Wikimedia CommonsFoto: Kreepin Deth. London Metal Exchange sale de gira por Latinoamérica
The London Metal Exchange will be in Latin America this September delivering a series of seminars, focusing on issues that are key to the region’s metals and mining industries, said the LME in an statement.
Seminar locations and dates
Mexico City -3 September
Bogota – 5 & 6 September (conference and training seminar)
Santiago – 9 September
Lima – 11 September
Sao Paulo – 13 September
Why attend?
Is metal price volatility a key issue for you?
Do you need help managing risk?
How do senior economists and metals analysts see the future for base metals?
The seminars are also a great opportunity to meet and network with a wide range of professionals in the metals and mining industries.
If you want to know how to register for a seminar click here.
Did you know?
The LME’s relationship with Latin America spans over 136 years
Our three month contract originates from the journey time from Chile to London
LME prices were first used by miners in Latin America
Latin American mining companies were the first to trade LME futures contracts.
Wikimedia CommonsFoto: Florent Ruyssen. Los ingresos de las gestoras de fondos alcanzan niveles precrisis
Median pre-tax operating margins rose to 32%, the highest since 2007, according to a new benchmarking analysis surveying 101 money managers worldwide who invest an aggregate $23 trillion for institutions and individuals. The new high in profit margin was driven by market appreciation, which also lifted 2012 revenue in the global asset management industry past the previous 2007 peak.
However, net inflows of 1.2% last year – compared with 3.7% in 2007 – increasing fee pressure, and a widening economic divergence among firms post-financial crisis point to growing industry challenges, according to the new analysis, Performance Intelligence: 2013 Survey Results.
The global survey participants largely came from the U.S. Institute and European Institute, members-only forums established by Institutional Investor’s conference division for CEOs of leading investment management firms. Casey, Quirk & Associates, a leading management consultant to investment management firms worldwide, has conducted the survey (its tenth annual) in partnership with McLagan, the investment management industry’s leading provider of compensation consulting services and pay and performance data. They surveyed privately held, publicly traded and wholly or partly owned firms with assets under management ranging from below $50 billion to over $1 trillion in assets.
“With annual net flows of under 1% anticipated through 2017 these findings, based on one of the largest industry surveys of asset management economics, indicate managers must adapt and innovate to keep up let alone to continue thriving,” said Kevin Quirk, partner at Casey Quirk.
Traditional investment offerings will continue to be challenged, while outcome-oriented and higher alpha strategies will enjoy the highest net flows, according to the benchmarking analysis. These include: hedge funds; balanced strategies; global tactical asset allocation and multi-asset class solutions; emerging markets debt; and global equities.
“In a slow growth environment, asset retention is crucial, and winning firms stand out with more robust staffing in sales and client service and operationally by aligning their economics for superior attraction and retention of talent,” said Adam Barnett, head of the asset management practice at McLagan.
Privately held and publicly listed asset managers enjoyed the strongest revenue growth in the 2007-2012 period, expanding at average annual rates of 8.4% and 7.0%, respectively, according to the benchmarking analysis. Firms owned by larger financial institutions had average annual growth rates of 4.3% over the same period, while revenue at affiliates of asset management holding companies declined on average 4.6%.
Of the firms surveyed, those in the middle, with managed assets between $50 billion and $200 billion, enjoyed the strongest rebound in operating margins, to 32% in 2012 from a low of 15% in 2009, and were most consistent in attracting net flows over the period 2007 to 2012.
“It’s abundantly clear firms must retool to take advantage of market segment opportunities and changing investor demands, or risk losing talent and market share to more adaptable competitors,” said Fred Bleakley, director of the U.S. and European Institutes.
Further expanding its portfolio of derivatives products, the Dubai Gold and Commodities Exchange (DGCX) has announced the launch of SENSEX Futures, the first ever Indian equity index futures contract to be listed on an exchange in the Middle East and North Africa (MENA) region. The new contract, which will go live on July 5, 2013, will be cleared by the Dubai Commodities Clearing Corporation (DCCC).
DGCX SENSEX Futures is a futures contract based on the S&P BSE SENSEX, the blue-chip stock index of India’s leading bourse, the Bombay Stock Exchange (BSE). Recently co-branded in partnership with S&P Dow Jones Indices, the SENSEX is considered the most popular gauge of the Indian equity market and has high brand recall among investors. The SENSEX Index tracks the performance of 30 of the largest and most heavily traded stocks on the BSE.
Gary Anderson, CEO of DGCX said:“The contract is part of a planned expansion of our Emerging Market product offering, and will offer an exciting trading option for investors seeking exposure to one of the world’s largest Emerging Markets. While the retail segment is a key target market, we are also anticipating strong interest from a wide range of regional and international investors including UNHWIs, professional traders and institutional investors. DGCX participants have already shown great interest in trading SENSEX futures.”
DGCX’s new equity futures contract will target retail participants including non-resident Indians (NRIs) across the world, existing DGCX members focused on retail offerings, the NRI desks of banks, professional traders trading and arbitraging Indian markets offshore and large foreign institutional investors seeking exposure to Indian equity markets.
Ashishkumar Chauhan, MD, BSE said:“BSE tied up with DGCX for SENSEX derivatives in October 17 2011. Derivatives on India Stock Indices are very popular in several overseas markets including Singapore. Trading in Indian indices has grown substantially over the last decade in overseas markets. This launch is a key milestone for us since it is the first time we have partnered with an exchange in the MENA region to launch an equity-based derivatives product. DGCX SENSEX Futures will provide investors with an important tool for managing their portfolios benchmarked to BSE’s equity indices.”
“Given that a large number of NRIs reside in the Middle East region, we are confident about the SENSEX futures contract’s potential to generate high interest and trade volumes in line with interest in other jurisdictions,” Chauhan added.
Wikimedia CommonsFoto: Blaise Frazier. H.I.G Capital cierra su II fondo de private equity europeo en 1.100 millones de dólares
H.I.G. Capital announced on Tuesday that it has successfully closed H.I.G. European Capital Partners II at €825 million ($1.1 billion), significantly above its initial target. The fund will follow the strategy of its predecessor fund, focusing on private equity, buyout and growth capital investments in lower middle-market companies primarily in Western Europe.
Sami Mnaymneh and Tony Tamer, co-founders and Managing Partners of H.I.G. Capital, commented: “We are very pleased to have completed this fundraising in less than three months, and, in particular, that the fund was significantly over-subscribed from existing H.I.G. investors. The new fund will continue our successful strategy of investing in privately-held companies and non-core subsidiaries of larger companies, especially those which present significant opportunities for earnings improvement and value creation.”
H.I.G. Europe’s team is based in four offices in London, Paris, Hamburg and Madrid, and consists of over 50 investment professionals with significant operating and turnaround experience. It has completed 28 European investments since it began investing in 2008.
H.I.G. Capital is a leading global private equity investment firm with more than $13 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris, and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 250 companies worldwide with combined revenues in excess of $30 billion.
Wikimedia CommonsBy Hendrik Kueck . Funds by Itaú, Lyxor, Rothschild, Oaktree and Pictet are Approved by the Chilean CCR
The Classificatory Comission of Risk of Chile (CCR) announced this Monday, July 1st, the list of approved and disapproved funds by the commission. A total of 10 products received the approval and whereas six were disapproved.
Approved domestic funds:
Fondo Mutuo Itaú Latam Pacific
Approved foreign mutual funds and ETFs:
Lyxor ETF MSCI EMU- France
Baron Select Funds-Baron Real Estate Fund –USA
Edmond de Rothschild Emerging Bonds – France
Oaktree Global Convertible Bond Fund – Luxemburg
Oaktree Global High Yield Bond Fund – Luxemburg
Pictet – Emerging Corporate Bonds – Luxemburg
Pictet – EUR Short Term High Yield – Luxemburg
SEB Fund 1 – SEB Nordic Fund – Luxemburg
SEB Sicav 1 – SEB Emerging Markets Fund – Luxemburg
The CCR decided to disapprove the following certificates representing financial indexes and foreign mutual funds, because they do not have assets equal to or greater than $ 100 million:
SPDR Index Shares Funds- SPDR S&P Emerging Latin America ETF – USA
Market Vectors ETF Trust- Nuclear Energy ETF – USA
Henderson Gartmore Fund – Emerging Markets Fund – Luxemburg
Finally, the CCR informed that the foreign mutual fund BNP Paribas L1-Equity Pacific ex Japan (Luxemburg) was disapproved because it was absorbed, while the KBL EPB Bond Fund – Government Bonds Euro (Luxemburg) also was disapproved in response to the request of its administrator.
The New York office of Hines, announced on Tuesday that a subsidiary of the Hines U.S. Core Office Fund (Core Fund) closed on the sale of 499 Park Avenue to an institutional fund managed by American Realty Advisors. The Core Fund also closed on the sale of 425 Lexington Avenueto institutional investors advised by J.P. Morgan Asset Management. Exact sale prices of each building were not disclosed; however, the combined sale price totaled more than $1 billion, generating a sizeable return on investment for the Core Fund and its investors.
Tommy Craig, senior managing director of Hines’ New York Office, said, “We are pleased to expand our relationship with American Realty Advisors, and to continue our long-standing global relationship with J.P. Morgan. We will continue to build on our high level of activity in New York with further investment and development opportunities.”
499 Park, located at 59thStreet and Park Avenue, is one of the city’s premier boutique office buildings. The 28-story, 300,000-square-foot tower was designed by I.M. Pei & Partners and completed in 1980.
425 Lexington is a 31-story, 750,000-square-foot office building designed by Murphy/Jahn. The property has enjoyed 100 percent occupancy since its development in 1987, and the original anchor tenants, Simpson Thacher & Bartlett LLP and CIBC, continue to occupy the building.
J.P. Morgan Asset Management – Global Real Assets has approximately $66.7 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of March 31, 2013. AmericanRealty is an investment advisor, and a leading provider of real estate investment management services to institutional investors. With over $5.3 billion in assets under management, American has provided real estate investment management services to institutional investors for over 25 years utilizing core and value-added commingled funds and separate accounts. Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion, Hines is one of the largest real estate organizations in the world.
BNY Mellon has received licence approval from the Securities and Futures Commission (SFC) for its new dedicated Hong Kong-based subsidiary to establish a separately managed accounts business. The new subsidiary will introduce a separately managed accounts platform, which will be the first of its kind in Asia, and is expected to be launched later this year. It is being specifically designed with Asian investors in mind and will be offered to a select group of private banks and other leading wealth management providers to enable them to better serve their high-net-worth individual clients.
“Separately managed accounts are a very effective way for professional wealth managers to deliver fully transparent, customized portfolios to their clients,” notes AJ Harper, President and Chief Executive Officer of the new Hong Kong managed accounts subsidiary for BNY Mellon. “They provide individual investors access to investment portfolios which have previously been beyond their reach, and traditionally only available to institutional investors at high minimum thresh-holds.”
“What will make our platform so unique to Asia-Pacific is that it will be the first open architecture offering that provides multi-manager and multi-currency portfolios at an entry level of less than US$1 million per portfolio. By participating in our new platform, wealth managers will be able to offer customized investment solutions to their clients.”
“We are making significant investments in Asia-Pacific to meet needs of individual and institutional investors in the region,” adds Steve Lackey, Asia-Pacific Chairman, BNY Mellon. “The introduction of our new managed accounts business is a prime example of this long term commitment and how we are drawing from our global investment management and investment services expertise to deliver innovative solutions, specifically designed with the Asian investor in mind.”
Wikimedia CommonsSede de Julius Baer. Integration of Merrill Lynch’s IWM Business into Julius Baer Moving Ahead Swiftly
Julius Baer announces that the transfer of the UK, Spain and Israel businesses of Merrill Lynch’s International Wealth Management (IWM) started monday. This step represents another major milestone in the two-year integration process and will make Julius Baer one of the largest private banks in London. The UK is now the last of the big businesses to transfer. The integration of the new businesses is moving ahead swiftly and in line with the original plans.
Through the transfer of Merrill Lynch’s International Wealth Management business in the UK to Julius Baer, the Bank is moving from a niche player to one of the largest private banks in London City. In Spain, Julius Baer will gain a new foothold with a significant franchise in the local wealth management market, and in Israel the Bank will strengthen its presence in the local wealth management market.
Boris F.J. Collardi, Chief Executive Officer of Julius Baer Group, said: “Representing more than a quarter of IWM’s entire business in scope, the integration of the UK business is crucial to the transaction. The UK will be one of the biggest markets by client base outside Switzerland, thus being a key market for Julius Baer overall. In addition Spain and Israel will further enhance our footprint in the global private banking landscape.”
IWM’s financial advisers have transferred in all locations on 1 July 2013. Client relationships and related assets under management of the respective businesses will transfer to the Julius Baer platforms in stages and in line with appropriate regulations in the various jurisdictions. The process for these markets is expected to be completed by mid-2014.
All major locations have now reached transition phase
So far the businesses located in Switzerland, Uruguay, Chile, Luxembourg, Monaco, Hong Kong, Singapore, UK, Spain and Israel have started the transfer process and are moving ahead as planned. The next businesses to transfer, expected to occur in September and October, are in Bahrain, Lebanon and the UAE. The preparations for these transfers are well under way.
IWM is an excellent strategic fit for Julius Baer, strengthening the Group’s presence in key growth markets around the globe and significantly enlarging its asset base. The integration phase which was launched in February 2013 is expected to be completed in the first quarter of 2015, with the large majority of the assets under management targeted to be transferred in 2013.
Foto cedidaJohn Bennett, portfolio manager of the Henderson European Selected Opportunities Fund. The Demographic Trend Rejuvenating Fortunes for European Pharmaceuticals
Thanks to advances in medical care and nutrition, we are all living longer and healthier lives, challenging previously assumed notions of what constitutes a ‘natural lifespan’.
While this pattern of growing life expectancy is encouraging, a combination of improved healthcare and the long-term effects of the post-war baby boom has contributed to a greater number of people reaching advanced age. Fertility rates are also falling, resulting in a rise in the average age of the world’s population. As this global demographic shift progresses, it is creating some unique challenges – and long-term opportunities – for the pharmaceuticals industry.
We have been arguing since 2010 that the pharmaceuticals sector in Europe is undervalued, given its growth profile and misguided negative sentiment towards a so-called ‘patent cliff’. While it may be true that the ‘low hanging fruit’ era of the drug development market has passed, there is plenty of room for improvement in existing treatments and more targeted therapies that will be part of the next evolution of patient care. As with most things in life, new drug development is cyclical, and the number of treatments in the pipeline has been slowly but steadily trending upwards since 2007. Moreover, the global market for medicines is increasing, with conditions such as arthritis, diabetes and cancer more prevalent in the elderly.
Source: Henderson Global Investors, BofA Merrill Lynch Global Research, a 30 de abril de 2013
Research from the Survey of Health Ageing and Retirement in Europe found that more than two-thirds of people over 50 in Europe have at least one chronic health complaint. In the US, according to the Centers for Disease Control and Prevention (CDC), nearly half of American adults over 65 have more than one long-term persistent health issue, from cardiovascular disease to diabetes or hypertension.
European pharmaceuticals are at the forefront of treating chronic illnesses such as diabetes, a growing pandemic that affects over 60 million people in the region and over 350 million worldwide. To give some indication of the sums spent on treating this condition, the US spends over $10,000 annually on treating each patient with diabetes. Medicines such as Lantus and NovoRapid, created by Sanofi, the French pharmaceutical company, and Novo Nordisk (Danish) respectively, are leading medical products in the field.
Expenditure on Diabetes Treatments
Healthcare expenditure varies from country to country, but the amount spent globally is rising, as a percentage of gross domestic product, with total expenditure reaching US$6.5 trillion a year in 2010, according to the World Health Organisation. European pharmaceuticals are well positioned to help combat the evolution of diseases in the developing world, which are increasingly matching those in more advanced countries. Countries such as China, for example, are facing their own age-related timebomb, a consequence of Chairman Mao’s one-child policy, created in 1979. One third of the population is expected to be over 60 within 40 years.
Source: WHO Global Health Expenditure Atlas, 2012
Encouragingly, pharmaceutical firms have taken appropriate steps to reduce their reliance on blockbuster drugs. Approximately 44% of revenues for European pharmaceuticals come from a globally diversified range of revenue sources, such as consumer and animal health brands, vaccines, diagnostics, low-cost generics and the emerging markets. This is expected to rise beyond 50% by 2020.
Pharmaceuticals are also somewhat insulated against the wider economic woes that persist in Europe and elsewhere. While it is possible for consumers to cut back on their discretionary spending, such as holidays or eating out, most people place more value on their health. In 2010, older US consumers averaged out-of-pocket healthcare expenditures of $4,843, an increase of 49% since 2000. Even in the context of government spending constraints, it is reasonable to assume that support for healthcare spending will remain intact. In the UK, it is unlikely that any of the political parties would countenance a cut in the NHS budget with an election only two years away. An ageing population means more voters over 65, who will be anxious to protect or augment state provision for age-related healthcare.
Right now, we believe that the pharmaceuticals industry in Europe is perhaps two or three years into a decade-long renaissance, with good long-term prospects for revenue growth from sustainable sources. The quest for better therapeutic approaches is never-ending and big pharmas have a significant role to play in how illness and disability is treated in the future.
John Bennett, portfolio manager of the Henderson European Selected Opportunities Fund
ORIX, announce earlier than expected, that the acquisition of Robeco has been completed. ORIX has acquired approximately 90.01% of the equity in Robeco from Rabobank. The total sale price as a result of adjustment to reflect Robeco’s most recent financial position was 1,937 million EUR (2.500 million USD).
As a well-managed and relatively autonomous group of businesses with a good performance and track record, Robeco is a strategically important vehicle for ORIX to pursue its growth ambitions in global asset management. One of ORIX’s and Robeco’s priorities will be to further develop the growth opportunities which exist in pension and asset management markets in Asia and the Middle East, where ORIX has an established network. As well as working together to further improve Robeco’s corporate value, ORIX and Rabobank also will consider joint expansion in new business fields as strategic partners.
ORIX is committed to support Robeco’s strategy, its services to clients, its investment processes and teams, based on Robeco’s long term commitment to deliver value to clients. Robeco’s management board will remain in their current roles with Roderick Munsters continuing as CEO. Robeco will report to ORIX headquarters in Tokyo.
