Wikimedia CommonsPhoto: Pete Stewart . WE Family Offices refuerza su equipo y estrena oficina en Nueva York
WE Family Offices, founded in January of 2013 by Managing Partners Maria Elena Lagomasino, Santiago Ulloa and Michael Zeuner, announces the hiring of three industry experts to its team of professionals. Each brings extensive wealth management experience to the firm, which has recently surpassed $2 billion in assets under management.
Family office veteran Bruce Arella will join the global firm as a partner and head of real estate investing and will be responsible for serving US-based clients. He will join the firm’s Strategic Investment Committee and Implementation Committee and will be based in WE’s newly opened Manhattan office.
In addition, the firm has recently hired Joseph Kellogg and Elaine King to join its Miami office. Mr. Kellogg comes on board as the firm’s wealth planning executive to work with clients and their external tax and estate planning professionals. Ms. King joins as director of family education and governance to advise client families and develop educational programs, content and learning events on topics including succession planning, financial literacy, and mission and strategy.
New partner Bruce Arella echoes the firm’s commitment to providing independent advice to UHNW clients saying, “The unique business model and approach of WE Family Offices helps clients look at their wealth strategically, as they would any business or enterprise. They stay in control of their wealth, while we provide them with the support and services they need. The more transparent, retainer-based service model is something I looked long and hard to find and represents the leading edge in family wealth management.”
Managing Partner and CEO Maria Elena Lagomasino comments, “WE Family Offices’ mission is to serve as our clients’ advocate, providing independent advice without any regard to sales of product. Each of these individuals joins the firm with a long track record of advocating for and advising wealthy families, and we are fortunate to have them join our team”.
Foto: Fletcher. Calamos reabre su fondo insignia de convertibles a nuevos inversores en EE.UU.
Calamos Investments has reopened its flagship Calamos Convertible Fund to new accounts and new investments as of September 6, 2013.
“We’re pleased to reopen our convertible mutual fund to new investors at what we consider to be an opportune time to invest in these unique hybrid securities,” said John P. Calamos, Sr., Chief Executive Officer and Global Co-Chief Investment Officer of Calamos Investments. “An improving global economy and widening spreads have boosted interest in the asset class by issuers, resulting in an improving and diversified convertible market that we expect will become more robust. Moreover, during periods of rising rates and economic expansion, convertibles have historically outperformed their more traditional fixed-income counterparts.”
Calamos has been a pioneer and long-time champion of the convertible asset class, launching the fund in 1985 as one of the first convertible mutual funds. The fund, with $1.1 billion in assets, invests primarily in convertible securities issued by U.S. companies, though it generally will invest 5% to 15% of net assets in non-U.S. securities and may invest in equities. It is managed through an active approach blending global investment themes and fundamental research. The portfolio is diversified across market sector and credit quality emphasizing mid-sized companies with higher quality balance sheets.
Regarding non-US investors, Calamos Investments highlights that the Calamos Convertible Fund, which just reopened, is most similar to the U.S. Convertible Strategy, which is available to non-U.S. institutional investors in an SMA. In its European SICAV Calamos Investments has the UCITS Global Convertible Opportunities Fund, which is not the same strategy as the Convertible Fund, as the UCITS Global Convertible Fund combines equity, convertibles and fixed income.
Times Square Tower. Boston Properties Sells Interest in Times Square Tower to Norwegian Sovereign Wealth Fund
Boston Properties, a real estate investment trust has entered into a binding agreement to sell a 45% interest in the ground leasehold interest and related tax credits in Times Square Tower to the Norwegian Government Pension Fund Global, an affiliate of Norges Bank, for a gross purchase price of $684 million in cash. The property is unencumbered by debt. Boston Properties and NGPF will form a joint venture upon closing, and Boston Properties will retain property and leasing management for the venture.
Assuming the closing occurs as contemplated, the Company currently expects that it would distribute at least the amount of proceeds necessary to avoid paying a corporate level tax on the gain realized from the sale.
Times Square Tower is a 1,246,000 square foot, Class A office tower, including associated retail space and signage, located in the heart of Times Square in New York City. It was developed by Boston Properties and completed in 2004, and it is currently 99% leased.
The property is subject to a ground lease with The City of New York with 76 years remaining, and it benefits from a Payment In Lieu of Taxes (PILOT) program through June 2024. The joint venture will hold the contractual right to purchase the fee interest in the property beginning in July 2024.
Photo: Diego Delso. Latin America Private Equity and Venture Capital Post Gains in 2013
Despite recent outflows of capital from emerging markets, privateequity and venture capital in Latin America expanded by all measures in the first half of 2013, with an increase in fundraising, investments, and exits as compared to the same period in 2012, according to data released today by the Latin American Private Equity and Venture Capital Association (LAVCA). In the first semester of 2013, firms raised US$3.8b with final or partial closings for 36 separate funds. This represents a 100% increase in capital as compared to the same period last year when, US$1.89b was committed through 10 final or partial closings.
“The emergent theme in LAVCA 1H2013 data is in contrast to headlines reporting a flight out of emerging markets in response to expected policy shifts by the US Federal Reserve,” said Juan Savino, Director of Research for LAVCA. “We have seen an uptick in private equity and venture capital activity across the board in Latin America with an increasing universe of global and local investors taking part.”
The number of mid-market deals (US$25-100m) continues to grow, with nearly twice as many in Brazil in 2013 as compared to 2012. Global LPs oversubscribed mid-market funds in Peru and Colombia and have demonstrated interest in Mexico, encouraged by the government’s reform agenda. Overall, private equity and venture capital fund managers invested a total of US$2.9b (a 5% increase from 2012) through 108 transactions (a 19% increase from 2012).
The number of IT deals in Latin America was up 21% in 1H2013, while Consumer Retail saw a 44% increase, both leading sectors by percentage of total investments overall. The Energy sector was also well represented in the data with US$336m invested, up from US$126m in 1H2012.
Venture capital investments from international and Latin American VC firms, accelerators, and angels (ranging from seed to expansion) also increased in 2013, with US$151.9m across 58 deals, representing a 69% rise in capital committed and a record number of early stage deals in the region.
“The increase in venture capital activity in the first semester was driven largely by Latin American VCs and is another positive bellwether for the long-term development of the investment ecosystem,” continued Savino.
According to LAVCA’s findings, proceeds from exits were up 67% to US$1.5b in 1H2013, compared with 1H2012. Significant in 2013, Mexico saw two exits, both PE-backed IPOs, from hospitality chains during this period. The education sector was particularly dynamic, generating exits worth a total of US$572m.
The following graph provides a summary of data described in the above release.
Miami-based Provicapital Partners, Latin America’s premier regional investment banking and advisory firm specializing on the middle market private equity segment, has announced the opening of its second and principal office in Colombia, expanding its presence to the City of Medellin, one of the country’s most dynamic cities and a major economic hub.
“as the country continues to develop its core and industrial infrastructure to compete in today’s global environment, Provicapital is poised and committed to providing investment banking support to help our clients access the capital needed to finance these efforts.”
“In the last few years, Colombia has had impressive levels of economic growth and prosperity, a trend we expect to continue and which is reflected in the increased demand for our services,” said Ricardo Calderon, Partner and Managing Director of Provicapital Partners. He added that, “as the country continues to develop its core and industrial infrastructure to compete in today’s global environment, Provicapital is poised and committed to providing investment banking support to help our clients access the capital needed to finance these efforts.”
As the IMF stated earlier this year in its regular assessment of the country, Colombia’s prudent economic policies and strong policy framework have not only supported its remarkable economic performance in recent years, but has positioned it to absorb any economic shocks attributed to a slowdown in demand for global commodities. As a country with an abundance of natural resources and an industrious population of over 47 million, Colombia has had large inflows of foreign direct investment (FDI), especially in the hydrocarbon sector that is expected to continue growing and developing.
Provicapital’s growing presence in Colombia, where it has been active since 2005, strengthens the company’s Latin American footprint, which today also includes offices in Miami, Mexico, Ecuador and Peru.
Global ETFs and ETPs suffered record net outflows of US$16.77 billion in August after gathering near record net inflows of US$45.26 billion in July, according toETFGI’s Global ETF and ETP industry insights report. ETF and ETP assets have declined from the July record high of US$2.17 trillion to US$2.11 trillion at the end of August 2013. There are now 4,938 ETFs/ETPs, with 9,932 listings, from 211 providers listed on 57 exchanges.
“Investors’ concern and uncertainty over the impact on markets of a potential military conflict in Syria and when and how the Fed will begin QE tapering caused investors to net withdraw US$16.77 billion from ETFs/ETPs in August” according to Deborah Fuhr, Managing Partner at ETFGI.
In August, Equity ETFs/ETPs experienced the largest net outflows with US$13.62 billion. North American/US equity ETFs/ETPs experienced the largest net outflows US$16.60 billion, followed by emerging market ETFs/ETPs with US$5.12 billion, while European equity ETFs/ETPs gathered the largest net inflows with US$5.09 billion.
In August, fixed income ETFs/ETPs saw net outflows of US$5.23 billion. Government bond ETFs/ETPs experienced the largest net outflows with US$3.65 billion, followed by inflation with US$772 million, and high yield with US$618 million, while government/corporate bond ETFs/ETPs gathered the largest net inflows with US$208 million.
Commodity ETFs/ETPs saw net outflows of US$911 million. Precious metals ETFs/ETPs experienced the largest net outflows with US$1.08 billion.
Year to date through end of August 2013, global ETFs/ETPs have gathered net inflows of US$133.44 billion which is below the US$141.71 billion gathered at this time last year.
Vanguard ranks first based on August net inflows with US$3.54 billion, and first in year to date net inflows with US$39.71 billion. ProShares ranks second based on August net inflows with US$1.61 billion and sixth in year to date net inflows with US$5.17 billion. Nomura, the seventh ranked provider by overall assets, ranks third for net inflows in August with US$1.23 billion and ranks 12th with year to date inflows of US$3.09 billion. Meanwhile iShares, which ranks first based on overall assets, suffered net outflows of US$5.23 billion in August and ranks second in year to date inflows with US$27.24 billion. SPDR ETFs, which ranks second in overall assets, suffered US$19.24 billion of net outflows in August and US$7.44 billion of net outflows year to date.
. Fibra Inn Signs Binding Agreement to Acquire Its First Hotel in Mexico City
Fibra Inn, a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, announced the signing of a binding agreement to purchase the Holiday InnMexico Coyoacan hotel.
The purchase price of this hotel is Ps. 468 million ($35 million), plus Ps.46.6 million in taxes and acquisition expenses. The price includes a 1,500 m2 lot, which is utilized for customer parking for groups and events arriving via bus; these rooms may be used for future room expansion. This acquisition will be paid in cash from proceeds derived from the initial public offering that took place on March 13, 2013 and has a stabilized cap rate of 9.5% calculated based on the amount of the total investment including acquisition expenses.
The Technical Committee approved this acquisition on August 29, 2013, which will represent 12% of the value Fibra’s portfolio. In accordance with Fibra Inn’s by-laws, the Technical Committee must approve acquisitions exceeding 5% of the total equity value, while the Shareholders’ Meeting must approve acquisitions that exceed 20%.
The Holiday Inn Mexico Coyoacan is Fibra Inn’s first hotel in Mexico City, which will increase its diversification and national presence. The hotel is located in Calzada de Tlalpan and has a steady client base from the government sector with a high demand for rooms and event space. There is potential growth stemming from demand in the southern portion of the city from companies within the television, laboratory, hospital and financial sectors. Fibra Inn has a sales office in Mexico City with a solid client base to strengthen its position at this hotel.
The Holiday Inn Mexico Coyoacan is a full-service hotel with 214 rooms. It has ample capacity to meet the high demand for event services with 11 conference rooms, as well as guest rooms that can be converted into event rooms in order to accommodate up to 1,800 people. It is located 20 minutes from the Mexico City International Airport, 5 minutes from Coyoacan and 15 minutes from downtown Mexico City. During 2012, the occupancy rate was 65%, ADR was Ps. 1,002 and the RevPar was Ps. 652. Of 2012 total hotel revenue, 43% corresponded to revenue from event room rentals and 6% from sales of food and beverage revenue; in addition to room revenue.
This hotel will be operated by Fibra Inn’s Hotel Operator. With this acquisition, Fibra Inn owns 18 hotels with a total of 3,336 rooms, 300 of which are under construction.
Photo: Diego Delso. Loomis Sayles Welcomes New Head of Emerging Markets
Loomis, Sayles & Company announced that Peter Marber has joined the company as head of emerging markets investments. Peter’s responsibilities will encompass emerging markets fixed income and equity investing. He will report to Jae Park, chief investment officer.
Peter joins Loomis Sayles from HSBC Global Asset Management. He held several roles during his tenure within HSBC’s emerging markets group including chief business strategist, global head of emerging markets debt, and portfolio manager. Prior to its acquisition by HSBC in 2005, Peter was founding partner, senior portfolio manager and chief investment strategist for The Atlantic Advisors. Peter was also president of the emerging markets subsidiaries at Dresdner Kleinwort (formerly Wasserstein Perella) and he began his career at UBS. He has been a faculty member at Columbia University since 1993, teaching at the Business School and School of International and Public Affairs, and has also taught at John Hopkins and Universidad Francisco Marroquin in Guatemala City, Guatemala.
Peter assumes leadership in an emerging markets product team that includes portfolio managers David Rolley, Eddy Sternberg and Peter Frick, and emerging markets senior credit strategist Elisabeth Colleran. The team is supported by over a dozen emerging markets specialists who work within Loomis Sayles trading or sovereign, credit, equity and quantitative research groups.
“As emerging markets have grown in importance we have continued to add investment professionals focused in this area. Peter’s depth of experience and expertise will help ensure we bring the full power of our firm’s resources to bear in identifying emerging markets investment opportunities for our clients’ portfolios,” said Jae Park.
Loomis Sayles has recently added four key EM resources, including Bianca Taylor, emerging markets senior sovereign analyst; Celeste Tay, Asia sovereign analyst; Li Ping Yeo, Asia senior credit analyst; Nada Oulidi, emerging markets senior bank analyst.
Driehaus Capital Management announces the launch of the Driehaus Event Driven Fund as of August 26, 2013. A new liquid alternative offering, the mutual fund seeks low correlations to major asset classes while providing lower volatility than the S&P 500 Index with superior risk-adjusted returns.
The fund will be managed by K.C. Nelson, who leads the Driehaus Long/Short Credit Team. Mr. Nelson and his team currently manage distinct event-driven trading strategies in their long/short credit funds. According to Mr. Nelson, “We have found that event-driven trades often exist because of the complexity of the capital structure, the nontraditional nature of the investment opportunities, or the unwillingness of investors to participate in trades with binary outcomes. We believe this creates opportunities for positive asymmetric returns with low correlations to the equity and credit markets.”
Trades within the Driehaus Event Driven Fund will have a defined catalyst that will unlock the value of the trade in the near to intermediate term. “By combining the credit, equity and derivatives resources across our firm, we’ll identify opportunities globally to source mispricings in long, short and arbitrage trades based on hard catalysts, such as product launches, earnings releases, restructurings, and corporate actions,” said Mr. Nelson.
While the event-driven space has been a significant segment of the alternatives universe for more than two decades, relatively few liquid alternative event-driven funds are available to investors. “We believe investors will appreciate access to a liquid and transparent vehicle for a strategy that offers a differentiated market exposure,” said Rob Gordon, President and CEO of Driehaus. “We also expect investors to take comfort knowing that the fund is offered by a firm that has proven itself in the liquid alternative space and is managed by a team with significant experience with event-driven trades.”
BBVA Compass announced thatGabriel SanchezIniesta has been named its new chief information officer following Sergio Fidalgo’s appointment as Spain-based head of Applications & Architecture for BBVA Group.
Until now, Sanchez Iniesta served as BBVA Group’s Multichannel Technologies director. A native of Madrid, he was responsible for developing the multichannel architecture BBVA developed in many countries across its global footprint and the core banking platform it currently uses in Spain. He came to BBVA Group in 1997 following several years with Accenture.
Fidalgo, who was in charge of BBVA Compass’ Technology and Support Services unit for five years, successfully led a major transformation of the bank’s legacy technology into a core banking platform that enables real-time transactions. American Banker called it an “epic” project and “one of the largest bank core overhauls in the U.S.,” while one analyst told the Houston Business Journal it had the makings of a “game changer” for the banking industry.
Sanchez Iniesta inherits that ground-breaking platform and is well-positioned to lead the next phase of the bank’s technology growth, which will focus on multichannel banking, said BBVA Compass President and CEO Manolo Sanchez.
