Imagen de sátelite de Europa (Foto: NASA). Guggenheim nombra a Tyler Page director de Soluciones de hedge fund para Europa
Guggenheim Partners announced that Tyler Page, Global Head of Business Development for Guggenheim Fund Solutions, has become Head of Hedge Fund Solutions for Europe based in London.
Prior to this appointment as Head of Hedge Fund Solutions for Europe, Mr. Page led marketing efforts resulting in several billion dollars of commitments to the Guggenheim hedge fund managed account platform. “We are growing our business rapidly throughout Europe as institutional investors seek to improve the quality and transparency of the hedge fund reporting they receive, address a shifting regulatory environment and improve their own risk management,” said Mr. Page.
“European institutions have expressed a strong interest in our capability to oversee, monitor and report on their hedge fund portfolios, and we believe Tyler’s proven ability to deliver innovative solutions will add significantly to our continuing European expansion,” added Ajay Chitkara, Senior Managing Director of Guggenheim Fund Solutions.
Earlier in his career, Mr. Page held senior-level positions at various investment banks including Goldman Sachs and Lehman Brothers. He began his career as an attorney focusing on derivatives with Davis Polk & Wardwell. Throughout his career, he has worked on a wide range of bespoke investment solutions for both institutional and private clients.
Guggenheim Partners is a privately held global financial services firm with more than $180 billion in assets under management. The firm provides asset management, investment banking and capital markets services, insurance services, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients around the world from more than 26 offices in eight countries.
. Banco Santander Continues to Progress in Its Return to Colombia
As reported this week by Colombian newspaper, La República Banco Santander recently requested authorization from the Colombian authorities to re-operate as a bank in the country, an announcement which has been a surprise to many, as the Spanish bank sold its local assets to Chilean bank CorpBanca, just eighteen months ago, explaining that it would concentrate its operations in those places which were reporting better results.
The Colombian Financial Superintendence authorized the Spanish institution to establish the bank, which would in this way seek to restore its place in the country’s financial market. According to La Republica, the Spanish company’s strategy would focus on recapturing large clientsand on reappointing the principal managers who were responsible for managing the largest accounts, something which Santander already seems to be doing. According to sources familiar with the transaction, the bank “is hiring former employees, which means their clients will follow.”
Daniel Lozano, director of Serfinco Economic Studies, sees the return of Santander as proof that foreign companies continue to see the local banking system as highly attractive, which highlights that there is plenty of room still available within the sector.
The low level of financial access and high intermediation margins are some of the opportunities which Colombia offers, and would be precisely what Santander, which during its earlier stage grew in line with its objectives, is looking for. However, firstly the Colombian crisis of 1999 and later, the Spanish banking problems in the current European crisis, slowed Santander’s pretensions, forcing it to exit the industry in Colombia.
Santander returns with capital stock of 90.5 billion Colombian pesos and, in accordance with the institution’s composition, Santander LatAm Banks Administration (Ablasa), the subsidiary that manages Santander Group’s operations in the region, holds 94.8% equity interest, while Santusa Holding, a company which administers securities of Spanish banks, will hold 5.1% of the total. The rest is owned by Jaime Romagosa Soler, Juan Carlos Moscote Gneco and Henry Forero Ramírez with 0.002% each.
However, even though it has already received authorization, there are still a few registration steps missing, so Santander‘s return will still take some time.
. Banca March and Andbank Give Another Twist to the Sale of Inversis
One of the most complicated operations which have been seen recently in the Spanish financial market has taken another twist. After an unexpected move by Banca March, one of Inversis’ shareholders, Andbank will finally be taking over Inversis’ private retail banking business, instead of Andorra Private Banking, through Banco de Madrid. Meanwhile, Banca March will take over Inversis’ technology platform, but will later sell 50% to the Portuguese group, Orey Antunes. Likewise, Andbank will become a technological client of Inversis.
According to a statement submitted to the CNMV, Banca March has used its rights of first refusal on the sale of Banco Inversis, whose bid had been won by Andorra Private Banking through Banco de Madrid, by offering 212 million Euros on June 28th. Shareholders representing more than 92% of the offer, including Bankia, Sabadell and CajaMar had accepted this offer. Banca March has decided to “exercise its preemptive right of acquisition on the sale of Banco Inversis SA to ensure and maintain the quality of service to its clients and to develop its institutional business, both within Spain and in its international expansion.”
Banca March will pay 217.4 million Euros for Inversis, and will then sell Inversis’ private retail banking business to Andbank for 179.8 million Euros. The difference, which is just under 38 million Euros, will be what Banca March will pay for Inversis’ technology platform. This agreement will become effective “once all necessary corporate transactions have been completed and all authorizations have been received.”
Also, once the segregation of its retail banking business is carried out, Banca March will sell a 50% share of Banco Inversis to the Portuguese Group Orey Antunes, subject to the relevant approvals, “in order to continue to invest jointly in the development of the technology platform and to continue to promote institutional business on a national and international level.” The price of this last sale has not been revealed.
BPA’s reaction is as yet unknown; it had increased its bid on Inversis twice over the past few months to beat Andbank. In any case, the price Andabank will have to pay, which equals BPA’s previous offer, is no bargain, according to industry sources. “Especially considering they will not acquire the technology platform,” the expert concluded.
El mercado de commodities disminuyó en junio debido a que la incertidumbre sobre la recuperación económica global sigue siendo alta, de acuerdo a un análisis de Credit Suisse.
En este sentido, Nelson Louie, responsable global de Commodities en Credit Suisse Asset Management dijo que las noticias macroeconómicas que llegaron de China en junio pesaron sobre el mercado de commodities. “Con Chinaactualmenteregistrando un ritmode crecimiento más moderadoy modesto y con una mejora modesta en otros lugares,lo más probable esque las divergenciasde suministroestán jugando unpapel cada vez más protagonista enun momento en quelamayor correlaciónobservada entreotras clases de activosy los productos básicosdesde 2008ha comenzadoa normalizarse.Dentro de la tendenciaactual,el ritmo decrecimiento de la ofertaesprobable que siga siendoel factor claveen el impulso derendimientosen commodities“, subrayó.
El Dow Jones-UBS Commodity Index Total Return descendió 4.71% en junio. En total,15 de los22componentesdel índiceregistraron resultadosnegativos.El sector de los metales preciososfue elsectorque peor desempeño registró,que bajó un12,27% ante los persistentes temoressobre el plan de la Fed de acabar con su programa deestímulo monetarioyel rallydel dólar.
En cuanto a los metalesindustriales, estos disminuyeron7.11%, tal y como mostró un estudio sobrela actividad manufacturera en China, que se debilitó aun mínimo de nuevemesesen junioya que la demandase tambaleó.En este sentido, Credit Suisse subraya que estas cifras pueden aumentar la presión sobre el Banco Central chino para que afloje su política.
En cuanto a la agricultura, junio fue el mes más bajo, por debajo del 4,16% debido a una presión mayor de mayores existencias de maíz, mayores de las esperadas, y los datos adicionales que muestran mayores zonas de cultivo plantadas a pesar de los retrasos de plantación por problemas relacionados con las temperaturas. Las noticias de que la producción de trigo en Australia aumentó un 15% respecto al mismo periodo del año anterior se sumó también a las preocupaciones sobre los suministros mundiales más grandes. Australia es uno de los mayores exportadores mundiales de trigo.
La energía disminuyó un 2,55%, liderado por gas natural, tras las mayores inyecciones de almacenamiento, según lo informado por la Administración de Energía estadounidense. La ganadería registró el mejor desempeño del sector, que subió un 3,10%.
Imagen de un antiguo anuncio. La HFA aplaude la decisión de la SEC de suprimir las trabas a la publicidad para hedge funds
The Securities and Exchange Commission has now adopted final rules in connection with the Jumpstart Our Business Startups (JOBS) Act, lifting an 80 year old ban on general solicitation and allowing hedge fund managers to advertise. The Hedge Fund Association (HFA) and its members throughout the United States applaud the SEC’s decision as a necessary modernization of the securities laws.
Fundamentally, we believe that these new rules will: (i) increase public transparency regarding the alternative investment industry, including hedge funds; and (ii) facilitate capital formation and ultimately enhance the capital markets. Though the HFA views this development as generally positive, we await publication of the new rules to determine whether particular requirements impose an unnecessary burden on our members. We are in the process of reviewing the text of the final rules, as well as gathering feedback from our members, at which time we will provide a more comprehensive commentary on behalf of the hedge fund industry. The HFA previously provided valuable comments to and materially influenced relevant provisions of The Dodd–Frank Wall Street Reform and Consumer Protection Act.
The Hedge Fund Association is an international not-for-profit organization made up of hedge funds, funds of hedge funds, family offices, high-net-worth individuals and service providers. In the U.S., the HFA has chapters in the Northeast, Southeast, Midwest and on the West Coast. Internationally, the HFA has chapters in Europe, Asia, Australia, Latin America and the Cayman Islands. HFA works on behalf of the entire hedge fund industry, including more than 9,500 hedge funds in the U.S. and abroad which collectively manage in excess of $2 trillion in assets, as well as sophisticated investors and industry service providers.
Foto: WPPilot. Pimco Total Return sufre reembolsos de 9.600 millones en junio
Morningstar reported today estimated U.S. mutual fund asset flows for June 2013. Investors withdrew $43.8 billion from taxable-bond funds and $16.4 billion from municipal-bond funds, making June the worst month on record for bond funds in terms of total outflows. Long-term funds overall shed $47.3 billion, the largest monthly outflow since $105.6 billion in October 2008
Additional highlights from Morningstar’s report on mutual fund flows:
Intermediate-term bond funds lost $24.4 billion in June, dragged down by outflows of $9.6 billion from PIMCO Total Return. DoubleLine Total Return saw redemptions of $1.2 billion, its first monthly outflow. Other weak-performing bond categories included long government, emerging-markets bond, and inflation-protected bond.
Not all fixed-income categories suffered in June and the year-to-date period. Bank-loan funds have collected more assets than any other category in 2013, and nontraditional bond has come in third.
International-equity and alternative funds had net inflows in June. Among international-equity funds, Oakmark International, which has a Morningstar Analyst Rating™ of Gold, continued its string of strong inflows, collecting $753 million. The fund has doubled in size in the last year, absorbing nearly $5.0 billion and achieving a 35 percent return year to date.
At the firm level, PIMCO led outflows, with redemptions of $14.5 billion, followed by Fidelity with $5.1 billion. Vanguard saw its first firm-level outflows (including exchanged-traded and money market funds) in nearly 20 years. MFS topped all providers with inflows of $1.4 billion.
Wikimedia CommonsElisabeth A. Duke/Fed. Renuncia Elizabeth Duke a la Junta de Gobierno de la Fed
Elizabeth A. Duke submitted her resignation Thursday as a member of the Board of Governors of the Federal Reserve System, effective August 31, 2013.
Duke, who has been a member of the Board since August 5, 2008, submitted her letter of resignation to President Obama. She has made no announcements about her future plans.
“Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the Board,” said Federal Reserve Chairman Ben S. Bernanke. “She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders. I wish her the best in her future endeavors.”
Duke, 60, was appointed to the Board by President Bush to fill an unexpired term that ended January 31, 2012. During her time on the Board she served as Chairman of both the Committee on Consumer and Community Affairs and the Subcommittee on Supervision and Regulation of Community and Small Regional Banking Organizations.
Before joining the Board, Duke was Senior Executive Vice President and Chief Operating Officer of TowneBank, a Virginia-based community bank. Prior to that, she served as an Executive Vice President at Wachovia Bank and as an Executive Vice President at SouthTrust Bank. Earlier in her career, Ms. Duke was President and Chief Executive Officer of Bank of Tidewater, based in Virginia Beach, Virginia.
Wikimedia CommonsFoto: Andy Waddington
. Evercore contrata a dos ex UBS para montar una división de asesoría de private equity
Evercoreannounced that it intends to expand its global investment banking platform by establishing a Private Capital Advisory (“PCA”) business focused on secondary transactions for private funds interests. This initiative significantly expands the services that Evercore offers to leading institutional investors and Fund sponsors, and complements the capital raising advisory services provided by Evercore’s Private Funds Group and the strategic and merger advisory services offered by Evercore’s Advisory business generally, said the firm in a press release.
Nigel Dawn and Nicolas Lanel have agreed to join Evercore to lead the business. Mr. Dawn will run PCA globally while Mr. Lanel will head up the European operation. Mr. Dawn, who was most recently Managing Director and Global Co-Head of the Private Funds Group at UBS, is a recognized leader in this business bringing more than twenty years of experience advising investors and fund sponsors. Mr. Lanel was most recently Managing Director and Global Co-Head of Secondary Advisory at UBS, where he led the expansion of the business into Europe. The PCA business will be majority owned by Evercore with key principals, including Mr. Dawn and Mr. Lanel, owning the minority stake. The Evercore PCA business is expected to launch during the second half of 2013 following the recruiting of additional professionals to support the business in North America and Europe.
“The PCA business fits perfectly into the Evercore model of providing independent advisory services to our clients based on our ideas, our intellectual capital and our relationships. We believe this business leverages the relationship network and market presence of our firm.” said Ralph Schlosstein, President and Chief Executive Officer of Evercore.
Nigel Dawn was a Managing Director and Global Co-Head of the Private Funds Group at UBS. Mr. Dawn was the founder and leader of the Secondary Market Advisory team within the Private Funds Group at UBS, having advised on over $25 billion of secondary transactions. Clients have included leading US public investors, university endowments, banks, insurance companies, hedge funds and leading private equity general partners. Previously, he was head of UBS Investment Bank’s Third-Party Private Equity Funds Team. Prior to joining UBS, Nigel worked at Booz, Allen & Hamilton in New York, and in Asia with Standard Chartered Bank. Nigel graduated from Newcastle University with a Bachelor of Arts degree in East Asian Politics and earned his MBA at Columbia Business School.
Nicolas Lanel was a Managing Director at UBS and was most recently Global Co-Head of its Secondary Markets Advisory group. He established the practice in Europe in 2007, having joined the funds placement team of UBS in 2004, where he initially focused on coverage of institutional investors in Europe and the Middle East. Mr. Lanel has led a number of notable secondary transactions in Europe for clients including financial institutions, pension funds, large family offices and fund sponsors. Mr. Lanel has 20 years of experience in private equity and corporate advisory, having worked previously with the principal investment team at Paribas and at Deutsche Bank in Toronto, London and New York. He will be joining Evercore in October this year. Mr. Lanel earned a Master’s degree in management at ESCP-Europe.
By Diego Delso . 2,408 Candidates Receive First Claritas Investment Certificate
CFA Institute, the global association of investment professionals, announces today that 2,408 participants have successfully completed and passed the ClaritasInvestment Certificate. The Claritas certificate provides a thorough understanding of how the investment industry works, and the knowledge that candidates have acquired will help to shape a more trustworthy financial industry by setting a new international education and ethics standard.
Participants from 70 companies in 50 countries took part in the Claritas pilot program, with candidates sitting the examination in March and April 2013. Since then a full review and standard setting process has been undertaken to evaluate the results and set the passing score for the pilot and future sittings of the examination. From July onwards, candidates who sit the examination will now be able to leave the test center with a preliminary result and receive their official result within a few days after the examination.
The profile of candidates who took part in the pilot ranged across operations, administration, IT, HR, marketing, sales, compliance and customer service. Candidates worked within asset management firms, commercial and investment banks, insurance companies, data and media businesses and professional services organizations. (A list of some of the companies that participated in the pilot can be seen here.)
85% reported they would recommend the program to others
76% said they had benefitted by increasing their industry knowledge
64% said that the program helped them to better understand their ethical obligations within the financial services industry
John Rogers, CFA, president and CEO of CFA Institute, commented: “The industry’s enthusiastic response to the Claritas program is a true indicator of the need to provide accessible education for those experts who surround investment decision makers every day. The commitment and accomplishment of these 2,408 individuals confirms that raising educational excellence is essential in shaping the future of finance.”
John Bowman, managing director and co-lead of Education at CFA Institute, echoed Rogers’ congratulations: “CFA Institute developed the Claritas certificate in response to the financial crisis, and as part of a global call to action for industry participants to play their part in addressing the overall lack of trust in financial services. With the large majority of our pilot partners recommending deeper implementation of Claritas in their firms across a diversity of roles, businesses and geographical and cultural backgrounds, we are confident we’ve met that challenge. These candidates and their supporting pilot partner firms should be proud to stand as pioneers in their sector.”
Global registrations for the Claritas Investment Certificate launched on May 20, 2013.
Foto cedidaPhoto: Bob Geldof (www.bobgeldof.com). Sir Bob Geldof Provides Fresh Insight Into Investing in Africa
Fund Forum International, was honoured to have Sir Bob Geldof in attendance in 2013, where he provided fresh insights into investing in Africa. Why don’t investors turn more of their attention towards Africa? Hear what Sir Bob Geldof has to say in the exclusive interview with him at FundForum.
