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Fibra Inn Announces Acquisition of Hotel Mexico Plaza Silao in Guanajuato

Fibra Inn, a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, announced the acquisition of Hotel Mexico Plaza Silao, in the state of Guanajuato, which will be the fourth hotel to be converted to Wyndham Garden.

The acquisition price, was Ps. 80 million, plus Ps. 11.2 million in order to pay taxes and expenses related to the acquisition. Fibra Inn’s internal committees approved the purchase of this property, at a projected cap rate of 10%. The acquisition was paid with a second temporary credit line contracted with Banorte, which is expected to be refinanced once the Company formalizes the contract, currently under negotiation. This is a temporary credit line of Ps. 500 million, at a TIIE rate of 2.5 points, for 180 days and without commission.

The conversion to the Wyndham Garden Brand is expected to conclude by the last quarter of 2014. This property has 143 rooms, will operate under the limited service segment; and will be supervised by Fibra Inn under a sub-management structure with the current Hotel Operator.

During 2013, occupancy was 31%, with and average daily rate of Ps. 586.2 and RevPar of Ps. 181.7.

Fibra Inn opted to purchase this hotel for the following reasons, according to the company:

The Bajio region is a strategic area with high growth, and great lodging demand, mainly driven by the automotive industry along with the economic activity that this region generates. Foreign investment has benefited occupancy and room rates, as well as demand for group rates and events.
This city only has 3 chain hotels: one Holiday Inn Express, one México Plaza and one Citi Express.
This hotel is under an improvement phase, which will be accelerated once the conversion to Wyndham Garden takes place.
This hotel is strategically located in front of the Bajio Airport and within 4 kilometers distance from the Puerto Interior complex, which is an industrial park with specialized terminals in train cargo with internal customs.

This hotel is located at Carretera 45 León a Silao en el Km 156 + 400 s/n, Col. Nuevo México, Silao, Guanajuato, near to the Colinas and Fipasi industrial parks.

With this acquisition, Fibra Inn has 23 hotels in its portfolio, plus three under development, with a total of 4,644 rooms, of which 3,746 are currently in operation.

The Search for Yield is Still Alive and Kicking

| For Elena Santiso | 0 Comentarios

While last year we seemed to move to a more growth oriented environment with investors moving out of bonds and bond-like equities into more cyclical equities, the search for yield is still very much alive this year. Besides position squaring behaviour, fundamental drivers firmly underpin this investment theme.

Despite a sharp shift in investor behaviour in many parts of the market, ING IM considerate that the appetite for assets that generate some sort of income has persisted.

Key beneficiaries of the search for yield this year

Theme is driven by long-term trends in growth and inflation

Different from the position-squaring behaviour that seems to drive many of the recent changes in market dynamics, the robustness in the search for yield theme might be more fundamentally driven. Not only have the recent couple of years been crisis-packed for investors, it is also becoming increasingly obvious that underlying trends in growth and inflation are still tilted down rather than up.

Especially in developed markets it is clear that the long-term trends in growth and inflation are at multi-decade lows and have yet to show convincing signs of bottoming.

Given that the combination of these two variables adds up to the total (nominal) income stream that ultimately underpins all financial assets, the intensification of the search by investors for increasingly scarce income sources can be well understood.

What is more, the need for income from an aging population is also increasing. Demand will remain strong for income producing securities including those that pay dividends as well as interest.

To view the complete story, click on the attached document.

S&P Dow Jones Indices Launches Colombia Select Index

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S&P Dow Jones Indices has announced the launch of the S&P Colombia Select Index.

The S&P Colombia Select Index is designed to provide investors with a means of measuring the largest and most liquid stocks domiciled in Colombia. The Index uses a modified market capitalization weighting scheme, providing investors with a broad, yet replicable index covering the Colombian equity market.

S&P Dow Jones Indices has licensed the S&P Colombia Select Index to an affiliate of Horizons ETFs Management (LATAM) LLC to serve as the basis for a forthcoming Exchange Traded Fund based upon the Index.

“The S&P Colombia Select Index employs many of the traits commonly associated with our leading indices. It also provides investors with a means of measuring the largest and most liquid stocks headquartered in Colombia while reducing single stock and sector concentration within the Index”, says says Alka Banerjee, Managing Director and Head of Global Equity Indices at S&P Dow Jones Indices.

“We have a strong business relationship globally with S&P Dow Jones Indices and are pleased to be able to offer their top-tier index strategies to Latin American investors,” says Howard Atkinson, Managing Director of Horizons ETFs Management (LATAM) LLC.

The underlying universe for the S&P Colombia Select Index is all stocks in the S&P Colombia BMI that trade on the Colombia Stock Exchange (the Bolsa de Valores de Colombia or BVC) as domestic stocks. Among other criteria, stocks must also have a float adjusted market capitalization equal to or greater than US$ 200 million as of the rebalancing reference date.

Reinhard Koester Joins Aquiline Capital Partners

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Aquiline Capital Partners, a New York-based private equity firm investing in financial services, has announced that banking industry veteran Reinhard Koester has joined the firm as an investment professional. Mr. Koester joins Aquiline from J.P. Morgan and will focus on banking and credit investments.

“We have known Reinhard for many years and have been impressed by the quality of his work and industry expertise,” said Jeff Greenberg, Chief Executive of Aquiline. “Reinhard will share his expertise across the firm and play a major role on our banking and credit team, which has become one of our most active areas with a range of attractive investment opportunities.”

With over 20 years of financial services experience, Mr. Koester joins Aquiline from J.P. Morgan where he was a Managing Director and Co-head of Specialty Finance and Alternative Asset Managers in New York. Previously, he was with Goldman Sachs as a Managing Director and Co-head of Specialty Finance in New York and a Managing Director in London. He also served as Executive Vice President and Chief Risk Officer for The PMI Group in San Francisco and practiced law as an Associate with Davis, Polk & Wardwell in New York and London. He began his career as a consultant with McKinsey.

Mr. Koester has a J.D. from Yale Law School, an M.B.A. from the University of Michigan and a B.S. from Arizona State University.

“Aquiline has an excellent record of building companies and making successful investments across a range of financial services. I look forward to contributing to the success of the firm and its portfolio companies,” commented Mr. Koester.

Aquiline is a private equity firm based in New York investing globally in financial services enterprises in industries such as banking and credit, insurance, investment management and markets, and financial technology. Aquiline seeks to add value to its portfolio companies through strategic, operational and financial guidance.

Switzerland Agrees to Exchange Tax Information with Other Countries

| For Fórmate a Fondo | 0 Comentarios

Switzerland, one of the world’s largest offshore financial centers, agreed on Tuesday to exchange tax information with other countries automatically, representing a major breakthrough in the international crackdown on tax evasion. Switzerland joins the growing number of nations that have agreed to share tax information, helping to lift the veil of tax secrecy in almost everyone.

The agreement, which was signed on Tuesday at the OECD headquarters in Paris by a total of 47 countries, provides that the tax information will be shared automatically on an annual basis between governments, including taxpayers’ bank balances, dividends, income from interest, and proceeds from sales used to calculate tax on capital gains, Reuters reported.

The signatories are: Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Chile, Colombia, Costa Rica, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Malaysia, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Saudi Arabia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States and the European Union.

Pascal Saint-Amans, Taxation Director of the Organization for Economic Cooperation and Development (OECD), told reporters at a meeting of the group of international experts in Paris that the agreement “clearly puts an end to bank secrecy abuse for tax purposes. This means that governments can actually determine the tax payable by people who thought they could hide in other jurisdictions.”

While most of the signatories were already committed to sharing tax information automatically, the fact that Switzerland signed on Tuesday is a big step in the fight against tax evasion, a struggle which has been intensified by governments since the global financial crisis began and following a series of tax evasion scandals.

As explained by Reuters, financial companies must also identify the ultimate beneficiaries of shell companies, trusts and similar legal entities which can currently be used to evade taxes.

Swiss Banking Reaction

The Swiss Bankers Association reacted quickly and issued a statement stressing that the measure had already been planned for a year, so it does not come as a surprise to the Swiss banks. “Banks in Switzerland are willing to adopt the automatic exchange of information, along with other financial institutions, provided that the information exchanged applies exclusively for tax purposes.”

Switzerland joins the group signing the agreement, which includes other members of the OECD, the G-20 countries and other leading offshore financial centers like the Cayman Islands and Jersey. The overall standard has been developed by the OECD and endorsed by the G20 group, says the Financial Times.

Some offshore account holders have transferred their money to a handful of offshore centers such as Panama and Dubai, which have resisted this transparency initiative. Asian centers like Hong Kong and Singapore, which have clients predominantly from Asia Pacific and Middle East, have been less affected by far by the demands for greater transparency, although Singapore has already signaled its willingness to assist other governments to clamp down on tax evasion.

This last statement does not provide a deadline for the exchange of information. However, in March almost all countries pledged to adopt the exchange of information soon, and the deadline has been set for September 2017 to inform governments of origin of investors’ taxation data, which will begin to be collected from 31^st December 2015.

Should you wish to see the Declaration on Tax Information Exchange you can do so on the attachment above.

Down Under: Commodities to Consumption

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Ever since China’s demand for commodities intensified around 1999, its increased reliance on imported energy and minerals has underpinned Australia’s boom in the natural resources industry. Naturally, as China’s import growth has recently slowed, materials and energy sector firms in both Australia and New Zealand have grown cautious about their business prospects.

As a result, some mining companies are now looking into programs to reduce their operating costs such as driverless trucks to haul such resources as iron ore. Some companies are seeking to cut capital expenditure and exploration budgets by as much as 25% this year. In March, I met more than two dozen companies from Australia and New Zealand. A common theme among them all was how the economic rotation in China is impacting their economies.

But despite the potential slowdown in commodity investment, the economies of Australia and New Zealand appear well-placed given a pickup in other sectors such as housing and tourism. Trade with China is no longer just a resources story.

Big cities, such as Auckland, Melbourne and Sydney, have witnessed such a surge in demand from buyers in Asia that fears of a housing bubble have been sparked. Home prices in major Australian cities rose 9.8% in 2013, the fastest calendar-year growth since 2009, according to the RP Data-Rismark Home Value index. Home prices in Australia have reached all-time highs as measured by household income, and New Zealand also ranks high among pricey real estate markets.

Chinese vacationers have also been reinvigorating tourism Down Under. Visitors from mainland China have been growing at a double-digit pace, and some economists estimate that if the current pace of tourism continues, China could surpass neighboring New Zealand as Australia’s primary source of visitors. A growing class of more affluent travelers is emerging not only from China but all over Asia, eager to travel abroad. Apparently the lure of a pollution-free holiday spent in the lush, unspoiled outdoor beauty of Australia and New Zealand is a strong one for Chinese tourists. In a recent survey by the China Tourism Academy, Chinese tourists ranked New Zealand as the most desirable travel destination out of a survey of 22 locales (Australia placed 4). To boot, New Zealand has plans to open a world class exhibition, casino and hotel project in Auckland that is expected to draw Chinese tourists after its scheduled 2016 opening.

In addition to revenues directly tied to tourism, Australia has also benefited from investment in the hospitality sector; Hong Kong and mainland Chinese investors accounted for 18% of those investments in 2013.

Australia and New Zealand may not have traditionally been thought of as part of Asia. In the recent past, they may have been seen more as just derivatives of Asia’s demand for commodities. But to assume that their relationship to Asia depends only on the commodity-intensive growth of the past is to ignore the attractions that these two countries hold for Asia’s rising middle class. Tourism is but one example of the growth opportunities we find.

Opinion column by Tarik Jaleel, CFA. Research Analyst, Matthews Asia

The views and information discussed represent opinion and an assessment of market conditions at a specific point in time that are subject to change. It should not be relied upon as a recommendation to buy and sell particular securities or markets in general. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Matthews International Capital Management, LLC does not accept any liability for losses either direct or consequential caused by the use of this information. Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. In addition, single-country funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific geographic location. Investing in small- and mid-size companies is more risky than investing in large companies, as they may be more volatile and less liquid than large companies. This document has not been reviewed or approved by any regulatory body.

Manulife AM Awarded More Than US$2.5 Billion in Institutional Mandates

| For Alicia Miguel | 0 Comentarios

Manulife Asset Management won a series of institutional mandates during the first quarter of 2014 which brought in more than US$2.5 billion in new assets. Notably, a US$1.2 billion global equity mandate was awarded by St. James’s Place, a UK wealth management firm based in London. The St. James’s Place mandate will be managed by Manulife Asset Management’s Global Equity team, led by Paul Boyne and Doug McGraw.

Sales for Manulife Asset Management were diversified across various asset classes and regions. Wins in North America included several new allocations to the firm’s Strategic Fixed Income Strategy, managed by Daniel S. Janis III, Thomas Goggins and Kisoo Park, as well as mandates to the firm’s Total Return Bond Strategy, managed by Peter Farley, Bond Griffin and Jeffrey Given.

Significant new mandates were awarded in Asia. These mandates came from diverse clients including two sovereign wealth funds that invested in the US Large Cap Core Strategy, managed by Walter McCormick and Emory (Sandy) Sanders. In addition, Manulife Asset Management was awarded several new asset allocation mandates across the region.

“We are honored to be selected for these important investment mandates. As with all of our clients, we look forward to long business partnerships managing their assets,” said Christopher Conkey, Manulife Asset Management‘s Global Chief Investment Officer.

Assets of ETFs and ETPs Listed in the USA Reached a New Record High

| For Alicia Miguel | 0 Comentarios

ETFs and ETPs listed in the United States gathered US$19.9 billion in net new assets in April which, when combined with a small positive market performance in the month, pushed assets in the US ETF/ETP industry to a new record high of $1.76 trillion, according to preliminary data from ETFGI’s April 2014 Global ETF and ETP industry insights report. At the end of April 2014, the US ETF/ETP industry had 1,577 ETFs/ETPs, from 57 providers listed on 3 exchanges.

The ETF/ETP industry globally hit a record high of US$2.49 trillion in assets at the end of April 2014.

“In April, as was the case in March, investors continued to show a strong preference to equity allocations. Equity markets were again choppy in April – the S&P 500 closed at an all-time high on April 2nd but ended the month up less than 1%. The DJIA closed the month at an all-time high of 16,581. Outside the U.S., developed markets improved slightly; European equities continued to strengthen, while emerging markets remained flat for the month.” according to Deborah Fuhr, Managing Partner at ETFGI.

In April 2014, ETFs/ETPs listed in the United States gathered net inflows of US$19.9 Bn. Equity ETFs/ETPs gathered the largest net inflows with US$16.8 Bn, followed by fixed income ETFs/ETPs with US$3.1 Bn, while commodity ETFs/ETPs experienced net outflows of US$1.4 Bn.

YTD through end of April 2014, ETFs/ETPs have gathered net inflows of US$34.9 Bn which is significantly below the US$65.6 Bn in net inflows gathered at this time in 2013. Equity ETFs/ETPs gathered the largest net inflows YTD with US$18.3 Bn, followed by fixed income ETFs/ETPs with US$13.4 Bn, while commodity ETFs/ETPs experienced net outflows YTD of US$1.4 Bn.

In April 2014, iShares gathered the largest net ETF/ETP inflows with U$8.2 Bn, followed by Vanguard with US$5.7 Bn in net inflows, and SPDR ETFs with US$4.7 Bn in net inflows.

Invesco Expands Product Range with Eye Toward Inflation Protection and Income

| For Alicia Miguel | 0 Comentarios

As financial advisors continue to look for ways to diversify client portfolios to reach savings goals, Invesco has announced the launch of three new mutual funds – Invesco Global Infrastructure Fund, Invesco Strategic Income Fund and Invesco Strategic Real Return Fund.

“We are always looking for ways to leverage the depth and breadth of our investment management capabilities to meet client needs,” said Gary Wendler, Head of Product Development & Investment Measurement/Risk. “These funds give our clients additional tools and a fresh approach to build portfolios that seek to address two very important needs in light of the current and potentially future market backdrop.”

Invesco Global Infrastructure Fund is the newest addition to Invesco’s suite of alternative mutual funds that seeks to provide total return through growth of capital and current income. It may also provide investors with a hedge against potential inflation and an opportunity for portfolio diversification. The fund will invest in equity securities of companies with infrastructure assets in the US and abroad, including up to 20% in master limited partnerships, and be managed by the Invesco Real Estate team, which oversees approximately $60 billion in real assets (physical/tangible assets that have intrinsic value like real estate investment trusts and direct property).

The team is bolstered by its global presence with 18 offices in 12 different countries. With the Invesco Global Infrastructure Fund the management team will attempt to maximize predictability and consistency of investment returns and minimize risk through strict attention to portfolio design.

“Our comprehensive approach to stringent research and our global reach helps us identify investment value. We believe compelling long-term performance can be achieved by investing in infrastructure companies with highly visible cash flows, strong balance sheets and dependable demand characteristics,” said Joe Rodriguez, lead portfolio manager for Invesco Global Infrastructure Fund and Head of Global Real Estate Securities for Invesco Real Estate. “Our team’s investment focus has always been on utilizing local market expertise to best evaluate the cash flows derived from tangible, long-lived assets.”

Invesco Strategic Income Fund and Invesco Strategic Real Return Fund offer a new approach to the fixed income markets for those looking to potentially capture additional income or even growth. Both funds will draw from the experience of Invesco Fixed Income, which manages more than $230 billion in fixed income assets.

“Given the potential for rising interest rates, which can put more traditional bond strategies under pressure, now may be the time for investors to consider new tactics to generate income and provide growth in their portfolios,” said Rob Waldner, Head of Global Macro and Chief Strategist for Invesco Fixed Income and portfolio manager of the Invesco Strategic Income Fund.

Invesco Strategic Income Fund will look to provide current income, and secondarily long-term growth of capital, by investing primarily in US and foreign debt securities, including emerging market debt securities. The team will broadly pursue income across such global fixed income sectors as high yield and investment grade credit, emerging markets, bank loans, and foreign and US government securities.

The management team will use a top-down analysis of macroeconomic trends along with bottom-up fundamental analysis of market sub-sectors and individual issuers from more than 70 specialized research analysts to identify investable information advantages. The dynamic balancing of the top-down and bottom-up investment views is designed to help the team identify and take advantage of opportunities in any market environment or geographic region. The investment process is underpinned by a strategic allocation across fixed income markets that allows for tactical adjustments in an effort to capitalize on relative value and forward looking expectations.

Invesco Strategic Real Return Fund will seek to mitigate the effects of unanticipated inflation and to provide current income. The fund will employ a diversified approach to managing inflation risk by using different fixed income asset classes, including Treasury Inflation Protected Securities (TIPS), high yield bonds and bank loans, which have the potential to perform well in inflationary environments while still offering competitive yield. The management team will use a top-down analysis of macroeconomic trends along with bottom-up fundamental analysis of market sub-sectors and individual issuers from more than 70 specialized research analysts to identify investable information advantages throughout a market cycle. A risk-parity approach will be employed to determine initial asset allocation of fund holdings and then input from Invesco Fixed Income’s Investment Strategy Team will be used for ongoing allocation decisions.

“With yields so low and credit spreads tight, we believe some investors are going to have to broaden their search for opportunities in the bond markets,” Mr. Waldner said. “We are transitioning to a new investing environment and it will be important to be prepared with a well-defined macro investment strategy. These new products offer a more active approach to asset allocation and security selection, which we believe benefits investors as opportunities shift between market/sector rotation and security selection.”

Bank Leumi USA Appoints Mason C. Salit as Head of U.S. Private Banking

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Bank Leumi USA has appointed Mason C. Salit as the Head of U.S. Private Banking.

Mason will lead the private banking team through Bank Leumi USA’s personalized and client-focused approach to ensure that the financial objectives of clients are met through a variety of innovative products and services.

Mason has more than 25 years of experience in the global financial services industry. Prior to joining Bank Leumi USA, he served as the Wealth Market Leader at TD Wealth. Mason was the Head of International Private Banking at HSBC Private Bank in New York and also spent 17 years with Citigroup in various wealth management roles.

Mason received his undergraduate degree from the State University of New York at Binghamton and his MBA from New York University’s Stern School of Business.

Mason added, “Our focus is on holistic wealth management and success is achieved when we work with our clients as strategic partners. It is about providing the best solutions for our clients, which is why we serve families generation after generation.”

Bank Leumi USA, the largest subsidiary of the Leumi Group, has operated in the U.S. for more than fifty five years. It is an FDIC-insured, full-service commercial bank providing financial services to middle market firms and international businesses through offices in New York, California, Florida, Illinois and a representative office in Israel. Bank Leumi USA offers U.S. and international private banking services as well as a full range of securities and insurance products through its brokerage subsidiary, Leumi Investment Services Inc. (LISI). (LISI) is a FINRA and SIPC member, and investments purchased through LISI are not FDIC insured, have no bank guarantee, and may lose value.