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Investors Focused on Large-Cap Equities, Institutions Moving Toward International Exposure

Individual investors, advisors, and institutions continued to show interest in large-cap equity strategies in the first half of 2013, according to a list of the most-researched investments in Morningstar’s platforms. The mid-year snapshot also finds individual investors seeking dividends, financial advisors exploring allocation funds and income investments, and institutions searching for opportunities internationally.

Highlights of the most-researched investments in Morningstar platforms during the first half of 2013 include:

Seven of the 10 most-researched separate accounts by institutional investors were large-cap growth strategies. Two value strategies also ranked in the top 10.
A bank loan strategy made the list of both the top funds and ETFs researched by individual investors—no bank loan strategies made the individual investor lists in 2012.
Financial advisors’ most-researched mutual funds focused on large-cap equity and allocation funds, while the number of fixed-income funds on the list declined from 2012.
Emerging-markets ETFs were most popular among individual investors, while advisors showed particular interest in bond ETFs and large-cap strategies; though an energy sector ETF topped the advisor list after not making the list during the previous period.

“Core equity and bond strategies largely remain the most-researched investments across our main product platforms, but changes to the number of searches in niche categories indicate that investors were switching gears in the first half of the year,” Paul Justice, director of fund research for Morningstar, said. “In the institutional segment, we saw a dramatic increase in interest in international preferred stock and junk-rated domestic bonds, likely because of the rapid shift in interest rates in the United States.”

“Within separate accounts, the new additions to the list indicate how institutions have changed sentiment,” Justice added. “According to searches in our software platforms, portfolio managers seem to be reinvigorating their search for income and international exposure following the rise in interest rates and perhaps the overheated performance of U.S. equities relative to the rest of the world.”

Most Researched Investments, Jan. 1 — June 30, 2013—Individual Investors (Morningstar.com):

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Most Researched Investments Jan. 1 — June 30, 2013—Financial Advisors (Morningstar Advisor Workstation):

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Most Researched Investments Jan 1. — June 30, 2013—Institutional Investors (Morningstar Direct):

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Peruvian AFPs May Directly Register Their Investments in Foreign Mutual Funds

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Las AFP peruanas podrán inscribir directamente sus inversiones en fondos mutuos extranjeros — Wikimedia CommonsBy Presidencia. Peruvian AFPs May Directly Register Their Investments in Foreign Mutual Funds

A few days before it became mandatory for Peruvian citizens to choose between the Private Pension System (SPP) and the National Pension System (SNP) to provide for their retirement, the Superintendence of Banking and Insurance (SBS) and the Peruvian President Ollanta Humala Tasso announced that they will seek to streamline investment in the stock market by private managers.

In his speech commemorating the 192 ^ndAnniversary of National Independence last week, the president said “This reform complements the one carried out to our Private Pension System, in order to expand pension coverage, increase the profitability of our funds, and benefit members; to date having achieved the reduction of commissions to a third of the average charged .”

Through a draft resolution, which shall receive input from the public until August 26^th, the SBS proposes the “elimination of registration of instruments and fund operations,” thereby seeking to shorten the timeframes for the authorizations issued by the regulatory authority when transferring the registration of “instruments which are considered simple” such as local and foreign fixed income investments, foreign and local equities (stocks), and foreign mutual funds, to the AFPs.

Afores Back in the Green Zone in July

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Las Afores regresan a territorio verde en julio — Wikimedia CommonsBy Wall Papers Wide. Afores Back in the Green Zone in July

After a two-month low at the end of last July, the Retirement Savings System in Mexico (SAR) rose, registering 1.9 trillion pesos (approximately USD $154 billion) under management, according to figures released by the National Savings System for Retirement Commission (Consar).

These resources, derived from over 49 million individual employee accounts, increased by over 33 billion pesos (approximately USD $2.7 billion), representing a rise of 1.76% on the balance as at the end of June 2013, and generated historical returns for the system of 12.74% nominal annual average and 6.27% in real terms during the SAR’s 16 years of operation, a slight increase on the 6.22% previously recorded.

The performance over the past 12 months has been lowered to 2.94%, mainly affected by the past two months, while the performance over five years is 10.25%, a slight recovery compared to 10.20% of the previous month. The system’s average net return over 51 months is equivalent to 10.8%, a figure which remains unchanged from last month, although with the Consar’s new reporting system, (which adds a month every month to update the System’s Net Yield) these figures can’t be really compared.

Standard and Poor’s Upgraded Grupo Sura’s Credit Rating to BBB

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Standard and Poor’s eleva la calificación internacional de GRUPO SURA a BBB — Wikimedia CommonsBy mattbuck. Standard and Poor’s Upgraded Grupo Sura’s Credit Rating to BBB

Standard and Poor’s has upgraded GRUPO SURA’s credit rating from BBB- to BBB for which it has issued a stable outlook. This upgrade symbolizes the progress that the company continues to make in consolidating its Latin American operations, its sound business performance in various parts of the region as well as the financial robustness of its investments. S&P acknowledged, amongst other factors, the company’s flexibility in accessing capital, its robust investment portfolio, and stable incoming dividend flows.

“This upgrade, for which we have issued a stable outlook, mirrors our expectations that GRUPO SURA’s investment portfolio shall continue to provide important streams of dividends, which shall allow the Company to continue with its mid-term growth strategy in various strategic sectors, without this entailing any structural increase in the Company’s indebtedness”. Statement contained in this latest ratings report issued by Standard and Poor’s.

This BBB rating, confirming the company’s sound financial position compared with the highest international standards, was also based, according to the S&P report, on the ING acquisition, currently known as Sura Asset Management, with regard to which, GRUPO SURA managed to reduce its total gross debt within a period of just 12 months while at the same time obtaining an increase of 47% in dividends received during 2012.

“We are very pleased to receive this report announcing an upgrade for GRUPO SURA’s long-term credit rating, since it underscores the Company’s sound position. This Triple B rating, with a stable outlook, substantiates GRUPO SURA’s skillful management of its investments. We have handled our finances in a careful and consistent fashion, so as to maintain adequate levels of indebtedness” stated David Bojanini, GRUPO SURA’s Chief Executive Officer.

This report also acknowledged that GRUPO SURA’s investment portfolio is benefiting from the growth opportunities to be had in Latin America, without any need to increase its levels of debt. It also confirmed stable streams of dividends and adequate cash flows going forward.

Americans Are More Afraid of Investing in the Stock Market Than of Dying

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A new Nationwide Financial survey conducted by Harris Interactive found that Americans are more afraid of investing in the stock market than they are of losing their jobs, public speaking and even dying. And despite those fears, many – especially younger investors – would rather use a website for their financial planning needs than meet with an investment professional.

According to the “Fear of Financial Planning” survey released today, of the 783 potential investors over the age of 18 who had at least $100,000 in investable assets, 62 percent are scared of investing in the stock market, while 58 percent fear death, 57 percent fear public speaking and 37 percent fear losing their jobs. Despite this revelation, more than one in two millennials and nearly half of generation X (58 and 48 percent) turn to websites before financial advisors for help with financial planning.

The survey also found 83 percent of respondents are afraid of another financial crisis, while 72 percent are concerned their personal health care costs will become unmanageable and 71 percent worry they will not be able to pay for their children’s education.

“Even with the recent uptick in the markets, we still hear from our financial advisor clients that investors are very skittish. We wanted to dig deeper to understand their fears related to their financial security, and to help advisors address them,” said Michael Spangler, president of Nationwide Funds, Nationwide Financial’s mutual fund business. “Americans are increasingly moving toward managing their own assets and investments. For their practices to be sustainable, advisors need to focus more resources on demonstrating their value to both existing and prospective clients.”

Rather than working with an investment professional, generation X and millennials are more likely to use websites as their primary financial planning resource. Forty-three percent of generation X and 51 percent of millennials use an advisor for their financial planning needs, which is fewer than those using websites (48 percent and 58 percent). However, 78 percent of retirees and 61 percent of high-net-worth investors (those with $250,000 or more in investable assets) use a financial advisor as their top resource for financial planning needs.

The study was conducted online within the United States by Harris Interactive on behalf of Nationwide Financial from March 26 – April 3, 2013, and participants included 783 Americans ages 18 and older with a minimum of $100,000 in investable assets. This online survey is not based on a probability sample and a therefore no estimate of theoretical sampling error can be calculated.

Tom Fekete, New Product Development Leader at iShares

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Tom Fekete se integra a iShares como director de desarrollo de negocio EMEA — Wikimedia Commons. Tom Fekete, New Product Development Leader at iShares

iShares, the exchange-traded funds platform of BlackRock, appointed Tom Fekete as head of product development in Europe, the Middle East and Africa (EMEA) effective immediately and substituting Axel Lomholt who left the firm last January.

Based in London, Fekete will report to Joe Linhares, head of iShares EMEA, who commented: “Tom brings with him considerable industry knowledge and skill, paired with vast experience delivering solutions to a diverse range of clients. He joins the firm at a time when the exchange traded products industry, and the adoption of these products, is growing significantly in Europe with users including IFAs, insurance companies and pension funds. Developing and creating high quality, innovative products is key to supporting this growth.”

Fekete, a Harvard graduate, joins from Barclays Wealth where he was EMEA head of investment products and global head of FX advisory, a role he held from 2009 onwards. Fekete previously headed the structured solutions team at UBS preceding his promotion to lead the products and services distribution arm of the Swiss bank.

Fibra Inn Buys 20 hotels from Group Intercontinental in Mexico

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Fibra Inn, tras la compra de 20 hoteles del Grupo Intercontinental en México — Wikimedia CommonsHotel Presidente Intercontinental in México City. Fibra Inn Buys 20 hotels from Group Intercontinental in Mexico

Deutsche Bank Mexico and Fibra Inn, a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, are working on an agreement with InterContinental Hotels Group or “IHG” to establish the terms and conditions in which Fibra Inn will develop and / or acquire around 20 hotels in Mexico through franchise agreements to brand and operate hotels under the hotels systems:

Crowne Plaza
Hotel Indigo
Holiday Inn
Staybridge Suites
Candlewood Suites

IHG or InterContinental Hotels Group is a global hotel company operating nine hotel brands – InterContinental Hotels and Resorts, Hualuxe TM Hotels and Resorts, Crowne Plaza Hotels and Resorts, Hotel Indigo, EVEN TM Hotels, Holiday Inn Hotels and Resorts, Holiday Inn Express, Staybridge Suites and Candlewood Suites.

IHG has 79 hotels throughout Latin America and the Caribbean. In México it has 120 properties and over 18,917 rooms.

KKR Lists Its First Closed-End Fund Raising Up To $352 Million

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KKR lanza fondos de Bienes Raíces y Renta Fija Alternativa — Wikimedia CommonsFoto:Coyau. KKR Lists Its First Closed-End Fund Raising Up To $352 Million

KKR has announced that its first listed closed-end fund, KKR Income Opportunities Fund, has successfully completed its initial public offering and began trading on the New York Stock Exchange on July 26 under the symbol “KIO.”

The Fund raised $305 million in its common share offering, excluding any exercise of the underwriters’ option to purchase additional shares. If the underwriters exercise that option in full, which may or may not occur, the Fund will have raised $352 million.

KKR Asset Management serves as the Fund’s investment adviser. Launched in 2004, KAM is a subsidiary of KKR and a manager of non-investment grade debt and public equities. The investment process for the Fund is substantially based on the investment process of KAM’s High Yield, Bank Loans and Special Situations strategies. The Fund will be managed by Chris Sheldon and Erik Falk, co-heads of Leveraged Credit, and Nat Zilkha and Jamie Weinstein, co-heads of Special Situations.

KKR Income Opportunities Fund will invest primarily in first- and second-lien secured loans, unsecured loans and high yield corporate debt instruments. It will employ a dynamic strategy of investing in a targeted portfolio of loans and fixed-income instruments of U.S. and non-U.S. issuers and implementing hedging strategies in order to seek to achieve attractive risk-adjusted returns.

UBP Published an Increase in AUMs and Net Profit in the First Half

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Aumentan los activos bajo gestión y el beneficio neto de UBP en el primer semestre — Swiss Patrol. UBP Published an Increase in AUMs and Net Profit in the First Half

In the first half of 2013, UBP posted net earnings of CHF 77.2 million, which is a 10% rise compared to the previous half-year results (CHF 70 million). The end-of-June figure for assets under management is CHF 81.1 billion; this does not take into account assets from the acquisition, announced at the end of May 2013, of Lloyds Banking Group’s international private banking activities, which will be integrated when the deal is closed (on 31 October 2013).

Income came to CHF 349.4 million (USD 369.3 million) over the half-year, up from CHF 344.5 million a year before. The 11% rise in fees and commissions, to CHF 233.4 million (USD 246.7 million), offset the fall in interest margins. Operating expenses have been tightly controlled, and have dropped by 11% compared to the end of June 2012, to CHF 232.2 million (USD 245.5 million), bringing the Group’s consolidated cost/income ratio to 66% (down from 76% a year ago), despite the strong pressure currently weighing on margins in the banking industry.

Strong financial foundations

The balance sheet totalled CHF 18.8 billion (USD 19.9 billion). Overall, the balance sheet has remained stable and highly liquid. By pursuing a conservative approach to risk management, UBP has been able to maintain a solid financial base and a sound and strong balance sheet. With its Tier 1 ratio exceeding 30%, UBP is one of the best-capitalised Swiss banks.

Strategic developments

In the first half of 2013, boosted by a rebound on the markets and its renewed product sales drive, UBP was able to strengthen its positioning with both private and institutional clients, not only in Switzerland, but also in emerging markets. UBP firmly believes that the Swiss financial market has the strengths and qualities as a centre for wealth management to keep providing its clients with top-quality services through these times of regulatory changes.

The US Market is Seen as an “Impenetrable Market” by European Fund Platforms

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The Fund Platform Group (FPG) commissioned “A Snapshot of European Platforms” to Cerulli and The Platforum. The survey was conducted over a four week period throughout October 2012 among some of the most influential platform groups, fund buyers and fund sellers across Europe. It sought the opinions of key players in the platform industry regarding future development opportunities, challenges and growth outlook.

The common theme was a story of a continued need for open architecture solutions. Having said that, concentration of funds is getting more pronounced with the majority of platforms predicting that 70% of assets would flow to just 10 fund managers by 2015.

There are a varying number of platform models in Europe, which have all evolved in response to the different distribution dynamics of each market. Italy is very bank-dominated and the platforms are correspondingly highly institutional. The UK’s IFAs have been historically very fragmented and so platforms have been much more retail focused. Looking to the future, each different European country has a slightly different focus. Switzerland, for example, is felt to offer great opportunity for those supporting the private banks. In continental Europe, insurance is felt to offer appealing growth potential.

As funds are sold in more countries, and as global agreements become more commonplace, the challenge for platforms is to deliver similar (or the same) underlying product in different jurisdictions with varying distribution channels at play.

Against the difficult backdrop of falling margins, fee pressure and the green shoots of increasing transparency, some believe that consolidation in the number of European platforms is inevitable. Scale continues to be a primary concern and platforms are looking to other European markets as well Asia for growth potential. Latin America would be the third option whereas the US market is felt as impenetrable, mainly due to regulatory issues.

Figure 1. If you are a European platform, which other markets are you considering expanding to?

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Source: FPG

42% of European platforms think that growth opportunities are presented by other European markets, with Asia the next most appealing option

The source of growth for European platforms is largely felt to come from other European markets, Allfunds Bank is an example of an international platform which has expanded its operations from original parent Santander’s Spanish roots to operate in other juristrictions, including the UK, Italy, Luxembourg, Chile and Dubai.

Outside of Europe, 38% of participants in the survey pointed to Asia as providing opportunities. Asia is a great seductress, promising tales of opportunity and expansion, but she is seen by some as a fickle mistress. Nevertheless, everyone believes that Asia is a great opportunity but participants pointed out that Asia is like Europe: it is a very fragmented market and so arguably doesn’t exist as a single concept.

Singapore is generally reported to be the most interesting opportunity because of the private bank market there – this is the core target market of many European platforms. Additionally, SICAVs are sold in Singapore so the product environment is arguably more familiar.

Latin America is regarded as a growth opportunity for 17% of respondents whereas US, the largest mutual fund market in the world, is attractive for only 4% of participants. The main cause is a complex regulatory environment, though the strong market share of no European platforms in this market might also be a concern.