Foto cedidaFoto cedida por Klima Restaurant. Klima trae a Miami un nuevo concepto culinario inspirado en el Mediterráneo y Barcelona
Klima Miami ha anunciado su próxima apertua en Miami Beach, un restaurante y bar de origen español que brinda un concepto culinario inspirado en la gastronomía del Mediterráneo y Barcelona, tal y como explica el equipo del proyecto.
Con 7.700 pies cuadrados de espacio, el establecimiento cuenta con capacidad para 122 personas y está repartido en dos espacios, un restaurante en la planta baja y un bar con zona de comedor interior y exterior, así como un segundo piso destinado a una zona club sólo para miembros, y que abrirá sus puertas en la primavera de 2015. La propiedad, recientemente renovada, se encuentra en en la calle 23 y la Avenida Collins en Miami Beach.
Al frente de la cocina estará el veterano David Rustarazo, nombrado chef ejecutivo. Originario de España, éste aporta a la mesa una gran experiencia en cocina mediterránea y catalana occidental.
Los cofundadores del nuevo proyecto son Pablo Fernández-Valdésand y Yago Giner, mientras que Albert Ventura, autoridad culinaria de renombre en España, será el asesor gastronómico para Klima Miami y será una parte fundamental del crecimiento de la empresa en Estados Unidos. Ventura, dueño del restaurante COURE, Wall 47 y el recién abierto Cercle de Barcelona, estará muy involucrado en la apertura del nuevo establecimiento.
Fernández-Valdésand y Yago Giner son los ex CEO y COO del grupo de restauración español Tragaluz.
Foto: TreyRaatcliff, Flickr, Creative Commons. ¡Mr. Marshall ya no es americano!
Credit Suisse has announced that it has significantly expanded its China A-share Research and Analytical capabilities, providing investors with the most comprehensive and best in class analytical tools for A-shares listed in PRC.
HOLT LensTM, an analytical platform proprietary to Credit Suisse, has added more than 300 A-share companies to its database, bringing the total to more than 800 A-share companies. These stocks represent an aggregate market capitalization of US$3.9 trillion. In addition to the CSI 300, HOLT will now provide 100% coverage of all constituent stocks of the Shanghai Stock Exchange 180 and 380 indices, which include the 568 companies that are eligible for the Shanghai-Hong Kong Stock Connect Scheme (“Scheme”).
In addition, Credit Suisse Equity Research has also more than triple its coverage of domestic China A-shares to now include 130 A-share companies, representing a total market capitalization of about US$1.84 trillion. Credit Suisse plans to further expand its Equity Research to cover 300 China A-share stocks by 2016.
Nicole Yuen, Vice Chairman Greater China and Head of Greater China Equities said: “China is an important market for Credit Suisse in the region and we will continue to invest in building the bench of talent and infrastructure to provide best in class products and services to our clients. By expanding the HOLT database and our Equity Research coverage of China’s A-share companies, Credit Suisse aims to offer the leading research product on the A-share market to international investors. Combining our strengths in systematic analytical capability through the HOLT® framework and fundamental analysis through our Equity Research team, Credit Suisse provides the most comprehensive coverage in China A-share markets to international investors.”
Credit Suisse Equity Research provides comprehensive analysis of 1,350 stocks in the region, including 410 Hong Kong and China companies. The HOLT database includes analysis of over 20,000 stocks across 60 countries globally, with 860 companies in Hong Kong. It is made available to more than 5,000 investment professionals at over 750 investment managers.
Credit Suisse is one of the leading equities houses in Asia Pacific by cash turnover, including Hong Kong. It is rated #3 for Asian Equity Research in 2014 by Institutional Investor.
Ernest Fong, Head of Research, Non-Japan Asia said: “The Shanghai-Hong Kong Stock Connect is a signification step forward in the liberalisation of China’s capital account and Renminbi (RMB) internationalisation. The Scheme opens up new investment opportunities for both inbound and outbound investors. As a leading Equity Research house in Asia, we will continue to expand our equity research capabilities in the A-share market, producing insightful analysis that identifies longer term investment themes and opportunities.”
HOLT provides proprietary methodology that objectively measures economic performance and valuation for companies, globally. Delivered via the HOLT LensTM, platform, it provides investors with unique insights into a company’s performance, valuation and future expectations.
“One differentiator for Credit Suisse is that we can provide consistent valuation metrics across all sectors and geographies. By using this globally comparable framework for comparing and valuing companies, our clients are equipped to make better investment decisions,” said Jonathan Tischler, Head of HOLT’s business in Asia Pacific.
The scale of China’s capital market
With a total market capitalization of about US$4.2 trillion, the China A-share market is currently ranked #3 globally, accounting for about 6.6% of the world’s market capitalization. China is also the world’s 2nd most actively traded market with average daily turnover of US$59 billion.
A recent Credit Suisse Research Institute (CSRI) report, entitled EM Capital Markets: the road to 2030, forecasts that China will become the world’s 2nd largest equity market before 2030 and will account for almost one-fifth of the value of global equity markets.
On secondary cash equity activities, the report projects that China A-share market’s average daily traded value to reach US$396.3 billion by 2030, while its share of global traded value to double to 26.9% by 2030, compared to 13.9% this year. CSRI also projects that Hong Kong’s secondary equity annual share traded value is to increase by 8.7 times from currently about US$1.32 trillion in 2013 to US$11.49 trillion. The projected trading values would translate into potential secondary equity revenue opportunity of US$249 billion for China and of US$46.5 billion for Hong Kong cummulatively between 2014 and 2030.
Vincent Chan, Head of China Equity Research estimates that by the end of 2020, about US$112 billion of the world equity funds will be invested in China A-share market, compared to US$49 billion today.
For a copy of “Emerging capital markets: the Road to 2030,” please click this link.
Foto: Juergen Trautmann. Eaton Vance Management lanza un nuevo fondo alternativo que cumple con AIFMD
Eaton Vance Management International, filial de Eaton Vance Management, ha lanzado un nuevo fondo de tipo flotante para inversores cualificados no estadounidenses.
El Eaton Vance Floating-Rate Income Fund es un instrumento alternativo domiciliado en Irlanda que cumple con la Alternative Investment Fund Managers Directive.
El fondo estará gestionado por Scott Page y Craig Russ como codirectores y John Redding como vicepresidente.
La firma explicó que el fondo está buscando actualmente el pasaporte de registro necesario para que pueda ser comercializado a través de varias jurisdicciones en la Unión Europea en virtud de los requisitos de AIFMD, así como las aprobaciones por separado que les permitan entrar en el mercado suizo y en determinadas jurisdicciones asiáticas.
“Hoy día se está produciendo un especial interés por parte de grandes instituciones que lidian con retornos de casi cero en bonos… Siete años después de una recuperación de la economía global, vemos apetito por el riesgo no comprometido, creando una oportunidad para llenar el vacío en los enfoques de riesgo por clase de activos. Como los inversores cambian su visión sobre el riesgo, el fondo que lanzamos tendrá una posición única para complementar o reemplazar las estrategias existentes”, dijo Niall Quinn, presidente de Eaton Vance MI.
Foto: Marcbela (Marc N. Belanger). S&P Dow Jones y MSCI anuncian la creación de un sector inmobiliario en GICS Structure
El Índice S&P Dow Jones y MSCI anunciaron esta semana que como resultado de la revisión anual de la estructura del Global Industry Classification Standard (GICS) se creará un nuevo sector de real estate, sacándolo de su posición bajo el sector financiero y elevando a 11 el número de sectores del GICS. Además, se ha creado un nuevo subsector de cobre. Los cambios están siendo considerados para implementarse después del cierre de mercado el 31 de agosto de 2016, informaron ambos en un comunicado conjunto.
“La retroalimentación de la estructura revisada de GICS confirma que el real estate es considerado actualmente como una clase de activo y que cada vez más se incorpora por separado como una estrategia de asset allocation para los propietarios de activos”, dijo Remy Briand, managing director y jefe global de Análisis de Renta Variable de MSCI.
“Los inversores nos han comentado que hay diferencias significativas entre las compañías de real estate públicas y entidades financieras, por lo que el sector de bienes raíces merece un sector dedicado en GICS. Este anuncio asegura que GICS sigue siendo el marco de análisis de la industria más preciso, completo y estándar para los informes de inversiones, gestión de carteras y asignación de activos”.
De acuerdo a David Blitzer, managing director y presidente de Index Committe en S&P Dow Jones, dijo que “los bienes raíces son una parte importante y creciente de las principales economías en todo el mundo. Para reflejar esto y apoyar un buen análisis financiero, GICS está introduciendo el real estate como un undécimo sector y redefiniendo las finanzas para excluir al real estate. Este es un ejemplo de nuestro continuo esfuerzo para asegurar que GICS es un reflejo de los mercados de hoy”.
Pension funds globally say they intend to adopt a more proactive approach to managing their assets, according to a new report by State Street Corporation. “Pensions Funds DIY: A Hands-On Future for Asset Owners,” highlights the key trends that are reshaping how pension funds manage their investments operating models and deliver long-term value to members. The report is based on a research survey of more than 100 pension fund executives conducted in conjunction with the Economist Intelligence Unit (EIU).
Driving this change is the challenge of building a holistic view of risk across a multi-asset portfolio while aggregating risk data from multiple managers, aligning interests and managing costs. “Pension funds’ desire to deliver strong investment returns to their participants coupled with improved oversight and governance and is leading to a need for more in-house accountability for asset and risk management,” said Martin J. Sullivan, head of Asset Owner sector solutions for North America, State Street. “However, this undertaking requires pension funds to carefully evaluate how to achieve a balance of in-house and external talent, tools and technologies.”
Some key trends that emerged from the research include:
A majority of pension fund respondents (81 percent) indicate they are exploring bringing more asset management responsibilities in-house over the next three years. This is due in part to cost concerns, with 29 percent indicating it is a challenge for them to justify the fees of their asset managers.
As part of this shift, a majority of pension funds (53 percent) are expecting to use more lower-cost strategies to achieve desired investment outcomes, as well as expanding the number of technology platforms and software solutions they employ (43 percent).
More than half (51 percent) of funds place a high priority on strengthening their governance over the next three years.
“While the largest and most sophisticated funds can handle most aspects of multi-asset class portfolios in-house, the majority of pension funds will need to make a choice about where to be a specialist and when a sub-contractor is needed,” continued Sullivan. “This shift underscores pension funds’ need for new, more collaborative partnerships with asset managers who can offer them transparency and effectively tailor investment ideas and solutions to their unique needs.”
On behalf of State Street, the EIU conducted a global survey of institutional asset owners during July and August of 2014. The survey garnered 134 responses from pension fund executives, spanning both defined contribution and defined benefit assets. Forty-two percent of respondents were from the Americas, 36 percent from Europe, Middle East and Africa (EMEA) and 22 percent from Asia Pacific. Just over half (52 percent) of respondents came from public sector pension funds, 31 percent from private sector pension systems and 16 percent from superannuation funds.
MUFG Union Bank, N.A., has announced that Mike Feldman has been named Head of Branch and Private Banking. In his expanded role, he will manage Private Banking, through which the bank offers a variety of services for affluent individuals, families, businesses and organizations. Based in Orange County, he continues to report to Pierre P. Habis, who heads MUFG Union Bank’s Consumer and Business Banking groups.
“Mike is a proven leader, and his extensive experience and success leading investment services and licensed banker programs made him the obvious choice to lead Private Banking,” says Habis. “Mike will work with me and other senior leaders to help manage the bank’s affluent strategy and ensure that we offer best-in-class products and services to this valued segment.”
Feldman will continue to oversee the bank’s network of more than 400 retail branches in California, Oregon and Washington, including the licensed banker program and other sales leadership and service initiatives.
Feldman joined Union Bank in 2009 and has more than 20 years of banking experience. He previously served as head of California Branch Banking and as national sales manager for the Retail Banking division. Prior to joining Union Bank, Feldman was a managing director of Retail Banking at Countrywide Bank and president and chief executive officer of Countrywide Investment Services Inc. He also served as a senior vice president and Community Banking president at Wells Fargo, where he managed several diverse market areas and developed the licensed banker program.
Feldman received a bachelor’s degree in business administration from California State University, Fresno. He also earned a Personal Financial Planning certification from the University of California, Irvine. Active in the community, Feldman serves on the board of directors for the American Heart Association in Orange County and is a board member of the California Chamber. He has also served on several boards throughout Southern California, including: the Personal Financial Planning Advisory Committee at the University of California, Irvine; United Way; and Junior Achievement, an organization dedicated to educating students about workforce readiness, entrepreneurship and financial literacy.
Van Eck Global has launched the Market Vectors ChinaAMC China Bond ETF, a U.S.-listed ETF designed to provide investors with direct access to China’s onshore bond market.
The launch continues Van Eck’s leadership in China and emerging markets funds. The company launched the first ETF providing exposure to A-shares in the U.S. (Market Vectors ChinaAMC A-Share ETF) on October 13, 2010, and this summer it launched a Chinese equity ETF (Market Vectors ChinaAMC SME-ChiNext ETF), primarily focused on innovative, non government-owned companies.
CBON seeks to invest in all major segments of the Chinese fixed income markets, including sovereigns, policy banks, and high rated corporate bonds. “China’s domestic bond market is expanding and evolving at the same time. While the full liberalization of the markets is likely to take a long time, movement towards greater access for borrowers and lenders, and a higher degree of market oriented financings such as bond issuance have already greatly broadened the opportunity set for local investors,” said Fran Rodilosso, Senior Investment Officer for Market Vectors ETFs.
CBON is the newest addition to Van Eck’s family of emerging markets bond ETFs which include the largest local-currency bond ETF in the U.S., Market Vectors Emerging Markets Local Currency Bond ETF, and the largest emerging markets corporate bond ETF in the U.S, Market Vectors Emerging Markets High Yield Bond ETF, by assets under management as of October 31, 2014.
“China is currently the largest emerging markets bond market, yet to this point investors outside of mainland China have been mostly excluded from direct ownership of locally issued bonds,” said Mr. Rodilosso. He added “China’s onshore bond market has had historically low correlation to core asset classes and has delivered attractive yields in comparison to developed bond markets in recent years.”
CBON seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ChinaBond China High Quality Bond Index. The Index is comprised of fixed-rate, Renminbi (RMB)-denominated bonds issued in the People’s Republic of China by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. As of November 10, 2014, the yield to maturity for the Index was 4.1%.
ChinaAMC will serve as sub-adviser to CBON using a Renminbi-Qualified Foreign Institutional Investor (RQFII) quota that it has received in order to gain access to this market on behalf of foreign investors. This marks the third ETF for which Market Vectors and ChinaAMC have partnered, joining the China A-share focused Market VectorsChinaAMC A-Share ETF and the Market Vectors ChinaAMC SME-ChiNext ETF.
“China continues to be a focus for Van Eck Global, particularly through our Market Vectors ETF family,” said Ed Lopez, Marketing Director at Market Vectors. “Its economy has had significant impact on global markets in recent years and continues to evolve, yet may be under allocated in investors’ portfolios. This CBON launch is another example of how Market Vectors is delivering access to relevant investment ideas we believe will help shape tomorrow’s markets.”
CBON has a gross expense ratio of 0.57 percent and a net expense ratio of 0.50 percent, which is capped contractually until September 1, 2016. The cap excludes certain expenses, such as interest.
Foto: ChristianFraustoBernal. First Trust Advisors entra al mercado mexicano de pensiones
First Trust Advisors ha recibido el visto bueno del regulador de inversión de los fondos de pensiones de México, la Comisión Nacional del Sistema de Ahorro para el Retiro (CONSAR), que ha aprobado los dos primeros Trust ETFs para vender a los fondos de pensiones del país, conocidos como las afores.
De acuerdo a las directrices del plan de inversión de pensiones de México, antes de que un ETF pueda ser adquirido por una afore, tiene que ser aprobado por la Consar.
“Estamos encantados de que nuestros dos primeros AlphaDEX ETFs hayan sido aprobados oficialmente para la venta a los fondos de pensiones de México”, subrayó Dan Lindquist, managing director de First Trust. “Esta oportunidad contribuye a ampliar aún más la huella de nuestros AlphaDEX ETFs en un nuevo mercado institucional para First Trust”.
Los dos fondos que han sido aprobados son:
First Trust Large Cap Value AlphaDEX Fund
First Trust Large Cap Core AlphaDEX Fund
Además, ambos fondos están también listados en la Bolsa Mexicana de Valores.
En la actualidad, más de 51 millones de trabajadores mexicanos ahorran para su jubilación en Afores, de acuerdo a datos de la CONSAR. Hay aproximadamente 164.000 millones de dólares en activos bajo gestión en fondos de pensiones mexicanos y la Consar estima que el ahorro para el retiro en México crecerá hasta los 225.000 millones de dólares en 2018.
. EFG International cuenta con nuevo CEO en Luxemburgo tras la salida de Regis Montazel
EFG Bank Luxemburgo, el negocio de EFG Internacional en Luxemburgo, ha designado a Konstantinos Karoumpis como nuevo CEO, un nombramiento que será efectivo a mediados de enero, una vez que sea aprobado por las autoridades correspondientes, informó la entidad.
Karoumpis sustituye a Francois- Regis Montazel, que deja el banco al final de año para establecer su propio negocio. Éste seguirá trabajando con EFG Bank (Luxemburgo) y seguirá siendo miembro de su junta directiva.
Karoumpis llega desde Credit Suisse en Luxemburgo, en donde trabajaba desde 2007. Hasta la fecha trabajaba como jefe de Banca Privada y Wealth Management, habiendo previamente sido responsable del desarrollo de negocio. Antes de ello, desempeñó funciones de banca corporativa en BNP Paribas y Bank of Cyprus en Atenas y Chipre, respectivamente.
Harvard. Foto: NKCPhoto, Flickr, Creative Commons.. ¿Qué escuela de negocios produce más número de multimillonarios?
La Universidad de Harvard ostenta el primer puesto entre las escuelas de negocio de todo el mundo en lo que se refiere a número de ex alumnos multimillonarios. El programa de MBA de Harvard ha producido casi tres veces más graduados multimillonarios que la Universidad de Standford, que se encuentra en el número dos de la lista, de acuerdo a un ranking de Business Schools elaborado por Wealth-X.
El estudio también encontró que el 21% de los multimillonarios del mundo que cuentan con educación superior han cursado un MBA. Casi el 50% de ellos obtuvieron su MBA de alguna de las 10 instituciones que aparecen en la lista.
De los 2.325 multimillonarios que existen en el mundo, de acuerdo al informe de riqueza recientemente publicado por Wealth –X y UBS, un 65% de ellos han cursado estudios superiores.
Entre las escuelas de negocios más reconocidas del planeta son las americanas las que dominan la lista, ya que entre el Top 10 se encuentran siete centros estadounidenses. Fuera de estos, la lista la completan INSEAD en Francia, el Institute for Management Development en Suiza, y el London Business School en Reino Unido.
Algunos multimillonarios notables que se han graduado con un MBA son Philip Knight, fundador y presidente de la empresa de calzado deportivo y prendas de vestir Nike. Este obtuvo su MBA en 1962 en Stanford Graduate School of Business.
David Gilbert Booth se graduó del programa MBA de la Universidad de Chicago en 1971 y pasó a establecer Dimensional Fund Advisors 10 años más tarde. Ávido filántropo donó 300 millones de dólares a la Escuela de Negocios de la Universidad de Chicago en 2008, que posteriormente fue rebautizada como University of Chicago Booth School of Business.
