half of LPs say these countries will provide very attractive markets for investment in the next two years.
This upbeat assessment is reflected in investors’ return expectations: more than half (56%) of domestic and international investors expect net annual returns of 16% or higher from Latin American PE overall. Almost three quarters of LPs expect their private equity commitments in Mexico, Peru and Colombia to deliver annual net returns of 16%+, and half of LPs expect this level of return from Brazil and Chile.
In consequence, over a third (35%) of existing investors expect to accelerate their new fund commitments to Latin American PE. Mexico-focused funds in particular are set to boom. Just 15% of investors with Latin American PE exposure currently have commitments to Mexico-specific PE funds; within three years 39% of LPs expect to have Mexico-focused commitments.
While Latin America’s overall growth story remains highly attractive to private equity investors – even compared with other emerging markets – LPs believe challenges have grown since last year, particularly in terms of the region’s political climate, dealflow and entry valuations.
“These findings are a strong endorsement of the private equity opportunities in Latin America. Despite economic challenges in individual markets, the region retains its attractiveness to both domestic and international LPs, and this is reflected in very strong return expectations. The newer PE markets of Mexico, Peru and Colombia are seen as particularly exciting.” According to Erwin Roex, from Coller Capital
LAVCA President Cate Ambrose said: “The survey results demonstrate that LP views on the region continue to evolve. Over time, investors are reaching a more sophisticated understanding of the opportunity that Latin America presents. The findings point to confidence in the mid- to long-term expectations for PE markets across the region.”
Promising industry sectors for Latin American PE investment
There is a marked difference in how domestically-based and international investors see the attractiveness of individual industry sectors in Latin America. Far more Latin American LPs see good PE opportunities in manufacturing/logistics and real estate, while international LPs find the oil and gas sector particularly attractive. Domestic and international LPs agree that the consumer goods and retail sectors will be very attractive for PE investment over the next three years.
