Foto: PrimelmageMedia, Flickr, Creative Commons. Seis tendencias en real estate a vigilar en 2015
El mundo en el que vivimos está en constante cambio y a veces resulta complicado detectar las tendencias que le darán forma en los próximos años. KPMG ha estado siguiendo esas tendencias y considerando las implicaciones potenciales para la industria del real estate, según explica en un reciente informe.
“Estas tendencias no solo son para ser vigiladas y aceptadas sino que hay desarrollos reales que pueden suponer una llamada a la acción. Si puedes anticipar esas tendencias, podrás obtener oportunidades para tu negocio”. Éstas son las tendencias que ve KPMG para 2015 en real estate:
Globalización
Debido a la necesidad de diversificar más allá de los mercados domésticos, los flujos de capitales globales continuarán fluyendo. Esto traerá un mayor conocimiento de los mercados de real estate en su conjunto. La predicción de KPMG es que, como resultado, el universo de real estate se expandirá, con los inversores buscando mayores retornos ajustados al riesgo.
Cambio hacia “activos reales”
Sin duda, la mayor volatilidad y el menor crecimiento han llevado a los inversores a asignar una mayor parte de sus carteras a activos reales. Este término comprende una variedad de inversiones tangibles que dan a los inversores opciones y que proporcionan una estable fuente de rentas en momentos de mercado más débiles, así como acceso a una apreciación del capital en los mejores momentos.
Un mayor apetito por el riesgo
La llamada vuelta a la calidad ha llevado a una competición significativa por el acceso a activos prime en lugares muy demandados. En la medida en que los inversores están aumentando sus asignaciones a real estate, se están viendo forzados (por la competencia) e impulsados (por la mejora en el sentimiento económico) a diversificar. “Esperamos ver cómo nuevas ubicaciones geográficas, clases de activos y segmentos de activos ganarán popularidad”, dice KPMG.
La clase de activo se amplía
Los tipos de propiedades que se han venido considerando como especializadas hace poco tiempo atrás están convirtiéndose ahora en una tendencia principal. En la medida en que los inversores buscan cada vez más rentas de largo plazo, la demanda por activos con elementos operativos (como hoteles, residencias de estudiantes, etc.) están siendo foco de un mayor interés, lo que está llevando a una compresión de rentabilidades. Todos los signos apuntan a la continuidad de esta tendencia.
Mayor seguridad
La profundidad y la amplitud de las compañías cotizadas o REITs es está creciendo, con más balances conservadores tras 2009. El cambio de los planes de prestación definida a contribución definida está también apoyando esta tendencia, así como el surgimiento de vehículos de private equity compatibles con la contribución definida. ¿Continuará esto en 2015?, se pregunta KPMG, y la respuesta es positiva.
Deuda
El desapalancamiento de los bancos está haciendo hueco a nuevos entrantes en los mercados de deuda. La consultora recomienda vigilar este espacio porque considera que es la señal de próximas oportunidades.
Nuveen Investments has announced it has extended its offerings to non-U.S. investors with the availability of a new UCITS fund focused on large cap core equities. The new fund is offered via Nuveen Global Investors Fund plc through a UCITS structure.
The new fund is managed by Nuveen Asset Management (NAM) LLC, a Nuveen investment affiliate recognized as a global investment manager with a broad investment platform. As a $130 billion multi-asset-class investment manager, NAM’s collaborative approach to portfolio construction is driven by integrated research and risk management processes.
The objective of the fund is to provide long-term capital appreciation through investments in large cap core equity securities. Led by respected portfolio manager and market strategist, Bob Doll, the portfolio management team will select securities using an investment process that combines quantitative, objective analysis with fundamental, research-based measures. Securities generally are added to the portfolio based both on the ranking given to a particular security by the multi-factor quantitative models used by the management team as well as the fundamental analysis of the securities.
Foto: Warko. La superintendencia financiera chilena ampliará su supervisión sobre el Banco Penta y advierte "riesgo reputacional"
El superintendente de Bancos e Instituciones Financieras de Chile (SBIF), Eric Parrado, se dirigió este miércoles a la Cámara de Diputados para ofrecer una detallada presentación respecto a la situación financiera del Banco Penta. Además de llamar a la prudencia, Parrado afirmó que el banco se encuentra en una sana situación financiera y que la SBIF mantendrá un monitoreo permanente de la entidad.
En el marco de la comisión conjunta que investiga el caso Penta y el financiamiento de las campañas electorales, Parrado destacó que la SBIF debe velar por mantener la estabilidad y solvencia del sistema financiero y, por ello, toda acción se realiza con una lógica prudencial que permita cumplir con estos objetivos, en resguardo de los depositantes y el interés público.
El caso Penta estalló inicialmente el pasado mes de agosto como un posible fraude tributario, un caso que llevó a las administradoras de fondos de pensiones (AFP) a reducir su exposición a la entidad, quitando gran liquidez a los títulos, una medida que fue seguida por otros actores del mercado, poniendo en una delicada situación al banco.
A pesar de que la defensa de los empresarios involucrados ha insistido en que la investigación no afecta a las compañías del grupo, porque solo apunta directamente a sus controladores, se han producido masivas salidas de bonos.
Asimismo, Parrado afirmó que Banco Penta mantiene una sana posición financiera caracterizada por adecuados niveles de capitalización y liquidez. Sin embargo, acotó que el proceso judicial en que están involucrados sus dueños expone al banco a un efecto reputacional. Informó que en esta situación la SBIF implementó un plan de seguimiento permanente a la entidad.
Señaló que más allá de este caso puntual, que debe seguir su debido proceso, es importante señalar que para la SBIF es de la mayor importancia la integridad y solvencia de los accionistas controladores de un banco.
Por último, Parrado dijo que la SBIF seguirá promoviendo activamente dos importantes proyectos que seguirán fortaleciendo la institucionalidad en la regulación bancaria: La Ley General de Bancos y la Ley de Conglomerados Financieros. Ambos proyectos en los que el gobierno está trabajando y que esperamos se envíen al Congreso según lo planificado.
In «Getting Closer to Home,»Henry H. McVey, Member & Head of Global Macro and Asset Allocation at KKR, outlines key global trends that he believes will impact asset allocations for the year.
«While the general backdrop for risk assets remains favorable, we are no longer advising folks to «Stay the Course» as we did in our January 2014 Outlook piece,» McVey writes. «Rather, given where we are in the cycle and the magnitude of gains in recent years, we have begun the inevitable process of «Getting Closer to Home» in terms of our asset allocation targets. In particular, we do advise folks to raise some cash and to tilt the invested part of the portfolio to become more opportunistic in 2015.»
In the piece, McVey also outlines key themes that make compelling «arbitrages» in the global macro landscape that CIOs and portfolio managers should pursue this year. These include:
China’s slowing is not an aberration. As such, its role in the global economy is materially shifting, which means that McVey expects to see sizeable restructuring and recapitalization opportunities in sectors that previously over-earned and/or overstretched their footprints.
Many corporations still have inefficient capital structures, including too much cash and too little debt, in his view. As such, investors can still benefit from corporate and/or shareholder actions to lower companies’ cost of capital and/or improve growth, including buybacks, dividends, capital expenditures and acquisitions.
Despite a slew of liquidity in the system, many companies across both emerging and developed economies still can’t get proper access to credit. Hence, McVey still sees a compelling illiquidity premium that is worth pursuing, particularly in today’s low rate environment.
McVey suggests harnessing volatility in the liquid commodity markets. He continues to favor private real asset investments with upfront yield, growth and long-term inflation hedging relative to traditional liquid commodity notes and swaps.
Government deleveraging in the developed markets is disinflationary, which drives McVey’s thinking about the direction of long-term interest rates as well as the relative value of risk assets against the risk-free rates.
La Française REM purchased the PANORAMA SEINE and DOCKSIDE buildings, located 255 and 224 quai de la Bataille de Stalingrad respectively in Issy-les-Moulineaux (92130), ZAC des Chartreux, overlooking the river Seine, near Paris. Designed by architects Patrice Novarina and Atelier de Midi, and built by Sefri-Cime, the office complex was completed in 2008.
The acquisition includes two buildings: a seven-storey building (at 255) with 7,905 m² of office floor space; a two-storey building (at 224) with 2,082 m² of office space, including restauration facilities. The complex has 116 underground parking spaces. The global headquarters of the Sodexo group have been based there since 2008, under a twelve-year lease.
La Française REM was assisted by law firm Fairway Avocats and 14 Pyramides Notaires. The financing was provided by pbb Deutsche Pfandbriefbank, assisted by Lefèvre Pelletier & associés and Attorney Moisy-Namand. The seller was assisted by DTZ, as part of an exclusive mandate, and law firms K&L Gates and Le Breton & Associés.
. JP Morgan ficha a Cristiano Souza desde Santander Brasil para Mercados Emergentes
JP Morgan Chase & Co ha contratado a Cristiano Souza para su equipo de análisis de Investigación de Mercados Emergentes en Brasil. Souza llega a JP Morgan desde Banco Santander Brasil, de acuerdo a un memo interno de la entidad estadounidense obtenido por Bloomberg.
Souza, de 40 años, trabajará en Sao Paulo bajo las órdenes de Cassiana Fernandez, que fue nombrada economista jefe para Brasil en septiembre.
Souza ha cubierto Brasil durante 13 años en banca, incluyendo Santander Brasil, donde trabajó durante seis años.
El pasado mes de septiembre, JP Morgan designó a Fabio Akira, hasta entonces economista jefe para Brasil, para liderar la cobertura del sector público. Akira trabaja también desde Sao Paulo.
Historically, until the 19th century, the Spanish dollar, the forerunner of the Mexican peso, was used in a number of regions around the world. The «Mexican peso» was legal tender in the United States until the Coinage Act of 1857.
Today, the country once known as New-Spain is still the exception in the «emerging markets» universe. The global economic slowdown has exposed the vulnerability of economies with excessive dependence on commodity exports: Russia, Brazil, Indonesia, Colombia and Venezuela are just a few examples. These low-diversity economies have suffered the backlash of falling commodity prices as well as expectations of a hike in interest rates in the United States.
Fortunately, many countries have learned the lessons of past crises, including the need to adopt a floating exchange rate and, more generally, economic policies aimed at budget surplus and contained inflation. Mexico is one such. Like other countries in Latin America, Mexico lost a decade in the 80s with soft growth (estimated at –0.3% over ten years) and very high inflation. Average annual inflation was 69% between 1980 and 1990 with a peak in annual inflation of 175% on 31 March 1988. The country defaulted on its external debt in 1982. In 1994, just after the signing of NAFTA (the North America Free Trade Agreement), Mexico was subject to increasingly speculative movements of capital whereas the currency was anchored to the dollar, and was forced to devalue.
Mexican peso compared to the US dollar vs. American monetary policy in 1994
Despite these various destabilising episodes, Mexico remained firmly rooted in its industrial heritage. Contrary to what one might expect, and although it is one of the world’s leading oil producers at the intersection of two worlds (a rich service-based economy in North America and a South America still dependent on its below-ground wealth), Mexico’s economy is less focused on the export of primary products than its more southerly neighbours. Industry and especially services (tourism, telecoms, etc.) have played a vital role in the country for many years although there is huge disparity in terms of development between the Chiapas and the state of Sonora, or the Yucatán and the banks of the Pacific. Between the end of the 19th century and the 1930s, the development of the railway network boosted the integration of the north and north-east and greater economic proximity with the United States. Economic activity was to develop particularly with the maquiladoras, assembly plants and sub-contracting outfits for the United States which would drive the country’s modernisation.
In the 21st century, Mexico, heir to the Aztec administration, becomes increasingly dynamic. In an earlier blog, we mentioned the reforms adopted by the Mexican parliament. In particular, the reform of the energy sector will enable private players to participate thus tempering the bottlenecks that subsist at many levels. This is especially true for the petrochemicals, synthetic textiles and plastics sectors. NAFTA continues to be the driving force for the modernisation of the Mexican economy, with foreign investments no longer exclusively targeting energy but also the automotive industry, electronics, chemical and aeronautics. A number of big names in American and European industry have started to establish operations in the central industrial region: for example, Bombardier, Airbus and GE Aviation are investing in Querétaro. Since the 1980s, foreign direct investment in the aeronautical sector amounts to nigh on 33 billion dollars. According to the FT, in 2014, compared to 2009, Mexico had doubled its automobile production to 3.2 million vehicles. Honda, Mazda, Audi, Kia, Nissan and BMW have already invested or plan to invest several billion dollars to set up assembly lines in the country. All this comes against the backdrop of Mexico not only becoming increasingly competitive but also gaining in expertise versus one of its biggest rivals, China, whose currency has slowly but surely appreciated against the dollar since the summer of 2005.
Opinion column by Jean-Philippe Donge, Head of Fixed Income at BLI – Banque de Luxembourg Investments. This article is published on its blog: “From the peso oro to the maquiladoras”
The Internal Revenue Service announces the opening of the International Data Exchange Service (IDES) for enrollment. Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to the terms of an intergovernmental agreement (IGA), as applicable.
More than 145,000 financial institutions have registered through the IRS FATCA Registration System. The U.S. has more than 110 IGAs, either signed or agreed in substance. Financial institutions and host country tax authorities will use IDES to provide the IRS information reports on financial accounts held by U.S. persons.
“The opening of the International Data Exchange Service is a milestone in the implementation of FATCA,” said IRS Commissioner John Koskinen. “With it, comes the start of a secure system of automated, standardized information exchanges among government tax authorities. This will enhance our ability to detect hidden accounts and help ensure fairness in the tax system.”
Where a jurisdiction has a reciprocal IGA and the jurisdiction has the necessary safeguards and infrastructure in place, the IRS will also use IDES to provide similar information to the host country tax authority on accounts in U.S. financial institutions held by the jurisdiction’s residents.
Using IDES, a web application, the sender encrypts the data and IDES encrypts the transmission pathway to protect data transfers. Encryption at both the file and transmission level safeguards sensitive tax information.
Host country tax authorities in Model 2 IGA jurisdictions and financial institutions are encouraged to begin the enrollment process well in advance of their reporting deadline. To begin transmitting information in IDES, a financial institution or tax authority will need to first obtain a digital certificate. Digital certificates bind digital information to physical identities and provide data integrity. IDES stores each user’s public key and related digital certificate. All IDES enrollees (including host country tax authorities) must obtain a proper digital certificate in order to enroll; there is a list of approved Certificate Authorities available on irs.gov.
For host country tax authorities in Model 1 IGA jurisdictions, the IRS will directly notify them to let them know when it is time to enroll. Financial institutions will initiate enrollment online on their own; in order to enroll, the financial institution will need to have registered as a participating financial institution through the IRS FATCA Registration System and have a global intermediary identification number (GIIN) that appears on the IRS FATCA FFI list. The online address for IDES enrollment can be found here. IDES runs on all major browsers, including Chrome, Internet Explorer, Safari, and Firefox and will support application-to-application exchanges through the SFTP transmission protocol enabling a wide variety of users to interact with IDES without building additional infrastructure to support transmission.
Further information on IDES can be found here. The IDES User Guide with instructions for enrolling and using the IDES can be found here. The IRS has posted Frequently Asked Questions about FATCA and IDES on irs.gov and will continue to update the FAQs as questions are received. In addition, there is a comments link on irs.gov to submit questions specifically on IDES and another for other FATCA-related questions.
Voya Financial announced that Paul J. Gennaro has joined the company as senior vice president, Corporate Communications, and chief communications officer. In this role, he will oversee all internal and external communications for Voya Financial, serving as a strategic advisor to senior management, setting the overall communications strategy, and both further defining and protecting the company’s reputation with key stakeholders. He will report to Chairman and CEO Rodney O. Martin, Jr.
«Paul is a recognized thought leader and has demonstrated experience working with several well-known global brands to help them strategically and effectively communicate with multiple stakeholders,» said Martin. «He has an impressive record, a diverse background of communications leadership roles, and significant experience overseeing programs to support a number of initiatives, including a successful initial public offering and a global rebranding effort. He will be a great asset as we continue to further define and protect our reputation in the industry and our brand in the marketplace. I’m pleased to have him on our team and I am looking forward to working closely with him as we continue to work toward achieving our vision to be America’s Retirement Company.»
Gennaro comes to Voya Financial with more than 25 years of experience and, during his career, has managed various facets of corporate and marketing communications, investor relations, public relations and government affairs. Most recently, Gennaro was senior vice president, Corporate Communications, and chief communications officer of AECOM, a $20 billion, fully integrated infrastructure and support services firm. At AECOM, Gennaro led all aspects of the firm’s global corporate communications, brand optimization and reputation management strategies. During his tenure at AECOM, which Gennaro joined in March 2006, he developed and executed communications strategies in support of more than 40 acquisitions, the company’s initial public offering and its global rebrand.
«I’m excited to join the Voya team and to be part of a company with a great vision and a commitment to helping Americans with their retirement readiness needs,» Gennaro said. «I look forward to helping build the Voya brand – and to helping Americans build a secure financial future.»
Prior to joining AECOM, Gennaro managed all global corporate and marketing communications for Johns Manville, a subsidiary of Berkshire Hathaway, Inc. He has also held communications leadership roles for global brands such as Ingersoll-Rand, Dell, and American Express. Gennaro began his career as a print/broadcast journalist and public affairs officer for the U.S. Navy.
Gennaro received a Bachelor of Science degree in aeronautics from Embry-Riddle Aeronautical University. He is a board member of Ethisphere LLC, serves on the board of advisors for the Emory University Center for Ethics, and also is on the board of directors for the DINFOS Foundation, which supports the U.S. Department of Defense Information School.
Gennaro is the recipient of several professional awards, including being named PR Week magazine’s PR Professional of the Year in 2013. He also received the 2013 John W. Hill Award from the New York Chapter of the Public Relations Society of America and, in 2010, the International Business Award for Communications Executive of the Year.
Franklin Square today has hired Berta Aldrich to serve as the firm’s Chief Marketing Officer. Ms. Aldrich joins the firm after spending the last 10 years with Vanguard, where she held executive positions in marketing strategy and planning, loyalty operations and investment education.
«Berta is a highly respected marketer and educator in our industry and we are delighted she has joined Franklin Square,» said Michael C. Forman, Chairman and CEO, Franklin Square. «Berta will help us further strengthen our position as a leader in alternative investments and our support for client and investor education programs.»
In her most recent position as Head of Marketing Strategy for Vanguard, Ms. Aldrich led the channel marketing efforts for the growth and expansion of its $1 trillion dollar Financial Advisory Services division. She previously served as Department Head of Vanguard’s Acquisition and Loyalty Marketing Operations, Marketing Executive to the Institutional Full-Service Retirement division and Head of Investor Education and Program Development. Before joining Vanguard, Ms. Aldrich had a 13-year career at the Principal Financial Group.
«Franklin Square is a leader in providing individual investors access to alternative investments historically reserved for large institutions,» commented Ms. Aldrich. «I am excited to join such an innovative, dynamic firm and a team that places such great emphasis on investor protection, client care and civic engagement.»
In 2013, Ms. Aldrich was named among Gramercy Institute’s 20 Rising Stars in Financial Marketing. She holds an MBA with honors from St. Joseph’s University and a BA in Finance from Iowa State University. Ms. Aldrich is a member of the board of directors for Camphill Special School and is a previous board member of the Mutual Fund Education Association.
