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Economist Shushanik Papanyan has joined the BBVA Compass economic research team

Economist Shushanik Papanyan has joined the BBVA Compass economic research team. Before joining the bank, Papanyan taught at the University of North Texas and the University of Texas at Arlington. Most recently, she worked as a consultant for the Globalization and Monetary Policy Institute of the Federal Reserve Bank of Dallas.

“We are pleased to have Shushanik join us and help us enhance our macroeconomics research,” said Nathaniel Karp, chief economist for BBVA Compass. “Her knowledge about monetary policy, business cycles and international economics will help us improve our models and forecasts.”

Papanyan earned a doctorate in economics from the University of Houston and a master’s degree in international studies from the University of Notre Dame. She earned her bachelor’s in international economics from Yerevan State University in Armenia and is fluent in Russian and Armenian.

Papanyan is often invited to present her research on U.S. business cycles, as well as global economic fluctuations at various academic conferences in the U.S. and abroad. Her work has been published in the Journal of Forecasting, an industry publication.

Karp’s team analyzes the U.S. economy and Federal Reserve monetary policy. For its analyses, the economists create models and forecasts for growth, inflation, monetary policy and industries. The economic research team also follows a variety of issues that affect the Sunbelt states where BBVA Compass operates.

The bank’s economic research group includes Kim Fraser, Jason Frederick, Boyd Nash-Stacey, Marcial Nava and Alejandro Vargas.

Economist Shushanik Papanyan has joined the BBVA Compass economic research team

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The bank’s economic research group includes Kim Fraser, Jason Frederick, Boyd Nash-Stacey, Marcial Nava and Alejandro Vargas.

Robeco: Five lessons from the Cyprus bail-out

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Robeco: Cinco lecciones a aprender del rescate de Chipre — Foto cedidaRonald Doeswijk, Chief Strategist at Robeco. Robeco: Five lessons from the Cyprus bail-out

Chief Strategist Ronald Doeswijk, on what can be learned from the last ten days.

There are five key lessons to be learned from the 11th hour deal that Cyprus struck with the international lenders to secure its EUR 10 billion bail-out, says Ronald Doeswijk.

1. Deal was the best of a bad bunch of solutions

First, he says, the deal is not ideal but it is the best option from a bad set of potential solutions. “In the last week, as in the whole debt crisis, there have been events where there are only bad solutions on offer,” he argues.

This “least-bad” deal is structured so that the unacceptable plan to levy depositors with savings of less than EUR 100,000 that was included in last week’s initial proposal—and which was voted down by the Cypriot parliament—has gone.

Instead, the weight of the bail-out rests on richer depositors in the country’s two main banks, with more than EUR 100,000 in their accounts, and senior bank bondholders.

These pressures mean that there are no simple solutions left for future flare-ups in the eurozone debt crisis—and such flare-ups are inevitable. “This will not be the last choice between bad solutions. And a bad solution always brings the risk of a final break up of the eurozone, either directly or indirectly. Also, politicians have not always shown great awareness of unintended consequences,” he cautions.

2. EUR 100,000 deposit guarantee repaired but doubts will linger

The second lesson is that politicians have realized that it was a mistake to threaten the eurozone-wide EUR 100,000 deposit guarantee. In the proposal that the Cypriot parliament rejected last Monday, deposits with less than EUR 100,000 were facing a 6.75% haircut.

In the new deal, the EUR 100,000 guarantee is being honored. “In that sense, you could say that things have only changed marginally in the last ten days,” says Doeswijk.

And yet. Only a week ago, Europe’s policymaker elite were prepared to plunder small savers’ deposits. That’s a difficult cat to get back in the bag. “People have been made aware that the rules may change from today to tomorrow,” says Doeswijk.

3. Contagion risks in the short term are small: bank runs unlikely in Spain & Italy

Even though Spanish and Italian savers might thus be alarmed by the planned deposit grab in Cyprus, Doeswijk is not expecting bank runs in either country. That’s Doeswijk’s third lesson. “We still think contagion risks are small in the short term,” he says. “People will see Cyprus as a special case.”

That said, he acknowledges his concern about a possible restart of the silent bank run in Spain: “it’s a key issue,” he says. In Spain, money flows out of banks recently reversed: people have been putting money in again. Now, the worry is that, prompted by Cyprus, outflows will start again.

4. Bondholders continue to be at risk

The fourth lesson is that bondholders are now more at risk. As part of the Cyprus deal, the senior unsecured debt of Laiki Bank looks set to be completely wiped out, while senior bondholders of Bank of Cyprus face a haircut. “Senior bank debt holders will bleed,” says Doeswijk. “That is good in the long term.” Why is this good? “Sometimes risk has to materialize to prevent moral hazard,” he says. “You can’t use taxpayers’ money every time.”

5. Focus to shift back to political instability in Italy

The fifth lesson concerns the next steps in the broader eurozone crisis. While Cyprus gets used to its new normal—a shattered business model, a drastically shrinking economy and higher levels of debt to GDP—Doeswijk believes that the spotlight is likely to shift away.

It is not that this deal solves Cyprus’s problems. “But we believe that if Cyprus implements what the Troika is telling it to do, it will receive another bail-out if needed,” he says. “A eurozone exit is too dangerous.”

Where will the spotlight come to rest? Doeswijk suggests Italy. “Political instability in Italy could worry financial markets,” he says. After all, there is no stable government. And fresh elections are possible within a few months. “Are the new policymakers willing to put forward enough reforms to satisfy the Germans?” he asks.

That is unlikely to be the only negative taking the spotlight away from Cyprus. The dire state of the eurozone economy will also be competing for attention. “We have to see how the economy does in the months ahead. Data from France has been very bad,” he notes.

Still, despite the flare-ups, the most likely scenario is that, with the backstop of the ECB’s OMT (outright monetary transactions) and softened austerity, politicians will gradually push through economic reform. “In those circumstances, we may be able to avoid a test of the conditionality of the OMT, which we believe to be truly conditional,” says Doeswijk

Drink Ribera. Drink Spain. Launches 2013 Road Tour in U.S.

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Ribera de Duero se va de gira por Estados Unidos — Wikimedia CommonsDrink Ribera. Drink Spain. Drink Ribera. Drink Spain. Launches 2013 Road Tour in U.S.

Drink Ribera. Drink Spain. has released their spring 2013 Road Tour calendar, including opportunities for trade and press to meet winemakers and taste current releases from over 100 D.O. Ribera del Duero wineries in Dallas, Austin, Miami, Boston, Chicago and Denver. The Drink Ribera Road Tour will include RiberaConnect, a trade sampling platform designed to facilitate business between importers and Ribera wineries seeking representation in the United States.

This year the annual Drink Ribera Road Tour will also encompass a Guild of Sommeliers Master Class tasting series in Chicago, Houston, New York, Atlanta, Seattle and San Francisco. Led by certified Master Sommeliers, classes will include a comprehensive tasting of Ribera wines for wine professionals designed to advance education and training on the Ribera del Duero region.

The Drink Ribera Road Tour follows the success of the region’s 4^th annual Grand Tasting in New York. On February 25, 2013, Drink Ribera hosted over 120 wineries from the Ribera del Duero region of Spain, presenting their latest releases to 400 wine industry professionals and guests at the Mandarin Oriental Hotel. Exclusively for Drink Ribera guests, Pablo Alvarez, General Director of Vega Sicilia, led a rare vertical tasting including a magnum Unico 1981 and Unico Reserva Especial.

About D.O. Ribera del Duero

Ribera del Duero provides a benchmark for quality in the Spanish wine category. With an extreme climate perfectly suited for quality grape-growing and ripening, Ribera del Duero wines represent the pinnacle of Spanish winemaking and the ultimate expression of Spain’s most noble red grape: Tempranillo. The region became a Denominación de Origen (D.O.) in 1982, and today there are more than 260 wineries producing top world-class wines. Ribera del Duero was named 2012 Wine Region of the Year in Wine Enthusiast Magazine’s annual Wine Star Awards.

To view the 2013 Drink Ribera Road Tour calendar please visit: 2013 Events Calendar.

Apex to Offer Free Office Space and Advisory Service for Fund Start Ups

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Apex Fund Services, an independent fund administration companie, announces the launch of its free office facilities and fund incubation service to fund managers looking to start a new fund, said the firm in a press release.

The new office facilities service forms part of a new division, Apex Emerging Manager Incubation Services (EMIS) aimed at helping new fund managers establish their funds in the most cost-effective way, with the best infrastructure to ensure the funds’ post-launch success.

In addition to providing office space, EMIS offers free advisory services regarding fund structure, jurisdiction selection, launch platforms, cloud hosting, broker networks, administration and, via Apex Technologies, Order Management and Portfolio Management Systems.

EMIS launches in New York, Miami, Toronto, London, Malta, Mauritius and Sydney where a number of new fund managers are already benefiting from EMIS office space. EMIS is in the process of being rolled out to all Apex locations and will be available to fund managers launching a new fund.

EMIS will be managed by Bill Wiggin who is a Member of Parliament in the UK and has over 13 years financial services experience having worked at Union Bank of Switzerland, Dresdner Kleinwort Benson and Commerzbank AG amongst others. Bill will work closely with all of Apex’s Managing Directors around the world to ensure new fund managers receive the most objective and highest quality advice when launching a fund.

“Up to 75% of all new fund launches fail, a statistic that is far too high and Apex’s EMIS has been launched to turn the tide and ensure more fund managers succeed”. “New funds often carry too high a cost base at launch which can be a major drag on the growth of the fund, restricting its chance of success. EMIS brings solutions to all of these potential hurdles and brings the key infrastructure needed to make funds investable”, said Bill Wiggin.

Aberdeen Launches Latin American And European Equity Funds

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Aberdeen Asset Management announced the launch of two new mutual funds: Aberdeen Latin American Equity Fund (Class A Ticker: ALEAX ) and Aberdeen European Equity Fund (Class A Ticker: AEUAX).

“Aberdeen Asset Management has been investing in Latin American and European equities for nearly three decades and the strategies represent part of the firm’s core competencies,” said Gary Marshall, Aberdeen‘s Chief Executive. “The launch of the new funds comes amid rising demand from Aberdeen‘s U.S. clients for global exposure at a regional level. Aberdeen is delighted to be able to expand our product offering and deliver these new strategies in the U.S.”

The Aberdeen Latin American Equity Fund will be managed by the company’s highly-regarded Emerging Markets Equity team, led by Devan Kaloo, Head of Global Emerging Markets Equities. By employing Aberdeen Asset Management’s disciplined bottom-up equity investment process, the team will seek to achieve long-term capital appreciation by investing in equity securities of Latin American companies.

The Aberdeen European Equity Fund will be managed by Aberdeen‘s Pan European Equity team based in London, led by Jeremy Whitley, Head of UK and European Equities. Also employing Aberdeen Asset Management’s bottom-up equity investment process, the team seeks to achieve long-term capital appreciation by investing in equity securities of European companies.

“With the developed world facing anemic growth rates, high unemployment and continued government austerity measures, we believe investors need to look to the developing world for opportunities and growth. In this regard, we believe that the outlook for Latin America is compelling. In our view, the region benefits from improved economic fundamentals, vast natural resources, a significant pool of consumers with favorable demographics, low public debt, and financially strong companies. We believe Latin America should not be overlooked in a well-diversified global portfolio”, said Devan Kaloo, Head of Global Emerging Markets at Aberdeen,

“The crisis in the Eurozone has led many U.S. investors to avoid a European allocation. We believe that Europe as a whole is underappreciated and the time is right to gain exposure to strong global franchises by investing in quality European companies. In our opinion, Europe possesses many quality companies with strong business models, quality management teams and extensive intellectual capital, which are supported by strong corporate governance models and robust legal frameworks. While European governments may be in poor financial health, we feel that investors can find high-quality companies at attractive valuations across Europe.”, said Jeremy Whitley, head of UK and European Equities at Aberdeen

Credit Suisse to Acquire Morgan Stanley’s Private Wealth Management Businesses in EMEA

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Credit Suisse today announced that it has signed an agreement to acquire Morgan Stanley’s wealth management businesses in Europe, Middle East and Africa (EMEA), excluding Switzerland. The businesses with a total of over USD 13 bn of assets under management are based in the UK, Italy and Dubai, serving predominantly international Ultra High Net Worth (UHNW) and High Net Worth (HNW) clients across Europe.

The transaction complements Credit Suisse’s leading wealth management business in Europe and reinforces the bank’s focus on growing its UHNW and HNW client segments. The acquisition will add scale to the bank’s core growth markets in EMEA including the UK, Italy, Nordics, Russia and the Middle East. In the UK market, the acquisition will significantly increase Credit Suisse’s client base, making the bank a top ten player and leading wealth manager.

The businesses acquired will be integrated into Credit Suisse’s Private Banking & Wealth Management division. The acquisition will offer Morgan Stanley’s private banking clients, relationship managers and other employees an opportunity to benefit from a leading product platform and client offering, broad expertise and the highest quality standards of one of the world’s longest established private banks.

Romeo Lacher, Head of Private Banking for Western Europe at Credit Suisse, said: “Accelerating our growth momentum in our international markets and in our UHNW client segment remains a key priority for Credit Suisse. Morgan Stanley has developed a strong foothold in wealth management over the past years and its high quality client base and experienced employees perfectly complement our ambitions to grow our share in these areas. We look forward to welcoming Morgan Stanley’s clients and employees to Credit Suisse and working with them to deliver a strong portfolio of products, services and expertise across our private banking platform.”

Credit Suisse combines the strengths and expertise of its Private Banking & Wealth Management, including Asset Management services, and Investment Banking. The unique value proposition of Credit Suisse’s integrated banking services remains a key strength in its client offering. It enables the bank to offer customized and innovative solutions to its clients, especially to UHNW clients, the fastest growing segment at Credit Suisse.

The acquisition is structured as an asset purchase for the businesses involved. Subject to satisfying certain closing conditions, it is expected to close later this year.

SMFG and SMBC restructure its business to focus on emerging markets

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Sumitomo Mitsui Financial Group, Inc. (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) today announced changes to the organizational structure of SMFG and SMBC as below, effective April 1, 2013.

1. International business

(1) Strengthen business in emerging markets (SMBC and SMFG)

“Emerging Markets Business Division” will be newly established within International Banking Unit of SMBC to develop business strategies and plans for further intensifying our commitment to emerging markets, including the fast growing Asia, and steadily developing the commercial banking business with Asia as our home market.

“Global Business Planning Department” will be newly established within SMFG to strengthen collaboration between group companies on international business, mainly in emerging markets.

(2) Strengthen overseas transaction banking business (SMBC)

The structure for promoting overseas transaction banking business, including ancillary financing, mainly in Asia where commercial flows are increasing in step with the economic development of the region, will be strengthened as below.

(a) Global Transaction Banking Department, formerly a sub-department of Electronic Commerce Banking Department and in charge of managing cross-border cash management and settlement related businesses, will become an independent department; and the name of Electronic Commerce Banking Department will be changed to “Transaction Banking Department.”

(b) “Global Supply Chain Finance Department” will be newly established within Global Trade Finance Department.

2. Domestic retail business

(1) Strengthen bank-securities collaboration (SMBC)

“Securities Business Collaboration Planning Department” will be newly established within Consumer Banking Unit in order to further strengthen collaboration between SMBC and SMBC Nikko Securities Inc. in asset management services for retail clients.

We will further enhance the products and services offered through the bank-securities collaboration by testing and verifying new bank-securities collaboration models, mainly by the new department.

(2) Concentration of head-office functions for asset succession related business (SMBC)

The head-office functions related to asset-succession planning business will be strengthened and concentrated in Private Advisory Business Department in order to accommodate such needs of business owners and retail clients in an integrated manner.

Specifically, the functions of Wealth Management Department related to advising retail clients on wealth succession and testamentary trust planning will be transferred to Private Advisory Business Department which advises business owners on business succession planning.

Further, “Testamentary Trust Department” will be newly established within Private Advisory Business Department and functions related to testamentary trust planning will be concentrated in the department as the business requires tailored client support by highly expert staff.

As a result, Wealth Management Department will be abolished and its functions related to asset management consulting will be transferred to Financial Consulting Department.

3. Domestic corporate banking business

(1) Restructure and strengthen corporate advisory functions (SMBC)

Corporate Advisory Division in charge of advisory business will be restructuredto comprise three advisory departments, “Advisory Department I – III”, and “Corporate Research Department”, and experienced staff with expert knowledge of industries will be concentrated in these departments. Advisory Department I – III will each conduct advisory business specializing in certain industries, and Corporate Research Department will conduct research on industries and individual companies. Further, overseas representatives will also be deployed by Advisory Department I – III to build up knowledge on a global basis.

Under the new structure, we will further enhance our research and solution providing capabilities and strengthen our ability to support the strategy planning of large companies from the early stage.

(2) Concentration of support functions for banking offices (SMBC)

Banking office support functions related to developing total solutions to business restructuring and financial products and services needs of our corporate clients, mainly to medium-sized companies and small and medium-sized enterprises (SME), will be transferred from Corporate Advisory Division and Business Promotion & Solution Department to a newly established department, “Strategic Corporate Business Department,” straddling Corporate Banking Unit and Middle Market Banking Unit, in order to more effectively accommodate such needs.

Further, Business Promotion & Solution Department will be abolished and its functions related to managing operations of banking offices will be transferred to Planning Department, Corporate Banking Unit & Middle Market Banking Unit.

(3) Strengthen capability to respond effectively to financing needs of SME (SMBC)

“Corporate Financial Consulting Office” will be newly established within Financial Development Office and functions related to supervising and supporting banking offices on facilitating financing to SME will be transferred to the new department from Credit Monitoring Departments of Credit Department I and Credit Department II, Middle Market Banking Unit, in order to offer even more tailored financial services to SME clients after the expiration of the SME Financing Facilitation Act.

Credit Monitoring Departments will be abolished and their remaining functions will be integrated into Credit Departments.

(4) Framework for assessing medium- to long-term corporate business strategies (SMBC)

“Corporate Business Strategy Planning Department” will be newly established within Planning Department, Corporate Banking Unit & Middle Market Banking Unit to assess our corporate business from a medium- to long-term perspective.

4. Strengthen other business planning functions and internal control functions

(1) Strengthen planning and management functions related to securities business (SMBC and SMFG)

Securities Business Planning Department, a sub-department of Planning Department, Investment Banking Unit (“PDIVB”), will become an independent department within Corporate Staff Unit and renamed “Securities Business Department,” and asset management related business, which is high compatible with securities business, of Strategic Products Department, the other sub-department of PDIVB, will be transferred to Securities Business Department in order to strengthen the planning and management functions related to securities business and intensify the bank-securities collaboration at both retail and wholesale levels. Strategic Products Department will be abolished and its remaining functions will be integrated into PDIVB.

Investment Banking Planning Department of SMFG will be renamed “Securities Business Department,” in order to plan and manage securities related business of SMBC and SMFG in an integrated manner.

(2) Strengthen credit screening capability (SMBC)

Structured Finance Credit Department, Investment Banking Unit will become a sub-department of Corporate Credit Department in order to further enhance the overall level of our credit screening capability by strengthening cooperation between relevant departments on screening individual companies and credit structures.

(3) Strengthen IT planning support (SMBC)

IT Business Strategy Planning Department, a sub-department of IT Planning Department, will be abolished and its functions will be transferred to IT Planning Department in order to further strengthen and more effectively support the IT planning of business units.

ING IM: Developed economies show resilience

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ING IM: Las economías desarrolladas resisten mejor — Wikimedia CommonsPhoto: HarueFukuiJapan. ING IM: Developed economies show resilience

The increased political uncertainty is having little effect on market sentiment. ING IM points out that although demand for government bonds increased, equities and riskier bonds are continuing their upward trend.

Unconclusive election results in Italy, unrest about the bail-out of Cyprus and the failure of US politicians to broker a deal on automatic cuts were outweighed by indicators confirming that the global economic recovery is persisting. This recovery is most visible in the US, Germany and Japan, while emerging markets are noticeably lagging behind.

In its last Marketscope ING IM explains how the recovery in Japan, driven by stimulatory fiscal and monetary policies, is one of the reasons for the lack of popularity among emerging markets. “The sharp drop of the yen squeezes other Asian exporters and makes it more likely that currencies in Asia will fall rather than rise in value. This removes a major reason for investors to invest in this región and is resulting in outflow from bond and equity funds. It is also a reason for us to be more cautious about emerging market equities and debt.”

Japan is ING IM’s favourite market
Japan is now the asset manager’s favourite equity market as the sharp drop in the yen is having a highly positive effect on corporate earnings. “We have again raised our forecasts for earnings growth this year, from +25% to +37%. Valuations also remain attractive and foreign investor flows into Japan are clearly on the rise. All in all, we are keeping to our moderate risk-on positioning, with overweights in equities and real estate, but we are being more selective with respect to regions and sectors.”

Where are the best opportunities in the Real Estate Market in Latin America?

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The Latin America GRI 2013 will bring together the leading international and national decision-makers driving the real estate business in Latin America on 23-24 May in Miami. From global powerhouse Brazil and US dependent Mexico, to commodities driven Chile and Peru, Latin American economies have weathered the crisis surprisingly well.

A growing, young and increasingly more affluent population is luring back local capital exiled for decades and attracting world class investors into a blooming of industrial facilities, class A office space, new residential developments and an unheard of fever for shopping centres. Where are the best opportunities in such a diverse market?

Engage directly with top-level decision makers in the industry and strengthen your high value networks across Latin America. Discuss the latest opportunities, challenges and trends in a dynamic environment of informal group discussions covering the key real estate investment topics for 2013.

Some of the participating companies:

Bank Of America Merrill Lynch • Barclays • Brazilian Securities • Capitalis S.A.E.C.A. Cranium Colombia S.A.S. • Faria Lima Prime Properties • Fondo De Inversión En Bienes Raíces – Fibra • Fontis Capital Group • Four Seasons Hotels And Resorts • Grupo IGS Houlihan Lokey • IFC-International Finance Corporation • Integracion AFAP S.A. Marriott International • Orange Investments • Pine • Prudential Real Estate Investors Latin America • Rio Branco Empreendimentos Imobiliários Ltda • Starwood Hotels & Resorts Sol Melia • Tishman Speyer • Transwestern • VBI Real Estate • Vertex Real Estate

Over 20 discussions including,

Latin America – promising but what do investors expect?
Brazil – do promises hold or slowdown?
Mexican FIBRAs: just a new product or a true revolution for Latam public markets
Caribbean Hospitality: What is Hot Next?
South America – is it investor friendly enough?

If you need more information click here.