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Sabadell acquires Lloyds’ private banking business in Miami

Upon completion of the acquisition, Sabadell’s International Branch in Miami will manage over 5 billion dollars of international business volume, and in total Sabadell will have over 12 billion dollars of business volume when factoring in the presence of Sabadell United Bank, the state’s sixth‐largest bank in terms of assets.

May 29, 2013. Sabadell today signed an agreement with Lloyds TSB Bank Plc to acquire the assets and liabilities that comprise Lloyds Bank’s private banking business in Miami.

The transaction encompasses approximately 1.2 billion dollars in managed assets and about 60 million dollars in loans. The initial consideration agreed upon is estimated at 6 million dollars, plus 0.5% of the transferred assets that are still managed by Sabadell one year after closure; the approximate price is 12 million dollars.

The transaction, which is contingent upon pertinent regulatory approvals, is being arranged as part of the negotiations between Banco Sabadell and Lloyds Bank in which Banco Sabadell acquired Lloyds Bank’s business in Spain and Lloyds acquired a stake in Banco Sabadell; the transaction strengthens Sabadell’s private banking business in Miami, where it has been operating for twenty years and has a full international bank license.

“This acquisition significantly builds upon our promise to expand our presence in the Americas and to service international clients from our base in Miami,” said Fernando Perez‐Hickman, Chairman of Sabadell Americas. “We are pleased to welcome the employees and clients of Lloyds’ private banking business in Miami to Sabadell.”

Through the bank’s international branch, Sabadell provides private and corporate banking services focused on individuals and companies operating in the United States and Latin America.

Union Bancaire Privée acquires Lloyds Banking Group’s International Private Banking business

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Lloyds Banking Group plc announces the proposed sale of its International Private Banking business to Union Bancaire Privée (‘UBP’). The Transaction will include the business of the Group’s Geneva-based Private Bank, its branches based in Geneva, Zurich, Monaco and Gibraltar, and its representative office in Montevideo. The agency office in Miami is excluded from the sale because it was has being bough by Banco Sabadell for US $5 billion. In connection with the Transaction the Group will also be closing the Dubai International Finance Centre based private banking business.

The Business offers a wide range of personalised banking, investment and planning services to high net worth individuals and families. UBP has an attractive proposition for the clients of our International Private Banking business and the senior client facing teams of the Business are expected to transfer to UBP on completion of the Transaction. To ensure continued support for our customers and in conjunction with the sale, the Group is also exploring potential business opportunities with UBP including possible client and product referrals.

The Group’s UK-offshore businesses including the Channel Islands, Isle of Man and Gibraltar will not be affected as a result of the Transaction. The Transaction builds on the commitments we made as part of the Group Strategic Review to reduce and simplify our international presence and build our wealth business by focusing on the UK, Channel Islands and the UK Expat marketplace. Going forward, the Group’s wealth strategy is focused on serving mass affluent and affluent customers within the UK and Channel Islands, and those with UK connections.

As of 31 March 2013 the assets under management of the Business were approximately £7.2 billion and the total balance sheet assets were approximately £729 million. The Business reported a loss of approximately £50 million in 2012. The total consideration, payable in cash, for the Transaction is up to approximately £100 million, of which we expect to receive approximately £65 million at closing, with the rest deferred and payable in the two year period following completion of the Transaction, contingent upon the performance of the Business in that period. In addition the total assets figure includes other clients’ assets such as loans and derivative products which will be transferred to UBP at book value. The transaction is expected to result in an overall gain on sale and be capital accretive, although not material from a group perspective. The sale provides further evidence of the significant progress being made in simplifying the Group. The proceeds of the Transaction will be used for general corporate purposes.

The transaction is subject to a number of conditions, including regulatory approval, and is expected to complete in a number of stages, with the majority of the Business expected to transfer in the second half of 2013 and the remainder by the first quarter in 2014.

In addition to this transaction, and in line with its stated objective to reduce its international footprint, the Group has decided, in principle, to withdraw its presence in South Africa.

Private equity investments in Latin America shoot to 11,600 million in 2012

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Las inversiones de private equity en América Latina se disparan a 11.600 millones en 2012 — Wikimedia CommonsBy mattbuck . Private equity investments in Latin America shoot to 11,600 million in 2012

Private equity and venture capital investment in Latin America soared to $11.6 billion in 2012, the second highest level in the past decade and more than double the performance in 2011, according to Venture Equity Latin America an annual report from Thomson Reuters.

The report describes the deal, fundraising, and exit activity in Latin America and the Caribbean for 2012. It is produced for private equity investors under the WorldTrade Executive (WTE) brand, which is affiliated with Thomson Reuters Checkpoint research platform.

The report notes that private equity activity in the region looked bleak in the first half of 2012, but a flurry of deals moved through the pipeline and closed in the second half to spur an impressive comeback from 2011, when deal activity fell to $5.5. Performance in the region was shy of exceptional 2010 levels which reached $17.2 billion, but it showed a continued recovery from prior years when levels dipped to about $3 billion annually.

“The demands of a growing middle class have fueled growth across sectors — in the consumer sector, in particular — with a focus on e-commerce and Internet related deals,” said Linda Zhang , editor of Venture Equity Latin America. “Major players remain confident in the region’s potential, as demonstrated by three investments from The Carlyle Group and five from Intel Capital solely in Brazil, mostly in the consumer sector.”

Total fundraising activity reached only $4 billion in 2012 — a decrease of 68 percent from record levels in 2011. The report, however, suggests this is not a major concern. After three robust years for fundraising, private equity and venture capital firms appear to be shifting away from raising capital to focus on deal-making.

COUNTRY-SPECIFIC HIGHLIGHTS:

Brazil posted the second slowest growth of all countries in Latin America in 2012, but that did not deter investors. There were 72 completed deals in Brazil in 2012 – representing half of all deals in Latin America – a 71 percent increase from 2011.

Mexico is drawing attention for its recently implemented mandatory pension fund system. “One interesting trend this year is the role of local pension funds which are providing a new source of capital in the region, with examples of this in Mexico, Chile and Brazil,” said Gary Brown , publisher of Venture Equity Latin America.

Argentina, once a darling of international private equity investors, posted macroeconomic growth of 1.9 percent in 2012, down sharply from 8.9 percent in 2011. Several factors are contributing to this slow growth, from lower investments to lower consumer confidence from import curbs and capital and currency controls.

Chile replaces Argentina as the lead in the Andean Region.Chile reported gross domestic product growth of 5.6 percent in 2012, boosted by a 7.1 percent increase in domestic demand. Chile’s economy ended 2012 on solid note, with gross fixed investment increasing by 18.1 percent year-over-year.

MARKET SEGMENT HIGHLIGHTS:

The Internet sector drew unprecedented attention from private equity and venture capital funds in 2012. The e-commerce sector captured the largest proportion of deals and exceeded the number of deals in the energy sector for the first time.

The for-profit education market, meanwhile, remained solid, capturing 4 percent of all deals, due to an expanding middle class, a strong job market and a growing demand for skilled labor.

Nomura Hires Latin America Expert to Join Emerging Market Sovereign Credit Trading Group in New York

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Nomura, Asia’s global investment bank, today announced that Javier Kulesz has joined the firm as a Managing Director and senior desk analyst covering Argentina and Venezuela within the Emerging Markets Group in New York. He will be responsible for providing Nomura’s trading desk and institutional investors with his expert view on the macroeconomic forces affecting Argentina and Venezuela.

“We are thrilled to have Javier join our Latin American team,” said Adam Groothuis, Head of Latin American Credit Trading. “His experience and outstanding reputation will provide a substantial boost to our sovereign credit trading effort, particularly in Argentina and Venezuela which have been at the forefront of regional headlines in recent months.”

Kulesz joins from UBS where he was most recently Chairman of UBS’ office in Buenos Aires and Chief Economist covering Latin America with responsibility for all economic research publications in the region. Prior to joining UBS in 2000 he worked at Fleet Boston where he was a Latin sovereign analyst and head FX and local markets strategist. Additionally, Kulesz also spent time at The World Bank as a country analyst for Costa Rica, formulating and delivering macroeconomic research on the Costa Rican economy.

Market volatility offers entry points, not reasons to panic

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The steep correction in the Japanese stock market since last week and the recent rise in bond yields (JGBs and USTs), coupled to lower inflation readings in the developed world and some allegedly disappointing economic data (HSBC PMI for China) have raised questions about the possibility of a directional change in the markets.

Axa IM believes that these concerns are exaggerated. The global economy is progressively healing, beginning with the US consumer sector and fears of a hard landing in China are unjustified. The asset manager also believes that deflation is unlikely to take root and, therefore, that global fundamentals remain positive for equities and negative for government bonds.

Yet, as the world comes closer to a fundamental shift in the stance of US monetary policy, as well as to the implementation of a monetary experiment in Japan of a scale never seen before, Axa thinks it should be no surprise to witness higher volatility in financial markets, adding that as long as global fundamentals remain well oriented, they would rather see downside corrections in risk assets as buying opportunities.

Axa IM’s two main investment conclusions are:

Japanese Equities: buy on dips but mind the beta factor
Stay away from US Treasuries and do not fear a JGB market crash

You may access the complete report through this link

Pablo A. Caló Appointed to Join Blackstone’s Park Hill Group

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The Park Hill Group, a division of Blackstone, today announced that Pablo Calo has joined its secondary advisory business as a Managing Principal, based in London. This business delivers liquidity and capital solutions to private equity investors and managers.

Calo has spent the last sixteen years dedicated to private equity, most recently as the Head of European Private Equity Secondaries at PineBridge Investments (formerly AIG Investments). Prior to this, Calo spent nine years at AIG Capital Partners, in both New York and Buenos Aires. At Park Hill, Mr. Calo will focus on providing secondary advisory services to clients across Europe.

Larry Thuet, a Senior Managing Director at Park Hill, said, “We are delighted that Pablo has joined us. He brings a strong tenure as a secondary investor, insight as limited partner and extensive experience in direct and mezzanine investments globally. Pablo will complement our team, which collectively has almost 80 years of experience and completed $11.5 billion in volume of secondary transactions.”

Edgar, Dunn & Company Opens New Office in Mexico City

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Edgar, Dunn & Company (EDC) is proud to announce the official opening of its new office in Mexico City. The inauguration is part of EDC’s expanding footprint in Latin America and reinforces its presence in the region.

“Payments services are increasing in sophistication and we believe that our presence in Latin America will go a long way towards supporting our clients with the new challenges these developments represent for the industry.”

“EDC is committed to our payments and financial services clients by providing consulting services in Latin America. Our new office ensures that we have people on the ground to support and grow our relationships and provide the required level of service that we are known for,” says Bob White, Managing Director.

Jan Smith, a Director at EDC and a payments expert with twenty years of consulting experience within Latin America, will head the new office. Jan will promote EDC’s services among Latin American and foreign-based clients in the payments and financial services arena.

“In recent years, Latin America has increased in importance to our existing clients, and we also appreciate the growing need among regional players for our services,” said Smith. “Payments services are increasing in sophistication and we believe that our presence in Latin America will go a long way towards supporting our clients with the new challenges these developments represent for the industry.”

Paper Gold versus Physical Gold: What It Really Means

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The recent gold price falls followed by record physical gold buying, concentrated in China and India, have shone a light on the paper and physical gold markets. A range of opinions exist on the workings of these markets, but where is the gold price really set?

The Real Asset Company‘s latest unique look at the paper and physical gold markets throws up some essential reading when it comes to understanding gold price discovery and investing in gold bullion.

Key takeaways from this include:

Gold futures markets are worth $75 billion, with the Chicago Mercantile Exchange accounting for 85% of this
Only 5% of COMEX open interest is backed by bullion in depositories
The four most popular gold-backed ETFs are worth over $59 billion
The gold ETF, GLD, accounts for nearly 60% of the ETF market
The ten 10 largest gold refineries have annual capacity of 5,000 tonnes
Valcambi, the largest refinery, has capacity of 1,400 tonnes worth a potential $63bn

Head of Research, Jan Skoyles , comments: “With recent tremors in the gold market, the increasingly obvious disparity between physical and paper gold, and recent rapid draining of COMEX inventories, where gold price discovery really happens is increasingly in the spotlight.”

Julius Baer starts transfer of Merrill Lynch’s IWM business in Hong Kong and Singapore

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Julius Baer announces that, in line with its original integration plans, the transfer of the Hong Kong and Singapore businesses of Merrill Lynch’s International Wealth Management (IWM) started this monday. This step represents another major milestone in the two-year integration process and will elevate Julius Baer into the leading group of international private banks in its second home market Asia.

The transfer of the businesses in Hong Kong and Singapore to Julius Baer’s existing entities is expected to double the Bank’s assets under management in Asia, thereby significantly strengthening Julius Baer’s already strong position in this important growth region.

Boris F.J. Collardi, Chief Executive Officer of Julius Baer Group, said: “Representing more than a third of IWM’s entire business in scope, the integration of the Hong Kong and Singapore businesses is a crucial part of the transaction. After the integration about a quarter of our total assets will be managed in Asia and it will make us one of the largest international wealth management players in our second home market. The transfer will double the number of our local employees. With this considerable reinforcement we have created excellent preconditions for further dynamic growth in this very important market in the years to come.”

Dr. Thomas R. Meier, Head Asia of Bank Julius Baer, added: “I very much look forward to welcoming the new colleagues and clients. The teams on both sides have already worked together very closely over the last few months to ensure that the transition will continue to proceed as planned. By combining the unique strengths and histories of both banks we will be able to provide an even better and more comprehensive service to clients in this region.”

IWM’s financial advisers, their client relationships and related assets under management of the respective businesses will be transferred to the Julius Baer platforms in stages and in line with applicable regulations in the two jurisdictions. The process in Asia is expected to be completed in the first quarter of 2014.

In Hong Kong, Bank Julius Baer will eventually move its newly combined business into One International Finance Centre, 1 Harbour View Street as its new prime location. In Singapore, Bank Julius Baer will continue to operate out of its existing premises at Asia Square and add an office at Mapletree Business City. Singapore will remain Julius Baer’s IT and operations hub for Asia.

Other major businesses adding further scale to follow shortly

As previously communicated, since the Principal Closing of the transaction last February already CHF 24 billion of IWM’s assets under management have been reported by the end of April 2013. The next businesses to transfer, expected to occur during the coming summer months, are in the UK, Spain and Israel, which will add substantial scale to Julius Baer’s global network, especially in the UK. The preparations for these transfers are well under way.

IWM is an excellent strategic fit for Julius Baer, strengthening the Group’s presence in key growth markets around the globe and significantly enlarging its asset base. The integration phase which was launched in February 2013 is expected to be completed in the first quarter of 2015, with the large majority of the assets under management targeted to be transferred in 2013.

Fibra Inn Announces Acquisition of Holiday Inn Express Guadalajara UAG Hotel

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Deutsche Bank Mexico, S.A., Banking institution, Trust Division F/1616 or Fibra Inn, a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, announced that it has completed the acquisition of the Holiday Inn Express Guadalajara UAG hotel.

Fibra Inn paid Ps. 186.9 million for this hotel, excluding taxes and acquisition expenses, and the adjoining land where the Company is planning a room expansion. The property was paid in cash and it is the first hotel acquisition purchased with the proceeds from the initial public offering that took place on March 13, 2013. Furthermore, this hotel is part of the Acquisition Portfolio, which will include the purchase of five additional properties as part of the Initial Portfolio.

“This first acquisition represents a high-quality investment for the Company and one that will generate value for shareholders. As we mentioned during the IPO process, the Company is committed to disciplined growth for the Fibra, employing a long-term vision.”

The Holiday Inn Express Guadalajara UAG Hotel is a high potential property with 100 rooms; Fibra Inn expects to add 99 rooms, which will be operating by the first quarter of 2014. This property is located at close proximity to Plaza Andares, the Universityof Guadalajara, the Belenes Industrial Park, and is located a few Kilometers from Pemex’s offices.

Operadora de Comercios de Vallarta, S.A de C.V. will be the hotel operator of this hotel. During 2012, the occupancy rate was 65%, the average room rate was Ps. 1,142 and the RevPar was Ps.737.

Mr. Victor Zorrilla, President and Chief Executive Officer stated: “This first acquisition represents a high-quality investment for the Company and one that will generate value for shareholders. As we mentioned during the IPO process, the Company is committed to disciplined growth for the Fibra, employing a long-term vision.”