Foto: Arnoldius . Apex Fund Services nombra a Elliot Brown managing director para las Américas
Apex Fund Services, one of the world’s largest independent fund administration companies, announces the appointment of Elliott Brown to the newly created position of Managing Director – Americas. Elliott will have responsibility for overseeing the growth of all of Apex’s offices in North and South America.
Elliott was formerly with JP Morgan for 18 years, most recently as the Managing Director responsible for leading the bank’s global hedge fund administration business. Prior to that role, Elliott was in Strategy and Business Development and was instrumental in the formation of the Hedge Fund and Private Equity Fund Administration businesses at JPMorgan. Elliott also worked for JPMorgan in Australia in Relationship Management and Operations. Elliott is a Chartered Accountant and Fellow of the Securities Institute of Australia.
Apex America has recently opened its new offices on East 52nd Street in New York and already offers office space to emerging fund managers as part of Apex’s Emerging Manager Incubation Service (EMIS) launched in February 2013.
“Attracting high caliber people such as Elliott demonstrates the growing recognition of Apex’s potential around the world. Elliott’s addition to the senior management team ensures that Apex now has the right resources in place ahead of its next phase of aggressive growth. Apex remains fully intent on continuing to shake up the financial services industry by introducing innovative services that are designed to bring efficiencies to fund managers and transparency to investors”, said Peter Hughes, group managing director of Apex Fund Services.
By: Felipe Alfonso Castillo Vázquez . Heyman y Asociados Joins Forces With Franklin Templeton Investments in Mexico
Franklin Resources, a global investment management organization operating as Franklin Templeton Investments, today announced that Heyman y Asociados S.C., a leading independent institutional asset manager in Mexico, has agreed to join forces with Franklin Templeton Investments in Mexico, subject to customary closing conditions. Full terms of the transaction were not disclosed.
Michel Tulle, senior director for Franklin Templeton Americas stated, “We are excited to be joined by Heyman y Asociados, an established Mexican asset management firm with over 20 years’ experience managing assets on behalf of prominent institutional clients. This transaction permits us to expand significantly our presence in the institutional asset management market in Mexico, and reinforcesour corporate strategy of providing clients with the best investment products in markets such as Mexico, where Mexican asset management experience is important to meeting both global and Mexican investor needs.”
Heyman y Asociados S.C, with managed and advisory assets of approximately USD 1.1 billion as of March 31, 2013, was established in 1985 and specializes in managing pension funds, endowment funds, reserves and treasury funds, for Mexican and multinational corporations, Mexican educational, environmental, healthcare and other non-profit institutions, and for Mexican insurance companies. The team is led by Timothy Heyman, an experienced investment professional with more than three decades in Mexico.
The Heyman team will provide investment management services through Franklin Templeton Servicios de Asesoría Mexico, S. de R.L. de C. V (“FTSAM”), a new institutional investment management subsidiary, of which Timothy Heyman will become CEO. Subject to customary regulatory approval, Mr. Heyman will also become Chairman and a Member of the Board of Franklin Templeton Asset Management Mexico, S. A. de C.V. (“FTAM”), Franklin Templeton’s mutual fund management company in Mexico.
Franklin Templeton Investments has been present in Mexico for almost 20 years, and its funds have been investing in the country since the early 1980s. In 2005, the company opened its first office in Mexico and its asset management operation, Franklin Templeton Asset Management Mexico, began operations in 2009.
Timothy Heyman was President of ING Baring Grupo Financiero (México), S.A. de C.V., and of Baring, S.A. de C.V. Casa de Bolsa, the first foreign brokerage in Mexico. He has been named Emerging Markets All-Star by Global Finance, and was selected first place for Mexican economic, financial and stock market research by Institutional Investor for three successive years. He is the author of eight best-selling books on Mexican investments, the latest being Inversión en la Globalización and Mexico for the Global Investor. He has a BA from Oxford and an MS in Management from the Sloan School of Management at MIT.
“As one of the first global investment management firms to establish local asset management capabilities, we have had an enduring presence in global markets for many years,” said Stephen Dover, international chief investment officer of Franklin Templeton Local Asset Management Group. “With the addition of Mexico, the group now has locally managed and distributed products in 11 countriesincluding Australia, Brazil, Canada, China, India, Japan, Korea, Mexico, the United Arab Emirates, the United Kingdom and Vietnam.We believe this first-hand, local investment expertise, combined with shared research from across the globe, gives us unparalleled insights into the markets where we invest.”
Universidad de Carolina del Norte. Cuatro universidades se unen para fomentar el análisis de las inversiones en private equity
Scholars from a number of universities have created a consortium for research on private equity. The Private Equity Research Consortium (PERC) will conduct and promote research on how these private capital investments affect both financial results and broader economic issues.
“Historically, researchers who want to study private equity confront a major barrier: high-quality data”
The consortium is particularly interested in the interaction of scholars and industry professionals to improve data on and understanding of private equity. PERC will be housed at the University of North Carolina Kenan-Flagler Business School. Its formation was made possible by a generous grant from the UAI Foundation, a non-profit foundation devoted to supporting research in finance.
PERC has named its founding advisory board:
Gregory W. Brown , University of North Carolina, Kenan-Flagler Business School
Robert Harris , PERC director and University of Virginia, Darden School of Business
Tim Jenkinson , Oxford University, Said Business School
Steven Kaplan , University of Chicago, Booth School of Business
James Bachman , Burgiss, Director
The advisory board charts the consortium’s research agenda and will review applications from academic researchers for access to data available through the consortium in collaboration with Burgiss. Burgiss provides portfolio management software, data and analytics to asset owners investing in private capital. Its solutions streamline the investment process, provide transparency into portfolio holdings, and enable data-driven decisions.
“Over the last two decades, private equity has grown to become an important part of the investment landscape, yet little is known about the industry. Historically, researchers who want to study private equity confront a major barrier: high-quality data,” said Brown, Sarah Graham Kenan Distinguished Scholar and professor of finance at UNC Kenan-Flagler. “Our goal is to help remove that barrier.”
“PERC provides a powerful opportunity to bring together scholars and industry professionals with a common goal: a better understanding of private equity’s effects on both financial results and broader economic outcomes,” said Harris, director of PERC and the C. Stewart Sheppard Professor at Darden.
PERC activities include creating research for publication in academic and practitioner journals, developing and testing data, providing access to data for academic researchers, hosting an annual conference of leading academics and industry professionals, and producing short reports on topics of current interest in private equity. This year’s conference will be held Nov. 22, 2013, at UNC-Chapel Hill.
For information about PERC, access to complete and ongoing research projects, and how to apply for access to data available through the consortium, visit this link.
Foto: Mewiki . PIMCO contrata a Laurent Luccioni para gestionar la cartera comercial de bienes raíces en Europa
PIMCO, a leading global investment management firm, has hired Laurent Luccioni as an Executive Vice President and Head of Commercial Real Estate Portfolio Management–Europe. In this new role, Luccioni will join PIMCO on April 22nd, and he will be based in the firm’s London office, reporting to Dan Ivascyn, Managing Director and Head of PIMCO’s Mortgage Credit Portfolio Management team. PIMCO manages more than $17 billion in alternative investment strategies including hedge funds and opportunistic private equity strategies.
“PIMCO’s global investment platform, deep real estate and mortgage capabilities and intellectual capital enable us to provide a range of investment opportunities for our clients,” said Mr. Ivascyn. “Laurent is an outstanding investor and leader, and he brings to PIMCO significant experience and knowledge of the commercial real estate investment space in Europe and around the world,” added Mr. Ivascyn.
PIMCO has developed and managed alternative strategies for over a decade, including a range of hedge funds, distressed credit funds and opportunistic strategies. More than 75 investment professionals across the firm contribute to PIMCO’s alternatives efforts, including specialist portfolio managers, credit analysts, product managers, and client facing personnel across our global offices. The firm’s alternatives products benefit from PIMCO’s global resources and risk management platform and are managed by specialized teams experienced in alternatives strategies.
Luccioni will be an Executive Vice President and Head of Commercial Real Estate Portfolio Management—Europe. He joins PIMCO from MGPA, an independently managed private equity real estate investment advisory company focused on real estate investment in Europe and Asia Pacific. While at MGPA, Mr. Luccioni most recently served as CEO-Europe with responsibility for the firm’s European business, leading a team of 88 people across five offices. Previously he was with Cherokee Investment Partners in Raleigh, North Carolina and London. He began his career as a design and construction engineer. He earned his MBA from Kellogg School of Management at Northwestern University; a Doctor of Civil and Environmental Engineering from UC Berkeley, and a BS and MS in Civil Engineering from Ecole Speciale desTravaux Publics, in France
Skip McGee a la izquierda, Eric Bommensath (arriba derecha) y Tom King. Barclays Wealth Management anuncia cambios relevantes en su dirección estratégica
Subsequent to Barclays’ publication of the outcomes of its Strategic Review on 12 February, the bank has today announced changes to the senior management within Corporate and Investment Banking, Wealth and Investment Management, and Barclays’ business in the Americas which will streamline the leadership in these areas and accelerate execution of the Transform Programme to build the ‘Go-To’ bank, said the bank in a statement.
They follow on from the elimination of the global Retail and Business Banking layer in late 2012, and the integration plans in hand to bring together Barclays Africa and Absa in 2013. The changes will also mean the promotion of new talent to the Executive Committee of Barclays.
Details are as follows:
Corporate and Investment Banking
Eric Bommensath and Tom King are appointed Co-Chief Executives of Corporate and Investment Banking (CIB) with effect from 1 May 2013
Mr Bommensath and Mr King take on these roles in addition to maintaining their current responsibilities as, respectively, Head of Markets and Head of Investment Banking Division
Mr Bommensath and Mr King will join the Barclays Executive Committee on appointment and report to Group Chief Executive Antony Jenkins
They will share accountability for the leadership and overall performance of CIB, and ownership of the vision and strategy for this part of Barclays’ business
CIB will be structured around client-focused product sets, in keeping with the strategic growth plan for the Investment Bank published on 12 February. Mr King will have specific responsibility for the Banking[1] segment, while Mr Bommensath will oversee the Markets[2] segment.
Rich Ricci, currently Chief Executive of CIB, has decided to retire from Barclays on 30 June 2013, by which time he will have helped to support the establishment of the new leadership team. He will step down from the bank’s Executive Committee on 30 April 2013.
Wealth and Investment Management
Barclays is at an advanced stage in the implementation of Project Gamma and the build out of the wealth platform. This creates an obvious inflection point in the development of the Wealth and Investment Management (WIM) business
The priority going forward will be on working closely with Retail and Business Banking (RBB) and CIB to provide a seamless service to clients as a platform for future growth
Peter Horrell will lead the work on implementation of this priority, and is appointed Interim Chief Executive of Wealth and Investment Management[3] with effect from 1 May 2013, reporting to Group Chief Executive Antony Jenkins.
Tom Kalaris, currently Chief Executive, WIM, and Executive Chairman of Barclays in the Americas, has decided to retire from the bank on 30 June 2013, and, in the meantime, will work with Peter Horrell to implement a transition to the new priority. He will step down from the Barclays Executive Committee on 30 April 2013.
Barclays in the Americas
Barclays’ business in the Americas is of critical strategic importance to the bank. Already the largest source of income, outside of the UK, it represents strong growth potential. There is a clear need for even more effective execution of Barclays’ operations in the region in order to capitalise on opportunities presented through greater cross-working and collaboration between our businesses. Additionally, we want to have the strongest possible relationships with our US Regulators. Accordingly:
Skip McGee is appointed Chief Executive, Barclays Americas with effect from 1 May 2013
Mr McGee will join the Barclays Executive Committee on appointment and report to Group Chief Executive Antony Jenkins
He will be the senior executive in the Americas, with geographic responsibility for all of Barclays’ businesses in the region, including CIB, Barclaycard and Wealth and Investment Management
As the primary public-facing executive in the Americas, he will also lead Barclays’ regulatory engagement for the region
Mr McGee will also continue to lead some of our most valuable client relationships, and he will remain a member of the CIB Executive Committee.
Foto: Diliff . Corea y Tailandia, economías beneficiadas por la nueva política monetaria de Japón
Emerging Asian currencies, which already appreciated by a large margin versus the JPY shortly after the election of Shinjo Abe as Japan’s prime minister, appreciated even further after BoJ’s announcement on monetary policies, clouding the outlook for economies and assets in the region.
Axa’s IM analysis pinpoints the key recipients of Japanese financial flows in Emerging Asia, i.e., the economies in the region that will potentially benefit from Japan’s excessive easing.
Currently, more than 7% of Japanese bank lending is cross-border lending to emerging Asia, and according to Axa, the trend will most likely accelerate after the BoJ’s unprecedented monetary easing was announced, since interest rate margins are more favorable in Emerging Asia than in Japan.
Japanese portfolio investors primarily favor assets issued by Emerging Asian issuers over other emerging market regions
Axa IM classifies the various economies in Emerging Asia as belonging to one of three different groups depending on the share of domestic lending contributed by Japanese banks. In the first group, they position countries where the share overshoots 10% of total domestic lending, hovering at around 15% (Singapore and Thailand). In the second group, they have countries where the share is between 5% and 10% (Indonesia, Hong Kong and Philippines). And in the third, the share is below 5% (China, Taiwan, India, Korea and Malaysia).
The four economies in the region where credit growth is the most excessive are also the four locations where the share of lending by Japanese banks to total domestic lending is the highest (Singapore, Indonesia, Philippines and Thailand).
Another channel through which Japanese liquidity is finding its way to Emerging Asia is through portfolio investments, which include the purchase of stocks and bonds (sovereign and company debt instruments).
Portfolio investment by Japanese investors to emerging markets has been growing steadily since 2002, from 2.5% of total Japanese portfolio investment abroad in 2002 to 4% in 2011. Japanese portfolio investors primarily favor assets issued by Emerging Asian issuers over other emerging market regions.
Japanese portfolio investors continue to prefer mostly equities in China, Taiwan, India, Thailand, Indonesia and Singapore, while they prefer debt securities in the Philippines, Korea and Malaysia. In 2011, they began holding more debt securities in Thailand, India, the Philippines and Korea.
Japanese liquidity finds its way to Emerging Asia through Foreign Direct Investments (FDIs) as well. Japanese FDIs are particularly large relative to the size of the economy in Singapore and Thailand.
According to Axa’s analysis, Korea and Thailand have the potential to attract more Japanese FDIs, while Singapore and Hong Kong more portfolio investments. Thailand and Singapore will attract more lending from Japanese banks, too. “These findings are further supported by stock valuations, namely the P/Es which signal that these economies are the cheapest in Emerging Asia, as well paving the way to more financial flows from Japan”, concludes the report.
Wikimedia CommonsLeonardo Vilar, chairman of Fedesarrollo. "Economic growth, savings, and the Colombian financial sector may get affected if the new pension reform gets passed"
The entrance into operation of the private pension system in Colombia has generated “significant impact” on the economic growth, the increase of savings and to a greater extent the financial system. In terms of growth, the annual increase ranges between 0.3% and 0.8%; as far as the savings, the annual increase is 1.5% of the GDP, while the financial depth increased 0.19% of the GDP. These are some of the conclusions that Fedesarrollo came to, after conducting a study about the impact of a reform on the Pension System in Colombia, and which they explained this past Friday during the second working day of the VI Asofondo Congress and the XI International Congress of the International Federation of Pension Fund Manager (FIAP).
Fedesarollo, one of the most important economic research centers in Colombia, revealed the results from a recent study, whose objective was to measure the effect caused by the creation of the Individual Savings System (pension funds) over the economic development of the country.
In this direction, the director of Fedesarrollo, Leonardo Villar, emphasized that “without any doubt, the pension reform, which gave life to the individual saving system, has benefited the economic development of the country, with important effects which could increase if the informality and the employment were lower in Colombia”.
In regards to the reform of the Pension system, whose Bill will be presented to the Congress in the upcoming weeks, Villar stated that “preliminary estimates shows that an amount of $4.1 billion will stop going to the Individual Savings System in order to pass over to the public system, as it is presented in the proposal by the national government”.
“This reform has a cost in terms of growth. How much? A reduction between 6 to 20 basis points of the economy, with a negative impact in regards to the savings and the financial depth”, Villar assured.
The researcher explained that what is known in regards to the proposal up until now is only partial, meaning that its fiscal impact and other side-effects are still unknown. He further stated that some aspects related to tax savings, transitional regimes, and special schemes, still need to be clarified. In any case, the country will choose a structural reform that will allow “a totally acceptable retirement system” and that will offset the possible side-effect that might come with it.
Wikimedia CommonsAndrew Kelly (right) at Charlie Bartlett´s awards ceremony with KJ Choi in Augusta (GA). Aberdeen moves Andrew Kelly to New York as Head of Marketing for the Americas
Aberdeen moved Andrew Kelly from London to New York, where he will be responsible of the Marketing Division of the Americas.
Kelly, 33 years old and originally from New Zealand, worked at Aberdeen from 2005 up until 2010. He held several positions during this time, including the last three years as the Head of Marketing of the Group.From2010-2012he worked atGoldmanSachsAsset Management at the InternationalMarketingdepartment,division focusedoninstitutional channelsin Germany, Beneluxand Middle East. After this two years, last year returned to Aberdeen, where he focused in Europe before moving to New York.
Kellyhas a degree inMarketingand Finance fromthe University ofOtago, NewZealand.
Foto: Alvesgaspar . Japón supera a China en expectativas: los inversores aprueban el fenómeno Abenomics
Global investors are moderating their earlier exuberance in the face of somewhat lower conviction over global growth, though they remain positive towards equity markets overall, according to the BofA Merrill Lynch Fund Manager Survey for April.
“European expectations and risk appetite are moderating as global caution over the region wins out”
A net 49 percent of respondents now expect the global economy to strengthen in the next 12 months. This is a decline of as much as 12 percentage points from March. While the threat of a U.S. fiscal crisis has largely receded, anxiety over the eurozone and new risks – particularly the potential for conflict in Korea – has intensified. A “hard landing” in China also remains a concern.
Investors’ more cautious stance is reflected in their increased cash holdings. These are now at the highest level reported by the survey in six months (4.3 percent).
Fund managers showed sharper regional preferences than they have in past surveys. They are increasingly positive towards the U.S. and Japan, where 12-month views have reached their most bullish in seven years. Appetite for exposure to the U.S. dollar remains at the highest level in the survey’s history.
At the same time, panelists have grown more negative on both emerging markets and the eurozone. A small majority now look to underweight emerging markets – the survey’s weakest reading on this measure in over two years after a 30-point decline in just two months. Confidence in eurozone growth also fell sharply this month. A net 19 percent of regional investors expect the region to strengthen this year, down from March’s net 40 percent.
“‘Abenomics’ signals that Japanese policy-makers are joining the fight against deflation. This reinforces our expectation of a ‘Great Rotation’ into equities from fixed income,” said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research. “European expectations and risk appetite are moderating as global caution over the region wins out,” added John Bilton, European investment strategist.
Eurozone confidence declines
Lower confidence in eurozone growth is reflected in global investors’ move to a net 8 percent underweight. Regional investors sharply cut cyclical exposures such as Construction (down 38 percentage points), Basic Resources (down 22 points) and Oil & Gas (down 17 points) this month, while increasing defensive plays like Healthcare/Pharma (up 20 percentage points to a net overweight).
In a new question for the survey, fund managers were asked what event would be most positive for European risk appetite. More than half of respondents identified steps towards a regional banking union and agreement on structural reforms in key periphery economies. Given the inter-connection between eurozone banks and sovereigns, this reinforces the regional risks highlighted elsewhere in the survey.
Japan surpasses China
Confidence in Japan’s new expansionary policy is evident in the survey. Every regional fund manager polled expects the economy to strengthen over the next 12 months. Global investors also expect the policy shift to weaken the yen. Their appetite for the currency is now at its lowest since February 2002.
In contrast, bullishness on China is evaporating. A net 13 percent of regional investors now expect the country’s economy to strengthen in the next 12 months, down from a net 71 percent as recently as January. The survey’s global reading on this question is now down to its lowest level since last October.
Call for capex
The survey continues to highlight fund managers’ call for companies to put their significant volumes of cash to work, or to return it to their owners. With a net 60 percent regarding companies as underinvesting in their businesses, 48 percent would most like to see excess corporate cash flow directed to higher capital spending. Thirty-four percent want surplus funds distributed back to them through buy-backs or dividends, with only a far lower 11 percent viewing the reinforcement of balance sheets as a priority.
Despite this call for higher capex and their still-benign macroeconomic view, investors are more doubtful about prospects for significant global earnings growth. A net 38 percent now judge that companies are unlikely to raise EPS by as much as 10 percent this year. This stance has grown much more skeptical since March. Their expectations of corporate margin performance weakened similarly.
Stephen Thornber, gestor del fondo Threadneedle Global Equity Income Fund. ¿Busca dividendo? Cinco ideas de Threadneedle
Stephen Thornber, manager of the Threadneedle Global Equity Income Fund, picks five global stocks which are all yielding more than 5%:
Blackstone
Blackstone is the largest alternative asset manager in the world and is benefiting from a number of powerful drivers to its business. Banks around the world are being forced to de-leverage as tighter controls on capital are implemented by regulators, Blackstone with its strong capital base, ability to raise new funds and management skills, is ideally placed to acquire assets at attractive prices that the banks are being forced to sell. Demand for alternative investments is also growing as investors seek to diversify their investments and Blackstone has a strong brand, scale and a diversified long-life asset base. Together with a strong balance sheet and a commitment to an attractive dividend pay-out, Blackstone is yielding 6% currently and we believe this can grow by over 10% pa for the next few years.
Enterprise Products
Enterprise Products is a US utility company which operates oil and gas pipelines and transfer and storage facilities. Enterprise is benefitting from the growth in energy production from the US shale regions, production here has grown rapidly, but the necessary infrastructure is struggling to match this growth. Enterprise’s earnings are stable thanks to its long-term contracts, it has little energy price risk as most of its contracts are related to volumes, not value and it has a growth dimension unusual in the utility sector because it is expanding its pipeline network and signing new customers as shale production increases. Enterprise has a yield of 5% and has grown its dividend every year for the past 13 years.
NagaCorp
NagaCorp is a Cambodian casino and entertainment operator and has a 40 year exclusive casino licence for the capital Phnom Penh. Positioned in fast growing IndoChina, NagaCorp is leveraged to the region’s economic growth, increased tourism and the growing demand for gaming destinations. NagaCorp has a strong balance sheet, with no debt, low cost operations, a favourable tax regime and a significant expansion project underway that will double its capacity by 2015. NagaCorp is trading at a discount to the Macau casinos and pays a 5.5% dividend.
Prosafe
Prosafe is the world’s leading operator of floating accommodation rigs and provides accommodation rigs to energy companies to house their staff and contractors when they undertake maintenance on offshore fields. Demand is strong as offshore production activity increases, existing rigs age and require more maintenance, and also by tighter health and safety regulations. Prosafe operates the largest and most sophisticated fleet, meaning it can charge the highest rates and operate in the toughest environments. Prosafe has a yield of 5.8% which has grown by over $20 a year in the last 5 years, a strong balance sheet with very little debt and is investing in two new rigs to meet future demand.
Digi.com
Digi.com is the third largest mobile telecom company in Malaysia, Digi’s growth is being driven by strong economic growth in Malaysia, the increasing usage of mobile phones and the pickup of data usage as smartphones become a larger part of the mobile market. Digi currently yields over 5% and I expect its profits to grow by 20-25% this year. The company’s debt free balance sheet means management have committed to increasing its dividend in line with its profit growth. Digi is part owned by Telenor, the Norwegian telecoms company, who have introduced European style cash management systems and levels of corporate governance, reinforcing our confidence that the company can deliver earnings growth and a high and growing dividend in the next few years as mobile usage continues to grow in Malaysia.
