Brexit’s Impact on Financial Services

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Financial services are possibly the policy area where Brexit will have the strongest impact. The City of London is the largest financial centre in Europe; many financial firms offer their services from their London base, making use of “passporting” rights granted through European legislation, which are now clearly at risk.

As a result of being the financial heart of Europe, the UK has historically been deeply involved in shaping financial markets policies and pushing further financial markets integration, due to their great interest, expertise and resources devoted to this particular area. This is the case in terms of the European legislative work, where the responsible European Commissioner for financial services was the British Commissioner Lord Hill.

The strong British influence is also felt at the regulatory level. The European Supervisory Authorities (European Securities and Markets Authority, European Banking Authority, European Insurance and Occupational Pensions Authority) define the finer details of financial legislation and have grown in relevance since their inception in 2010. The UK plays a strong role in these authorities in terms of their technical input, physical resources and market expertise. Decreasing UK influence in the ESAs as a result of Brexit could have significant effects on the final content of legislation as well as on the way European supervisors agree to apply the rules.

I. Institutional impact

a) Lord Hill resignation: The most immediate institutional impact of Brexit was the resignation of Lord Hill as Commissioner for Financial Services, along with his Cabinet (political advisers), who will be replaced by Vice-President Valdis Dombrovskis, the former Latvian Prime Minister, Finance Minister and MEP.

b) European Supervisory Authorities:

Funding:

The three European Supervisory Authorities (ESAs) are funded through the EU budget and contributions from Member States, in accordance with their size. The UK leaving the EU means that a significant contribution to the budgets of the ESAs will disappear.

This could accelerate ongoing discussions on ESA funding in the context of the ESA review. The UK was one of the fiercest opponents of increasing the proportion of funding from the EU budget (as it would lead to a greater grip of the European Commission (EC) on the activities of the ESAs). Without UK opposition, this shift towards greater EC influence could become areality.

Negotiations:

Within the ESAs, Member State authorities negotiate policy and draft implementing legislation just like Member States do in the EU Council. Although the UK will remain a full member of the ESAs for at least the next two years, the UK NCAs could refrain from active participation which will mean that ESA outcomes will inevitably change as although all Member States have equal voting in the ESAs, members with larger financial markets are far more active and influential.

European Banking Authority (EBA):

The EBA, currently based in London, will need to be relocated to another Member State. Italy, Germany, Netherlands and Poland have already expressed interest in hosting the EBA and other Member States might follow.

Of more importance than the physical location of EBA is that Brexit could reduce the EBA’s influence. The EBA’s current role as a bridge between Eurozone and non-Eurozone banks risks being significantly diminished when the UK leaves. The European Central Bank (ECB) is the single supervisor for the Eurozone banks. The main counterweight to the ECB is the Bank of England.

With the UK exiting the EU, the ECB will progressively become more important for the entire banking sector and the EBA’s role in adopting technical standards for the single rulebook will be reduced.

A further post-Brexit supervisory effect is likely to impact those banks of EU Member States not in the Eurozone, and therefore not supervised by the ECB. These will face greater scrutiny as international investors might consider their supervision less strong and therefore the banks less stable. Brexit could lead to non-Eurozone member states opting in to the Banking Union at a faster pace than previously expected.

European Securities and Markets Authority (ESMA):

The UK has been a driving force in ESMA, which has been active in implementing legislation and coordination of supervision for capital markets and the UK expertise is undeniable. Staff at the UK’s Financial Conduct Authority (FCA) have been seconded to ESMA, and task forces and standing committees have regularly been chaired by FCA personnel. This has contributed greatly to the reputation of ESMA as a knowledgeable and credible supervisor at international level. Without UK membership, ESMA could lose considerable expertise.

ESMA’s powers might well increase; the UK, supported by Germany, was a fierce opponent of more direct supervisory powers for ESMA. For example, CCPs are now still supervised by colleges of national competent authorities instead of by ESMA directly; this might change. In the context of Capital Markets Union, the European Commission did not go as far as to propose a European supervisory mandate for the capital markets for ESMA.This, too, might change.

European Insurance and Occupational PensionsAuthority (EIOPA):

EIOPA is currently leading the joint committee of the ESAs, which devotes much attention to consumer protection and product governance standards. In this area, the UK is clearly ahead of the curve in Europe. This has meant the UK has been very much involved in developing European standards from within EIOPA.

Without the UK, it is very possible that this work stream will slow down within the joint committee.

c) EU in international Bodies(FSB, IOSCO, BIS)

The position of the EU in international supervisory bodies has been strengthened by the UK’s contribution to EU policy. Although there was not always full alignment, European cooperation has smoothed over the major differences, strengthening the overall European position. With the UK exiting the EU, the chances increase that the Bank of England (in Basel) and FCA (in IOSCO) will no longer discuss their respective positions ahead of international negotiations, making for increased differences of views within these fora. This will enhance the relative weight of non-European supervisors meaning that European interests could suffer. The UK has stressed the importance of sticking to international agreements, whereas some Member States feel less pressure to apply Basel agreements unaltered. Post Brexit, and without such pressure by the UK, it is more likely that the European Commission could consider deviating from the Basel Committee outcomes to the advantage of European banks.

II. Ongoing financial services policy discussions

The general assumption is that the Capital Markets Union project will suffer due to the departure of two of the powerful drivers of the project, the UK and Commissioner Hill. However, there is a broad consensus amongst Member States on the benefits of CMU.

Perceptions that CMU was purely beneficial to the UK may have hindered progress to date; without the UK, other Member States might feel more inclined to support the project.

There were even concerns that CMU would not go far enough, especially as the EU did not propose creating a Pan-European supervisor for financial markets. Without the UK, this idea to centralize supervision of European financial markets might well return.

III. UK industry and political motivations

A state of inertia between businesses and politics is occurring with both perspectives looking to see what issues the other will prioritize first. Fortune will favor businesses and industries that are able to do their thinking quickly and put it to the UK government and the EU as a priority negotiation position. While financial services may be headquartered in the UK, they are global by nature and therefore have a stake in other European markets. UK policy makers are cognizant of this and will look for businesses to make the case to other European capitals to explain why the UK’s negotiating position for financial services is mutually beneficial for EU Member States.

Financial services will be a priority for the UK negotiation team due to its political status, tax revenue and global interconnectivity. During the negotiation period, UK representatives will try to find a balance between:

1) giving their EU counterparts some appeasement wins (likely to be status orientated);

2) retaining the eminent position in real terms (as opposed to physical locality) of London as the location in Europe for ‘hubbing’ financial transactions;

3) ensuring there is parity of regulation so that transactions can occur seamlessly with Europe, but also;

4) ensuring the UK is able to competitively differentiate itself outside of the EU.

These are important criteria for financial services businesses to consider during Brexit negotiations. Access to the Digital Single Market and CMU will be prioritised by UK policy makers and the financial industry, and the bulk of existing financial services legislation is likely to be grandfathered. However, UK policy makers are looking for financial services to decide, firstly, which of the ongoing EU legislative briefs are a priority and, secondly, which existing legislation can be disregarded. This should be the starting point of any financial services industry dealing with the Brexit hangover. Throughout this process the role of trade bodies will be essential and we are likely to see a renewed interest by UK and EU policy makers in their significance – especially those such as the BBA, ABI, AFME and IMA. During the period of negotiation, trade bodies will be viewed by UK and EU policy makers as providing an element of much needed consensus and it would be wise for financial services industries to stick close to their peers.

TIAA buys the Wealth Management Tech Provider, MyVest

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TIAA buys the Wealth Management Tech Provider, MyVest
Foto: Groman123 . TIAA adquiere el proveedor de tecnología para wealth management MyVest

TIAA has announced that it has acquired MyVest, an holistic wealth management technology company. This acquisition underscores the firm´s commitment to help individuals navigate their financial lives in a clear, simple and efficient way. Terms of the deal were not disclosed.

Headquartered in San Francisco, MyVest provides scalable, customized wealth management services on a single unified platform for financial institutions. It  will now operate as a subsidiary of TIAA that focuses on emerging technologies and will report to its Chief Digital Officer, Scott Blandford.

Both companies have collaborated since 2009 to help provide customized discretionary investment and tax management services for individuals. This acquisition will advance TIAA´s efforts to deliver a full suite of digital advice capabilities in addition to its in-person and phone-based services.

Following this acquisition, the firms will continue to work together to deliver simplified advice and planning technology across TIAA’s portfolio of financial services products, from retirement plans to IRAs and banking products.

MyVest employs a team of experienced technology, investment management and services operations professionals and will continue to serve its current client base.

“We remain committed to serving our clients and continuing to provide the tools advisors need to prepare their clients for the future,” said MyVest CEO Anton Honikman.

 

FINRA Board of Governors Elects Vanguard´s Brennan as Chairman

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FINRA Board of Governors Elects Vanguard´s Brennan as Chairman
FINRA elige al presidente emérito de Vanguard, Jack Brennan, como nuevo presidente - Foto Youtube. FINRA elige al presidente emérito de Vanguard, Jack Brennan, como nuevo presidente

The Financial Industry Regulatory Authority (FINRA) Board of Governors on Friday unanimously elected John J. “Jack” Brennan, Vanguard Group Chairman Emeritus and Senior Advisor, as FINRA Chairman effective Aug. 15, 2016.

Brennan has served as FINRA’s Lead Governor since 2011 and succeeds Richard G. Ketchum as Chairman. His term will be effective upon Ketchum’s previously announced retirement. In June, FINRA announced that Robert W. Cook will become FINRA’s new chief executive in the second half of 2016; his expected start date is Aug. 15. It was also announced at that time that FINRA would move to a non-executive chair structure for its board governance.

Brennan joined the Board of Governors of the National Association of Securities Dealers (NASD) and remained on the Board following the merger of the NASD and New York Stock Exchange Regulation in 2007, a combination that gave rise to FINRA as the largest independent regulator for all securities firms doing business in the United States. 

“Throughout his tenure on the boards of FINRA and its predecessor, as well as his many years leading Vanguard, Jack has been a tireless advocate for individual investors and liquid, fair markets,” said Ketchum.  “During my tenure at FINRA, Jack has been a trusted adviser and partner, helping us develop a number of important programs to support our mission.”

“FINRA plays such a critical role in safeguarding and educating investors, while upholding the integrity of the most robust capital markets in the world,” said Brennan. “The entire Board and I look forward to working with Robert and all of FINRA’s constituents to accomplish FINRA’s mission.”

“Jack is widely respected throughout financial and regulatory circles as a champion of the individual investor with a commitment to fair, transparent and efficient markets,” Cook said. “He has an unwavering dedication to FINRA and its mission of investor protection and market integrity.  I’m looking forward to a productive partnership with Jack and the entire Board of Governors.”

 

BCP and Apex Sign a Fund Administration Services Partnership

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This Monday, BCP Asset Management and Apex Fund Services jointly announced their partnership for fund administration services.

As part of the recent acquisition of four High Street buildings in a prime Dublin 2 location by BCP and Meyer Bergman, BCP announced the successful launch of two new funds with global independent administrator Apex Fund Services; The Kells Investment Fund I and Kells Investment Fund II. The BCP acquisition was in partnership with Meyer Bergman and is valued in excess of EUR€100 million.

BCP, one of the leading independently owned investment managers in the Irish market, boasts over EUR€2 billion in assets under management and has an exceptionally strong track record in commercial property. Apex Fund Services is one of the world’s largest independent administrators, with local offices in both Dublin and Cork, and a total AuA of $45bn USD.

John Calvert, CEO of BCP, said, “BCP has chosen to partner with Apex to deliver our fund administration requirements as they demonstrate an exceptional knowledge and capability of service in the private equity and property funds space in particular. They combined commerciality with strong technical support and compliance knowledge. We required an expert administrator that could deliver a cost effective solution for our 3 existing funds, with further funds planned. Having completed the required infrastructure, Apex continues to work closely and effectively with our internal operations and administration teams”.

John Bohan, Managing Director for Apex EMEA and Apex Ireland, said, “We are delighted to be able to provide BCP with the specific solution they require to support this important part of their investment portfolio. We have a great deal of experience administering regulated funds, both liquid and illiquid, and can add true value to support the already robust internal infrastructure at BCP. Apex is committed to delivering relationship based service and unrivalled experienced resource to our clients and will support BCP’s real estate investments locally, via our Dublin office.”
 

The World Turned Upside Down

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Four days before the Brexit vote, I wrote about how strange it was to see Germany’s 10-year bond yield go negative at the same time as U.S. equities were just 2.5% off their all-time highs.

Well, last week U.S. equity indices broke through those highs, and interest rates have gone even lower. Germany actually issued a Bund at a negative yield. On July 8, as the U.S. reported the creation of almost 300,000 jobs in June, the 10-year U.S. Treasury yield, paradoxically, fell to an all-time low of just under 1.36% and in the Netherlands the 10-year yield slipped below zero for the first time in 500 years.

We’ve all become somewhat used to bad news in the economy translating into good news for equities, as investors anticipate that rates will be kept low and unconventional monetary stimulus will be maintained. This seems to have reached a new pitch of intensity following Brexit, however. It truly feels as though the world has been turned upside down—politically as well as economically.

Politicians Have a Pro-Growth Role to Play
Indeed, should the U.K.’s referendum prove a lastingly important moment for the global economy, it may be because it marked the point at which the political overtook the fundamental as the primary driver of economic and monetary policy. Central banks seem to be running out of ammunition, but politicians haven’t appeared to care until now. When voters start delivering painful election results, however, it becomes much more difficult for them to ignore the role they have to play in growth and job creation.

Much attention has been directed at the dangers of populism, particularly of the anti-trade and anti-immigrant kinds. But there is also the potential for today’s political energies to be translated into pro-growth policies.

Brad Tank floated a similar suggestion last week. Riskier assets recovered from Brexit thanks to reassuring words from central banks, he observed. But one of the few tools they have left is “helicopter money”—putting new money directly into the hands of consumers, or using new money to finance fiscal spending. Implementing that requires government cooperation, Brad noted, which might in turn move governments toward structural reform of things like tax codes and regulation, possibly starting in Japan.

Infrastructure Spending Could Be on the Agenda
Politics may simply be too polarized for that. What we might see, however, is some momentum behind the idea that central bank stimulus should be augmented with fiscal stimulus, particularly infrastructure spending. Both left and right can get behind that because it’s good for jobs and business.

We have now seen Japanese Prime Minister Shinzo Abe’s ruling coalition consolidate its position after last weekend’s elections. Abe took this as a mandate to “accelerate Abenomics,” and there has been widespread speculation about a stimulus package worth perhaps 2%-4% of GDP. Japanese equities rallied in response.

Similarly, in the U.K. Brexit has been followed by the surprisingly quick succession of Prime Minister Theresa May and her new cabinet, also eager to test its mandate. While May has appointed a somewhat hawkish chancellor, her own rhetoric marks a significant shift away from the austerity associated with the Cameron-Osborne administration.

Obstacles Remain but Momentum Is Building
There is a long way to go before we see realization of fiscal stimulus—and even longer before we can speak of a globally coordinated infrastructure spending program. Could we see such a thing in the U.S., for example? The need is clear enough. But to my mind, this initiative would be in danger of getting caught up with other political footballs, such as corporate tax reform. The likelihood of an infrastructure deal being done will depend on a number of factors, such as control of Congress and the White House, and the state of the economy: The more unified the political control and the worse the economy is doing, the more likely we are to see a deal.  

What might this mean for corporate earnings? We’ve been concerned about this through a number of our CIO Perspectives, thinking about the catalysts that might end the current earnings recession. Firmer oil prices, a weaker dollar and some stability out of China helped set the foundations. Concerted action on infrastructure spending would certainly build upon them. And while these are early days and big obstacles remain, voters may be reminding governments that they cannot leave the business of growth and job creation to central banks alone.

Neuberger Berman’s CIO insight by Joe Amato

Marsh McLennan, Russell and BlackRock, the Most Successful in Fund Launching

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The first three years are the most critical period in a fund’s lifetime for attracting asset flows, according to the MackayWilliams Product Innovation Perspectives report.

While the investment industry may be dedicated to encouraging saving for the long-term, perversely, a fifth of industry assets are invested in funds that are less than five years old.

The analysis revealed that sales tend to tail off rapidly and turn negative within just a couple of years of their heyday. “If you have a winning product today by all means make the most of it – but plan for a scenario where, by 2018, it may well have fallen off the podium. Even in uncertain times, like the post-Brexit vote, asset managers must fight the temptation to freeze budgets and halt product innovations. Maintaining a new product pipeline is vital for companies wanting to protect their future asset gathering potential” says Chris Chancellor, partner, MackayWilliams.

Also highlighted in the report are the most successful companies for overall fund launches and the factors behind their success. Topping the table in Gold and Silver positions, in the latest six monthly update, were Marsh McLennan and the Russell Group where their strength with institutional clients underpinned their high success rate. Commenting on changes in the top ten over the six-month period to 31/03/2016, Chris Chancellor said: “Many of these groups are very close in terms of their launch success rates with relatively small changes leading to notable shifts in rankings. Fidelity is an important beneficiary; in the latest five-year window we have measured it has just three more successful funds than six months ago, but this has propelled it up 12 places.” It’s not a level playing field across all asset classes, though. Scaling the heights of success even to meet the relatively low minimum threshold of €100m is much more difficult to achieve in the mixed asset arena than in fixed income. Fixed income success rates of fund launches are roughly 50:50. Whereas in the highly competitive mixed asset category, 78% of fund launches failed to achieve the €100m grade.

Alix Chosson Joins AXA Investment Managers

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Alix Chosson Joins AXA Investment Managers
CC-BY-SA-2.0, FlickrFoto: milito10 / Pixabay. AXA Investment Managers ficha a Alix Chosson

AXA Investment Managers announced the appointment of Alix Chosson as Energy Fundamentals Analyst within the firm’s Responsible Investment (RI) team. Alix will be based in London, reporting into Matt Christensen, Global Head of Responsible Investment at AXA IM.

Commenting on the appointment, Christensen said: “Responsible investment is a key business priority for AXA IM and Alix’s appointment is the first in a series of hires to further strengthen our RI team. We are excited to have her on board and certain that her strong background in RI and impact analysis, particularly within the energy sector, will make her a valuable addition to the team. The COP 21 meeting in December last year put climate change firmly on investors’ agenda and as a result we are seeing considerations around energy become a major factor in business decision making across various jurisdictions. Alix’s arrival strengthens our in-house expertise in the energy sector and our ability to work with clients to match their specific needs in this area.”

Alix joins AXA IM from Standard Life Investments where she was a Responsible Investment Analyst from 2013 specialising in energy and technology sectors. She focused on both ESG integration and impact investing. Prior to that, Alix worked at Generali Investments as RI Analyst. She started her career in 2010 at Amundi Asset Management as an RI and Corporate Governance Analyst. Alix holds a Bachelor’s degree in Finance and Economics from Sciences Po Lyon as well as two Master’s degrees from  Sciences Po Lyon and Institut d’Administration d’Entreprise Paris Est-Créteil.

Chosson commented: “I am excited to join a pioneer in RI and look forward to working with the company’s experienced RI and impact team to grow the firm’s capabilities even further at an interesting time for the industry.”

According to a statement, “having won its first RI specific mandate nearly 20 years ago, AXA IM views RI as a key area for its business and clients.” The volume of ESG-integrated and impact investments managed by AXA IM reached €333 billion in 2015.

 

Deutsche Asset Management Adds Fund to Comprehensive Factor ETF Suite

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Deutsche Asset Management Adds Fund to Comprehensive Factor ETF Suite
Foto: mulan . Deutsche Asset Management suma un fondo a su suite de ETFs Comprehensive Factor

Deutsche Asset Management has announced the launch of Deutsche X-trackers Russell 2000 Comprehensive Factor exchange traded fund (ETF) the fourth ETF to be added to its multifactor suite. The new fund, DESC, seeks to track the Russell 2000 Comprehensive Factor Index. The FTSE Russell family of Comprehensive Factor Indices is designed to track the equity market performance of companies that have demonstrated relatively strong exposure to targeted investment style factors: value, momentum, quality, low volatility and size.

Fiona Bassett, Head of Passive Strategy in the Americas said: “DESC, focusing on small cap US stocks, is a logical addition to our Deutsche X-trackers Comprehensive Factor ETFs suite, which is based on an intelligently designed index construction mechanism that takes into account five investment factors. Academic research has identified certain stocks’ characteristics that are important in explaining a stock’s risk and performance. Emphasizing these factors can potentially make a significant contribution to outperforming traditional market-capitalization weighted benchmark indices.”

Deutsche AM rolled out its US multifactor suite late last year with the Deutsche X-trackers Russell 1000 Comprehensive Factor ETF and the Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF .The suite was expanded with the launch of Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF earlier this year. DESC follows the same investment methodology as the three previously-launched funds applied to the small cap US stock universe.

Real Madrid CF and Manchester United FC Top European Table of KPMG’s Football Clubs’ Valuation Report

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Real Madrid CF and Manchester United FC Top European Table of KPMG’s Football Clubs’ Valuation Report
Foto: Scott Pitocco . Real Madrid CF y Manchester United FC lideran la tabla de valoración de clubs europeos de fútbol de KPMG

KPMG recently released ‘Football club’s valuation: The European elite’, a report providing an indication of the value of the most prominent European football clubs.

“Our analysis of Europe’s 32 leading football clubs highlights the changing economic landscape of football. While football clubs are among some of the world’s most instantly recognised brands, with truly global fan bases, their Enterprise Value when measured in a similar way to any other business, is relatively small.” Commented Andrea Sartori, KPMG’s Global Head of Sports and the report’s author.

KPMG’s research found that English clubs top the report in terms of Enterprise Value (EV) per country with a combined total value in excess of EUR 10 billion. English clubs accounted for approximately 40% of the aggregate value of the 32 clubs valued.

“Thanks to the deal signed by the English Premier League at the beginning of 2015 the difference in terms of broadcasting revenues among the leading European leagues and the Premier League has widened significantly, despite the booming price of domestic broadcasting rights across other parts of Europe.”

Spanish teams, who have won all of Europe’s major club competitions for the past three years, follow suit with approximately EUR 6.6 billion of EV, buoyed by the two giants, Real Madrid CF and FC Barcelona, which together represent 85% of the Spanish pie and 21% of the total. Spain is the only country represented by two clubs whose enterprise value exceeds EUR 2 billion each. 

Germany had only 3 clubs valued amongst Europe’s top 32 with a combined value in excess of EUR 3.5 billion.

Italian teams today play a less prominent role both on and off the pitch. FC Internazionale Milano were the last Italian club to lift the UEFA Champions League back in 2010, and since then only Juventus FC last year have been able to reach the final. Although Italy has the highest number of represented clubs (7) together with England, the overall enterprise value of the Italian teams is 70% lower than the English ones (EUR 3.1 billion vs. EUR 10.2 billion). Juventus FC, with an EV almost approaching EUR 1 billion, are the only Italian club appearing in the Top 10.

Paris Saint-Germain FC from the French Ligue 1, were assessed as the 10th most valuable club in the ranking, with a value of EUR 843 million.

Only six clubs out of 32 (AFC Ajax, PSV Eindhoven, SL Benfica, FC Porto, Fenerbahçe SK and Galatasaray SK) do not play in one of Europe’s ‘big 5’ leagues, and these clubs only account for approximately 5% of the total enterprise value of the 32 clubs evaluated.

 

Investment Placement Group Makes Key Hire for Expansion into Miami: Rocio Harb to Join the Firm

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Investment Placement Group Makes Key Hire for Expansion into Miami: Rocio Harb to Join the Firm
Foto cedida. Investment Placement Group realiza una contratación clave para su expansión en Miami: Rocio Harb se une a la firma

Investment Placement Group (IPG), an Independent Broker Dealer, announced today that Ms. Rocio Harb has been appointed Director and will become Branch Manager in the newly formed Miami office.  This follows IPG’s recent opening of their Houston Texas office just six months ago. Ms. Harb will be based in Miami and report directly to Mr. Gilbert Addeo, Chief Operating Officer and Head of Business Development of IPG.   

“As we continue to expand our business we recognize the need for talented leaders who can help our firm transform and rise to the next level” said Addeo. “Rocio is well respected in the industry and has a proven track record of building and managing U.S. domestic as well as international private banking teams.  We view her appointment as Branch Manager of our newly formed Miami office as a sign of our commitment to servicing global investors as well as attracting highly talented advisors to our firm.”

Harb has more than 20 years of experience in the financial services industry. She joins IPG from Wunderlich Securities, Inc. most recently serving as a Managing Director and Branch Manager in their Miami office. Prior to this, she worked for Dominick and Dominick as a Branch Manager. Earlier in her career, she held various compliance, operations and client management positions as Donaldson, Lufkin & Jenrette.

“I am very happy to be joining the IPG team” said Harb. “IPG has outlined a very clear vision for their growth and are truly committed to international wealth management and private banking. In addition, they have the technology, lending, trading and custodial platforms that support the needs of advisors with a global client base. I look forward to applying my expertise to this new opportunity with IPG”.

Headquartered in San Diego California, IPG is comprised of a group of affiliated financial service companies specializing in providing various wealth management and private banking services.