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A Deep-Dive into the Markets of the Future and Opportunities in the Luxury Scene

La llave de los mercados de lujo del futuro, de la mano de reconocidos líderes de la industria — Stella McCartney, Christian Louboutin and William P. Lauder, among the speakers. Photo: kentwang . A Deep-Dive into the Markets of the Future and Opportunities in the Luxury Scene

Now in its tenth year, the FT Business of Luxury Summit has become established as the premium thought leadership gathering for senior luxury executives, industry leaders, corporate decision makers and financiers from around the world.

Taking place in luxurious setting of the St. Regis Hotel in Mexico City, the 2014 Summit will take a deep-dive into the markets of the future, from the geographic to the virtual, and the value systems that make the difference.

The Summit will be lead by Lionel Barber, Financial Times’s Editor, and among the speakers will be the designer Stella McCartney (OBE); Bottega Veneta’s President and CEO Marco Bizzarri; Christian Louboutin’s Founder, Christian Louboutin; and Executive Chairman at Estée Lauder Companies, William P Lauder.

Other speakers will be Caroline Brown, President, Carolina Herrera; Jean Cassegrain, CEO, Longchamp; Roberto Stern, CEO & Creative Director, H.Stern; Andrew Keith, President, Lane Crawford and Joyce; Martin Wolf, CBE, Chief Economics Commentator, Financial Times; Yi Zhou, Multimedia artist, Art Director, tudou.com and Sina & Weibo ambassador.

This Summit will be a good opportunity to learn about 15 key markets of the future – both emerging geographical markets and virtual channels (social media, art, sport and sustainability) and discover how the world’s most prominent brands are looking to capitalise on them. Also, to gain incisive marketing intelligence from industry peers, participate in debates and hear the results of specially commissioned research. And to meet senior luxury executives from around the world at a series of networking functions incorporated into the programme, including a Welcome Reception at the exciting new Museo Jumex and a Gala Dinner at the spectacular Convento de San Hipólito.

Financial Times Business of Luxury Summit will take place on May 11, 12 and 13th. To see the programm follow this link.

TIAA-CREF to Purchase Nuveen Investments

| For Alicia Miguel | 0 Comentarios

TIAA-CREF, a leading financial services provider, announced today an agreement to acquire Nuveen Investments, a diversified investment management company with approximately $221 billion in assets under management. The acquisition further strengthens TIAA-CREF as a leading provider of retirement and financial services and significantly expands the products and services available to help customers achieve financial well-being at all stages of their lives. Additionally, the transaction adds diversification to TIAA-CREF’s investment and distribution platform while bolstering its award-winning mutual fund offerings.

Nuveen, a trusted industry leader, will benefit from the enhanced resources, scale and strength that the transaction will add to its platform. Nuveen’s clients and the advisors and consultants who serve them will continue to benefit from the firm’s and its affiliates’ commitment to high quality performance, integrity and client service.

TIAA-CREF is acquiring Nuveen from an investor group led by Madison Dearborn Partners, a private equity investment firm, for an enterprise value of $6.25 billion, inclusive of Nuveen’s outstanding debt. Nuveen will operate as a separate subsidiary within TIAA-CREF’s Asset Management business, retaining its current multi-boutique business model and continuing to support its investment affiliates through scaled distribution, marketing and administrative services. John Amboian will remain the chief executive officer of Nuveen, and Nuveen’s current leadership and key investment team will stay in place.

The transaction enhances TIAA-CREF’s position as a world-class financial services organization with broad market presence. TIAA-CREF and Nuveen have highly complementary investment capabilities and distribution reach across a wide range of retail and institutional client segments. The addition of Nuveen brings TIAA-CREF’s total assets under management to approximately $800 billion.

“For nearly a hundred years, we have been wise financial stewards for those who make a difference in the world in the academic and non-profit communities,” said Roger W. Ferguson Jr., president and chief executive officer, TIAA-CREF. “The acquisition of Nuveen can generate greater returns that will benefit our customers. This transaction “reinforces our position as a leading diversified financial services organization with a broad mix of product offerings to serve clients today and those in retirement for decades to come.”

“We are pleased to bring our clients around the globe access to new investments and strategies through our partnership with an experienced, market-tested investment firm like Nuveen,” said Robert Leary, executive vice president, TIAA-CREF, and president, TIAA-CREF Asset Management. “In addition, Nuveen’s strong distribution network will give us growth and scaled presence in several important channels through relationships built around experienced investment managers with strong track records.”

“We are delighted to partner with TIAA-CREF, which stands among the most highly respected financial institutions and possesses an unparalleled pedigree in retirement services and investment management,” said John Amboian, chief executive officer, Nuveen Investments. “The clients of Nuveen, and each of our investment affiliates, will benefit from TIAA-CREF’s support of our multi-boutique approach and from the continuity of our client services, our brands and our professionals, whose interests will remain strongly aligned with our long-term success. Nuveen and TIAA-CREF share similar values and the same high standards of service and we are excited about the opportunity to further serve our clients.” Mr. Amboian continued: “The Nuveen team and I also would like to thank Madison Dearborn for their support and guidance in helping us advance our strategy and grow our business even in the midst of a very challenging and competitive market environment.”

“We are proud of the accomplishments Nuveen has made in recent years and its status as a provider of top performing investment funds,” said Sam Mencoff, co-chief executive officer, Madison Dearborn Partners. “TIAA-CREF is the right home for Nuveen and its investment affiliates moving forward. We thank John and his team for their partnership and we wish them well as Nuveen enters this exciting new chapter.

“The transaction will provide clients with additional investment choices and access to new products. Enhanced investment capabilities from the combination of TIAA-CREF and Nuveen will span both traditional and alternative investments comprising a diversified range of assets including equities, taxable and tax-exempt fixed income and credit strategies, commodities, real estate and real assets.

The transaction gives TIAA-CREF two award-winning mutual fund complexes with $181 billion of aggregate AUM. This year, for the second year in a row, TIAA-CREF was named by Lipper as the Best Overall Large Fund Company, a distinction separately awarded to Nuveen in 2012. Additionally, ninety-eight percent of TIAA-CREF’s mutual funds receive an overall Morningstar rating of three or more stars across all asset classes (As of March 31, 2014, 41% have 3 stars, 42% have 4 stars, and 15% have 5 stars). Ninety percent of Nuveen’s funds have an overall Morningstar rating of three or more stars across all asset classes as of March 31, 2014.

The boards of directors at both TIAA-CREF and Nuveen each have unanimously approved the transaction. The acquisition is expected to be complete by year-end 2014, subject to customary closing conditions.

Lazard acted as lead financial advisor to TIAA-CREF and J.P. Morgan Securities LLC also acted as financial advisor to TIAA-CREF. BofA Merrill Lynch, Wells Fargo Securities, LLC and Citigroup Global Markets acted as financial advisors to Nuveen Investments. UBS Investment Bank, Goldman Sachs & Co. and Moelis & Company acted as financial advisors to the Nuveen management team. Morgan Stanley, Deutsche Bank and RBC Capital Markets acted as financial advisors to Madison Dearborn Partners.

Roque Calleja Moves to BlackRock’s Mexico Office to Develop Relationships with Afores

| For Alicia Miguel | 0 Comentarios

Roque Calleja has recently moved to BlackRock’s Mexico office as a Vice President, responsible for developing and maintaining relationships with institutional investors in Mexico and Central America.

In this role Mr. Calleja works with clients to provide insight about BlackRock’s active strategies and how these products can deliver desired investment outcomes.

Mr. Calleja’s joins BlackRock’s Mexico office from New York, where he supported BlackRock’s Latin America and Iberia business and was responsible for managing the retail offshore wealth business in the Northeast region, based in New York.

Mr. Calleja’s joined BlackRock in 2009 as a member of BlackRock’s iShares business in Iberia. Mr. Calleja earned a BA degree in business administration and a Master’s degree in Business Strategy from the Francisco de Vitoria university in Madrid, Spain. Mr. Calleja also holds a master’s degree in alternative investments and Hedge Funds by the Instituto de Estudios Bursatiles (IEB) university in Madrid.

Spring in Emerging Markets

| For Elena Santiso | 0 Comentarios

Emerging market (EM) equities and bonds have performed remarkably well in the past months. A lot of bad news seems priced in and with lower immediate risk, investors dare to step in again. In this enviroment, ING Investment Management have closed most of the underweight positions in EM but remain cautious for the medium to longer term.

In last week’s Marketexpress we wrote about the surprisingly resilient EM currencies. Despite the seemingly hawkish comments of Fed Chairwoman Yellen and the increasing worries about Chinese growth and its financial system, EM currencies as a whole have appreciated since the second half of March.

EM bonds and currencies perform well since end of January

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Policy response China after accumulation of bad news

The asset manager mentioned that one likely explanation for the EM resilience was that the reports from China had become so bad that markets interpreted them as good news: every disappointing figure was one step closer to a policy response. And indeed, last week the Chinese authorities announced a number of stimulus measures which are quite similar to the ‘mini stimulus’ package that was announced last year. The measures include accelerated spending on rail projects and public housing and extended tax relief for small businesses. Although the magnitude and effectiveness of the stimulus should not be overestimated, it should help to underpin the sentiment towards China and emerging markets.

A lot of negative news about EM is priced in

Next to that, after more than a year of strong capital outflows, markets have priced in a lot of negative news. The increasing evidence of financial system stress in China and the aggressive intervention of Russia in Ukraine have been important negative news items in the past months, but failed to push EM currencies significantly lower. This suggests that the downside risk for EM assets is lower than it has been for a while.

You can read the entire article on the attached document.

BNY Mellon Appointed as AIFMD Depositary by Dutch Pension Fund Administrator PGGM

| For Alicia Miguel | 0 Comentarios

BNY Mellon, a global leader in investment management and investment services, has been appointed by PGGM Vermogensbeheer B.V., the investment management arm of Dutch pension fund administrator PGGM, to provide depositary services under the Alternative Investment Fund Managers Directive (AIFMD) for assets valued at EUR14 billion.

In addition to safekeeping the funds’ assets, which are held within five fixed income investment funds, BNY Mellon will provide oversight functions and perform cash monitoring as required by AIFMD.

Based in Zeist in the Netherlands, PGGM provides pension management, integrated asset management, management support and policy advice for pension funds. PGGM manages about EUR160 billion assets (as at March 2014) on behalf of more than 2.5 million Dutch participants.

Leonique van Houwelingen, Country Executive for the Netherlands at BNY Mellon, said: “BNY Mellon’s local presence and expertise in the Netherlands, our proven depositary and trust capabilities in Europe, and the flexibility we can offer were all key factors in PGGM’s decision to appoint us as their AIFMD depositary.

“We are well-placed to provide comprehensive support for our clients as they prepare for the far-reaching changes that AIFMD will bring. In addition to new requirements around reporting, operational, technology and control infrastructures, the Directive mandates the segregation of risk management and valuation functions from portfolio management. Through our fully licensed Amsterdam branch, we are able to provide comprehensive depositary bank services in The Netherlands to ensure compliance before the final deadlines of each respective regulation.”

Van Houwelingen added: “BNY Mellon has maintained a substantial operational presence in the Netherlands over the years. We are committed to leading the way when it comes to supporting Dutch fund managers impacted by AIFMD. The depository bank function is already a key element of our regional offering, and we have a well-established and robust track record in this space in Belgium, Germany, Ireland and Luxembourg.”

The new mandate extends BNY Mellon’s long-standing custodian relationship with PGGM. BNY Mellon currently services fund assets valued at EUR1 trillion and over 1,600 funds across the region.

Article 21 of AIFMD requires that an AIFM must ensure a single depositary is appointed for each alternative investment fund it manages. The depositary will handle the safekeeping of financial instruments and other assets; ensure proper and effective monitoring of the fund’s cash flows; carry out various monitoring and oversight tasks; and implement client reporting and escalation procedures to the manager and regulators in the event of breaches.

The Carlyle Group Names Jeff Holland Head of Private Client Group

| For Alicia Miguel | 0 Comentarios

Global alternative asset manager The Carlyle Group has announced that Jeffrey C. Holland has joined the firm as Managing Director and Head of the Private Client Group. Mr. Holland comes to this newly-created position from Cole Real Estate Investments, Inc. where he was President and Chief Operating Officer, overseeing the Private Capital and Real Estate groups. Mr. Holland joined the firm on March 17^th and is based in New York.

Mr. Holland will oversee the group responsible for the development of Carlyle’s relationships with individual investors and intermediaries serving these investors. The group led by Mr. Holland will focus on arrangements with bank feeder funds and other financial advisors through which high net worth and other qualified individuals may gain access to an array of Carlyle alternative asset products. Mr. Holland will also be responsible for the development and marketing of additional registered and non-registered products that may become more broadly available, including hedge funds, credit-oriented funds and other trading strategies offered through Carlyle’s Global Market Strategies and Solutions business segments.

David M. Rubenstein, Co-Founder and Co-Chief Executive Officer, said, “Individual investors – private clients who have a broad range of investment capacity – seek the same access to our fund strategies that institutional clients have had for decades. Providing qualified individuals greater access to alternative assets and developing new products and platforms that are accessible to retail investors and mutual funds is a priority for Carlyle, and Jeff brings to this effort extensive experience in designing, developing and launching innovative products.”

Mr. Holland said, “This is a great opportunity to bring Carlyle’s institutional brand and record of excellence into the private client arena, through a variety of products, from retail mutual funds to private placements. I look forward to working with the Carlyle team to further build on their early successes.”

Prior to his work at Cole Real Estate Investments, Inc., Mr. Holland was a Managing Director and Chief Operating Officer for US Retail at BlackRock, Inc. Earlier he was a Vice President of Consulting Services at Raymond James & Associates and held positions with Capital Resource Advisors and McKinsey & Company Inc. Mr. Holland holds a Chartered Financial Analyst designation and is a member of the CFA Institute.

Mr. Holland, 42, earned his B.A. from the University of Puget Sound and his J.D. from Harvard Law School.

Euro-Zone Deflation: Making Sure ‘It’ Happens Here?

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Deflación: haciendo lo posible por que sí se instale aquí — Wikimedia CommonsPhoto: World Economic Forum. Euro-Zone Deflation: Making Sure ‘It’ Happens Here?

In one of his most famous speeches, recently retired Chairman of the US Federal Reserve, Ben Bernanke, set out how he would ensure deflation did not take hold in the US economy. The remarks to the National Economists Club in Washington DC were titled ‘Deflation: Making sure ‘it’ doesn’t happen here’.

The speech, which compared the remedy of sweeping tax cuts and open market purchases of assets to Milton Friedman’s helicopter drop of money, led him to be dubbed ‘Helicopter Ben’. The speech, which at the time was addressing the low rates of inflation in the US at the time, actually proved to be prescient and many of the policies set out were implemented in the aftermath of the global financial crisis.

Nearly twelve years after this landmark speech and five and half years after ‘Lehman Day’ is the European Central Bank (ECB) both ignoring Bernanke’s sage words and risking a debilitating debt deflation in the euro area?

Inflation in the euro zone is close to the bottom of the range of historic outcomes available from Eurostat. What then were the factors behind such a sharp and sudden change in euro-zone inflation relative to forecast just a few months previously? According to the report by Investec Asset Management, it is energy that has been driving inflation lower in recent months and, in particular, the base effect from 2012’s large increases, when energy prices were increasing at between 8% and 9%.

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However, this is not the entire story. When disaggregating the data into the underlying countries that make up the euro zone, it becomes immediately clear that the peripheral euro-zone countries are flirting with outright deflation, whereas the more solid core countries are comfortably within historical norms.

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This, of course, is a direct result of the structural adjustments the stressed euro-zone countries are undertaking without the traditional remedy of currency devaluation. This so-called internal devaluation has seen wages, consumption and government spending slashed. Ben Bernanke would not have been surprised by the flirtation with deflation in the periphery as he made clear in his 2002 speech: “deflation is in almost all cases a side effect of a collapse in aggregate demand – a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.”

What would Dr Bernanke prescribe?

ECB President Draghi believes Europe will not slip into sustained deflation and has only adopted one of Bernanke’s five measures to avoid deflation.

In his 2002 speech, Bernanke noted that, in the first instance, it was necessary for central banks to preserve a buffer zone, which reduces the risk that “a large, unanticipated drop in aggregate demand will drive the economy far enough into deflationary territory.” There can be little doubt the euro-zone crisis qualifies as large and unanticipated and so it’s too late for buffer maintenance. The table sets out the ex-Chairman’s other recommendations and Investec’s view of whether or not they have been adopted by the ECB.

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Investec is concerned that the euro zone is in a fundamentally dis-inflationary environment. At present deflation is concentrated in a limited number of periphery euro-zone countries rather than the core. If it spreads, deflationary alarm bells will start to ring more loudly.

In this environment, Investec prefers German bunds and is underweight in Italy and Spain, and it has a preference for European equities over US equities on valuation grounds.

You may access the full report through this link.

Pension Systems from Mexico to Chile will Channel Greater Percentages of Assets Outside of Their Borders

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The Latin American pension system has grown to more than US$900 billion in assets under management, according to new research from global analytics firm Cerulli Associates.

“The pension industry in Latin America has been a key source of allocations for global managers and exchange-traded fund sponsors over the years, and promises to grow in importance as the size of these privatized social security systems quickly expand,” comments Nina Czarnowski, senior analyst at Cerulli. “Local capital markets will eventually be unable to absorb these additional flows.”

In their Latin American Distribution Dynamics 2013: Closed Markets Begin to Mature and Open report, Cerulli analyzes distribution and product development trends in the six key local mutual fund and pension fund markets–Brazil, Mexico, Chile, Colombia, Peru, and Argentina.

“Cross-border distribution to the regional pension industry remains the biggest opportunity. The good news is that, while highly competitive, it remains a fairly low-cost endeavor,” Czarnowski explains. “In fact, some of the top global managers in the region have succeeded in gaining more than US$5 billion each without a local office, or a local product.”

To the credit of the pension managers themselves, performance, global expertise, and on-going support have been the most-sought-after characteristics when choosing among cross-border managers.

“There has been a flurry of merger and acquisition activity in the pension space in Latin America, beginning in the last quarter of 2012,” Czarnowski continues.

Cerulli’s research finds that the compulsory fund systems from Mexico to Chile are doubling in size every five to six years. As they amass large sums of assets, it will be imperative for them to channel greater percentages of their assets outside of their borders.

Artists Russell Sharon & Ronnie Olabarrieta Open Joint Show at Biscayne Art House

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Ronnie Olabarrieta y Russell Sharon exponen sus piezas abstractas en Miami — Foto cedidaRussell Sharon, Ninoska Huerta and Ronnie Olabarrieta. Photo: Leo Di Tomaso. Artists Russell Sharon & Ronnie Olabarrieta Open Joint Show at Biscayne Art House

Modern art patrons gathered at Biscayne Art House on Brickell, Miami, on Thursday April 3 to celebrate the abstract works of Ronnie Olabarrieta and Russell Sharon. The crowd shared their love for art as they mingled with the artists.

“We are so pleased that both artists were able to fly in for the opening,” said Ana Maria de Piña, manager of Biscayne Art House. “Our shows are really special when the artists are here to share their experiences and their works of art.”

Ronnie Olabarrieta is a Puerto Rican painter and architect. His paintings consist of abstract expressionism and impressionism using vibrant colors and energetic movement in his brushstrokes. His latest works are a playful story of his inner expressions.

Russell Sharon is an American painter, who was born on a farm in Minnesota and studied in Mexico City, Boston and New York. His abstract paintings reduce landscapes into simplistic forms. The latest exhibit was inspired by wetlands and horizon lines.

Biscayne Art House is sponsored BiscayneCapital™, a boutique wealth assessment firm and one of the preeminent providers of banking services to high-net-worth individuals and families in Latin America.

The exhibition will be shown through May 9, by appointment only. For more information email info@biscaynearthouse.com.

Global Demand for Property– Europe Well Placed

| For Alicia Miguel | 0 Comentarios

Real estate as an asset class remains well placed in the current environment, with investors continuing to rotate from bonds into other yielding assets with growth potential.

A recent report by DTZ supports this, showing that there is currently $354bn of capital targeting the real estate sector globally. Europe is accounting for an ever increasing share of this: here, investors have moved up the risk curve with secondary assets and markets such as Spain and Ireland back in vogue. Within the listed property space we have seen a number of newly listed opportunity funds raising money on the equity market to exploit the potential in these markets, focusing on the distressed assets still emerging from overexposed banks.

However, our core focus remains Northern Europe. The UK property market has been a standout performer and has started this year as it finished the last. An impending City and West End office supply shortage, combined with an uptick in occupier demand looks set to force rents materially higher. With financial strength and development exposure, the UK real estate investment trusts (REITs) remain well positioned to take advantage.

In mainland Europe, we remain cautious on the outlook for retail landlords. Inflation is low, online sales are growing, and a nascent economic recovery offers little prospect for rental growth. However, we feel the French office market may soon offer some value with rents now bottoming out. Listed companies, such as Icade, may provide an opportunity to exploit this theme, with shares now trading at discounts to asset values. In Sweden, property fundamentals remain robust with relatively healthy gross domestic product (GDP) growth likely to feed through to capital values in the stronger cities. In Germany, we continue to see value in the residential stocks where demand for rented accommodation is driving modest, but reliable rental growth.

Following a strong run in recent years, we must ask how much of the good news is already reflected in share prices. Our view is that property shares while no longer cheap continue to offer value given the potential for rental growth as economies recover. However, increasingly successful stock picking will be required in order to exploit pockets of stronger growth and greater value.

Guy Barnard, Fund manager of the Henderson Horizon Global Property Equities Fund and Pan European Property Equities Fund