Foto: LincolnGroup11. Bill Gross dice que los inversores deben estar satisfechos con retornos anuales de entre el 3 y 5%
En su última carta mensual,Bill Gross mencionó que el presidente electo, Donald Trump, será un presidente de un sólo mandato, comentando que estará en el poder durante sólo cuatro años, pero que estos probablemente serán dañinos para los votantes desempleados y de bajos salarios.
El gurú de los bonos cree que a pesar de que Trump prometió empleos y volver a hacer grande a América, sus políticas de mayor gasto en defensa e infraestructura, combinadas con impuestos corporativos más bajos, para vigorizar al sector privado, «continúan favoreciendo al capital antes que a los empleados, a los mercados antes que a los salarios, siendo una extensión del status quo». Gross también menciona que el plan de Trump de repatriar las ganancias corporativas a los Estados Unidos para impulsar el gasto en infraestructura muy dudablemente tendría éxito, sino más bien favorecerá a los dividendos, los bonos en las empresas y las recompras de acciones.
Sin embargo, no cree que un gobierno dirigido por Hillary Clinton podría haber sido mucho mejor a este respecto. Gross no votó por ninguno de los dos «dado que tanto los demócratas pro Clinton como casi todos los republicanos representan el status quo corporativo que favorece a los mercados frente a los salarios, a Wall Street frente a Main Street».
En su opinión, hay mejores soluciones que los que presentaron en la plataforma electoral cualquiera de los dos partidos, como las utilizadas por Franklin D. Roosevelt o John F Kennedy, plataformas «que ponen a la gente a trabajar ayudando a otras personas». Según él, el gobierno debe intervenir, no mediante la reducción de los impuestos, lo que sólo aumentará las ganancias a expensas del trabajo, sino siendo el empleador de última instancia, en lo que espera sea de una manera productiva.
Por lo tanto, advierte que «a menos que la participación del trabajador en el PIB invierta su tendencia a la baja y la participación del capital llegue a su punto máximo, los populistas de todo el mundo rechazarán a los partidos establecidos en la mayoría de las elecciones futuras, impulsando en algunos casos políticas de crecimiento negativas y relacionadas con el comercio, la inmigración y en el caso de Trump, menores impuestos que pueden reducir el crecimiento del PIB, no aumentarlo«.
Para concluir, Gross advierte que los inversores deben conducir con precaución, entendiendo que los mayores déficits, resultantes de los menores impuestos aumentan las tasas de interés y la inflación, lo que a su vez, tiene el potencial de reducir las ganancias corporativas y el ratio precio/beneficio. «No habrá un nuevo mercado alcista con Trump en un principio. Deben estar satisfechos con un 3-5% de rentabilidad globalmente diversificada«, comentó antes de advertir que la carrera del populismo apenas ha empezado.
MIPIM Asia Summit, the annual property leaders’ meeting in Asia Pacific organised by Reed MIDEM, will feature the world’s leading real estate execution and experts operating in the Asia Pacific region for a two-day summit.
The 2016 edition will examine emerging industry trends of real estate disruption and property technology innovation, under the theme “Real Estate Disruption: Take a Step Ahead.”
The event will be held 29-30 November 2016 at the Grand Hyatt, Hong Kong.
MIPIM Asia has been established as the premier industry event for professionals and companies operating within Asia’s property industry. It draws over 900 attendees from 30 countries, including international real estate executives, corporate business leaders, public and government sector representatives and academics.
“Asian real estate faces a perfect storm of rising demand from urbanisation even as the working population ages and technology changes the nature of both demand and supply for construction,” Jonathan Woetzel, Director of McKinsey & Company, China said. “MIPIM Asia will examine how Asian companies respond, what will be the breakthroughs that reshape the industry, and who will be the sustainable winners?»
George Hongchoy, Executive Director and CEO, Link Asset Management Limited, said “This year’s MIPIM Asia Summit will explore worldwide developments that are triggering economic and technological disruption in the property industry. At Link, we view disruption as an opportunity to pioneer new strategies, from Big Data and e-commerce to O2O, as a way to enhance shoppers’ experience. The Summit will provide the perfect stage for us to collaborate with our peers on these topics.”
Lombard International, a global leader in wealth structuring solutions for high-net-worth individuals, has appointed Andreas Meier as Head of Latin America. This appointment is the group’s ninth senior level hire since the global relaunch in September 2015 and highlights Lombard International’s continued commitment to servicing the Latin American market.
In this newly created role, Andreas, who will be based in Luxembourg, will report to Axel Hörger, CEO Europe and Ken Kilbane, Executive Vice President, Head of Global Distribution. Drawing on his 24 years of experience of working in the Latin American market, Andreas will be responsible for Lombard International’s business development for the region, combining the wealth structuring expertise and local knowledge of teams based in the USA and Europe.
According to a press release, this is a strategically important region for the Group and Andreas will be instrumental in growing new opportunities, both for the offshore market via key hubs in Miami and Switzerland, and in leading the sales and implementation strategy for the onshore market in the region. Andreas will take up his newly created role on the 1st January 2017.
“I’m delighted to welcome Andreas to the team. His knowledge of the LatAm market will prove invaluable as we continue to expand our proposition in this region,” commented Hörger. “The experience Andreas brings to the role will enable us to deliver best-in-class wealth structuring expertise that we have become synonymous with, not just for our Latin American clients but also for our clients globally.”
Andreas joins Lombard International from UBS Deutschland AG, where he was Head of Wealth Management for Latin America. As Managing Director and Member of the Management Committee Germany and Austria, he was responsible for leading advisor-teams with clients from 14 Latin American countries across all client segments. Andreas has held previous senior positions at UBS Group, including Head of Latin America Southern Cone, Head of Financial Intermediaries and Regional Head of Northern Germany Domestic.
“I am excited to be joining Lombard International and leading the LatAm team.” said Andreas. “This is a growing market, which I know well, where high-net-worth individuals and their families are looking for wealth solutions to support them through a complex and ever changing world.”
Tikehau Capital has completed the purchase of 80% of the capital of Ireit Global Group, the manager of Ireit Global.
Ireit Global is a real estate investment trust listed in Singapore investing directly and indirectly in a portfolio of real estate in Europe, used primarily for office purposes.
The current portfolio consists of five freehold properties in Germany valued at around €450m.
Tong Jinquan, founder of Shanghai Summit (Group) Co. and Lim Chap Huat, founder and executive chairman of the Soilbuild Group, remain shareholders of Ireit Global Group alongside Tikehau Capital.
Bruno de Pampelonne, president of Tikehau IM, will be appointed member of the Ireit Global Board of Directors.
De Pampelonne said: “We are very pleased with this transaction that will enable Tikehau Capital to significantly expand its pan European real-estate footprint and extend our reach toward Asian investors. Also, we are bringing Ireit our extensive Pan-European network combined with strong local operational expertise and existing pipeline of real estate transactions in Europe to accelerate the REIT’s growth. This acquisition further consolidates our position in Asia from Singapore, a hub where we have been operating from, for two years now. We are looking forward to further developing Ireit Global’s assets together with our new partners.”
Tikehau Capital’s AUM stood at €9.9bn as of 31 October 2016.
According to global research and consulting firm Cerulli Associates, retail asset growth has managed to outpace institutional asset growth on a one-, three-, five-, and ten-year basis, reaching more than $18 trillion as of year-end 2015.
«A low-yield environment and a rise in average life expectancy is making it difficult for defined benefit (DB) plans to achieve returns to fund liabilities,» explains Jennifer Muzerall, associate director at Cerulli. «In recent years, sponsors have offered lump sums or buyouts to reduce the number of participants in DB plans via pension risk transfers.»
Pension risk transfer options are one of several drivers bolstering retail asset growth since asset managers have begun to explore the delivery of a wider variety of products and strategies through retail intermediaries. «The growth of retail assets has also been driven by the convergence of institutional-like strategies in the retail marketplace, such as alternatives,» says Muzerall.
Cerulli recommends that firms should continue to invest in distribution professionals and educational programs to get advisors comfortable with using alternatives. «It is important to work with advisors to show them how using alternatives or increasing allocations may impact their investment portfolios,» explains Muzerall.
«Asset managers must build out robust key account teams to face off with members of investment research or due diligence teams,» states Muzerall. Top asset managers surveyed recognize a need to accommodate the increasing sophistication of buying groups emerging within the intermediary channels. «The institutional sales process is making its way into retail channels and asset managers are seeking out relationships with top registered investment advisors and due diligence groups from both broker/dealer (B/D) home offices and B/D mega teams,» says Muzerall.
Cerulli’s latest report, The State of U.S. Retail and Institutional Asset Management 2016: Business Planning for Growth Opportunities, provides a comprehensive overview of the aggregate U.S. asset management landscape, benefitting both U.S. asset managers and those seeking distribution opportunities in the U.S. It explores all distribution channels, client segments, and product vehicles, with a focus on the interaction between the retail and institutional marketplaces.
Dominique Carrel-Billiard has stepped down from his position of chief executive officer of French boutique La Financière de l’Echiquier according to French economic trade publication L’Agefi reported.
The publication stated that Carrel-Billiard has reached an agreement with Didier Le Menestrel, co-founder and chairman of La Financière de l’Echiquier, to leave the company, it is understood that he will be replaced and Le Menestrel will take over his responsibilities as chief executive officer.
Carrel-Billiard joined La Financière de l’Echiquier in 2014, previously he was CEO of AXA IM from 2006 to 2013. Prior to that, he was Senior Vice President Business Support and Development at AXA and Principal at McKinsey & Company. He started his career in 1987 as an Associate at Crédit Commercial de France.
Established in 1991, La Financière de l’Echiquier has around €7.5bn of assets under management.
Foto: mulan
. 7.800 millones de dólares de grandes patrimonios a riesgo
Según Cerulli Associates,los hogares con elevados patrimonios, o HNW, controlan cerca del 35% de los activos invertibles en el mercado estadounidense. Y según la firma -que acaba de publicar los resultados de una encuesta en que se pregunta a los asesores acerca de la profundidad de sus relaciones con los potenciales herederos de los activos de sus clientes HNW-, mientras las relaciones de los asesores con los cónyuges son alentadoras, las existentes con las generaciones más jóvenes de la familia son una gran preocupación.
«La idea de ayudar a una familia a definir y lograr sus aspiraciones sin involucrar a los cónyuges es irracional», declara Donnie Ethier, director asociado de Cerulli. «La idea de referirse a los cónyuges como» herederos «no nos parece una buena idea, pero muchas prácticas pueden tener que abordarla de esta manera debido a la relación generalmente limitada con los miembros de la familia».
El estudio U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2016: Understanding the Long-Term Impact of Wealth Transfer revela que el 67% de los hogares de HNW están dirigidos por inversores de 60 años o más. «Ignorar a los de estos inversores es poco aconsejable, ya que la mayoría no son adolescentes, sino adultos de más de 30 años, con sus propios hábitos financieros, filosofías y posiblemente relaciones de asesoramiento establecidas «, explica Ethier. «Cómo y dónde las generaciones más jóvenes gestionan activos o herencias representa una transformación fundamental, ya que estas transferencias de riqueza probablemente determinen quiénes serán las firmas y los canales líderes en el futuro».
A medida que la industria continúa evolucionando hacia una inversión más transparente y basada en objetivos, las prácticas tendrán que ajustarse a las nuevas expectativas de los clientes y ofrecer un modelo de asesoramiento colaborativo con una gama más amplia de productos y servicios. «Creemos que los broker dealers y la banca privada se adaptará, mientras que los asesores de inversiones registrados (RIAs) y los multifamily offices están dispuestos a capitalizar«, concluye Ethier.
CC-BY-SA-2.0, FlickrFoto: Youtube. FINRA incorpora a Stephen M. Cutler a su Consejo
La Autoridad Reguladora de la Industria Financiera (FINRA, por sus siglas en inglés) ha nombrado nuevo gobernador -en representación de las grandes firmas- a Stephen M. Cutler, vicepresidente de JPMorgan Chase. Cutler ha sido designado para completar el mandato del ex gobernador Gregory Fleming, que renunció a su cargo de consejero este mismo año.
Cutler se unió a JPMorgan como general counsel en 2007, procedente del bufete de abogados WilmerHale de Washington, D.C., donde era socio y copresidente del departamento de Valores de la firma. Previamente, fue director de la División de Enforcement de la Comisión de Valores de Estados Unidos, a la que se unió en 1999 desde Wilmer, Cutler & Pickering, donde trabajó durante 11 años y donde era socio.
Cutler obtuvo su licenciatura summa cum laude en Yale y su J.D. en la Yale Law School, donde fue editor del Yale Law Journal.
«Steve aporta al Consejo de FINRA una perspectiva valiosa y un gran conocimiento de la regulación de valores y la industria», declara el presidente de FINRA, Jack Brennan. «Damos la bienvenida a Steve y estamos deseando trabajar con él».
«FINRA se beneficiará del profundo conocimiento de la industria y regulatorio de Steve para progresar en nuestra misión de proteger a los inversores y garantizar la integridad de nuestros mercados», añade Robert Cook, presidente y CEO de FINRA. “Es un gran fortuna contar con Steve en el Consejo”.
FINRA es supervisada por un Consejo de Gobernadores, la mayoría de los cuales son representantes públicos. De los 10 gobernadores de la industria, tres son de grandes firmas, uno de las medianas empresas, y tres de las pequeñas empresas. Además del CEO de FINRA y otros tres representantes.
The channels through which financial services are provided in the UK wealth market are undergoing a transformation. With an influx of new entrants offering digital platforms and robo-advice, traditional wealth managers are now responding to the rise in demand for automation, according to financial services research and insight firm Verdict Financial.
The company’s recent report, which analyses the UK wealth management space, indicates that traditional wealth managers are starting to embrace the ability to resonate with audiences on a digital level while still offering professional advice from a wealth manager or private banker.
Nicole Douglas, Analyst for Wealth Management at Verdict Financial, states: “According to our 2016 Global Wealth Managers Survey, 49.5% of wealth managers believe the demand they currently experience for automated investment services will increase in the next two years, indicating a noticeable proportion of the market prefers digital platforms in which to carry out investment decisions or seek advice.”
According to Douglas, automated services are becoming more prevalent in the UK market but do not pose an immediate threat for traditional wealth managers. She explains: “Advisors are not likely to be replaced by robots in the near future. Our data shows 87% of wealth managers disagree with the statement that traditional wealth managers will lose market share to automated investment services – or ‘robo-advisors’ – in the next 12 months.”
In short, there is still demand for having investments managed professionally. Verdict Financial’s data shows that lack of expertise and time are the two most common reasons wealth managers believe high net worth clients opt to have wealth professionally managed.
As such, wealth managers will do well to continue providing personalized advice and embrace digital capabilities as a supporting role. Douglas adds: “Our data shows that 67% of wealth managers agree with the statement that investing in automated investment services can complement their existing offering.”
Verdict Financial believes that investing in automated services will prove successful for competitors in the UK market, and wealth managers will come to experience that an offering with both human and automated components resonates with a range of investors.
Fundinfo, a leading international provider of fund information, now publishes documents and data for funds available to investors in Ireland and Portugal. With this expansion, fundinfo serves 13 European countries plus Hong Kong and Singapore. The service connects fund houses, fund distributors and investors via an online, on-demand information platform.
Jan Giller, Head of Marketing and Sales at fundinfo said, “Since the founding of our fund platform in 2006, we have steadily expanded our coverage from serving just the Swiss market to covering all the main fund markets in Europe, plus Hong Kong and Singapore. We welcome fund distributors and investors in Ireland and Portugal and invite them to take advantage of the most comprehensive, accurate and up-to- date source of fund information available.”
The platform provides complete information about funds and ETFs from over 800 fund houses comprising over 25,000 funds and 180,000 share classes. Participating fund houses include most of the world’s largest asset management companies.
For investors, the service is free of charge, and does not even require a log-in. It provides the latest fund documents such as monthly and semi-annual reports, KIIDs, prospectus, legal announcements, plus the latest information about the fund, fees, NAV price, and analyst ratings. The service as well as fund documents are provided in multiple languages. Documents in local language are provided where available.
In addition to the platform, fundinfo also offers associated services such as automated document and data dissemination, direct document and data feeds for banks, fund distributors and financial publications, as well as web-based fund popularity analysis and fund selection tools.
