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Hines Sells a Portfolio of Six Mexican Properties to Fibra Uno

Fibra Uno cierra la adquisición del portafolio Hines en varios estados de México — . Hines Sells a Portfolio of Six Mexican Properties to Fibra Uno

The Mexico City office of Hines, the international real estate firm, has announced the sale of a portfolio of five industrial assets and one retail center to Fibra Uno, a Mexico-based real estate investment trust. Financials on the deal were not disclosed. The Mexico City office of Savills represented Hines in the transaction, while Fibra Uno was self-represented.

The 100 percent leased industrial portfolio consists of five assets with an NRA of 119,133 square meters (1.3M square feet). Two of the properties are located in Guadalajara, one in Irapuato, one in Aguascalientes and one in San Luis Potosi. Hines developed the portfolio in 2009, and the predominantly international tenant base is comprised of a mix of light manufacturing and logistics operations.

The 98 percent leased retail center, CityCenter Merida, is a thriving, 26,264-square-meter, open-air shopping/entertainment center in Merida, on the Yucatán Peninsula. The property contains more than 60 shops and restaurants, including a Walmart Supercenter, La Europea gourmet specialty store, a Cinemark XD cinema complex, in addition to a host of the city’s most popular bars and restaurants. Since Hines completed the project in 2010, CityCenter Merida has established itself as the most vibrant retail and entertainment center in the city.

“Hines is proud of the quality of the assets we have developed, and we view this sale as another example of the firm’s strength as both a developer, and a shrewd investor in institutional -grade real estate across Mexico,” stated Hines Senior Managing Director Palmer Letzerich. “We have confidence in Mexico’s growth potential, evidenced by the strong returns generated by this portfolio. We also view this transaction as a harbinger of the increasingly positive real estate investment market here as well as our team’s ability to successfully execute south of the border”.

Hines Managing Director – Investment Management, Michael Krause, added, “Over the last 10 years, Hines has invested over $850M across the major markets of Mexico. This most recent and successful monetization paves the way for Hines to execute on the subsequent five year investment strategy of placing $250M in select office and industrial acquisitions and developments.”

Hines entered the Mexico real estate market in 1992. Currently, the firm owns and manages approximately 14 million square feet of office, industrial and retail space there. Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,283 properties representing more than 516 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties.

BBVA Compass Acquires Simple to Accelerate BBVA’s Digital Banking Expansion

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BBVA Compass compra Simple para acelerar la expansión digital del grupo BBVA — Joshua Reich, co-founder and CEO at Simple, and Shamir Karkal, co-founder and CFO. BBVA Compass Acquires Simple to Accelerate BBVA's Digital Banking Expansion

BBVA has agreed to acquire Simple, a US-based company that has created a new standard in digital banking. The acquisition is part of BBVA’s strategy to lead the technology-driven change that is transforming the financial services industry. The transaction values Simple at $117 million.

BBVA will complete the purchase through US-based BBVA Compass Bancshares, Inc., which will in time help Simple develop new products and services. With the support of the BBVA Group, Simple will be able to expand beyond the US and enter new markets.

“Simple’s customer experience is unmatched in the digital banking world,” said BBVA Chairman & CEO Francisco González. “Simple will reinforce our global digital transformation while BBVA will provide the means to help Simple maximize its outstanding growth potential.”

Simple, based in Portland, Oregon, was founded in 2009 and its commercial launch took place in July 2012. It now has more than 100,000 customers across the United States, a fivefold increase since the end of 2012. Simple offers users everything they need to spend smarter and save more. Customers get a Simple Visa® card, powerful iOS and Android apps, integrated savings tools, and real customer service.

Simple will continue to operate separately under the same brand, with the same philosophy and approach to customer experience. Joshua Reich, co-founder and CEO, and Shamir Karkal, co-founder and CFO, will continue to lead the 92-employe team that works at Simple.

“Joining with BBVA gives Simple the resources and global footprint we need to see our vision writ large,” said Joshua Reich. “BBVA believes in our vision and the course we have set to transform the industry.”

Commitment to innovation

The investment in Simple is yet another example of BBVA’s commitment to innovation amid the rapid technology-driven change that is transforming the financial services industry. BBVA is introducing new products and services through a variety of initiatives, developed both in-house and through its investments in leading startups aiming to reinvent the financial services industry.

BBVA, through its corporate venture arm BBVA Ventures, is actively investing in disruptive initiatives in financial services. Some of its current investments include SumUp, the Berlin-headquartered startup enabling mobile point of sale payments; Radius, a US-based company providing business insight into millions of SME businesses; Freemonee, which analyzes its customers’ transactional data to create relevant offers from retailers; Ribbit Capital, a financial technology-focused venture capital fund; and the seed-capital fund and accelerator program 500 Startups. BBVA Ventures operates through BBVA’s representative office in San Francisco.

Grupo Chedraui CFO Named Latin Trade CFO of the Year

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Rafael Contreras Grosskelwing de Grupo Chedraui, CFO del año por Latin Trade — Photo: Chedraui. Grupo Chedraui CFO Named Latin Trade CFO of the Year

The Latin Trade Group announces its selection of Rafael Contreras Grosskelwing, CFO of Grupo Comercial Chedraui, as Latin Trade Group’s CFO of the Year. With this award, Contreras joins the ranks of some of the most distinguished financial executives in Latin America.

Contreras was chosen for “guiding the finances of Grupo Chedraui, his accomplished CFO track record and his passion for future business,” said Ramon Leal Chapa, the Alfa CFO who won last year’s award. Leal Chapa presented Contreras with his award during the Latin Trade CFO Forum at the Four Seasons Hotel in Mexico City.

Present at the event were Latin Trade Group Chairman Richard Burns, Executive Director Maria Lourdes Gallo, Contributing Editor LT CFO Events Mark Ludwig, Chief Mexico Economist Carlos Capistran, and members of the CFO Board of Advisors: Empresas ICA’s Victor Bravo Martin; Bio Pappel’s Mayela Rincon and President of CHPS International LLC Philippe Schrader.

Guests included CFOs, financial directors, credit and country controllers, consultants, chief investment officers, heads of treasury and risk managers from 32 leading Mexican and international companies, as well as guest speaker Rocio Ruiz Chavez, Undersecretary of Competitiveness and Business Regulation at Mexico’s Ministry of Economy.

The event was sponsored by Bank of America Merrill Lynch, BoardVantage, and CAF.

Rafael Contreras became Director of Finance and Administration at Grupo Comercial Chedraui in 2000. His achievements include leading the company’s IPO in 2010, as well as the acquisition of Grupo Carrefour Mexico in 2005. The acquisition of Carrefour opened the doors to the Mexico City market for Chedraui, boosting its sales by 40 percent. The company now has 211 stores in Mexico and is the country’s third largest supermarket chain.

“Our strategies include offering the best prices, which we make sure of by analyzing prices in the market and adjust our prices on a daily basis. We offer a wide range of products, and a comfortable shopping experience for our customers,” Contreras said during his keynote speech.

Before working with Chedraui, Contreras was Corporate Director of Administration and Finance at restaurant operating company Alsea, leading the company’s IPO in 1993.

LT CFO Forum are private events that offer CFOs, finance directors, treasurers and controllers from various industries in Latin America the opportunity to participate in high-level peer group discussions and interact in a private setting. The events equip CFOs with expert insight that helps them prepare for challenges across domestic and international borders.

Since 2005 LT CFO Events foster a greater level of discussion and interaction between senior executives focusing on the trends, challenges and solutions through regional events in Miami and local chapters in key markets in Latin America.

Pioneer Investments Expands Liquid Alternative Offerings

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Global asset manager Pioneer Investments has announced the addition of new liquid alternative strategies through simultaneous product launches across global markets. Three strategies are available as U.S. mutual funds and two are non-U.S. funds available internationally. One of the strategies being offered in the U.S. uses similar investment techniques to a strategy that has been available outside the U.S. since 2010.

“Liquid alternatives represent an important evolution for Pioneer and an area where we have made a significant commitment on a global scale,” said Giordano Lombardo, Group Chief Investment Officer. “We believe global demand for liquid alternatives products will continue to grow as investors seek additional strategies beyond traditional fixed income approaches to manage interest rate and credit risks across all market cycles,” he said.

Pioneer’s liquid alternative capabilities build on the firm’s expertise in managing a wide range of fixed-income strategies aimed at navigating challenging global bond markets, including multisector and unconstrained bond, emerging market debt, and floating rate loan strategies.

Lombardo said, “We believe that our new suite of liquid alternatives strategies offers a differentiated approach that can help meet the needs of a wide range of investors. Pioneer’s approach to liquid alternative investing employs our entire global fixed income expertise in Boston, Dublin and London. We use absolute return strategies that seek to generate positive returns with low or negative correlations to broader fixed income and equity markets. As part of this process, we are expanding the use of our distinctive proprietary risk budgeting capability that we have been using successfully for several years to drive a highly disciplined investment process.”

The new strategies are supported by Pioneer’s global fixed income team of 63 portfolio managers, 27 credit analysts and 12 portfolio construction / risk management analysts. The strategies leverage the company’s global resources in risk management, compliance, distribution, technology, and operations. The products provide daily liquidity and transparency of portfolio holdings, and are available globally in Pioneer Investments’ markets where the products are registered.

The U.S. fund launches are being supported by a wide range of new marketing and education material, including a web site (pioneeralts.com), in-depth blue papers, videos, a glossary of terms related to alternative investing, and access to product-specific materials and content. In addition, specially trained Pioneer sales professionals will be working with financial intermediaries to assist them in preparing to educate potential clients on how these new funds might be incorporated as part of a diversified portfolio.

The funds are distributed globally through a wide range of financial advisors in retail and institutional share classes. Not all products are available in all jurisdictions.

Among the funds are Pioneer Absolute Return Bond Fund, well suited to a rising yield environment and the resulting volatility as investors adapt to higher rates. It offers exposure to investment strategies that strives to deliver positive returns uncorrelated to either interest rate or credit cycles, which we believe will be vital in the coming years. The fund aims to preserve capital while generating positive returns in rising or falling markets. Employing the use of Pioneer Investments’ approach to portable alpha, seeking return opportunities through independent decision-making, the fund does not rely on market beta to generate returns.

The fund is co-managed by Tanguy Le Saout, Head of European Fixed Income, and Cosimo Marasciulo, Head of European Government Bonds and FX, who are based in Dublin and supported by the Dublin-based fixed income teams. LeSaout and Marasciulo have been working together for 10 years.

Pioneer Long/Short Global Bond Fund provides exposure through both long and short positions to a broad range of absolute return strategies focused on fixed income and fixed income-related securities, including derivatives, on a global basis. From this diverse set of strategies, the Fund seeks to identify and isolate specific opportunities designed to generate positive, uncorrelated absolute returns. The fund is managed using an absolute return approach, which means that its portfolio is not managed relative to a securities index. The Fund strives to maintain a durationin the range of -3 to +3 years in an effort to minimize interest rate sensitivity.

Pioneer Long/Short Opportunistic Credit Fund is similar to Pioneer Long/Short Global Bond Fund but under normal circumstances the fund’s average portfolio duration will be between -4 and +4 years. This slightly longer duration means that the fund takes on additional risk. The Fund provides exposure to a broad range of alternative strategies that seek positive returns uncorrelated to traditional asset classes. As compared to Pioneer Long/Short Global Bond Fund, Pioneer Long/Short Opportunistic Credit Fund may utilize a broader range of alternative and traditional investment strategies and asset classes in pursuing positive total returns, including exposure to equities or equity-linked securities on a long and short basis.

Both funds are managed by Thomas Swaney, Head of Alternative Fixed Income, U.S. and Benjamin Gord, Portfolio Manager, Alternative Fixed Income, who are supported by Pioneer’s global fixed income team. Tom Swaney and Ben Gord have more than 17 years of combined experience managing alternative strategies.

The Crisis in Emerging Markets: What Happens When the Tide Goes Down?

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La crisis de los emergentes: ¿qué pasa cuando baja la marea? — Photo: Tenisca, Flickr, Creative Commons.. The Crisis in Emerging Markets: What Happens When the Tide Goes Down?

The latest headlines talk of a slowdown in China, strong currency devaluations in Argentina, Venezuela, South Africa, and Turkey, terrorist attacks in Egypt, protests and government crisis in Ukraine … the impression is that emerging markets are in crisis once again. Against this backdrop, “investors sell first and think later,” says Peter Marber, head of emerging investments at Loomis Sayles & Company, whose products are distributed in Spain by Natixis GAM. Just last week, 6.4 billion dollars in equity funds and 2.7 billion dollars of fixed income had fled emerging markets, while repayments have accumulated in recent months.

The change in monetary policy, especially in the U.S, and a return to growth in the developed world seem to be the main catalysts of the crisis, or at least those which have revealed the structural problems of many developing economies. “The tide is moving away from emerging markets. The prospect of the end of cheap money in developed markets, with the certainty of the end of even cheaper money in China, is forcing up the cost of capital in emerging markets. We’ve seen this scenario before: one emerging country after another are left stranded on the shore when the wave recedes. The weaker ones, such as Argentina and Turkey will go first, and will soon be followed by Brazil, Russia and others.” This quote by Dominic Rossi, Global CIO for Equities at Fidelity Worldwide Investment, summarizes what for many marks a turning point in global capital flows: the tide of capital in search of high returns driven by policies of zero interest rates in the West is now receding, revealing major differences between those who have taken advantage of the high period in external financing, and those whose macroeconomic health has deteriorated.

This reduced funding appears inevitable in an environment of monetary standardization and rate increases (which, according to Robert F. Wescott, member of the Macroeconomic Advisory Council for Pioneer Investments, could reach the U.S. by the end of 2014, or, according to other analysts by 2015 – 2016): “the end of rates at 0% will attract more capital to the developed world. Emerging markets must get used to foreign capital flows between 3% and 3.5% of their GDP, as compared to 7% -10% seen in the past,” said Wescott during a recent presentation in Madrid.

That is partly the reason why emerging markets are immersed in the search for a new economic model which is much more about looking inward: “The 1997-2010 models, which focused on export growth, cannot succeed in a world in which the European Union has current account surpluses while the U.S. is rapidly reducing its trade deficit. The world of emerging markets needs to dust off its agenda of structural reforms which it pushed aside 15 years ago and stimulate their domestic economies. Those who do so will avoid the extended period of low growth, and those who don’t will look back on the past 10 years as a Golden Era,” adds Rossi. Therefore, now more than ever, asset management in emerging markets requires greater evaluation, both by country and by securities.

The Core of the problems: Asia or Latin America?

By region, the stakes are focused on Asia: John Ford, CIO for the Asia- Pacific region at Fidelity Worldwide Investment, is of the opinion that “Asian companies are in a relatively strong position to navigate the storm caused by the withdrawal of artificial liquidity by the Fed. The hard lessons learned from the Asian currency crisis in 1997 means that, for the most part, the structural economic problems uncovered by the conclusion of the Fed policy are largely restricted to countries outside the Asia-Pacific region.” At BofA Merrill Lynch, they also reject the idea of a contagion from Argentina or Turkey to the Asian region due to its lower external debt and lower deficits; therefore they don’t expect aggressive rate hikes in the region.

Invest Now?

In the midst of this crisis, there are those who point out the opportunity presented by entering emerging markets due to the attractive valuations and for another reason: McIntyre, a fund manager at Brandy Wine, Legg Mason’s fixed income manager, sees recovery in the developed world (U.S., Europe and Japan) and in China, rather than as a risk factor, as something which will allow the re-growth of emerging economies through trade. And he reminds us that, when you begin withdrawing monetary stimulus, there will still be global accommodative bias in monetary policy, so the liquidity tap will not be fully closed and the capital flows will seek profitability in the emerging markets, which, in his opinion, is where the best opportunities in fixed income will be in 2014, if their volatility can be assumed.

“Brazilian bonds offer 13% return, the Indian rupee has an implicit yield of about 9%, South African bonds exceed 9%, while the Turkish ones reach 10% and Mexican 7.70%, etc. From a historical point of view, the highest performance in emerging market debt is obtained when investing in these markets while they are in crisis,” he says, and the recent price movement constitutes a crisis.

The Hedge Fund Industry Could Reach a Record $3 Trillion by 2014 Year End

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Los inversores institucionales auparán la industria de hedge funds hasta los 3 billones — Photo: US Navy. The Hedge Fund Industry Could Reach a Record $3 Trillion by 2014 Year End

The hedge fund industry is predicted to reach a record $3 trillion by 2014 year end -up from $2.6tn as of 2013 year end-, driven by significant inflows, most notably from institutional investors, according to a recent study by Deutsche Bank. This is based on investors’ predictions of $171 billion net inflows and performance-related gains of 7.3% (representing $191 billion).

The bank has released its twelfth annual Alternative Investor Survey, which stands as one of the largest and longest standing hedge fund investor surveys available. This year over 400 investor entities participated, representing over $1.8 trillion in hedge fund assets and over two thirds of the entire market by assets under management (AuM).

Barry Bausano, Co-head of Global Prime Finance at Deutsche Bank, said: “Hedge funds continue to establish their growing position within the broader asset management industry, alongside some of the more mainstream asset managers. The hedge fund industry is predicted to reach a record $3 trillion by 2014 year end driven by significant inflows, most notably from institutional investors.”

According to the survey, commitment from institutional investors continues to strengthen: nearly half of institutional investors increased their hedge fund allocations in 2013, and 57% plan to grow their allocations in 2014. Institutional investors now account for two thirds of industry assets, compared to approximately one third pre-crisis.

Anita Nemes, Global Head of the Hedge Fund Capital Group at Deutsche Bank, said: “With the majority of investors happy with hedge fund performance, we expect institutional investors to further strengthen their commitment to hedge funds. Last year’s respondents targeted 9.2% for their hedge fund portfolios, and hedge funds delivered – the weighted average return for respondents’ hedge fund portfolios this year was 9.3%. Looking forward, respondents are targeting 9.4% for 2014.”

Investors are happy with hedge fund performance: 80% of respondents state that hedge funds performed as expected or better in 2013, after their allocations returned a weighted average of 9.3% in 2013. 63% of respondents, and 79% of institutional investors, are targeting returns of less than 10% for their hedge fund portfolios in 2014. Equity long short and event driven are the most sought after strategies.

About the fee trends, the study says 2 & 20 is not the norm. Investors today pay an average management fee of 1.7%, and an average performance fee of 18.2%. While fees have come down slightly, investors remain willing to pay for performance: almost half of all investors would allocate to a manager with fees in excess of 2&20 where the manager has proven ‘consistent strong performance in absolute terms’.

The industry will have a bigger part of a bigger pie. 39% of investors are now embracing a risk-based approach to asset allocation, up from 25% in 2013. 41% of pension consultants recommend this approach to clients. The risk-based approach effectively removes historical constraints on the percentage allocation to absolute return strategies, allowing equity long/short managers to compete with long only and fixed income absolute return funds within the overall fixed income risk budget.

Conducted by Deutsche Bank’s Global Prime Finance business, the survey identifies trends amongst a growing and evolving hedge fund investor base. Respondents include asset managers, public and private pensions, endowments and foundations, insurance companies, fund of funds, private banks, investment consultants and family offices. Allocators from 29 different countries completed the survey. Approximately half (46%) of responding investors manage $1bn+ in hedge fund AuM, and 18% manage over $5bn.

Mexico: The Next Brazil?

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México: ¿El próximo Brasil? — Photo. Bruno_tak, Flickr, Creative Commons.. Mexico: The Next Brazil?

There is a natural tendency to benchmark Mexico with Brazil. Indeed, Credit Suisse can identify demographic, socioeconomic and political factors capable of driving a steady rise in the middle- income bracket, similar to that seen in Brazil over the last decade with a similar potential impact on the fortunes of the Mexican consumer. However, Credit Suisse says “there are headwinds today that stand in the way of this structural potential”, which are reflected in the cautious near-term measures of optimism.

With a net 25% of consumers expecting an improvement in their financial position in the next six months, Mexico ranks fourth in Credit Suisse’s fourth annual Emerging Consumer Survey – a detailed study profiling consumer sentiment and its drivers across the emerging world. Credit Suisse has again partnered with global market research firm Nielsen to conduct nearly 16,000 face-to-face interviews with consumers across nine economies (Brazil, China, India, Indonesia, Russia, Saudi Arabia, Turkey South Africa and, for the first time, Mexico).

“Interestingly, Mexico scores the lowest in the survey in terms of the number of respondents that perceive their government to be very effective or quite effective at solving problems that relate to the population (17% of the total), which might be an indication that we are in the very early stages of the new administration’s reform agenda and the structural changes proposed in areas such as education and labor markets, among others. A fierce debate on reforms and perhaps some skepticism is natural, although it is still too early to forecast positive results”, says the report.

In terms or sectors, although carbonated drinks (unsurprisingly) have been bought by much of the population over the past 12 months, only 16% plan to do so going forward; categories that look to have stronger growth going forward, however, include smartphones and internet. Spending on cars has been high (29%), but is set to decline next year (10%).

Brazil: Missing a beat 

The structural optimism among Brazilians again comes across in the survey, but near-term risks do emerge. Brazilian consumers remain the most upbeat when judged by the balance of respondents who see their personal finances as likely to improve in the next six months.

However, the more immediate perceptions are less bullish. When asked whether it was a good time to make a major purchase, Brazilians were the third most pessimistic in our survey – with a net –10% figure claiming it was a bad time. This would be consistent with the prevailing environment of slower economic growth (2% in 2013), social unrest, higher inflation and lower real income growth. To a large degree, the buoyant nature of the longer-term optimism might be explained by the ongoing low unemployment rate and its broader underpinning of real wage growth.

Unsurprisingly, the actual year-on-year decline in the degree of optimism has been most acute at the lower end of the income spectrum, as evidenced by a 16% and 36% year-on year decrease in confidence in the two lowest income brackets we surveyed. This may be primarily explained by the substantial increase in food inflation during 2013 (5.5% in the last 12 months – the highest level among all the economies surveyed).

With regard to consumption, momentum continues to favor the discretionary end. The following sectors showed the greatest momentum in spending, according to Credit Suisse: smartphones (+17% versus +11% in our 2012 survey), fashion apparel (+10%), computers (+6%), internet access (+5%) and smartphone penetration is still relatively low at 45%, suggesting further ample room for growth.

In general, the survey concludes that the cyclical backdrop is more challenging, but structural optimism is retained. The net percentage of consumers surveyed across the nine countries who believe their financial position will improve relative to those who feel it will deteriorate stands at a net 26% compared to 28% a year ago. The study finds a fall in the number of consumers seeing now as a good time to make a major purchases. For example, in Brazil nearly two- thirds of people regarding now as not a good time to make a major purchase. Anyway, the report says the profile of the emerging consumer differs vastly within and between countries and understanding this fact is key to unearthing relative growth opportunities and identifying risks.

A presentation video outlining the key findings of the survey can be found here. For a copy of the survey, please click here.

Sunshine Daydream? Wake Up – Now is The Time for Solar Energy in Latin America

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¿Es la energía solar un sueño? Despierta, es el momento en Latinoamérica — Photo: Toby Hudson. Sunshine Daydream? Wake Up – Now is The Time for Solar Energy in Latin America

Often, the most promising opportunities are those that become visible when the sun shines on a dark space. One such dark space is the wealth of untapped energy sources throughout Latin America; and of those energy alternatives, perhaps none looms as promising as the sunlight itself.

The rate of adoption for solar energy throughout Latin America is shockingly low when compared to the rest of the world. With up to 100 gigawatts of solar energy expected to be deployed globally each year, less than 500 megawatts — or about one half of one percent — is expected in Latin America.

While other regions have already deployed considerable resources in solar as part of larger sustainable energy programs, solar photovoltaic technology is largely non-existent in Latin America. The Inter-American Development Bank released a report last year indicating that Latin America and Caribbean countries could, in theory, meet 100 percent of their energy needs from renewables. For instance, the Chilean desert offers an economic potential for solar similar to Arizona or Nevada, two leaders in the U.S. Other regions – like South Africa – are making rapid headway; the time for solar power in Latin America is now.

First, let’s dispel some of the myths about the viability of solar energy.

There is a big distinction to be made between making solar panels and producing solar power. For instance, the U.S. solar panel manufacturer, Solyndra, a favorite target of critics of solar power, was in fact not a producer of solar power, but a maker of solar panels. Its demise was the consequence of a Darwinian shift in market forces: panel prices, driven down sharply by cheaper alternatives from China, made the business model of Solyndra – and many other manufacturers globally – untenable. That these companies were unable to compete in a burgeoning market is not evidence that the market does not exist, or that others won’t succeed in it. Solyndra is gone, but the demand for solar panels is growing rapidly. Supplying that demand today are fewer but stronger manufacturers, who have a brighter future ahead.

Where government assistance and intervention was once required for solar power plants to work economically, subsidies are no longer a requirement for solvency in the space. In the past five years, the cost of solar panels and other balance of plant components have fallen so dramatically that solar is reaching parity with conventional power sources – like coal and natural gas. The solar power model now stands on its own—a sustainable energy source supporting a viable business.

Latin America, as a potential market, has a competitive advantage in not being first. With new technologies, much can be learned from the mistakes of others. The average cost of an installed watt of solar energy has dropped nearly 25 percent in the past couple of years, and most projections indicate that the improvement will continue. More dramatically, consider that a watt of solar energy cost $1,785 to produce in 1953. Today, it costs about one dollar. The underlying costs associated with deployed solar photovoltaic power are expected to continue to decline.

For all the criticism it’s faced, solar energy has the biggest upside of all renewables. This is equally true when viewed through the lens of an investment opportunity. The time required to build a solar power project is less than or comparable to wind, significantly less than for hydroelectric or biomass, and a fraction of what’s required for coal or geothermal. Financing is readily available from both commercial and development banks, even without the need for a long-term power purchase agreement. Operators can start to produce power on a merchant basis, providing flexibility – and higher short-term profitability – in the more expensive power markets in Latin America. In addition, environmental impacts are often far less than other renewable alternatives. Residential and commercial rooftop installations require even lower investment and power can be turned on very quickly.

Solar energy is fast becoming the most productive natural resource in the world. Over the next 20 years, cumulative investment in solar power is expected to be close to $3 trillion – as much as $100 billion per year globally looking for investments. With some of the best solar resources in the world, Latin America is a vastly untapped potential source. It doesn’t take a flashlight the size of the sun to see the opportunity.

Ben Moody is President and CEO of Miami-based Pan American Finance, a specialized investment banking advisory firm providing advisory services on renewable energy in Latin America, the Caribbean and the U.S. markets.

Cirque du Soleil and Grupo Vidanta Partner to Introduce a Spectacle in Riviera Maya

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Cirque du Soleil en versión mexicana en la Riviera Maya — . Cirque du Soleil and Grupo Vidanta Partner to Introduce a Spectacle in Riviera Maya

Cirque du Soleil, an entertainment company, and Grupo Vidanta, a developer of world-class resorts and tourism infrastructure in Mexico, have announced plans to introduce a new brand of cultural and culinary entertainment to Mexico and Latin America. Housed in a custom-designed theater now under construction in Riviera Maya, the first-of-its-kind intimate dinner and spectacle will be Cirque du Soleil‘s first resident show operating outside Las Vegas or Orlando.

“We believe the entertainment offerings for our region’s guests and visitors should rival any in the world,” said Grupo Vidanta founder Daniel Chavez Moran. “Through our partnership with Cirque du Soleil we will deliver an entertainment experience beyond what currently exists in Mexico or the world in the Vidanta Theater in Riviera Maya. This entirely new category of entertainment will be an experience one must see, hear and taste. We are extremely proud to bring this dream to life.”

“This is the marriage of two creators of unique entertainment and world-class experiences,” said Daniel Lamarre, president and CEO of Cirque du Soleil. “We were asked four years ago by Grupo Vidanta to imagine something different, something new, something unprecedented for this destination. We’re excited that our partnership will unveil a new intersection for us between performance and culinary creativity. The setting is the most intimate custom-built theater of all the Cirque du Soleil resident theaters in the world.”

The Vidanta Theater in Riviera Maya is a 600-seat architectural marvel planned and built by Grupo Vidanta to house this new and unique Cirque du Soleil production. Grupo Vidanta’s chief architect, Arturo Hernandez, designed the theater to deliver a level of intimacy between audience and performance never before seen in a Cirque du Soleil show. World-class dining and champagne service will be integrated with the spectacle.

This unique partnership was imagined to build new tourism offerings in Mexico. The Premiere is scheduled for November 2014.

Deutsche Asset & Wealth Management Appoints Barbara Rupf Bee to Lead Distribution in EMEA

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DeAWM nombra a Barbara Rupf Bee responsable de distribución en EMEA — Barbara Rupf Bee. Deutsche Asset & Wealth Management Appoints Barbara Rupf Bee to Lead Distribution in EMEA

Deutsche Asset & Wealth Management (DeAWM) has announced that Barbara Rupf Bee has joined the firm as Head of Global Client Group EMEA.

Rupf Bee will lead a coverage team responsible for delivering DeAWM’s investment products and services to institutional and retail clients across Europe, the Middle East and Africa. She will also join the EMEA region and Global Client Group Executive Committees.

The Global Client Group team in EMEA comprises approximately 400 professionals. Across both asset and wealth management, the EMEA region accounts for approximately EUR 600 billion of DeAWM’s EUR 931 billion of assets under management.

Michele Faissola, Head of Deutsche Asset & Wealth Management, said: “Barbara is a perfect fit for our global firm. She has extensive experience across the full breadth of our product offering, including traditional and alternative investments, as well as developed and emerging markets. She also has a deep understanding of the needs of both retail and institutional investors. I am delighted to welcome her to the team.”

Based in Frankfurt, Rupf Bee reports to Dario Schiraldi, Head of Global Client Group. She brings almost 30 years’ experience to Deutsche Asset & Wealth Management. She was most recently Chief Executive Officer of Renaissance Asset Managers Group, a specialist asset manager focused on emerging Europe, Russia and Africa.

Before that she spent approximately 10 years with the HSBC Group. From 2007 to 2012, she served as Global Head of Institutional Sales for HSBC Global Asset Management. Previously she was CEO of HSBC Alternative Investments Ltd, the investment advisor to HSBC’s fund of hedge funds and institutional client portfolios. She began her career in private banking.

Peter Roemer, who previously held the role of Head of Global Client Group EMEA, has decided to leave Deutsche Bank to pursue other opportunities.