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New Governance for BNP Paribas’ Corporate and Institutional Banking Division

BNP Paribas has announced a new governance for its Corporate and Institutional Banking division, previously called Corporate and Investment Banking. This new CIB is centred on two client franchises, corporates and institutionals.

To best serve institutional clients with a comprehensive range of solutions, BNP Paribas Securities Services comes under the governance of the new CIB, while remaining a separate legal entity. This new CIB also aims to promote dialogue between institutional and corporate clients, thanks to a more collaborative and efficient structure, which will facilitate the implementation of the Group’s business development plan.

In addition, to simplify the regional approach, the North and Latin America regions, and the Europe and MEA regions, will be combined to create two larger regions: Americas and EMEA. The APAC region remains unchanged.

In EMEA a simpler organisation for seamless service for corporate clients will be structured around: Corporate Clients Financing and Advisory EMEA on one side, and Country Management and Corporate Trade and Treasury Solutions EMEA, on the other side.

BNP Paribas CIB is a provider of financial solutions to corporate and institutional clients worldwide and this new governance will strengthen its existing strong franchises in Transaction Banking, Specialised Financing, Derivatives, Advisory and Capital Markets where it is a top European house in ECM and a global leader in DCM.

Institutional clients globally: a collaborative approach to increase depth of service

In order to provide to our institutional clients a wider access to the best of BNP Paribas CIB’s products and services, and to position the Bank as their strategic partner, the solutions provided by BNP Paribas CIB will now be structured around:

A newly created Global Markets which will provide an offer across all asset classes, building on global business lines, financing and prime services capabilities, and regional franchises. A solid presence in the regions will be key to support BNP Paribas CIB’s regional development plans.
BNP Paribas Securities Services will continue offering its current spectrum of solutions and will remain a separate legal entity, with its own commercial and operational autonomy.
Financial Institutions Coverage will offer global coverage for all CIB and other Group businesses across all institutional client segments.

Corporate clients in EMEA: a simpler governance for seamless service

For its corporate clients, BNP Paribas CIB offers facilitated relations and the benefit of its entire range of solutions: a well-established geographic presence and local expertise; the know-how of its coverage bankers and product experts; a robust, industrialised flow banking platform.

In line with the creation of the EMEA region, the activities dedicated to the corporate clientele are grouped into two business lines:

Corporate Clients Financing and Advisory EMEA will bring all of BNP Paribas CIB’s expertise to address the investment and financing needs of CIB’s corporate clients. This business line will group all types of Coverage, the Financing businesses and Corporate Finance.

Country Management and Corporate Trade and Treasury Solutions EMEA will deliver a transversal and industrialised platform for our corporate clients’ flow banking needs. This group will include Energy and Commodities Finance Europe, Trade and Banking Flow, Cash Management, Corporate Deposit Line, Trade and Deposit Product Development.

Yann Gérardin, head of BNP Paribas CIB, stated: “The banking industry has changed dramatically, and not only in terms of regulations. Business models are being industrialised, rationalised, digitalised. Clients are expecting us to serve them holistically with added-value and industrialised solutions. Our new CIB focusing on our two client franchises of corporates and institutionals will allow us to meet their expectations more simply and more efficiently. And it will also reinforce our capacity to achieve our development plans as announced earlier this year.”

To support this strategic initiative, BNP Paribas announces the following appointments (effective 5 January 2015):

In addition to his current responsibilities, Jean-Yves Fillion is appointed head of the Americas for CIB.

Thomas Mennicken is appointed Head of Corporate Clients Financing and Advisory EMEA, under the supervision of Thierry Varène, appointed Chairman of Corporate Clients Financing and Advisory EMEA. Thierry Varène will maintain the steering responsibility of the commercial activities for the largest clients. Thomas Mennicken will maintain his current responsibilities at BNP Paribas Fortis CIB. Reporting to Thomas Mennicken are: Yannick Jung who is appointed Head of Corporate Coverage EMEA  Bruno Tassart who is appointed Head of Financing Solutions EMEA Sophie Javary who is appointed Head of Corporate Finance EMEA

Marc Carlos is appointed Head of Country Management and Corporate Trade and Treasury Solutions EMEA. Marc Carlos will maintain his responsibility, at Group level, as head of the global USD clearing and payment business line. Thierry Varène and Marc Carlos in his EMEA role will report to Yann Gérardin while Thomas Mennicken will report to Thierry Varène.

Henri Foch is appointed Head of Financial Institutions Coverage globally and will report to Yann Gérardin.

Patrick Colle continues as Chief Executive Officer of BNP Paribas Securities Services and will report to Yann Gérardin. Jacques d’Estais remains Chairman of the supervisory board of BNP Paribas Securities Services.

Yann Gérardin, in addition to his role as Head of BNP Paribas CIB, will manage directly Global Markets. Reporting to him are:  Olivier Osty appointed Head of Sales, Structuring and Trading; Capital Markets business line heads will report to Olivier Osty.

In the regions, Pascal Fischer is appointed Head of EMEA Capital Markets; he will coordinate the Global Markets geographies and manage key transversal projects; he reports to Yann Gérardin. Also, Pierre Rousseau is appointed Head of APAC Capital Markets and reports to Yann Gérardin and Eric Raynaud. Bob Hawley is appointed Head of Americas Capital Markets and reports to Yann Gérardin and Jean-Yves Fillion.

In the context of BNP Paribas setting up Global Markets, headed directly by Yann Gérardin, new Head of CIB, it was agreed with Frédéric Janbon that he would be appointed Special Advisor to the Group General Management. Jean-Laurent Bonnafé, Chief Executive Officer of BNP Paribas, commented: “I would like to express my utmost gratitude to Frédéric for his contribution to the development of our global Fixed Income platform over the past nine years.”

La cartera de Fibra Prologis crece en México DF y Guadalajara en 634.800 pies cuadrados

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FIBRA Prologis, el fideicomiso de inversión en bienes raíces líder en inversión y administración de inmuebles industriales clase A en México, informó esta semana de que ha adquirido aproximadamente 634.800 pies cuadrados de espacios dedicados a la logística en la Ciudad de Mexico y Guadalajara propiedad de Prologis Mexico Fondo Logístico.

El portafolio fue adquirido con una combinación de efectivo y a través de una emisión de Certificados Bursátiles Fiduciarios Inmobiliarios (CBFIs), que fueron aprobados en la asamblea ordinaria de tenedores celebrada el pasado 19 de noviembre. La adquisición consiste en los últimos inmuebles propiedad de Prologis Mexico Fondo Logístico.

El portafolio incluye:

Un edificio de 159.600 pies cuadrados localizado en el sub-mercado de Periférico Sur de Guadalajara;
Un edificio de 296.600 pies cuadrados localizado en el sub-mercado de Iztapalapa de la Ciudad de Mexico; y
Un edificio de 179.200 pies cuadrados localizados en el Parque Prologis Toluca en el sub-mercado de Toluca de la Ciudad de México.

«Estamos muy contentos en anunciar la aprobación de la primera adquisición de un portafolio después de la oferta pública primaria de FIBRA Prologis» dijo Luis Gutiérrez, director general de FIBRA Prologis. «La exclusividad que tiene FIBRA Prologis sobre las propiedades desarrolladas por Prologis, provee oportunidades de crecimiento orgánico en propiedades adyacentes al portafolio actual. Nuestra estrategia de inversión está enfocada en los mercados con mayor actividad en el sector industrial en México».

Con esta adquisición, el portafolio de FIBRA Prologis está integrado por 181 inmuebles logísticos de alta calidad para un total de 30,4 millones de pies cuadrados (2,8 millones de metros cuadrados) de área rentable bruta.

FINRA Announces New Public Board Members

| Por Alicia Miguel | 0 Comentarios

The Financial Industry Regulatory Authority (FINRA) has named two new Public Governors—Joshua S. Levine and Robert W. Scully—to its Board of Governors.

Mr. Levine is a recognized leader in financial services technology. Earlier in his career, Mr. Levine served as Chief Technology and Operations Officer at E*TRADE, where he led an effort to re-architect their technologies by moving to open source. He also serves on the board of a number of non-profits, including DonorsChoose.org, which connects philanthropy and public education through technology, and NPower, which helps non-profits with affordable IT services. Mr. Levine is currently a Managing Director of Kita Capital Management.

Mr. Scully serves as an Independent Director on several boards, including Kohlberg Kravis Roberts & Co. L.P. and Zoetis Inc. Mr. Scully also serves as a Director of Ally Credit Canada Limited and New York City Teach for America, Inc. Mr. Scully served in several senior positions at Morgan Stanley from 1996 through 2007. Mr. Scully received an M.B.A. from Harvard Business School and a bachelor’s degree from Princeton University.

In August, FINRA announced that Elisse B. Walter, former Chairman of the Securities and Exchange Commission (SEC) and Susan Wolburgh Jenah, former President and Chief Executive Officer of the Investment Industry Regulatory Organization of Canada (IIROC) had been named to FINRA’s Board as Public Governors. Ms. Walter was sworn in as a Commissioner of the SEC in July 2008. She was later designated the 30th Chairman of the SEC, and she served as the SEC’s leader from December 2012 to April 2013. Ms. Wolburg Jenah recently retired as President and CEO of IIROC, a position she had held since the regulator was established in June of 2008.

“On behalf of the Board, I would like to extend a warm welcome to Josh and Bob. Their valuable expertise and depth of experience will help FINRA move forward in its mission to ensure the integrity of our markets and protect the investing public. With today’s announcement, as well as the recent appointment of Elisse Walter and Susan Wolburgh Jenah, FINRA’s Board has an outstanding new group of Public Governors dedicated to advancing FINRA’s mission,” said Richard Ketchum, FINRA’s Chairman and Chief Executive Officer.

FINRA is overseen by a 24-person Board of Governors, with 13 seats held by public Governors and 10 by industry Governors. FINRA’s CEO has the remaining seat. FINRA Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.

FINRA, the Financial Industry Regulatory Authority, is the largest independent regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. FINRA touches virtually every aspect of the securities business – from registering and educating all industry participants to examining securities firms, writing rules, enforcing those rules and the federal securities laws, informing and educating the investing public, providing trade reporting and other industry utilities, and administering the largest dispute resolution forum for investors and firms.

Los fondos de pensiones chilenos crecen un 18% interanual en noviembre

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Todos los fondos de pensiones chilenos registraron rentabilidades positivas durante noviembre pasado, informó este jueves la Superintendencia de Pensiones del país en un comunicado en el que explicó que el Fondo A (Más riesgoso) obtuvo un 4,29% de rentabilidad real; el B (Riesgoso), registró 3,20%; el C (Intermedio) anotó un alza de 2,35%; el D (Conservador) 1,32% y el Fondo E (Más conservador), registró una rentabilidad positiva de 0,34%.

El valor de los fondos de pensiones alcanzó a 100.758.855 millones de pesos (unos 164.638 millones de dólares) a 30 de noviembre de 2014. Con respecto a igual fecha del año anterior, éste aumentó en 15.617.638 millones de pesos, equivalente al 18,3% (variación real 12,0%).

La rentabilidad de los fondos de pensiones Tipo A, B, C, D y E se explica por el generalizado retorno positivo de las inversiones que componen la cartera de los fondos de pensiones, exceptuando los instrumentos de intermediación financiera nacional.

Al respecto, la rentabilidad de los fondos de pensiones Tipo A, B, C y D se explica principalmente por el retorno positivo que presentaron las inversiones en instrumentos extranjeros y acciones locales. Lo anterior se aprecia al considerar como referencia la rentabilidad en dólares de los índices MSCI mundial y MSCI emergente, con aumentos de 3,17% y 0,77%, respectivamente, el retorno mensual de los títulos accionarios locales medido por el IPSA, que presentó una variación positiva de 4,63% y la apreciación de la divisa norteamericana con un alza de 3,87% durante el presente mes, lo cual impactó positivamente las posiciones sin cobertura cambiaria.

Finalmente, la rentabilidad del fondos de pensiones Tipo E se explica por el retorno positivo que presentaron las inversiones en instrumentos extranjeros de renta variable e instrumentos de renta fija nacional, estos últimos, también impactaron positivamente el retorno del Fondo de Pensiones tipo D.

Un 45,8% de los fondos equivalentes a 46.111.023 millones de pesos (unos 75.344 millones de dólares), se encontraba invertido en el exterior, la mayor parte en instrumentos de renta variable, por un monto de 32.060.518 millones de pesos (unos 52.386 millones de dólares).

En tanto, el 54,2% de los fondos, equivalentes a 54.647.832 millones de pesos (unos 89.293 millones de dólares), estaban invertidos en el país, principalmente en instrumentos de renta fija, equivalentes a 44.160.718 millones de pesos (unos 72.158 millones de dólares).

Itaú BBA nombra a Roderick Greenlees jefe global de Banca de Inversión

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Itaú BBA ha nombrado a Roderick Greenlees jefe global de Banca de Inversión, en un momento en el que la entidad busca aumentar su presencia en toda América Latina.

Greenlees, que hasta la fecha se desempeñaba como managing director en la división de Banca de Inversión del banco brasileño, se incorporará a su nuevo cargo en enero, según informa Reuters de acuerdo a un memorándum interno de la compañía.

Greenlees reemplaza a Fernando Lunes, que se convertirá en asesor senior de nuevos negocios para el banco en Sao Paulo. Antes de su incorporación a Itaú, Greenlees trabajó como jefe de fusiones y adquisiciones para Banco UBS Pactual, la unidad de UBS AG en Brasil, desde 2006 a 2009. También fue managing director para Bank of America Merrill Lynch en Brasil.

La firma estadounidense Morgan Creek Capital recomienda invertir en Argentina

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Pese al default y la inflación, el fondo norteamericano Morgan Creek Capital recomienda a sus clientes invertir en Argentina, al considerar que tras la devaluación de febrero y de cara al próximo cambio de gobierno, el país es una buena opción, informa el diario mexicano El Economista.

Mark Yusko, CEO de Morgan Creek Capital, aseguró que entre sus preferidos a la hora de hacer recomendaciones a sus clientes se encuentran los papeles de YPF, Banco Macro y Pampa Energía. “Para los inversionistas norteamericanos, yo recomiendo los bonos en dólares. Y en cuanto a papeles los de los bancos, considero que son los mejores”, apuntó.

Yusko aseguró que “cuando se solucione el tema de los holdouts, las compañías argentinas van a volver a los mercados y va a haber más dinero invirtiéndose en el país”.

“Nos gusta cómo cambió Argentina después de la devaluación de febrero. Creemos que hay cambios llegando. Cuando Cristina se vaya el próximo año, va a haber reformas positivas. Va a haber un entendimiento con los holdouts”, subrayó.

Yusko reconoció que a diferencia de otros fondos de inversión que ven Argentina como un país demasiado riesgoso su recomendación “es única”.

“Hay un inversionista muy conocido que se llama John Templeton. Él dice que el inversionista no debe preguntarse cuál es el mejor lugar para invertir sino el más complicado o miserable. Hoy Argentina, por inflación y bajos precios es barato”, analizó.

Criticó que muchos fondos de inversión “no se toman el tiempo para entender el cambio y el progreso está sucediendo y que viene un nuevo gobierno con cambios”.

Deutsche AWM Launches Actively-Managed Mutual Fund for European Equities

| Por Alicia Miguel | 0 Comentarios

Deutsche Asset & Wealth Management has announced he launch of the Deutsche European Equity Fund in the U.S. The Fund is an open-end mutual fund that seeks long-term capital appreciation by investing in companies headquartered in Europe across a range of countries, sectors and capitalizations.

“Deutsche Asset & Wealth Management is uniquely positioned to help investors capitalize on opportunities stemming from ongoing structural adjustments in the Eurozone,” said Jerry Miller, Head of Deutsche Asset & Wealth Management in the Americas. “With the launch of the Deutsche European Equity Fund, we are offering our global perspective and expansive regional expertise to US investors seeking European equity exposure.”

The Fund utilizes an active bottom-up investment approach which focuses on European companies with above-average earnings potential. The Fund management team is well resourced, comprised of over 30 dedicated portfolio managers with an average of 13 years of investment experience in all major European market segments. The portfolio management team is led by Britta Weidenbach, Gerd Kirsten, Mark Schumann and Christian Reuter.

“We are excited to bring to the US market a unique product that leverages our fundamental research and unparalleled investment experience in the European equity space,” said Britta Weidenbach, Head of Large Cap Equities for Deutsche Asset & Wealth Management.

“This addition to our mutual fund suite is yet another way Deutsche AWM is providing investors with significant investment opportunities in companies with strong balance sheets, durable business models and prudent management.”

Wells Fargo presenta instituto de inversiones y nombra nuevo CIO de wealth management

| Por Alicia Miguel | 0 Comentarios

Wells Fargo Launches ‘Wells Fargo Investment Institute’ — Wikimedia CommonsFoto: Suttonhoo. Wells Fargo presenta instituto de inversiones y nombra nuevo CIO de wealth management

La unidad de wealth management de Wells Fargo (WBR, por sus siglas en inglés) ha anunciado este jueves el lanzamiento de Wells Fargo Investment Institute (WFII) y el nombramiento de Darrell Cronk como chief investment officer de WBR y presidente del nuevo instituto.

Cronk liderará la unidad de asesoría, bróker dealer y retiro de Wells Fargo (WBR) como CIO, un cargo que hasta la fecha estaba en manos de Dean Junkans, que se retira a final de año. Antes de ser promocionado, Cronk trabajaba como deputy chief investment officer para Wells Fargo Private Bank.

Cronk ha ocupado varios puestos de liderazgo de inversión en banca privada, incluyendo el puesto de jefe regional de inversiones, director senior de inversiones, gestor de inversiones regional, gerente de cartera y asesor financiero para una serie de regiones dentro de Wells Fargo.

Cronk cuenta con una maestría en Finanzas por la Universidad de Boston y una licenciatura en Finanzas por la Iowa State University. Es CFA desde 1997.

El nuevo instituto WFII reunirá a los equipos de investigación de inversión, estrategia, investigación y publicaciones desde cuatro áreas de negocio de Wells Fargo para aglutinarlos en un solo instituto con el objetivo de proporcionar a los clientes y asesores financieros asesoramiento de primer nivel.

Samba Slowdown as Brazil Loses its Rhythm

| Por Alicia Miguel | 0 Comentarios

In October, Brazilians rejected economic reform by re-electing Dilma Rousseff of the Workers’ Party (PT) as president. Following this, the Hermes Emerging Markets team visited the country to assess the economic outlook. In the November issue of Gemologist, Gary Greenberg Head of Hermes Emerging Markets and Lead Portfolio Manager, watches the last samba dancers leave the floor and asks whether Brazil’s lucky streak has run out.

“Brazil’s recent presidential elections represented a clear choice between reform and regression, and voters chose regression. Not that many voters, actually: of those who voted, 51% voted for the incumbent Dilma Rousseff and 49% for Aecio Neves, the reform candidate; 40%, however, didn’t vote at all. Measured by regional GDP, voters in regions representing a mere 20% of Brazil’s GDP voted for the PT candidate Rousseff.

“Over the past thirty years, opportunities to shore up the economy were squandered as few Brazilians paid attention to the nation’s manufacturing base. High growth in wages and therefore benefits, a strong currency, and a lack of infrastructure development steadily eroded the country’s competitiveness. Manufacturing quietly decamped to Asia, where wages were low and benefits nonexistent. At first this seemed like a good thing: the infrastructure that Brazil should have been building was being developed by China, which imported unprecedented amounts of commodities. Iron ore rose from $30 a ton to, at one point, over $150 a ton. Brazil’s terms of trade rocketed…and then Chinese demand peaked out.

“And now, with commodity prices falling (though still higher than a decade ago), Brazil has a problem. Labour costs on the coast are high and benefits remain awesome, so manufacturers need to cut costs in order to be globally competitive. Relocation to low-cost areas, following the Chinese initiative to relocate manufacturing to the interior, is mandatory. But infrastructure is expensive now, since commodity costs have reset so much higher due to China’s rise. And because of droughts (as well as Chinese demand), energy costs are also much higher compared to a decade ago. Energy independence, apparently within sight when the ‘Lula’ oil deposit was discovered, remains a distant prospect.

“Brazil finds itself between a rock and a hard place. The economically illiterate majority of voters have chosen to continue to back handouts, although they are unaffordable in the long run. As the ruble’s recent skydive demonstrates, politics cannot remain divorced from the laws of economics for long. The sobering task of austerity, creating a pool of savings to fund a revival of competitiveness and to find a niche in value-added services and production (as opposed to commodity exports), was even going to be difficult for the reformist candidate Neves.

“At the end of November, Rousseff appointed Joaquim Levy, a hard-core orthodox economist from the Chicago School and former treasury secretary under Lula, as finance minister. Levy is a disciplined economist who should help Brazil avoid the otherwise imminent loss of its investment-grade rating on sovereign debt and, if he survives in his new role, could make the hard decisions needed to rebuild public finances. On November 21, when unconfirmed reports of his appointment broke, the Ibovespa rose 5% while the real strengthened 2.3% against the dollar. His long term survival however is not guaranteed.

“Even if Brazil’s party dies out completely, all is not lost. State-owned enterprises, constituting a large part of the benchmark, may languish, but private companies have been dealing with adverse conditions for decades and have the tools to cope. For example, Itaú Unibanco, one of Brazil’s largest and best-run private banks, has ‘de-marketed’ risky borrowers and is focusing on low-risk, high-return payroll lending.

“The politics look dark right now but the winds can shift – and Brazil is home to a few excellent companies. The samba can resume, but only after a lot of hard work. Its return will be found by listening for the faint but vibrant rhythms of commerce in the ruas of Brazil’s cities and favelas.”

Los fundadores de empresas Penta renuncian a los directorios del grupo

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Carlos Eugenio Lavín y Carlos Alberto Délano, socios fundadores de Empresas Penta, informaron este miércoles que renuncian voluntariamente a los directorios de Penta Vida, Penta Security, Banmédica y Banco Penta, un anuncio que se hizo a través de una comunicación pública.

Estos apuntaron que seguirán desempeñando sus labores de presidente y vicepresidente de Empresas Penta, respectivamente, desde donde continuaráns «aportando al crecimiento del grupo y al desarrollo del país».

«Esta decisión busca que los directores de las diferentes empresas del grupo dediquen el tiempo necesario para cumplir sus funciones y tareas al interior de cada compañía y, a la vez permite que podamos tener la disponibilidad de tiempo necesaria para concentrarnos en la denuncia del Servicio de Impuestos Internos (SII)».

Por último, en la nota se subraya que dichas empresas comunicarán oportunamente, a través de hechos esenciales de cada una de ellas, las modificaciones correspondientes a cada directorio.

Por otra parte, en otra comunicación, Lavín y Délano subrayan que como es de público conocimiento, el SII ha cuestionado algunas boletas de honorarios incluidas en anteriores declaraciones de impuestos de Empresas Penta y algunas otras sociedades no operativas de este grupo empresarial, por estimar que no corresponderían a gastos necesarios para producir renta en esas compañías.

Concluyen que «pese a que se trata de un caso que aún se discute y se encuentra en una fase investigativa, hemos pagado estas diferencias, incluyendo las multas e intereses, como una muestra de buena fe y de colaboración con la investigación en curso».