Wikimedia CommonsPhoto: William Cho. Henderson awarded Real Estate Fund Manager of the Year
Henderson Global Investors is pleased to announce that Tim Gibson, who manages the Henderson Horizon Asia Pacific Property Equities Fund (“Fund”),has picked up the“Real Estate Fund Manager Award of the Year” from The Asset Triple Investor and Fund Management Awards 2013 this week. The Fund has a top quartile1ranking since inception and over a 3-year period as well asa “3 star” Morningstar rating2.
Speaking about the recent award, Tim Gibson, Head of Property Equities, Asia, says, “This award is a testament to the strong performance delivered by the team to investors. Henderson has built a strong track record of managing Asian property equities since 2001.The Fund offers investors an excellent opportunity to gain exposure to thelong-term prospects of investing in Asian real estate equities.”
The Henderson Asian Pacific property equities team has over 15 years’ investment experience and currently manages US$1.4 billion of assets in Asia-Pacific property equities. The Henderson Horizon Asia Pacific Property Equities Fund that the team manages has a fund size of approximately US$520 million and has received several accolades over the years including:
Winner of Real-estate investment trusts, Asia-Pacific category in Asian Investor Investment Performance Awards 2011
Best over 3 years for Equity Real Estate Asia Pacific Sector in The Edge-Lipper Singapore Fund Awards 2011.
Foto cedidaFoto: Marc Faber. Get ready! According to Dr. Doom another crisis is inevitable
Marc Faber, Swiss contrarian investor, argues that another crisis is inevitable. How should investors position themselves? And how can you spot when the asset-price bubble will burst? Robeco has the answers.
OpenGate Capital, LLC, a global private buyout firm, announced today it has sold its remaining investment interest in Models 1, one of Europe’s leading supermodel agencies, to its management team led by Mr. John Horner, Karen Diamond, and Kathy Pryer. OpenGate Capital acquired Models 1 in 2008 and is divesting the business after creating significant new value and increased earnings. No financial terms were disclosed.
Andrew Nikou, OpenGate Capital’s founder, Managing Partner and CEO stated, “The acquisition of Models 1 has been an incredible opportunity to learn about an exciting industry, and to apply investment skills into a business perfectly positioned for growth. Over four and a half years I have been able to guide the management team at Models 1 in the development of new and improved business principles. The combination of the management team’s in-depth knowledge of the fashion industry, and OpenGate’s strategic oversight, yielded growth and increased value including improved profitability and double EBITDA growth.”
OpenGate Capital acquired Models 1 in November of 2008 from Nova Capital Management and the Models 1 management team, and in 2011 the firm sold a majority portion of the business to Mr. Oleg Tscheltzoff. As a result of the investment, OpenGate Capital and Mr. Tscheltzoff yielded two times their invested capital. Going forward, the Models 1 management team will continue to oversee the business and will drive the next phase of the agency’s growth.
Models 1 is an English modeling agency that was founded in 1968 in London, England and has grown to become one of the largest agencies in Europe. Models 1 is at the forefront of discovering, developing and sustaining the careers of many famous models including Yasmin Le Bon, Twiggy, and Rosie Huntington-Whitely. The portfolio of talent includes supermodels Bar Refaeli, Alessandra Ambrosio, Linda Evangelista, Nadja Auermann, Amber Valetta and Agyness Deyn, and male stars Brad Koenig, Noah Mills, Adrian Bosch and Lars. Models 1 gained greater awareness through its partnership with Britain’s Next Top Model, with winners receiving a one year contract for representation with the agency
By Erick Morales. “It is the right time for Mexican investment managers to implement GIPS”
Erick Morales, the Senior Financial Risk Manager at KPMG Mexico, talked to Funds Society about the benefits of the Global Investment Performance Standards (GIPS), as well as his vision for the Latin American market and why now is the right time to adopt the standards in Mexico.
Morales will be giving a seminar on GIPS, organized by Riskmathics, at the Sheraton Maria Isabel de la Ciudad de Mexico Hotel on June 13. He stated that the benefits of the implementation would include “continued transparency of client information regarding yields, and maintaining a uniform structure of strategy presentation amongst investment managers”.
The director mentioned that in the more mature countries, after more than 15 years of global implementation of GIPS, “investors themselves avoid entrusting managers without the standard”. Furthermore, he said that he hoped the Latin American region would follow the same line, because reliance on the CFA Institute endorsed standards can give investment managers a competitive edge.
As for the Mexican repercussions of the FATCA initiative of the United States IRS, Morales said that it would not affect the majority of investment managers complying with the national regulations and seeking to adopt GIPS, “because the Mexican entities’ efforts to comply with the regulations have been good.” He further stated, “The GIPS standards even allow foreign investors to seek alternative options in the region and to become more transparent with regard to other regulations”.
Morales believes this is the right time to adhere to the standards, taking advantage of the fact that the adjustments required – to comply with new regulations like the ones concerning sales practices or investment services – are oriented towards the same goal.
Finally, Morales emphasized that the GIPS seminar organized by Riskmathics will help institutions seeking to apply the standards to understand their foundations, to create portfolios and compliance presentations, including the methods required for yield calculation.
For more information or to register for the seminar, click here.
Pershing LLC, a BNY Mellon company, today unveiled its new Practice Management Center, a comprehensive resource that offers Pershing’s clients practice management-related content in one user-friendly, central location. In response to client demand, advisors will now have quick access to all of Pershing’s family of practice management materials, including more than 100 pieces of thought leadership, whitepapers, guidebooks and interactive tools on-demand.
“The goal of the Practice Management Center is to give advisors a resource that answers their most pressing practice management questions,” said Maureen Duff, head of global marketing at Pershing. “Through the Practice Management Center, Pershing’s clients can access a broad spectrum of information, tools and research that will help them evaluate all aspects of business development, better understand regulatory mandates and grow their business.”
With the development of the Practice Management Center, advisors will now be able to efficiently research content specifically relevant to their business. All related information will be grouped within each of Pershing’s practice management pillars: growth, human capital, operational efficiency and managing risk. Each will also be assigned to a topic, helping advisors zero in on the resources that are most relevant to their situation. A sampling of content available on the site includes:
Business Development and Planning – Becoming a Stronger Wealth Manager
Recruitment and Retention – The 30% Solution: Growing Your Business by Winning and Keeping Women Advisors
Platform and Workflow – Mission Possible III: Strategies to Sustain Growth in Challenging Times
Compliance and Supervisory Guidelines – Effective Sales Supervision and Compliance
Pershing and its affiliates provide global financial business solutions to over 1,600 financial organizations, broker-dealers, registered investment advisory firms, advisors, fund managers and asset managers who represent over 5.6 million active accounts. Located in 23 offices worldwide.
Wikimedia Commons. Investment Firm Infund Sues Grupo Mexico CEO Germán Larrea
Infund LLP has filed a civil lawsuit in Mexico against Germán UK investment firm Infund LLP has filed a civil lawsuit in Mexico against Germán Larrea Mota Velasco ,CEO and controlling shareholder of Grupo Mexico, SAB de CV claiming breach of Infund’s 2003 subscription for approximately 65 million shares of GMexico equity. The action, filed in Mexico City, alleges breach of contract.
“Without Infund’s subscription and payment through its commission agent Larrea, Grupo Mexico’s capital raise would have failed”
Upon filing the suit in Mexico City, a district court ruled to freeze the disputed securities, restricting, among other things, transfer and voting of the shares while the claims are litigated. The disputed shares which have been the subject of numerous stock splits and dividends, have ballooned in value to in excess of US $2 billion and now account for approximately seven percent of GMexico’s outstanding equity. Larrea and his family have a 51 percent controlling stake in GMexico, the giant Mexican mining and railroad conglomerate that operates railroads and mines throughout Mexico as well as Texas and Arizona through its subsidiaries ASARCO and Texas Pacifico Transportation, among others.
At issue in the suit is Infund’s approximately US $75 million subscription for GMexico shares, which Infund alleges Larrea failed to deliver. The cornerstone of a crucial US $230 million capital raise that sought to alleviate GMexico’s 2003 liquidity crunch, Infund’s “commission agreement” mandated a US $75 million advance by Infund to Larrea and a simultaneous underwriting by Larrea to Infund of approximately 65 million GMexico Series B Coupon 5 shares. Infund, managed at the time by Hector Garcia Quevedo Topete, long-time confidant to Larrea family patriarch Jorge Larrea, funded the US $75 million as required. However, the younger Larrea is alleged to have misappropriated the shares to his accounts, where they are believed to remain despite Infund’s repeated attempts to settle the trade.
“Without Infund’s subscription and payment through its commission agent Larrea, Grupo Mexico’s capital raise would have failed,” said José Antonio Marván Lizardi, Infund’s Mexico City spokesman. “The facts are straightforward here: Infund timely fulfilled its US $75 million funding obligation as part of Grupo Mexico’s vital capital raise, but never received the shares that were paid for – it’s time for this trade to be settled,” explained Marván. Counsel in the Mexican action is Rios-Ferrer, Guillén-Llarena, Treviño y Rivera, S.C., a Mexico City law firm.
Wikimedia CommonsCarolina Montiel, Head Investment Strategy Group at EFG Capital International. Carolina Montiel to Head the New Investment Strategy Department at EFG in Miami
EFG Capital International has appointed Carolina Montiel to create and direct the company’s new department of Investment Strategy in Miami. Montiel’s role includes investment advice and delivery of investment products, amongst other responsibilities, she told Funds Society.
Montiel, a professional from HSBC with over 20 years of experience, worked at the private banking Investment Department of the entity, up until a few weeks ago. In this role she built up the Miami platform, including the execution desk and the investment advice desk for UHNW clients.
At HSBC, where she worked for ten years, she gave support, alongside other professionals, to a total of 70 banks with clients primarily in Latin America and with more than $20 billion in assets under management.
Montiel started her career at JP Morgan Chase in Caracas, where she worked for eleven years before moving to Miami. At JP Morgan Chase Bank Venezuela and JP Morgan Chase Valores, she acted as President and Head of Treasury, a time during which she acquired her experience in emerging markets, specifically with foreign exchange and derivatives trading, amongst other areas.
Montiel has a degree in Urban Planning from Simón Bolivar University and holds an MBA from IESA (Institute of SuperiorManagement Studies), in Caracas.
Arturo Neto also joins from HSBC
Accompanying Montiel during this new stage at EFG Capital International is Arturo Neto, also from HSBC. He worked with Montiel a little under two years during her last period at HSBC, where he was Senior Investment Advisor, offering services to 11 private bankers with clients in Latin America and Europe and assets over $1.6 billion.
Neto joins the project to implement the Advisory Services initiative in EFG. He has more than 20 years of broad experience in investments and finance, thanks to several positions he occupied in the industry, such as Analyst, Financial Consultant, Investment Portfolio Manager, University Lecturer and CIO of a Latin American multi-family office.
Neto formerly worked at Merrill Lynch, Dimension Capital Management and Accenture. He has a Masters in Finance from Florida International University, an MBA from Darden Graduate School at University of Virginia, and CFA certification.
Wikimedia CommonsPhoto: Nasa. Mexico Amends the Investment Regime for Afores
Last April, the governing bodies of the National Commission of Savings System for Retirement (CONSAR) approved amendments to the Investment Plan to which the Investment Company Specialized Retirement Funds (SIEFORES)are subject.
Because of this, and in order to establish the investment regime by which the Siefores must abide, last Tuesday the Ministry of Finance and Public Credit (SHCP) in Mexico published in the Official Journal of the Federation (DOF), the general provisions which establish the investment regime by which investment companies specialized in retirement funds must abide.
According to a statement made to Funds Society by CONSAR sources, “these modifications allow for the consolidation of international diversification opportunities and strengthen investment risk control.”
The amendments are:
To Make countries which belong to the Committee on the Global Financial System (CGFS)of the Bank for International Settlements (BIS) eligible for SIEFORE international investments, overruling the requirement to be a member of the Technical Committee of IOSCO for these purposes. According to Consar, the modification guarantees that the highest standards of regulation and supervision of international markets in which the SIEFORE are involved, are maintained.
To add “South Korea” and “Singapore” to the group of eligible countries, as these “have shown great economic dynamism, financial markets which are effectively regulated and monitored, and have a remarkable level of development which favors diversification and profitability of resources”.
The changes made to the provisions of the Investment Regime, also adjust the risk management tool which is used to monitor the volatility and risk of the investment portfolio. “Therefore, it seeks to limit the volatility of this tool, known as the Differential of the Conditional Value at Risk, so as to eliminate the factors that made it pro-cyclical, which means that investors who used it could contribute to amplify market volatility or, otherwise, in times of stability, investors could act complacent without prudently limiting the risks. In this way, the AFORES will invest more prudently, thus contributing to the security of pensioners’ resources”, concluded the Commission.
The maximum limit of 20% laid down by law for investments in international markets shall remain intact, as well as the asset classes previously permitted, which can be seen in the following table:
Wikimedia CommonsCarstens, president of the BIS Economic Cosultative Committee and the BIS Global Economy Meeting.. Agustín Carstens, New President of the BIS Economic Cosultative Committee and the BIS Global Economy Meeting
Agustín Carstens has been appointed to chair the BIS Economic Consultative Committee and the BIS Global Economy Meeting. Mario Draghi has also been appointed to chair the Group of Governors and Heads of Supervision.
Two appointments have recently been made at the Bank for International Settlements (BIS), both with effect from 1 July 2013 and for a three-year term:
The BIS Board of Directors has appointed Agustín Carstens, Governor of the Bank of Mexico, as Chairman of the Economic Consultative Committee (ECC) and the Global Economy Meeting (GEM) after consultations with members of the GEM.
The Group of Governors and Heads of Supervision (GHOS) has selected Mario Draghi, President of the European Central Bank, as its new Chair after consultations among its members.
Agustín Carstens and Mario Draghi will succeed Mervyn King, who will step down as Chairman of the three groups when he retires as Governor of the Bank of England at the end of June. Mr King has chaired the ECC, the GEM and the GHOS since November 2011.
Both the Board and the GHOS have expressed their gratitude for Mr King’s excellent chairmanship.
Wikimedia CommonsFoto: Ascent Private Capital Management. Karen McNeill, nueva jefa de Historia Familiar de Ascent Private Capital
U.S. Bank Wealth Management announced today that Karen McNeill has been appointed Head of Family History for Ascent Private Capital Management of U.S. Bank. Karen reports to Scott Winget, Senior Managing Director of Wealth Impact Planning.
“Karen is passionate about history and believes that it is important to help us understand ourselves and the world in which we live,” Winget said. “We are delighted to have such a distinguished professional join our Wealth Impact Planning team.”
In her new role, McNeill works directly with families to research and present family and business histories as part of a comprehensive wealth planning platform. As part of Ascent’s Wealth Impact Planning team, she helps families uncover and construct meaningful family histories, then delivers them in live presentations, often at family meetings or retreats.
McNeill has more than 15 years of experience in working on personal history projects with individuals, as well as with private and public sector organizations. Prior to joining Ascent, she taught history at the University of California, Berkeley, the University of the Pacific, Ohlone College, and the Academy of Art University. She has also served as senior historian/architectural historian at Carey & Co., Inc., in San Francisco, where she was a consultant for many private and highly public individuals. She has also been a consultant to Landmarks California and is a Director on the Landmark Heritage Foundation Board.
McNeill earned Ph.D., M.A., and B.A. degrees in history from the University of California, Berkeley. She has authored a variety of publications and earned a number of honors and awards, including a research fellowship from the National Endowment for the Humanities for her biography of Julia Morgan, architect for the Hearst family.
