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Brazil: Coping With The Challenges of Wealth Transfer

Brasil: haciendo frente a los desafíos de transmitir riqueza — Photo: Surajhaveri. Brazil: Coping With The Challenges of Wealth Transfer

Complex planning challenges require sophisticated wealth transfer strategies.

Despite a recent economic slowdown, Brazil remains firmly entrenched as an economic superpower thanks in large part to its vast natural resource wealth. The country’s enviable growth during the last decade led to the creation of great fortunes as entrepreneurs seized on the China-led global commodity boom to mint, according to Credit Suisse, nearly 230,000 millionaires. With a GDP of $2.2 trillion, Brazil’s economy is larger than India’s and is nearly twice the size of Mexico. Brazil is positioned to remain a critical market for wealth managers and other service providers focusing on the high net worth segment.

According to Wealth-X, Brazil is home to more than 4,000 ultra-high net worth individuals, holding $770 billion of wealth – the highest in Latin America. Unlike many other markets, especially those of developed economies, Brazil’s high net worth population has some unique characteristics that create interesting dynamics, challenges and opportunities. According to Forbes, only 6% of Brazil’s ultra-high net worth individuals have inherited their wealth, which indicates the overwhelming majority amassed their own fortunes or have shrewdly invested their nominal inheritances.

Being a continent-sized country, Brazil’s high net worth population has distinct regional differences that demand customized approaches. On the one hand, a significant amount of Brazil’s millionaires remain concentrated in the country’s two main cities – São Paulo and Rio de Janeiro. High net worth individuals in these cosmopolitan urban centers often operate globally-connected conglomerates that require highly-sophisticated financial and legal strategies to manage both domestic and international operations.

However, because the country’s natural resource driven wealth creation has largely occurred in the more rural areas, the industrious entrepreneurs emerging from these parts tend to be more nationalistic in their business, travel and outlook. These individuals typically operate businesses only in Brazil, and by and large maintain a strictly local business structure. In fact, many of these individuals fuel Brazil’s luxury market, as they are less inclined to travel overseas to make purchases and prefer to shop within Brazil’s notoriously high-priced borders, making the country a top performer for fashion powerhouses like Gucci and Louis Vuitton.

Regardless of where in the country they reside, wealthy Brazil residents are exposed to the legal and regulatory limitations of a country that only three decades ago was emerging from a military dictatorship. Brazil has generally not had the time to create sophisticated frameworks capable of properly addressing the complexities involved in managing and transferring large fortunes. Having succeeded in building their wealth, many of these individuals now face their greatest challenge – preserving that wealth, and ensuring its smooth and efficient transfer to the next generation.

The challenges of wealth transfer in Brazil

While the proper transfer of significant wealth in Brazil certainly requires the execution of well prepared legal documents, this also requires a patriarch or matriarch develop a clear vision for their financial legacy, which entails the careful management of emotions, personalities and complex family dynamics.

As most wealthy Brazilians attribute the majority of their wealth to the value of a closely held business, business-related planning challenges abound. Wealthy Brazilians have to determine if and how their business will suffer upon their death, perhaps because they hold key customer, vendor or governmental relationships. They also must determine how business equity should be transferred to heirs, especially in cases where some heirs are actively involved in management and others are not. Further, they must determine if their heirs have the necessary skills and desire to partner with existing shareholders, and whether doing so would add new challenges to the business. Finally, business owners need to evaluate whether the value of their business relative to their overall portfolio creates a significant diversification risk.

Further, as the miracle of wealth creation dictates many members of the next generation will not have the same level of success as their ascendants, patriarchs and matriarchs should consider how to preserve their wealth over time. This means they need to determine if wealth should earmarked not just for their spouse and children, but also their grandchildren and great-grandchildren. Decisions need to be made about whether wealth should be transferred to both bloodline and non-bloodline family members, and if estate funds should be used to repay outstanding debt obligations, meet philanthropic giving desires and/or fund education or retirement plans for their heirs. It also requires the patriarch or matriarch assess the various currency, sovereign and liquidity risks associated with their asset profile.

These are not often easy issues to tackle when the discussion of wealth transfer commonly surrounds the uncomfortable subject of death and the accompanying concerns about privacy and confidentiality. According to Barclays Wealth Insights, 34% of global high net worth individuals do not trust their children to protect their inheritance, 20% believe assets should be allocated differently between children and 40% have experienced wealth as a source of conflict within the family.

These challenges create an unprecedented need for high net worth Brazil residents to plan for their wealth transfer. Solutions that create liquidity, provide flexibility and offer peace of mind should be sought.

Fostering a planning culture

As Brazil’s current wealth is a recent phenomenon, the process of recognizing and addressing these challenges have not been practiced by multiple generations and a culture of planning has only recently begun to develop.

Wealth management advisors to high net worth Brazil residents typically focus on helping clients grow their assets. However, aiding them to preserve, structure and transfer their wealth is important to providing complete wealth management services.

Advisors who fail to address these issues not only impact their clients, but also jeopardize their own businesses in the long term. The Institute for Preparing Heirs suggests 90% of inheritors will change advisors upon receiving their inheritance, generally because the heirs have limited relationships with their parent’s advisors and have not been engaged in the wealth transfer planning process.

Alternatively, properly initiated and managed wealth transfer discussions help advisors solidify relationships with heirs and build new relationships with business partners and extended family members, while aiding them in identifying new assets and complementary business opportunities.

Life insurance as a solution

While Brazil residents have a variety of solutions available to aid them in meeting their wealth transfer needs, there is one highly attractive solution that can inject liquidity to an estate when needed most: life insurance.

Life insurance is often an ideal planning solution due to its ability to offer a death benefit that is a multiple of the premium, cash value in the event an early surrender is required, flexible premium schedules, attractive policy provisions and guarantees from highly rated entities.

As the domestic Brazil life insurance market is not highly developed and offers coverage amounts that are often insufficient to meet the needs of the growing high net worth population, more sophisticated strategies need to be considered in order to bridge the liquidity gap faced by affluent Brazilian families.

The taxation of life insurance in Brazil

Due to the social and economic benefits of life insurance, the tax laws of many countries have evolved to exempt life insurance death benefits proceeds from income taxation.

Eduardo Avila de Castro, partner of Machado, Meyer, Sendacz e Opice Advogados in São Paulo says, “Brazil tax law generally exempts death benefits proceeds of life insurance from income tax. Any life insurance based planning solutions should be evaluated and implemented with careful consideration for the relevant laws and planning objectives. Due to the changing international tax landscape, I suspect an increasingly growing number of advisors will consider the use of life insurance based solutions to meet the changing needs of their clients.”

The result

The widespread planning and liquidity needs of Brazil residents, combined with the attractiveness of available life insurance offerings, creates the most attractive opportunity in Latin America to serve high net worth clients. Practitioners who become educated on how to address and solve these complex needs, will surely reap the brand, monetary and associated benefits of highly satisfied clients.

By Diego Polenghi, Managing Director, International Planning Group

La Française and TAGES Capital Sign Strategic Partnership

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Foto: Dalbera, Flickr, Creative Commons. Una combinación ganadora

La Française, a leading European asset manager, and TAGES Capital, an alternative multi-management solutions provider part of the TAGES Group, have announced the signing of a strategic partnership. Under the terms of the partnership, La Française will acquire a 40 per cent stake in TAGES Capital and delegate the management of its existing range of funds of hedge funds and UCITS funds with approximately $1 billion of AUM to TAGES Capital. Pascale Auclair, Chief Executive Officer of La Française des Placements, and two other La Française executives will be appointed to the management committee of TAGES Capital. The transaction is subject to the customary regulatory approval processes.

As part of the agreement, two La Française fund managers will join the investment team of TAGES Capital in London, the hub of alternative fund management. The enlarged team will manage the existing La Française fund of hedge funds product range and ensure the continuity of services for existing French investors. La Française will be the exclusive distributor of La Française and TAGES alternative multi-manager funds in France. Outside of France, the two groups will collaborate on international development opportunities.

TAGES’ unique business model, focused on the delivery of customized solutions to clients, extensive research and robust manager selection has driven significant asset growth. As of December 31, 2013, TAGES Capital had approximately $2bn of assets under management and advisory.

Xavier Lépine, founder of Alteram and Chairman of La Française said: “At La Française, we aim for excellence. This partnership means that La Française will be a benchmark shareholder in a top-tier player in the alternative asset management space in Europe. As founder, some ten years ago, of Alteram, a leading fund of hedge funds manager, I’ve always believed in the value of alternative multi-management, but to achieve excellence, you need the appropriate vehicles, substantial resources and impressive track-records. Together with TAGES, La Française will have all of the above!”

Salvatore Cordaro, founder and Chief Investment Officer of TAGES, said: “We share La Française’s enthusiasm for this alliance, which strengthens our competitive position in Europe. We are excited that such an important asset manager has decided to become our partner and we are confident that La Française’s expertise will make a tangible contribution to our business. TAGES Capital’s unique approach to multi-management investing, through our focus on providing investment solutions rather than products, helped us reach important milestones and grow the business in a challenging market environment.”

This unique partnership aligns the interests of both shareholders (La Française & TAGES) and investors. With combined assets under management and advisory in excess of $3 billion, La Française and TAGES will be well placed to further grow the multi-manager business.

Azimut Completes the Acquisition of FuturaInvest’s 50% Starting Financial Advisory Services in Brazil

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Azimut completa la adquisición del 50% de Futurainvest para dar asesoramiento financiero en Brasil — Photo: Lima Andruška. Azimut Completes the Acquisition of FuturaInvest’s 50% Starting Financial Advisory Services in Brazil

Azimut, an Italian asset manager, through its Brazilian sub-holding, AZ Brasil S.A. and the partners of FuturaInvest Group, have completed the purchase of 50% FuturaInvest financial advisory company and 50% of FuturaInvest asset management company (dedicated to funds of funds and managed accounts). Moreover, subject to the satisfaction of certain conditions precedent and to the approval of the Banco Central do Brasil countersigned by the President of Brazil, the transaction will entail also the acquisition of 50% of FuturaInvest DTVM (Distribuidora de Titulos de Valores Mobiliarios). FuturaInvest DTVM is a regulated financial institution authorized to distribute financial products to local investors.

FuturaInvest, with 35 people and 9 offices around Brazil, is specialized on providing advisory and asset allocation services via funds selection, financial education, and asset management services through funds of funds and managed accounts to around 2,500 clients. As at 23rd January 2014 FuturaInvest has more than R$ 240 million of assets under advisory (equivalent to around 74 million euros).

The Brazilian investment industry has R$ 2.4 trillion in AuM as at December 2013 (730 billon euros) representing the 6th largest market in the world.

The transaction involves mainly the subscription of a capital increase (for a countervalue of around 3.9 million euros) to finance the business plan. The partnership also provide for a potential adjustment to the subscription price in connection with the growth of business over the first three years of operations.

Pietro Giuliani, Azimut’s Chairman and CEO, comments: “This is a very important day. From now on we will be able to start implementing our integrated business model in Brazil. FuturaInvest Consultoria, operating in open architecture model, will be our vector to provide high standard financial advisory services to Brazilian investors.”

Capital Strategies Partners has an agreement with AZ Fund Management to distribute its products in Latin America.

China’s Challenges and Opportunities for Long-Term Investors: Roundtable by Matthews Asia in Miami

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For more than 20 years, Matthews Asia has been providing investors with access to opportunities created by China’s profound economic transformation. And following a decade of export-led growth and huge capital investment, China is now undertaking a rapid and strategic evolution from a model based on high levels of credit and investment to one based more on consumer spending and high-value services.

Today, China’s diverse economy requires a new perspective and a more diversified approach to the opportunities it presents. Matthews Asia invites Miami’s investment community to join the firm for a roundtable discussion with Matthews Asia Senior Research Analyst Winnie Chwang, who will share her insights on:

China’s economic landscape
Challenges facing China and opportunities for long-term investors
Why Matthews Asia believes China is a distinct asset class

The event, for investment professionals only, will take place on Wednesday, March 12, 2014, at the restaurant Area 31, Epic Hotel -270 Biscayne Blvd Way-, from 12:30 p.m. to 2:00 p.m. Lunch will be provided. To attend please RSVP by February 28th to Lindsey Serafin at events@matthewsasia.com or 415.954.4523.

Advertising Fuels the Trend When Investing in Mobile Technologies

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La segunda revolución móvil abre nuevas oportunidades para el inversor — . Advertising Fuels the Trend When Investing in Mobile Technologies

The biggest trend in recent years has been the shift towards mobile, where the technology curve for smartphones has been upwards sloping for some years. But now this growth is set to slow, says Jack Neele, manager of the Robeco Global Consumer Trends Equities Strategy.

Instead, the clever money will be made in the service providers for smartphones, along with the major players in e-commerce software and services, particularly in advertising, he says. “In the first phase, the makers of phones were in the ascendancy, and this favored the big companies like Apple and Samsung,” says Neele. “Now, almost everyone has a smartphone, so what we’re seeing now is greater use of the apps and functions available on them, and this greatly benefits the companies that offer services on the platforms that the giants of Apple and Samsung have created.”

Advertising fuels the trend

He says the development of advertising technology on smartphone services is a good example. And perhaps not surprisingly, this shift is in itself being powered by social media. “Growth for Apple, Google and the big guys will slow down, and growth will be seen instead in the companies that can monetize their presence on online platforms,” says Neele.

This includes titans like Facebook, whose global reach is approaching that of US companies such as Coca-Cola which took generations to achieve the same level. The chart below shows Facebook’s penetration in the world: it is now used everywhere except in rainforests, deserts… and China (where it is banned).

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Source: Facebook

Advertising set to boom

“We’re already seeing this with the way that ads are being sold,” says Neele. Ads were too small to be properly read on phones, but now they’re being put into feeds on platforms like Facebook and LinkedIn. These companies have found a new way to monetize their services, and that’s where we’ll see the real growth.

“Google has always been able to know what you search for, and they sell ads on that basis. But the technology is far more advanced now in targeting advertising to an individual’s real taste, rather than just what they search for.” That can be best seen with Twitter and TripAdvisor, as they go one step further in telling advertisers what you really like, he says. Most individuals include all their friends or business contacts on Facebook or LinkedIn. As these relationships are diverse, advertisers can target the core profile, but it is more difficult to know what the user’s real beliefs are.

“Twitter knows what you’re interested in from who you follow and what you tweet. Everything you follow on Twitter can be used to target you with promotions,” he says.“TripAdvisor is another good example of the trend towards precise targeting. Advertisers who use TripAdvisor can tell where you have been, what you like, and what you didn’t like, so it is easy to target you with ads or offers.”

Smartphone ads still lag print

The market for advertising on smartphone services has plenty of growth potential, as it is still relatively underdeveloped. And surprisingly, it still massively lags print. The chart below shows the relationship between the time that US citizens spent using one type of media, and the proportion of advertising spending directed at that medium.

As one would expect, the traditional print market has declined, though it still attracts 23% of all advertising spending. The TV and internet markets are fairly evenly matched between time spent and advertising. But there is a large disparity in mobile, where US consumers now spend 12% of their time, but with only 3% of advertising directed at the medium. If the gap was closed, it would generate USD 20 billion in business, according to the research.

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Source: Cisco Visual Networking Index, Morgan Stanley Research

Mobile video also underdeveloped

The increasing use of mobile video is another trend that has massive potential, says Neele. This does not just apply to advertise by companies on bespoke video channels such as YouTube, which has been owned by Google since 2006.

The development of 3G and now 4G services allowing ultra-fast data transfer means any company can now fairly cheaply offer streaming services promoting their products on websites that can be tailored to appear on smartphones. Research suggests that mobile video may generate up to 66% of all mobile data traffic by 2017, as the chart below shows.

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Shopping 24/7

The easy use of smartphones has itself changed the nature of e-commerce, says Neele.

“About 10 years ago, most people worked during the week and shopped only at weekends. Internet shopping made it possible to shop after work on weekday evenings. Now mobile phone technology makes it possible to shop at any time. Consumer trends have shifted to being able to shop on your phone whenever you like,” he says.

Neele reflects his belief in the greater monetization of internet-based technology by his investment choices for the Global Consumer Trends Equities strategy. He holds large positions in Google, Facebook, TripAdvisor and Amazon. And as online shopping has greatly boosted the use of credit cards for online payment, Neele also holds MasterCard and Visa.

MSCI Expands Presence in Latin America with New Office in Chile

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MSCI, a provider of investment decision support tools worldwide, announced that it is significantly expanding its presence in Latin America with the opening of a new office in Santiago, Chile and the upcoming launch of a new index designed to capture the investment opportunities in the Latin America Pacific Alliance countries of Chile, Colombia, Mexico and Peru.  

The firm also announced today that it has been chosen by the Santiago Stock Exchange to produce a study on the feasibility of creating an ESG index for the Chilean Stock Market.  

“The decision to open an office in Chile and to expand our presence in Latin America has been driven by the growing sophistication of the local investment community as they continue to embrace indexes as integral tools within the investment process,” said Henry Fernandez, Chairman and CEO of MSCI.  

The new office will support the Andean region and is the third in Latin America, alongside offices in Mexico and Brazil, expanding MSCI’s presence to 24 countries globally. The new office is located at Las Condes, Santiago, Chile.

Crédit Agricole CIB Appoints Head of Global Investment Banking in Americas

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Crédit Agricole Corporate and Investment Bank has announced the appointment of Benoit Fosseprez as Head of Americas GIB (Global Investment Banking). This new regional position is created in a move to foster greater development of its investment banking business in the Americas.

An officer of the bank for the past 13 years, Mr. Fosseprez had since September 2012 served in New York City as Managing Director, Global Head of Telecoms and Head of TMT (Telecom-Media-Tech Investment Banking) Americas. He will continue to make his office in New York.

“The promotion of Benoit to Head of Investment Banking in the Americas underscores the commitment and determined focus Crédit Agricole CIB is making to further develop our activities and participation in North and South Americas, as well as to better service our many clients in the region,” said Jean-François Deroche, CEO of Credit Agricole CIB in the Americas. “Benoit’s deep, successful experience as an investment banker in many markets in EMEA, Asia and Americas makes him well suited to lead this effort, which will involve both domestic and cross-border capabilities.”

Among his responsibilities, Mr. Fosseprez will supervise ECM (Equity Capital Markets), M&A, SET (Strategic Equity Transactions) and SFS (Structured Financial Solutions). Christina Livas, Head of GIB for Brazil, will also report to him. Mr. Fosseprez will report locally to New York City-based Stephane Publie, Head of CIN and GIB for the Americas, and globally to Helene Combe-Guillemet, Head of GIB in Paris.

Mr. Fosseprez since joining Crédit Agricole has served in Paris as M&A banker, TMT Investment Banking Director and, later, TMT Managing Director and Global Head of Telecom. He has been in New York City in his most recent assignment since September 2012. Prior to joining Crédit Agricole, and following service as a French naval officer, he was an auditor with Price Waterhouse Coopers in Paris. Mr. Fosseprez holds a Master’s Degree with a Major in Corporate Finance from the EDHEC Business School. He also attended the International University of Business and Economics in Beijing, China.

Head of M&A

Simultaneously, Crédit Agricole CIB also reported the appointment of John Hartke, who joined Crédit Agricole in April 2012, as Head of M&A for the U.S., Canada and Mexico.

“We are pleased to welcome John to his new position,” said Mr. Deroche. “Since he joined us in April of last year from BofA Merrill Lynch, he brought us his broad M&A banking experience and contributed to our first successes in the Region in 2013. He will now supervise the origination and execution of M&A transactions, in addition to continuing to develop business in all three countries.”

Mr. Hartke was for 10 years an M&A investment banker with Merrill Lynch in New York City. He holds a BS in Mechanical Engineering from the University of Illinois at Urbana-Champaign, and an MBA from the Kellogg School of Management at Northwestern University.

Hines Sells a Portfolio of Six Mexican Properties to Fibra Uno

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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.