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.
Standard Life Investments believes that it is time for a reset of fiscal policy to address both short and long-term challenges in the UK economy. A well-targeted stimulus would help cushion an expected slowdown in growth following the UK’s vote to leave the European Union. It would also provide ammunition to address the deterioration in growth rates seen over recent years, through targeted investment and structural reform. With markets concerned over the long-term effects of leaving the European Union, these priorities have become even more pertinent.
‘Time to rewrite the UK’s fiscal rulebook’ is the first in a series of Public Policy Perspectives, a new research publication which aims to broaden the debate on policy issues across a range of economies and make neutral, evidence-based recommendations. The paper argues that a coordinated fiscal and monetary stimulus would represent a much more effective policy mix than monetary easing alongside further fiscal austerity. The upcoming Autumn Statement provides an ideal opportunity for a step change. We would advocate:
A new fiscal framework which provides scope for a sustained loosening in policy and increased public investment through the business cycle. Under this new framework, the government should announce an immediate stimulus of 1.25% of GDP, with policy in subsequent years conditioned on the performance of the economy.
Action should be weighted towards an increase in infrastructure investment (0.75% of GDP) to be sustained over a number of years. This should be tilted towards smaller scale local transport projects, which provide the largest return.
Increased public investment should be complemented by progressive welfare spending to support consumption. Funding should also be earmarked for the ‘Sure Start’ and ‘Post 16 Skills’ programmes to help address the UK’s skills shortfall.
The Government should actively address inefficiencies in the tax system. In the short-term it should address capital allowances and establish a consistent tax system for the financial sector.
Longer-term priorities should include a shift in taxation away from property values/transactions towards land, and a tax allowance for corporate equity that reduces the bias towards debt financing.
A redoubling of efforts to increase housing supply through further planning reform and increased incentives for building.
‘Time to rewrite the UK’s fiscal rulebook’ is co-authored by James McCann, UK & European Economist, and Stephanie Kelly, Political Economist, Standard Life Investments.
James commented “Monetary policy has been overburdened since the financial crisis, with fiscal policy actually working against the recovery. A large fiscal push in the Autumn Statement would complement the easing measures implemented by the Bank of England over the summer. It would also help lift long-term growth rates, primarily through targeted infrastructure spending and structural reforms.»
CC-BY-SA-2.0, FlickrFoto cedida - LA Auto Show 2015. Más de 50 novedades confirmadas para el salón del automóvil de Los Ángeles
El LA Auto Show acogerá más de 50 presentaciones de vehículos ante los medios de comunicación, analistas y ejecutivos de la industria durante su feria AutoMobility LA, que está teniendo lugar desde hoy y hasta el 17 de noviembre en el Centro de Convenciones de Los Ángeles.
Entre los más de 20 debuts mundiales habrá presentaciones de Alfa Romeo, Mazda, MINI, Subaru, Volkswagen y un SUV compacto de Jeep. También hay novedades confirmadas por parte de Infiniti, Jaguar, Land Rover y Smart. Por su parte, Audi, Mercedes-Benz y Nissan cuentan con varias primicias, mientras que Porsche ha confirmado cinco debuts.
General Motors (GM) tendrá varias novedades globales y norteamericanas, incluyendo dos por parte de Chevrolet. Las presentaciones de Cadillac incluirán el Escala, que hasta ahora solo se ha visto en el césped del 2016 Pebble Beach Concours d’Elegance.
Además, este año se presentará un despliegue significativo de SUVs y opciones eléctricas/híbridas en varias marcas y modelos.
Al finalizar la feria AutoMobility LA, todos las novedades de este año se exhibirán en el 2016 LA Auto Show, que estará abierto al público del 18 al 27 de noviembre.
CC-BY-SA-2.0, FlickrFoto: courtesy photo. Dos estrategas de BNY Mellon Wealth Management han sido reconocidos por The American College of Trust and Estate Counsel
Los estrategas Pamela Lucina y Justin Miller, de BNY Mellon Wealth Management, han sido nombrados Fellows de The American College of Trust and Estate Counsel (ACTEC) en reconocimiento a sus logros profesionales. ACTEC es una asociación sin ánimo de lucro de abogados y profesores universitarios de derecho cualificados y experimentados en la preparación de testamentos y fideicomisos, planificación de sucesiones, procesos de legitimación y administración de fideicomisos y patrimonios. Los abogados y profesores universitarios de derecho son elegidos para ser fellows de ACTEC en base a su excelente reputación, excepcional habilidad, y contribuciones sustanciales al campo a través de conferencias, escritos, enseñanza y participación en actividades.
Lucina, con base en Chicago, es managing director, directora de Global Family Wealth Strategy, mientras Miller,estratega doméstico, tiene su base en San Francisco, donde también es profesor adjunto en la Facultad de Derecho de la Universidad Golden Gate.
Lucina se unió a BNY Mellon Wealth Management en 2014 y cuenta con casi 20 años de experiencia en la industria de los servicios financieros y planificación de patrimonio. Durante su carrera ha ocupado varios cargos de responsabilidad, proporcionando servicios de planificación patrimonial y de sucesiones a elevados patrimonios, o HNWI, y es reconocida por su experiencia en necesidades muy complejas. Obtuvo su título de Juris Doctor en DePaul University College of Law, donde fue miembro del Business Law Journal y obtuvo su licenciatura en la Universidad de Marquette. Lucina es ponente habitual en asociaciones profesionales nacionales y conferencias sobre una gran cantidad de temas de planificación fiscal y patrimonial, y ha publicado en Trusts & Estates, así como en algunas otras revistas profesionales líderes. Entre los muchos grupos profesionales y de la comunidad en los que está involucrada, es miembro de la junta directiva del Chicago State Planning Council y forma parte del comité de planificación del IICLE.
Por su parte, Miller se unió a BNY Mellon Wealth Management en 2011 y trabaja en colaboración con otros asesores para proporcionar asesoramiento integral de planificación de patrimonio a clientes y sus familias. Con anterioridad, era abogado en un importante bufete, y asesoraba a clientes con grandes patrimonios con respecto a la planificación impositivamente eficaz de la herencia de negocios y fideicomisos, aspectos legales de los trusts y preservación de activos. Cuenta con un máster en Derecho Fiscal y un Juris Doctor por la Facultad de Derecho de la Universidad de Nueva York y una licenciatura de la Universidad de California en Berkeley. Miller es orador frecuente en temas relacionados con impuestos, planificación patrimonial y gobiernanza familiar en las más importantes conferencias del país. Ha publicado numerosos artículos, y es frecuentemente citado en los medios de comunicación. Miller ha sido miembro del comité ejecutivo de la Sección de Impuestos de la State Bar of California, y es ex redactor jefe de la publicación California Tax Lawyer.
Foto: Doug Kerr
. Fieldpoint Private refuerza su negocio latinoamericano con la incorporación de Juan Castañeda
Fieldpoint Private, la firma de wealth advisory y banca privada especializada en dar servicio a familias e instituciones con patrimonios del mayor rango, o UHNWI, ha anunciado que Juan Castañeda se ha unido a la firma como managing director y asesor senior, basando su práctica en la oficina de la firma en Nueva York.
Castañeda se une a Fieldpoint tras una década en UBS, donde ocupó una serie de cargos en nombre de familias e instituciones latinoamericanas. Su último puesto fue el de director ejecutivo de Emerging Market Credit Sales y director de América Latina. Desde ese puesto trabajó con family offices, bancos y fondos de pensiones en una amplia gama de mercados de capitales y servicios de préstamos estructurados. Anteriormente, fue director ejecutivo y director para América Latina de la unidad de Relaciones Internacionales de UBS, con sede en Sao Paolo, Brasil, y director en la oficina de Nueva York de esa unidad de negocios, desde donde desarrollaba relaciones institucionales en México, Centroamérica y Caribe.
Castañeda declara unirse a Fieldpoint porque buscaba una firma en la que priorizar al cliente sea una cuestión de práctica, en lugar de simplemente retórica. «Me preocupaban los conflictos de interés y los incentivos perversos en las grandes empresas tradicionales», declara Castañeda en el comunicado de la empresa. Fieldpoint Private es inusual en el sentido de que está totalmente libre de conflictos, sin productos internos de inversión y con una estricta filosofía en contra de los acuerdos por los que compartir los ingresos con los gestores, añade.
«Mis clientes siempre han tenido que aceptar la realidad de que tener activos de inversión en los grandes bancos significa tolerar conflictos de interés, ya fuera con productos internos o a través de las llamadas plataformas de» arquitectura abierta «que cobran honorarios de los que gestionan el dinero», agrega. «Están tan acostumbrados a esto, francamente, que les lleva tiempo comprender de verdad que no tiene que ser así».
El presidente y CEO de Fieldpoint, Robert Matthews, declara que la clientela latinoamericana de Castañeda se siente cada vez menos bienvenida en los grandes bancos globales. «Los conflictos de interés son solo una parte de esa foto. Los principales bancos globales están creando cada vez más obstáculos para los clientes internacionales que desean hacer negocios con ellos, desde cerrar equipos de asesoramiento hasta directamente pedir a los clientes que lleven su negocio a otro sitio”, dice. «Damos la bienvenida a este negocio, y estamos muy contentos de que Juan haya decidido que Fieldpoint es el hogar adecuado».
The people saw the economy in a malaise. Is a Trump the remedy?
Much of the world woke up Wednesday morning of last week and was shocked. But should it have been? Markets do not like surprises, so it was understandable that the overnight reaction as Tuesday’s election results came in was negative. However, the markets seemed to discount the surprise quickly, cutting through the noise and seeing some cause for optimism.
What caused the remarkable turnaround in sentiment? President-Elect Donald Trump’s measured acceptance speech helped. But perhaps the markets finally saw some of what Trump’s supporters had been seeing all along.
The Malaise Our Economy Is In
A lot of mainstream commentary describes Trump voters, as well as others such as “Brexiteers”, as unschooled at best, xenophobic at worst, or simply unaware of where their interests truly lie. But maybe last week’s result showed that these voters have a deeper understanding of the malaise that the world’s economies are in than the global “elites”.
There are forces, such as globalization and technology, that are changing our economy and there is very little politicians can do about that. However, the lack of any meaningful fiscal policies to help enhance global growth has been a frustration to many. In previous CIO Weekly Perspectives we have discussed why monetary policy alone cannot get us out of this slow-growth environment. Our current 1-2% growth rate is not going to drive stronger income growth and the increased economic mobility that people want and need.
The electorate seems to have figured this out and was willing to overlook the personal flaws of Donald Trump to support a different game plan. They seem to have concluded that the game plan Secretary Clinton was proposing was more of the same. We shall see—but so far the markets seem to support the voters’ instincts.
What’s Next?
My colleagues and I held a webinar early on Wednesday to discuss the election’s outcome. Most of our points are summarized here, but our simple message was that we believe the result should be good for equities and bad for bonds. The market’s reaction, at least so far, is consistent with that view.
Why? We think that an increase in fiscal spending, particularly related to infrastructure and corporate tax reform, is achievable, and could have support from both sides of the U.S. Congress. In addition, significant regulatory reform should help spur business to invest more and unleash the proverbial “animal instincts”. It’s worth noting that we are leaving behind an administration that had fewer staff with private-sector experience than any other in recent history. Medium-sized companies in the energy, utilities, healthcare and financial sectors could benefit a lot from being unshackled from some of the well-intentioned, but ultimately obstructive, regulation that has come their way over the past 10 years.
Keep An Eye on Anti-Trade Sentiment
One area to watch closely is trade. In our view much of Trump’s platform is pro-growth, with the exception of trade. Anti-trade sentiment, in the U.S. and other developed market economies, could have a very negative effect on global growth. Policies such as renegotiating NAFTA, fighting TPP or increasing auto tariffs could set off a domino effect across the globe. How these policies and agreements get worked out will be telling. An early indication will be who Trump appoints as the new U.S. Trade Representative.
But we would reiterate that, while Trump’s “Contract with the American People” certainly contains anti-trade policies, it is otherwise a recognizably Republican program for shrinking government, lowering corporate taxes, reducing regulation and limiting the lobbying power of big business, combined with a fiscal stimulus targeting infrastructure.
Sentiment shouldn’t swing from despair to euphoria too quickly, of course. Trump doesn’t have a magic wand to wave on January 20th. Even if it were clear what the President needed to do, infrastructure takes time to build, reform takes time to agree on, and, keep in mind, more than half of the people who voted last week did not support this administration. But at least now there is no doubt that the people see that our economy is in a malaise—and that is the first step towards providing a remedy.
Paris-based Tikehau Capital has agreed with Lyxor to manage Lyxor’s European senior debt funds.
Through the transaction, subject to regulatory approval, Tikehau will expand its leveraged loans & CLO business from €1.9bn in assets under management to €2.6bn, hence raising its total AUM to €9.8bn.
Tikehau Investment Management, the asset management branch of Tikehau Capital, will replace Lyxor UK, as investment manager of Lyxor’s four European senior debt funds, with a total of €700m in AUM.
It is understood Lyxor UK’s European senior debt operational team will join Tikehau IM in London and that Lyxor will remain the management company of these funds, providing second-level supervision of risks and valuation.
Mathieu Chabran, co-founder of Tikehau Capital and managing director of Tikehau IM commented: “We are delighted to have signed this agreement with Lyxor, which allows us to expand in the United Kingdom and to continue developing our expertise in leveraged loans and European credit markets.”
Lionel Paquin, CEO of Lyxor, said: “This agreement plays to Lyxor’s well-recognized strengths for working in partnership with external asset managers, a field in which we have a nearly 20-year track-record. By remaining the management company of the funds, Lyxor continues to accompany its clients. We are confident that Tikehau Capital, thanks to its well-regarded expertise in European debt markets, will greatly contribute to the quality and future development of this activity. Furthermore, fixed income investments, which benefit from our deeply-rooted innovation and risk management culture, remain an important focus for Lyxor.”
As of 30 September 2016, Tikehau Capital managed €8.7bn in assets.
