Certified Financial Planner Board of Standards recently announced that there are more than 75,000 active Certified Financial Planner professionals – a historic milestone that marks the highest number of CFP professionals ever serving the public’s need for competent and ethical financial planning.
«Over the years, more and more financial professionals have recognized the tremendous value that the certification holds in advancing their careers and giving them the credibility and expertise needed to help consumers plan for the future,» said CFP Board Chief Executive Officer Kevin R. Keller, CAE. «We are especially proud that our relatively young profession has surpassed 75,000 active CFP professionals. Our efforts to increase access to CFP professionals will only continue as we carry out our mission to benefit the public through certifying individuals who deliver the highest standard of financial planning.»
The first group of financial planning professionals attained CFP certification in 1973 following completion of a Certified Financial Planners (CFP) course at the College for Financial Planning. In 1985, the College entered an agreement to establish an independent, non-profit certifying and standards-setting organization, and transferred ownership of the CFP® marks and responsibility for continuing the CFP® certification program to the new organization, which eventually became known as CFP Board. The total number of CFP® professionals has grown steadily since then. Since 2007, the number of CFP professionals has grown more than 35 percent. As of August 31st, there are 75,467 CFP professionals in the United States.
Gigi Guerra, recent CFP of Miami says: «Helping our profession by being part of a class that moved us past the 75,000th CFP professional is a true honor. This achievement has boosted my confidence as a young Millennial woman who is just entering the workforce,» said Guerra. «It’s an exciting time for CFP Board, and I’m thrilled to be a part of it and our profession, helping people achieve their dreams through financial planning.»
The need for recruiting CFP professionals to the profession has never been stronger as it continues to experience growth trends in hiring, retirement and succession planning.
«As we celebrate this significant milestone, we look forward to the next generation of CFP professionals with the hope that it will be even better positioned to serve the American public by being more representative of the population it serves,» said CFP Board Center for Financial Planning Executive Director Marilyn Mohrman-Gillis. «With the recent launch of the CFP Board Center for Financial Planning – which is working to advance a more diverse and sustainable profession.»
To learn more about CFP Board or becoming a CFP professional follow this link.
Foto: WerbeFabrik. Aberdeen fusiona 10 fondos dentro de su gama de renta fija global
Aberdeen Asset Management fusionará 10 fondos offshore dentro de su gama de renta fija internacional.
Un portavoz de Aberdeen confirmó a la publicación International Investment que la firma va a fusionar diez de sus fondos, ocho domiciliados en Luxemburgo y dos en Dublín y que también procederá a recortar el rango de renta fija global a cinco fondos.
Como resultado de las fusiones, la gestora contará ahora con todos los fondos afectados domiciliados en su sede central de Luxemburgo.
Los fondos que se fusionan son:
El Emerging Europe Bond, con 14 millones de dólares de AUM se fusiona con el Emerging Markets Local Currency Bond, que acumula 168 millones de dólares de AUM
El fondo Select High Yield Bond, con 40 millones de libras de AUM se fusiona con el Select Euro High Yield Bond, de 1.000 millones de euros de AUM
Y el Euro High Yield Bond, con 38 millones de euros de AUM, también pasará a formar parte del Select Euro High Yield Bond.
El Select International Bond, de 116 millones de libras de AUM y domiciliado en Dublín, también se incluirá en el Select Euro High Yield Bond, domiciliado en Luxemburgo.
La estrategia Select Global Sovereign Bond, con 35 millones de libras de AUM y domiciliada en Dublín, se fusiona con el Aberdeen Global Select Emerging Markets Bond, que acumula 1.600 millones de dólares de AUM.
Confirmando la decisión, el portavoz de Aberdeen Asset Management, explicó que estas fusiones forman parte de un proyecto “para racionalizar la gama de fondos de renta fija de Aberdeen». Los inversores de los fondos afectados han sido notificados con los cambios.
CC-BY-SA-2.0, FlickrFoto: XOques. Cambio en las variables de predicción
Net New Assets (NNA) during this month amounted to EUR 4.7 billion, still 21% above the one-year monthly average level. Total assets under management are up 7% vs. the end of 2015, reaching EUR 481 billion, including a slight rise in the market (+3.9%). Emerging Market and investment grade corporate bond ETFs gathered most in this environment of heightened uncertainty.
Equity ETF inflowswere significant at EUR 2.1 billion, continuing the trend of the last two months. On developed markets, flows were limited at EUR 339 million. Positive news in the US economic data helped sustain strong inflows of EUR 1.2 billion. However, in Europe the less positive economic data prompted outflows of EUR 1.1 billion from European ETFs. Emerging Market equity ETFs continued their rebound with inflows of EUR 1.5 billion. Flows were focused on broad index exposures, which would suggest that investors were taking a tactical position ahead of the FED’s decision on rates. Smart Beta ETF flows lost momentum, gaining just EUR 435 million in new assets after hitting a one-year record high in July. This month, Smart Beta investors favoured dividend and factor allocation products over minimum variance ETFs in their search for yield and alternative sources of return.
Fixed income ETF inflowsalmost halved in August to EUR 2.7 billion compared to July, close to their one-year monthly average. On developed countries, flows were mainly focused towards investment grade corporate bond ETFs, which saw EUR 1.4 billion of new assets following sustained ECB action. Emerging Market Debt continued to see some inflows of EUR 833 million although at a slower pace than the one-year record high reached in July of EUR 2 billion, which was fueled by the very low/zero interest rate environment and investors’ hunt for yield. The rebound in High yield Bond ETFs of July was short lived with EUR 62 million of outflows in August. Interestingly, flows on inflation-linked ETFs reached a one-year record high with inflows of EUR 546 million. Flows here were mainly on US exposures as economic growth seems to accelerate.
Commodity ETF flowshalted with EUR 76 million of outflows, which compares to the one-year record high of EUR 1.1 billion reached in July.
Italian group Banca Finnat Euramerica has launched a new Luxembourg-based asset management branch called Natam Management Company.
The subsidiary has received a “dual permission” from Luxembourg market authorities.
Banca Finnat said the Natam project was aimed at serving internal as well as external clients such as third-party intermediaries and institutional investors.
The company runs the New Millenium Sicav launched in the 90’s that comprises 14 sub-funds
Banca Finnat’s deputy general manager and president of the group’s Sicavs Alberto Alfiero has been appointed president of Natam.
Sante Jannoni, a lawyer specialising in Italian and Luxembourg financial law and senior management member of a number of professional and financial entities in Luxembourg, will serve as the company’s CEO.
Invesco PowerShares, a leading global provider of exchange-traded funds (ETFs), part of Invesco, has listed the PowerShares US High Yield Fallen Angels UCITS ETF on London Stock Exchange, and on additional European stock exchanges.
The PowerShares US High Yield Fallen Angels UCITS ETF tracks the Citi Time-Weighted US Fallen Angel Bond Select Index, which is based on the Citi US High-Yield Market Index, with the same composition requirements around credit quality, maturity, and issue size. Bonds must have a minimum rating of C by S&P and Ca by Moody’s, and a maximum rating of BB+ by S&P and Ba1 by Moody’s to be eligible.
“Fallen angels” bonds which were previously rated investment-grade but were subsequently downgraded to high-yield are eligible for inclusion in the index and will be held in the index for a period of 60 months from inclusion provided they continue to meet the inclusion criteria. If a bond exits and then re-enters the index, the inclusion period would reset.
Bryon Lake, Head of Invesco PowerShares – EMEA, says: “With the ‘fallen angel’ phenomenon there are two things going on that are pushing the bond price down. First leading up to the downgrade you tend to see prices begin to drop as investors position themselves for the downgrade. Secondly, after the downgrade there are large asset owners, usually institutional in nature, that are forced to sell what were investment grade bonds but are now high yield due to their strict mandated rules. This forced selling creates a phenomenon where the bond can become oversold, which creates an opportunity to buy the bonds at their existing market value. This overselling – more often than not – is followed by a rebound in the bonds prices, potentially creating a unique opportunity and in a number of instances the bond even returns to investment grade.”
Lake continues: “In addition, because Invesco PowerShares is focused on being a leader in the smart beta space, there is a design element to the index that differentiates this ETF from other such investments. By using a time-weighted methodology the index emphasises the bonds that were most recently downgraded, which is logical in the context of a ‘fallen angel’ strategy vs say market cap weighting, and also could enhance the return of the ETF by more acutely capturing the ‘fallen angel’ phenomenon.”
Unlike traditional indices, where constituent weights are based on market value, the Citi Time-Weighted US Fallen Angel Bond Select Index aims to capture the price dynamics over the potential rebound period by using a time-weighting function that allocates higher weights to bonds that have more recently become ”fallen angels.” Issuers’ weights are capped at 5% and constituents’ time-based weights are capped at five times their respective market value-based weights to help manage concentration risk.
Arom Pathammavong, Global Head of Citi Fixed Income Indices, commented: “Leveraging insights from Citi’s research teams, we continue to expand our family of indices in order to offer market participants unique opportunities to meet diversification needs and further enhance their portfolios. For the Citi Time-Weighted US Fallen Angel Bond Select Index, we examined the price movements of fallen angel bonds which showed that prices of these bonds tend to recover from the dip of the downgrade over a 30-60 month period. The index will hold these fallen angel bonds for up to 60 months while applying an innovative time-based weighting methodology that aims to capture the price rebound effect of these bonds.”
The ETF has also been listed on the Irish Stock Exchange, the Borsa Italiana, the Deutsche Börse, the Euronext Paris, and the SIX Swiss Exchange.
The members of the European Parliament, with a 602 votes to 4, and 12 abstentions, have rejected draft regulatory technical standards aiming to provide a framework to packaged retail investment and insurance-based products (Priips). According to them, the draft regulation, is so “flawed and misleading” it could make retail investors losing money instead of protecting them.
The European Fund and Asset Management Association (EFAMA) stated in a press release that they welcome today’s adoption of the European Parliament Motion for a Resolution on the Commission Delegated Regulation (EU) No 1286/2014 on key information documents for PRIIPs, which:
objects to the Commission delegated regulation
calls for a postponement of the application date of the PRIIPs Regulation
EFAMA firmly believes that the PRIIPs KID is a powerful instrument to ensure that consumers receive the right information before making their investment choices. Asset managers know how important it is that investors and their advisers are given meaningful, comprehensible and comparable information to make sound investment decisions. It is therefore crucial to get the PRIIP KID right the first time around to ensure consumers find it helpful before making their investment choices.
Asset managers have long argued that the draft RTSs, as endorsed by the European Commission, will not achieve the intended objective to make the KID helpful to consumers. They will at best confuse investors, at worst mislead them.
The European asset management industry is absolutely convinced that the RTSs must be amended in a satisfactory way to serve their purpose for consumers. They need to be amended to solve flaws – and the key ones are allowing past performance so the investor can see if the asset manager has met its objectives in the past, and fixing the inaccurate calculation methodology of transaction costs. Investors must have the basic facts of what their investment will bring in terms of risks and costs. This is fundamental in terms of trust and confidence from consumers.
«We trust today’s adoption will result in amended RTSs that will help and inform consumers. The current draft RTSs do not.» EFAMA said.
Peter De Proft, EFAMA Director General, commented: «We want to be crystal clear. EFAMA would not like to reopen discussions on the PRIIPs Level 1 Regulation, save for a postponement of the Regulation’s application date. What is crucial now is to get the Level 2 right – and this means appropriately amending the draft RTSs, while leaving untouched the letter and spirit of the Level 1 Regulation.»
But timing is of essence, and EFAMA has also welcomed the EP’s call to the EC to consider a delay in the applicate date of the PRIIPs Regulation.
Alexander Schindler, EFAMA President, commented: «Market operators will apply the rules and want to do so appropriately. This is our wish and our intention. However, legal unclarities and flaws in the rules do not make this objective feasible. The premise to do this is to know the final rules, and to have sufficient time to implement them. There is only one reason why we find a delay absolutely essential, and this is because it is materially impossible and simply unrealistic for product manufacturers and distributors to meet the 31 December 2016 deadline. We would suggest a delay of 12 months. We urge the Commission and the European Supervisory Authorities to follow suit to today’s call from the European Parliament and begin the process of amending the RTSs, and we trust they will consider the concerns of investors and asset managers”.
Foto: Cory M. Grenier
. UBS y Rent The Runway Foundation lanzan una iniciativa para incrementar el número de mujeres emprendedoras de alto impacto y crecimiento
Rent the Runway Foundation y UBS han anunciado esta semana la apertura de la segunda edición de Project Entrepreneur, una competición y programa educativo diseñado para dotar a mujeres emprendedoras de todo el país de las herramientas necesarias para construir negocios de alto crecimiento y alto impacto.
«Estamos encantados de mantener nuestra colaboración con UBS para facilitar a mujeres con grandes sueños las herramientas que necesitan para crear empresas de alto crecimiento», declaraba Jennifer Hyman, CEO y co fundadora de Rent the Runway. «Los participantes de Project Entrepreneur del año pasado y el increíble impulso que las tres empresas ganadoras han experimentado desde que completaron el programa de aceleración nos ha motivado enormemente. Estamos impacientes por dar a más empresas fundadas por mujeres increíbles los recursos que necesitan para escalar y alcanzar un alto impacto».
La competición está abierta a mujeres empresarias que tengan la intención de poner en marcha negocios de alto crecimiento y que están en la etapa de prototipo o beta, o que puedan tener ahora sus primeros clientes reales. Los mejores 200 candidatos serán invitados a asistir a un fin de semana intensivo en Nueva York -7 y 8 de abril-, en el que recibirán apoyo específico para sus empresas. El fin de semana culminará con una competición en vivo, donde 12 finalistas presentarán ante un panel de jueces, formado por empresarios de éxito e inversores. Tres equipos ganadores recibirán un premio de 10.000 dólares en efectivo cada uno y un programa de aceleración de cinco semanas en la oficina de Rent the Runway en Nueva York.
«Los empresarios son la fuerza responsable de la creación de empleo y el crecimiento económico en este país», declara Lori Feinsilver, Jefe de Community Affairs, de UBS Americas. «Y sin embargo, las mujeres siguen estando insuficientemente representadas en el panorama emprendedor. Nuestra meta este año es seguir igualando las condiciones para todos los innovadores de forma que todos ellos tengan la oportunidad de darse cuenta del impacto de su trabajo.»
Custom House Global Fund Services, a leading independent hedge fund administration specialist, has expanded its presence in China with the official opening of a Shanghai office. In addition, the firm has hired Sunny Huang as a Relationship Manager who will be responsible for new business development and the collaboration between clients and the firm.
«Our continued growth in China supports investor’s desire to gain immediate access to a financial services centre perfectly suited to meet the demands of those who are looking to venture into the global financial markets,» said Mark Hedderman, CEO, Custom House Global Fund Services. «With a considerable amount of wealth generated in China over the recent years, investors are looking to diversifying into global investment opportunities, amid concerns of future lower domestic growth and threat of potential currency devaluation.»
«We are excited about the opening of our new office and having Mrs. Huang on board to strengthen our partnership with our valued clients and provide a local presence for quality fund administration solutions to clients in the Shanghai region managing offshore funds,» said Tony Kan, Managing Director of Custom House Fund Services Hong Kong Ltd.
«Harvest Wealth Management has been working with Custom House since May 2015. In the past year, Custom House helped set up our overseas investment platform in the Cayman Islands and acted as the fund administrator for five funds launched on the platform. The efficiency, resourcefulness and client focused professionalism they have demonstrated are truly superb and beyond our expectations. Custom House has become one of our go-to partners when conducting our business overseas,» said Thomas Huang, Deputy CEO of Harvest Wealth Management. Harvest Wealth Management Limited is the subsidiary of Harvest Fund Management Limited. Both companies are regulated by China Securities Regulatory Commission.
Before joining Custom House, Huang was a client advisor assistant at UBS AG in Hong Kong where she was responsible for the day-to-day administration of onboarding clients and providing updates on their portfolios. Huang holds a Master of Finance (Investment Management) from Hong Kong Polytechnic University, PolyU and a Bachelor of Economics from East China Normal University in Shanghai. She will report to Allen Li, Director of the Hong Kong office.
Foto cedida. Schroder Real Estate nombra a John Chantrell como responsable del mercado inmobiliario asiático
Schroder Real Estate ha anunciado el nombramiento de John Chantrell como responsable del mercado inmobiliario asiático.
Con este puesto de nueva creación, Chantrell se encargará de la estrategia e inversiones en el sector inmobiliario y del desarrollo del negocio en la región de Asia-Pacífico.
Chantrell cuenta con 30 años de experiencia en el sector inmobiliario, ha ocupado distintos puestos de responsabilidad en compañías del sector y presenta una sólida trayectoria como profesional de la gestión activa en Australia, donde fue responsable de operaciones por valor de más de 8.000 millones de dólares australianos. Asimismo, Chantrell cuenta con una dilatada experiencia en los mercados inmobiliarios terciarios de Tokio, Corea, Hong Kong, Singapur y China continental.
Reportará a Duncan Owen, responsable global de Real Estate, y tendrá su sede en Hong Kong.
Morgan Stanley Investment Management (MSIM) announced the launch of the Morgan Stanley Investment Funds (MS INVF) Global Brands Equity Income Fund, offering an enhanced income version of the renowned Global Brands Fund.
GBEI invests in a portfolio of high quality stocks in line with that of the MS INVF Global Brands Fund. It generates income, currently targeting a yield of 4% p.a., from a combination of dividends from high quality stocks and premiums from index option overwriting. As of June 30, 2016, the MS INVF Global Brands Fund I shares delivered 10.3% net annualized total returns vs the MSCI World Net Index, which delivered 3.8% since the Fund’s inception on October 30, 2000. GBEI aims to provide investors with attractive and sustainable income while still offering long-term compounding of capital and relative downside protection.
The highly experienced International Equity team manages GBEI, supported by the Solutions & Multi Asset team, specialists in the implementation of option strategies. London-based portfolio managers William Lock, Bruno Paulson and Dirk Hoffmann-Becking are the key portfolio managers for GBEI. The International Equity team manages AuM of US$ 34 billion across its four strategies as of June 30, 2016.
William Lock, Head of MSIM’s International Equity team commented: “We believe the GBEI portfolio’s high quality bias offers a far more robust approach to income generation than that typically offered by high dividend or income funds. We focus on the underlying company fundamentals and free cash flows, which means dividends are more likely to be sustainable and growing. The companies in GBEI make a high return on capital and are capital light. This means they can afford to pay out, and keep paying out, dividends to shareholders. We would argue ours is “income, the right way”, as it offers sustainable dividends in addition to compounding of capital.”
This is a year of important milestones for the International Equity Team. In addition to the launch of Global Brands Equity Income, the International Equity Strategy celebrates its 30-year anniversary and the Global Franchise Strategy marks its 20th year. Morgan Stanley’s Global Quality Strategy, currently at US$ 7billlion, is now three years old.
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 590 investment professionals around the world and US$ 405 billion in assets under management or supervision as of June 30, 2016. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.
