Banca March and Andbank Give Another Twist to the Sale of Inversis

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Banca March y Andbank dan una nueva vuelta de tuerca en la venta de Inversis
. Banca March and Andbank Give Another Twist to the Sale of Inversis

One of the most complicated operations which have been seen recently in the Spanish financial market has taken another twist. After an unexpected move by Banca March, one of Inversis’ shareholders, Andbank will finally be taking over Inversis’ private retail banking business, instead of Andorra Private Banking, through Banco de Madrid. Meanwhile, Banca March will take over Inversis’ technology platform, but will later sell 50% to the Portuguese group, Orey Antunes. Likewise, Andbank will become a technological client of Inversis.

According to a statement submitted to the CNMV, Banca March has used its rights of first refusal on the sale of Banco Inversis, whose bid had been won by Andorra Private Banking through Banco de Madrid, by offering 212 million Euros on June 28th. Shareholders representing more than 92% of the offer, including Bankia, Sabadell and CajaMar had accepted this offer. Banca March has decided to “exercise its preemptive right of acquisition on the sale of Banco Inversis SA to ensure and maintain the quality of service to its clients and to develop its institutional business, both within Spain and in its international expansion.”

Banca March will pay 217.4 million Euros for Inversis, and will then sell Inversis’ private retail banking business to Andbank for 179.8 million Euros. The difference, which is just under 38 million Euros, will be what Banca March will pay for Inversis’ technology platform. This agreement will become effective “once all necessary corporate transactions have been completed and all authorizations have been received.”

Also, once the segregation of its retail banking business is carried out, Banca March will sell a 50% share of Banco Inversis to the Portuguese Group Orey Antunes, subject to the relevant approvals, “in order to continue to invest jointly in the development of the technology platform and to continue to promote institutional business on a national and international level.” The price of this last sale has not been revealed.

 BPA’s reaction is as yet unknown; it had increased its bid on Inversis twice over the past few months to beat Andbank. In any case, the price Andabank will have to pay, which equals BPA’s previous offer, is no bargain, according to industry sources. “Especially considering they will not acquire the technology platform,” the expert concluded.

Perfecto, a Spanish Touch in Miami’s Financial Heart

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Perfecto, un toque español en el corazón financiero de Miami
Wikimedia CommonsPerfecto Restaurant in Miami. Perfecto, a Spanish Touch in Miami’s Financial Heart

Perfecto a new Spanish restaurant, which avoids the traditional concept, has just opened its doors in Miami, Perfecto’s precursors try to provide a new twist, with contemporary cuisine, yet without forgetting the roots of traditional Spanish food and also with the addition of a cocktail bar, yes, in true Spanish style.

Perfecto, located in Brickell Avenue, right in Miami’s financial center, opened to the public with the aim of becoming a reference point in the city, where Spanish supply in general is not abundant,  and even less so in the category in which its owners have ventured and in which they are looking to get stronger.  

The concept is tapas, but “different tapas”, even incorporating the nitrogen technique in the kitchen for the elaboration of desserts. “The offer is very unusual, it’s different to all the others,” says Oscar Manresa, head of Perfecto, to Funds Society. Besides the cuisine with which they hope to conquer the Miami public, they pay great attention to detail. “Creating an ambience is as important as the food, “says Manresa.

Thanks to an important fusion of cultures, Miami is a city with a rich and abundant gastronomic offer, but, with few exceptions, Spanish food has not been well represented. It is exactly for that reason, and with the intention of providing a new twist and to acquire the hold of the gap that exists in the market, that Perfecto has appointed Daniel Torres Portes, a Spanish chef with an outstanding career and straight from Barcelona, as head chef.

Torres has been a culinary instructor in the Arnadi (Hofmann) School of Hospitality. Before joining this project in Miami, for which he, together with his wife, did not hesitate to pack their bags a few months ago, he worked in Barcelona at the Hofmann restaurant, in the Garden del Hotel Rey Juan Carlos I and in the restaurant of the Palau de la Musica, amongst others.

In addition to the soul of the kitchen, the venture’s management will be in the hands of Oscar Manresa, a professional with over 18 years experience in the sector in Spain, especially in Catalonia, where he manages more than 10 establishments ranging from the cocktails bar at the Hotel Palace in Barcelona,​​ Rien de Rien, to several venues and trendy establishments in Barcelona.

Manresa and Torres have told Funds Society how,  months ago,  they decided to jump on the bandwagon, on the  idea of ​​a group of investors, some of them friends, to take the best out of each of the establishments that Manresa had managed, andfuse all  that together into one “perfect” venue in Miami,  hence the name. Perfecto also has an impeccable decor with a certain rustic touch.

Manresa has planned to stay in Miami during the business’ first stage, but once the restaurant is on track and in full and smooth operation, he hopes to be able to divide his time between the two cities, in order to continue to operate his business in Spain. He admits that he did not hesitate in packing his bags to pursue this idea. “In Spain it is difficult to stay afloat, let alone to grow in this time of crisis.”

The venue is transformed after dark and “Perfecto” with its large terrace overlooking Brickell Avenue, becomes a cocktail bar, which is also livened up with the music of a DJ, also from Barcelona. “The concept of food & music is a formula that has worked for me in the venues I’ve opened,” says Manresa, who hopes to continue on that same path with Perfecto.

 

El mercado de commodities desciende en junio ante las señales de ralentización en China

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El mercado de commodities disminuyó en junio debido a que la incertidumbre sobre la recuperación económica global sigue siendo alta, de acuerdo a un análisis de Credit Suisse.

En este sentido, Nelson Louie, responsable global de Commodities en Credit Suisse Asset Management dijo que las noticias macroeconómicas que llegaron de China en junio pesaron sobre el mercado de commodities. “Con China actualmente registrando un ritmo de crecimiento más moderado y modesto y con una mejora modesta en otros lugares, lo más probable es que las divergencias de suministro están jugando un papel cada vez más protagonista en un momento en que la mayor correlación observada entre otras clases de activos y los productos básicos desde 2008 ha comenzado a normalizarse. Dentro de la tendencia actual, el ritmo de crecimiento de la oferta es probable que siga siendo el factor clave en el impulso de rendimientos en commodities, subrayó.

El Dow Jones-UBS Commodity Index Total Return descendió 4.71% en junio. En total, 15 de los 22 componentes del índice registraron resultados negativos. El sector de los metales preciosos fue el sector que peor desempeño registró, que bajó un 12,27% ante los persistentes temores sobre el plan de la Fed de acabar con su programa de estímulo monetario y el rally del dólar.

En cuanto a los metales industriales,  estos disminuyeron 7.11%, tal y como mostró un estudio sobre la actividad manufacturera en China, que se debilitó a un mínimo de nueve meses en junio ya que la demanda se tambaleó. En este sentido, Credit Suisse subraya que estas cifras pueden aumentar la presión sobre el Banco Central chino para que afloje su política.

En cuanto a la agricultura, junio fue el mes más bajo, por debajo del 4,16% debido a una presión mayor de mayores existencias de maíz, mayores de las esperadas, y los datos adicionales que muestran mayores zonas de cultivo plantadas a pesar de los retrasos de plantación por problemas relacionados con las temperaturas. Las noticias de que la producción de trigo en Australia aumentó un 15% respecto al mismo periodo del año anterior se sumó también a las preocupaciones sobre los suministros mundiales más grandes. Australia es uno de los mayores exportadores mundiales de trigo.

La energía disminuyó un 2,55%, liderado por gas natural, tras las mayores inyecciones de almacenamiento, según lo informado por la Administración de Energía estadounidense. La ganadería registró el mejor desempeño del sector, que subió un 3,10%.

Hedge Fund Association Applauds SEC for Lifting Ban on Hedge Fund Advertising

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Hedge Fund Association Applauds SEC for Lifting Ban on Hedge Fund Advertising
Imagen de un antiguo anuncio. La HFA aplaude la decisión de la SEC de suprimir las trabas a la publicidad para hedge funds

The Securities and Exchange Commission  has now adopted final rules in connection with the Jumpstart Our Business Startups (JOBS) Act, lifting an 80 year old ban on general solicitation and allowing hedge fund managers to advertise. The Hedge Fund Association (HFA) and its members throughout the United States applaud the SEC’s decision as a necessary modernization of the securities laws.

Fundamentally, we believe that these new rules will: (i) increase public transparency regarding the alternative investment industry, including hedge funds; and (ii) facilitate capital formation and ultimately enhance the capital markets. Though the HFA views this development as generally positive, we await publication of the new rules to determine whether particular requirements impose an unnecessary burden on our members. We are in the process of reviewing the text of the final rules, as well as gathering feedback from our members, at which time we will provide a more comprehensive commentary on behalf of the hedge fund industry. The HFA previously provided valuable comments to and materially influenced relevant provisions of The Dodd–Frank Wall Street Reform and Consumer Protection Act.

The Hedge Fund Association is an international not-for-profit organization made up of hedge funds, funds of hedge funds, family offices, high-net-worth individuals and service providers. In the U.S., the HFA has chapters in the Northeast, Southeast, Midwest and on the West Coast. Internationally, the HFA has chapters in Europe, Asia, Australia, Latin America and the Cayman Islands. HFA works on behalf of the entire hedge fund industry, including more than 9,500 hedge funds in the U.S. and abroad which collectively manage in excess of $2 trillion in assets, as well as sophisticated investors and industry service providers.

Pimco Total Return Suffers Outflows of $9.6 billion in June

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Pimco Total Return Suffers Outflows of $9.6 billion in June
Foto: WPPilot. Pimco Total Return sufre reembolsos de 9.600 millones en junio

Morningstar reported today estimated U.S. mutual fund asset flows for June 2013. Investors withdrew $43.8 billion from taxable-bond funds and $16.4 billion from municipal-bond funds, making June the worst month on record for bond funds in terms of total outflows. Long-term funds overall shed $47.3 billion, the largest monthly outflow since $105.6 billion in October 2008

Additional highlights from Morningstar’s report on mutual fund flows:

  • Intermediate-term bond funds lost $24.4 billion in June, dragged down by outflows of $9.6 billion from PIMCO Total Return. DoubleLine Total Return saw redemptions of $1.2 billion, its first monthly outflow. Other weak-performing bond categories included long government, emerging-markets bond, and inflation-protected bond.
  • Not all fixed-income categories suffered in June and the year-to-date period. Bank-loan funds have collected more assets than any other category in 2013, and nontraditional bond has come in third.
  • International-equity and alternative funds had net inflows in June. Among international-equity funds, Oakmark International, which has a Morningstar Analyst Rating™ of Gold, continued its string of strong inflows, collecting $753 million. The fund has doubled in size in the last year, absorbing nearly $5.0 billion and achieving a 35 percent return year to date.
  • At the firm level, PIMCO led outflows, with redemptions of $14.5 billion, followed by Fidelity with $5.1 billion. Vanguard saw its first firm-level outflows (including exchanged-traded and money market funds) in nearly 20 years. MFS topped all providers with inflows of $1.4 billion.

 

Elizabeth A. Duke Submits Resignation as a Member of the Board of Governors of the FED

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Elizabeth A. Duke Submits Resignation as a Member of the Board of Governors of the FED
Wikimedia CommonsElisabeth A. Duke/Fed. Renuncia Elizabeth Duke a la Junta de Gobierno de la Fed

Elizabeth A. Duke submitted her resignation Thursday as a member of the Board of Governors of the Federal Reserve System, effective August 31, 2013.

Duke, who has been a member of the Board since August 5, 2008, submitted her letter of resignation to President Obama. She has made no announcements about her future plans.

“Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the Board,” said Federal Reserve Chairman Ben S. Bernanke. “She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders. I wish her the best in her future endeavors.”

Duke, 60, was appointed to the Board by President Bush to fill an unexpired term that ended January 31, 2012. During her time on the Board she served as Chairman of both the Committee on Consumer and Community Affairs and the Subcommittee on Supervision and Regulation of Community and Small Regional Banking Organizations.

Before joining the Board, Duke was Senior Executive Vice President and Chief Operating Officer of TowneBank, a Virginia-based community bank. Prior to that, she served as an Executive Vice President at Wachovia Bank and as an Executive Vice President at SouthTrust Bank. Earlier in her career, Ms. Duke was President and Chief Executive Officer of Bank of Tidewater, based in Virginia Beach, Virginia.

Evercore to Establish a Private Capital Advisory Business

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Evercore to Establish a Private Capital Advisory Business
Wikimedia CommonsFoto: Andy Waddington . Evercore contrata a dos ex UBS para montar una división de asesoría de private equity

Evercore announced that it intends to expand its global investment banking platform by establishing a Private Capital Advisory (“PCA”) business focused on secondary transactions for private funds interests. This initiative significantly expands the services that Evercore offers to leading institutional investors and Fund sponsors, and complements the capital raising advisory services provided by Evercore’s Private Funds Group and the strategic and merger advisory services offered by Evercore’s Advisory business generally, said the firm in a press release. 

Nigel Dawn and Nicolas Lanel have agreed to join Evercore to lead the business. Mr. Dawn will run PCA globally while Mr. Lanel will head up the European operation. Mr. Dawn, who was most recently Managing Director and Global Co-Head of the Private Funds Group at UBS, is a recognized leader in this business bringing more than twenty years of experience advising investors and fund sponsors. Mr. Lanel was most recently Managing Director and Global Co-Head of Secondary Advisory at UBS, where he led the expansion of the business into Europe. The PCA business will be majority owned by Evercore with key principals, including Mr. Dawn and Mr. Lanel, owning the minority stake. The Evercore PCA business is expected to launch during the second half of 2013 following the recruiting of additional professionals to support the business in North America and Europe.

“The PCA business fits perfectly into the Evercore model of providing independent advisory services to our clients based on our ideas, our intellectual capital and our relationships. We believe this business leverages the relationship network and market presence of our firm.” said Ralph Schlosstein, President and Chief Executive Officer of Evercore.

Nigel Dawn was a Managing Director and Global Co-Head of the Private Funds Group at UBS. Mr. Dawn was the founder and leader of the Secondary Market Advisory team within the Private Funds Group at UBS, having advised on over $25 billion of secondary transactions. Clients have included leading US public investors, university endowments, banks, insurance companies, hedge funds and leading private equity general partners. Previously, he was head of UBS Investment Bank’s Third-Party Private Equity Funds Team. Prior to joining UBS, Nigel worked at Booz, Allen & Hamilton in New York, and in Asia with Standard Chartered Bank. Nigel graduated from Newcastle University with a Bachelor of Arts degree in East Asian Politics and earned his MBA at Columbia Business School.

Nicolas Lanel was a Managing Director at UBS and was most recently Global Co-Head of its Secondary Markets Advisory group. He established the practice in Europe in 2007, having joined the funds placement team of UBS in 2004, where he initially focused on coverage of institutional investors in Europe and the Middle East. Mr. Lanel has led a number of notable secondary transactions in Europe for clients including financial institutions, pension funds, large family offices and fund sponsors. Mr. Lanel has 20 years of experience in private equity and corporate advisory, having worked previously with the principal investment team at Paribas and at Deutsche Bank in Toronto, London and New York. He will be joining Evercore in October this year. Mr. Lanel earned a Master’s degree in management at ESCP-Europe.

 

Universität Heidelberg and Santander Universitäten to Increase Their Cooperation

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La Universidad de Heidelberg y Santander Universidades amplían su colaboración
Wikimedia Commons. Universität Heidelberg and Santander Universitäten to Increase Their Cooperation

Heidelberg University and Banco Santander, though its Global Division Santander Universidades, are planning to intensify and expand their cooperation. To this end, Prof. Dr. Bernhard Eitel, Rector of Heidelberg University, and Emilio Botín, Chairman of Banco Santander, signed an agreement on the “TOP Programme Europe – Latin America” and the “ELITE Programme Latin America – Europe – Asia”. It is based on the long-term framework agreement concluded two years ago with Santander.

Santander Universities operates in Germany under the name of Santander Universitäten. With this step, the partner institutions want to support the geographical mobility of young scientists and scholars, develop top-class networks of strong research partners in Latin America, Asia and Europe, investigate innovative research topics on an international level and make the results of that research available to society.

Heidelberg University develops and coordinates European cooperation projects with leading universities in Latin America, especially Chile, Brazil, Argentina, Colombia and Mexico

Via its Centrer for Ibero-American Studies (IAZ), Heidelberg University develops and coordinates European cooperation projects with leading universities in Latin America, especially Chile, Brazil, Argentina, Colombia and Mexico. In the long term, the partner institutions hope to build a bridge of scientific collaboration between Europe and Latin America, for the benefit of junior researchers in particular. On another level, the partners in Europe and Latin America will work together to create networks of excellence with leading universities in South and East Asia, especially India, China and Japan. The IAZ, the South Asia Institute, the Heidelberg Centre for Transcultural Studies, the Centre for East Asian Studies and the International Relations Office of Heidelberg University will all be involved in the coordination and development of this project. The research partners on the three continents will be selected by mutual agreement with Santander Universitäten.

Within the framework of the “TOP Programme Europe – Latin America” and “ELITE Programme Latin America – Europe – Asia” summer and winter schools dealing with innovative research questions and aimed at doctoral candidates and junior researchers are funded by the bank through Santander Universitäten. They are to be organised in cooperation with the Heidelberg Center South Asia in New Delhi, the Heidelberg Center for Latin America in Santiago de Chile and the International Academic Forum Heidelberg as well as Japanese partner universities, if applicable.

The Center for Ibero-American Studies was funded in March 2011 via the existing framework agreement between Heidelberg University and the bank, through its Santander Universidades Global Division. The IAZ initiates and maintains scientific exchange with the countries of Latin America and the Iberian Peninsula. One of the centre’s major concerns is to establish networks for young scientists, especially in the humanities, and to support them with the required infrastructure. For this purpose, the IAZ – supported by Santander Universitäten – offers scholarships in linguistics, translation and interpreting, and literature that allow doctoral students to spend several months doing research at an international partner university. Research stays of international junior researchers at Heidelberg University are funded as well.

2,408 Candidates Receive First Claritas Investment Certificate

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Un total de 2.408 candidatos reciben el I Certificado de Inversiones Claritas del CFA
By Diego Delso . 2,408 Candidates Receive First Claritas Investment Certificate

CFA Institute, the global association of investment professionals, announces today that 2,408 participants have successfully completed and passed the Claritas Investment Certificate. The Claritas certificate provides a thorough understanding of how the investment industry works, and the knowledge that candidates have acquired will help to shape a more trustworthy financial industry by setting a new international education and ethics standard.

Participants from 70 companies in 50 countries took part in the Claritas pilot program, with candidates sitting the examination in March and April 2013. Since then a full review and standard setting process has been undertaken to evaluate the results and set the passing score for the pilot and future sittings of the examination. From July onwards, candidates who sit the examination will now be able to leave the test center with a preliminary result and receive their official result within a few days after the examination.

The profile of candidates who took part in the pilot ranged across operations, administration, IT, HR, marketing, sales, compliance and customer service. Candidates worked within asset management firms, commercial and investment banks, insurance companies, data and media businesses and professional services organizations. (A list of some of the companies that participated in the pilot can be seen here.)

  • 85% reported they would recommend the program to others
  • 76% said they had benefitted by increasing their industry knowledge
  • 64% said that the program helped them to better understand their ethical obligations within the financial services industry

John Rogers, CFA, president and CEO of CFA Institute, commented: “The industry’s enthusiastic response to the Claritas program is a true indicator of the need to provide accessible education for those experts who surround investment decision makers every day. The commitment and accomplishment of these 2,408 individuals confirms that raising educational excellence is essential in shaping the future of finance.”

John Bowman, managing director and co-lead of Education at CFA Institute, echoed Rogers’ congratulations: “CFA Institute developed the Claritas certificate in response to the financial crisis, and as part of a global call to action for industry participants to play their part in addressing the overall lack of trust in financial services. With the large majority of our pilot partners recommending deeper implementation of Claritas in their firms across a diversity of roles, businesses and geographical and cultural backgrounds, we are confident we’ve met that challenge. These candidates and their supporting pilot partner firms should be proud to stand as pioneers in their sector.”

Global registrations for the Claritas Investment Certificate launched on May 20, 2013.

Sir Bob Geldof Provides Fresh Insight Into Investing in Africa

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Sir Bob Geldof proporciona una nueva perspectiva sobre la inversión en África
Foto cedidaPhoto: Bob Geldof (www.bobgeldof.com). Sir Bob Geldof Provides Fresh Insight Into Investing in Africa

Fund Forum International, was honoured to have Sir Bob Geldof in attendance in 2013, where he provided fresh insights into investing in Africa. Why don’t investors turn more of their attention towards Africa? Hear what Sir Bob Geldof has to say in the exclusive interview with him at FundForum.