Foto: Monik Markus . El registro Conozca a su Cliente (KYC) de SWIFT se pone en marcha para la banca corresponsal
SWIFT anuncia la disponibilidad de “El Registro KYC” para los bancos que buscan aumentar su eficiencia y reducir los riesgos relacionados con las actividades de cumplimiento Conozca a su Cliente (KYC, por sus siglas en inglés) de sus bancos corresponsales. Más de 20 bancos globales y regionales se han unido a “El Registro KYC”, demostrando un respaldo claro en apoyo a esta iniciativa de cumplimiento contra el delito financiero, la cual ha sido impulsada por la comunidad financiera.
El cumplimiento regulatorio impone una enorme carga financiera a los bancos quienes buscan activamente plataformas comunes para ayudar a compartir ese costo y reducir el riesgo», comenta Gottfried Leibbrandt, CEO de SWIFT. «El Registro KYC es nuestro próximo buque insignia en la batalla contra los delitos financieros, cumpliendo con nuestro compromiso de ofrecer soluciones globales para la industria.»
“El Registro KYC” proporciona una forma sencilla y segura para intercambiar información estandarizada para auditoría entre bancos corresponsales. Los bancos contribuyen un conjunto alineado de datos y documentación para la validación por SWIFT, los cuales los contribuyentes pueden compartir con sus contrapartes. Cada banco se reserva el derecho de su propia información, así como el control sobre lo que otras instituciones puedan ver.
«El Registro KYC de SWIFT hará que sea mucho más fácil para nosotros invitar integrar a nuevas contrapartes» agrega Francesco Rescigno, jefe de Riesgo Operacional, Compliance y AML, ICCREA Banca. «Nos permitirá recibir y compartir información KYC de forma sencilla y segura, eliminando los costosos y excesivos intercambios de documentos».
«Las relaciones de corresponsalía bancaria son críticas para el comercio y el desarrollo económico en los mercados emergentes», dice Steven Beck, jefe de Comercio Exterior del Asian Development Bank. «Damos la bienvenida al Registro KYC como una manera para que los bancos en estos mercados demuestren su transparencia y gestionen las solicitudes de información de sus contrapartes de manera precisa y eficiente”.
El Registro KYC es operado por SWIFT, la cooperativa propiedad de la industria financiera, como un proveedor de información neutral. A los bancos no se les cobra por la contribución de datos, o para utilizar dicho registro para compartir la información de sus corresponsales con otros bancos. Para maximizar los beneficios del Registro, SWIFT ofrecerá el consumo de datos de manera gratuita en 2015 para incentivar a que los bancos contribuyan con su propia información de KYC para El Registro y promoverlo con sus corresponsales.
Foto: Doug8888, Flickr, Creative Commons.. Trump en la Casa Blanca: impacto en las materias primas
Global investors are keeping faith with equities while raising cash as markets enter the volatile year-end period, according to the BofA Merrill Lynch Fund Manager Survey for December. Asset allocators have hiked their cash holdings to an average 5 percent. Moreover, a net 28 percent are now overweight relative to their benchmarks. This is the survey’s highest reading on this measure since June 2012.
Despite this defensive move, respondents show renewed confidence in the global economy. A net 60 percent now expect it to strengthen over the next year – up almost 30 percentage points in two months. Against this constructive background, they are also more confident that corporate earnings will rise.
At the same time, inflation expectations have fallen to their lowest level since August 2012. Commodities are a significant factor in this. A net 36 percent of fund managers view oil as undervalued following its recent price fall. This reading is up over 20 percentage points since October and represents its lowest level since 2009.
In addition, expectations of European economic performance have improved. This reflects the likelihood of the European Central Bank beginning a program of quantitative easing next quarter – as 63 percent of respondents now expect, compared to November’s 41 percent. This translates into higher appetite for eurozone equities, notably banks, revealed in the survey.
“We are seeing capitulation out of energy and materials to the benefit of the dollar, cash, eurozone stocks and global tech and discretionary stocks,” said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Research. “The prospect of ECB QE has brought growing consensus on European equities, but the weakening business cycle and falling commodity prices are working against true earnings recovery,” said Manish Kabra, European equity and quantitative strategist.
Benign inflation ups growth expectations
A growing number of investors now anticipate a favorable scenario of above-trend growth and below-trend inflation over the next 12 months. While this is still a minority view (with the majority anticipating that both growth and inflation remain below-trend), its reading has jumped five percentage points month-on-month.
A net 20 percent now expect higher global consumer prices in the next 12 months. This is down from last month’s net 35 percent.
In this environment, respondents view global fiscal policy as too restrictive. This month’s net 26 percent is the survey’s highest reading on this measure since July 2012.
Commodity collapse
Commodities have fallen sharply out of favor. A net 26 percent of fund managers are now underweight the asset class. This is up from November’s net 18 percent and marks the survey’s lowest reading on this measure in a year. This shift is also evident in strong moves in investors’ positioning. Both the energy and materials sectors saw 19 percentage-point month-on-month increases in net underweights.
Commodities’ fall has intensified bullishness on the U.S. dollar. While funds continue to view long exposure to the U.S. currency as the most crowded trade in financial markets currently, they still regard the dollar as significantly undervalued.
Europe finds favor
Appetite for eurozone equities has risen to a net 26 percent overweight, up from November’s net 8 percent. Intentions to own the market have also risen, with Europe now the region fund managers are most likely to overweight over the next year. A net 19 percent regard eurozone equities as undervalued. This reading is up from November’s net 12 percent.
Regional fund managers have raised their exposure to European banks in particular. A net 13 percent are now overweighting the sector, compared to last month’s net 3 percent underweight.
In contrast, investors have less conviction towards U.S. and Japanese stocks. With the U.S. market appearing overvalued to a strong majority of the panel, a net 10 percent now intend to underweight it in the coming 12 months.
A record US$991.2 billion in illicit capital flowed out of developing and emerging economies in 2012—facilitating crime, corruption, and tax evasion—according to the latest study released Tuesday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. The study is the first GFI analysis to include estimates of illicit financial flows for 2012.
The report—GFI’s 2014 annual global update on illicit financial flows—pegs cumulative illicit outflows from developing economies at US$6.6 trillion between 2003 and 2012, the latest year for which data is available. Titled “Illicit Financial Flows from Developing Countries: 2003-2012,” [PDF] the report finds that illicit outflows are growing at an inflation-adjusted 9.4 percent per year—roughly double global GDP growth over the same period.
«As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world’s developing and emerging economies,” said GFI President Raymond Baker, a longtime authority on financial crime. “These outflows—already greater than the combined sum of all FDI and ODA flowing into these countries—are sapping roughly a trillion dollars per year from the world’s poor and middle-income economies.»
«Most troubling, however, is the fact that these outflows are growing at an alarming rate of 9.4 percent per year—twice as fast as global GDP,” continued Mr. Baker. “It is simply impossible to achieve sustainable global development unless world leaders agree to address this issue head-on. That’s why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda.»
Findings
Authored by GFI Chief Economist Dev Kar and GFI Junior Economist Joseph Spanjers, the study reveals that illicit financial flows hit an historic high of US$991.2 billion in 2012—marking a dramatic increase from 2003, when illicit outflows totaled a mere US$297.4 billion. Over the span of the decade, the report finds that illicit financial flows are growing at an inflation-adjusted average rate of 9.4 percent per year. Still, in many parts of the world, the authors note that illicit flows are growing much faster—particularly in the Middle East and North Africa (MENA) and in Sub-Saharan Africa, where illicit flows are growing at an average annual inflation-adjusted rate of 24.2 and 13.2 percent, respectively.
Totaling US$6.6 trillion over the entire decade, illicit financial flows averaged a staggering 3.9 percent of the developing world’s GDP. As a share of its economy, Sub-Saharan Africa suffered the largest illicit financial outflows—averaging 5.5 percent of its GDP—followed by developing Europe (4.4 percent), Asia (3.7 percent), MENA (3.7 percent), and the Western Hemisphere (3.3 percent).
«It’s extremely troubling to note just how fast illicit flows are growing,” stated Dr. Kar, the principal author of the study. “Over the past decade, illicit outflows from developing countries increased by 9.4 percent each year in real terms, significantly outpacing economic growth. Moreover, these outflows are growing fastest in and taking the largest toll—as a share of GDP—on some of the poorest regions of the world. These findings underscore the urgency with which policymakers should address illicit financial flows».
Trade Misinvoicing Dominant Channel
The fraudulent misinvoicing of trade transactions was revealed to be the largest component of illicit financial flows from developing countries, accounting for 77.8 percent of all illicit flows—highlighting that any effort to significantly curtail illicit financial flows must address trade misinvoicing.
The US$991.2 billion that flowed illicitly out of developing countries in 2012 was greater than the combined total of foreign direct investment (FDI) and net official development assistance (ODA), which these economies received that year. Illicit outflows were roughly 1.3 times the US$789.4 billion in total FDI, and they were 11.1 times the US$89.7 billion in ODA that these economies received in 2012.
«Illicit financial flows have major consequences for developing economies,” explained Mr. Spanjers, the report’s co-author. “Emerging and developing countries hemorrhaged a trillion dollars from their economies in 2012 that could have been invested in local businesses, healthcare, education, or infrastructure. This is a trillion dollars that could have contributed to inclusive economic growth, legitimate private-sector job creation, and sound public budgets. Without concrete action addressing illicit outflows, the drain on the developing world is only going to grow larger.»
Country Rankings
Dr. Kar and Mr. Spanjers’ research tracks the amount of illegal capital flowing out of 151 different developing and emerging countries over the 10-year period from 2003 through 2012, and it ranks the countries by the volume of illicit outflows. According to the report, the 25 biggest exporters of illicit financial flows over the decade are:
China……… US$125.24bn average (US$1.25tr cumulative)
Russia…………….. US$97.39bn avg. (US$973.86bn cum.)
Mexico…………….. US$51.43bn avg. (US$514.26bn cum.)
India……………….. US$43.96bn avg. (US$439.59bn cum.)
Malaysia…………. US$39.49bn avg. (US$394.87bn cum.)
Saudi Arabia……. US$30.86bn avg. (US$308.62bn cum.)
Brazil……………… US$21.71bn avg. (US$217.10bn cum.)
Indonesia……….. US$18.78bn avg. (US$187.84bn cum.)
Thailand…………. US$17.17bn avg. (US$171.68bn cum.)
Nigeria…………… US$15.75bn avg. (US$157.46bn cum.)
A.E………………… US$13.53bn avg. (US$135.30bn cum.)
South Africa……… US$12.21bn avg. (US$122.14bn cum.)
Iraq…………………. US$11.14bn avg. (US$89.10bn cum.)
Costa Rica………… US$9.40bn avg. (US$94.03bn cum.)
Philippines……….. US$9.35bn avg. (US$93.49bn cum.)
Belarus……………. US$8.45bn avg. (US$84.53bn cum.)
Poland……………… US$5.31bn avg. (US$53.12bn cum.)
Panama…………… US$4.85bn avg. (US$48.48bn cum.)
Serbia……………… US$4.57bn avg. (US$45.66bn cum.)
Chile……………….. US$4.56bn avg. (US$45.64bn cum.)
Brunei…………….. US$4.30bn avg. (US$34.40bn cum.)
Syria………………. US$3.77bn avg. (US$37.68bn cum.)
Egypt……………… US$3.77bn avg. (US$37.68bn cum.)
Paraguay………… US$3.70bn avg. (US$36.97bn cum.)
Venezuela……….. US$3.68bn avg. (US$36.77bn cum.)
For a complete ranking of average annual illicit financial outflows by country, please refer to Appendix Table 2 of the report on page 28. The rankings can also be downloaded here.
GFI also found that the top exporters of illegal capital in 2012 were:
China………………………… US$249.57bn
Russia……………………….. US$122.86bn
India…………………………… US$94.76bn
Mexico……………………….. US$59.66bn
Malaysia ………………….. US$48.93bn
Saudi Arabia……………….. US$46.53bn
Thailand…………………….. US$35.56bn
Brazil…………………………. US$33.93bn
South Africa………………… US$29.13bn
Costa Rica…………………… US$21.55bn
Indonesia……………………. US$20.82bn
A.E…………………………… US$19.40bn
Iraq…………………………… US$14.65bn
Belarus…………………….. US$13.90bn
Philippines…………………. US$9.16bn
Syria…………………………… US$8.64bn
Nigeria……………………….. US$7.92bn
Trinidad & Tobago…………. US$7.41bn
Vietnam……………………… US$6.93bn
Lithuania………………….. US$6.45bn
Libya…………………………. US$5.40bn
Panama……………………. US$5.34bn
Aruba………………………. US$5.29bn
Egypt………………………. US$5.09bn
Chile……………………….. US$5.08bn
An alphabetical listing of illicit financial outflows is available by year for each country in Appendix Table 3 on pg. 30 of the report, or it can be downloaded here.
Policy Recommendations
The report recommends that world leaders focus on curbing the opacity in the global financial system, which facilitates these outflows. Specifically, GFI maintains that:
Governments should establish public registries of meaningful beneficial ownership information on all legal entities;
Financial regulators should require that all banks in their country know the true beneficial owner(s) of any account opened in their financial institution;
Government authorities should adopt and fully implement all of the Financial Action Task Force’s (FATF) anti-money laundering recommendations;
Regulators and law enforcement authorities should ensure that all of the anti-money laundering regulations, which are already on the books, are strongly enforced;
Policymakers should require multinational companies to publicly disclose their revenues, profits, losses, sales, taxes paid, subsidiaries, and staff levels on a country-by-country basis;
All countries should actively participate in the worldwide movement towards the automatic exchange of tax information as endorsed by the OECD and the G20;
Trade transactions involving tax haven jurisdictions should be treated with the highest level of scrutiny by customs, tax, and law enforcement officials;
Governments should significantly boost their customs enforcement, by equipping and training officers to better detect intentional misinvoicing of trade transactions; and
The United Nations should adopt a clear and concise Sustainable Development Goal (SDG) to halve trade-related illicit financial flows by 2030and similar language should be included in the outcome document of the Financing for Development Conference in July 2015.
Foto: Armada Española. Los activos de los RIAs alcanzarán el 28% de la cuota de mercado en EE.UU. en 2018
Los activos de los asesores de inversión registrados, los llamados en inglés Registered Invesment Advisor (RIA) y aquellos registrados como investment advisors y brokers alcanzarán el 28% de la cuota de mercado para finales de 2018, de acuerdo a un nuevo informe de Cerulli Associates.
“Al cierre de 2013, los RIAs y los doblemente registrados contaban con el 20% de los activos de los intermediarios minoristas, y esperamos que esa cifra llegue al 28% en 2018”, afirma Kenton Shirk, director asociado de Cerulli.
“La cuota de mercado de los activos de los canales de los RIAs exceden otras vías, lo que refuerza el hecho de que los asesores RIAs gestionan de media más activos que los asesores externos fuera del canal”, explica Shirk. Además, subraya que cuando se combinan estos datos “con nuestra proyección de crecimiento del canal, parecería que el canal de RIAs sería de una gran prioridad para los gestores de activos. Sin embargo, el canal presenta desafíos únicos para los proveedores de productos, que pueden reducir el atractivo”.
El último informe de Cerulli, RIA Marketplace 2014: Growth Drivers in an Accelerating Industry Segment, examina las dinámicas únicas del canal de RIAs. El estudio proporciona información acerca de los RIAs para proveedores y gestores de activos que sirve a asesores.
“El crecimiento continuo de las prácticas de los RIAs con más de 1.000 millones de dólares en activos se ha producido, y si bien estas prácticas son ciertamente atractivas de forma independiente, se vuelven menos si se comparan con los wirehouses, que representan las mismas o mayores oportunidades”, prosigue el director de Cerulli.
Asimismo, apunta que la “realidad es que las alianzas estratégicas con grandes bróker dealers aseguran el acceso y la inclusión en las carteras recomendadas por los equipos, que pueden resultar en millones de dólares en flujos basados en una única decisión”.
Cerulli advierte de que si bien los RIAs y los asesores dobles representan una oportunidad de distribución floreciente, los proveedores de productos deben hacer todo lo posible para asegurarse de que están creando un proceso eficiente y sostenible para hacer frente a este mercado disperso.
More than 62 percent of pre-retirees now say they are “terrified” of what health care costs may do to their retirement plans, according to an annual Nationwide Retirement Institute survey. The survey reveals concern about out-of-control health care costs and the Affordable Care Act (ACA) increasing those costs.
According to the online survey conducted from Oct. 6 – 14, 2014, by Harris Poll of 801 Americans age 50 or older with at least $150,000 in household income (“affluent boomers”), 72 percent say one of their top fears in retirement is their health care costs going out of control. More than half (55 percent) believe the ACA will increase those costs and more than one-quarter of employed affluent boomers (26 percent) now believe they will never retire.
“Even America’s affluent workers don’t know how they will fund their health care costs in retirement and they don’t expect ObamaCare will help them,” said John Carter, president of Nationwide’s retirement plans business, which provides defined contribution and defined benefit plans to more than two million participants, representing nearly $100 billion in assets under management. “The attention the ACA has received in the past year has increased awareness of health care costs in retirement. We think that’s a step in the right direction, and what Americans need now is a plan to adequately prepare for those costs. It is possible. However instead of making a plan, too often the ‘plan’ is to just continue working.”
The attention the ACA has received in the past year has increased the percent of pre-retirees who feel very confident to confident that they know their personal benefits and consequences of the ACA (32 percent vs. 24 percent). Yet, pre-retirees are also more likely than last year to say they expect their biggest expense in retirement to be the cost of health care (51 percent vs. 43 percent).
Many Americans like aspects of the ACA, such as guaranteed coverage and access to multiple insurers. However, most affluent boomers (64 percent) believe the ACA will be a significant drain on the U.S. economy and will do more harm than good to their employer (63 percent). More than two in five affluent boomers (45 percent) say they would delay their retirement if they had to buy their own health insurance. Over one-quarter of parents (27 percent) say they would delay their retirement in order to keep their children on their employer-based health insurance plan.
Understanding Medicare
Over three in five affluent pre-retirees (61 percent) wish they understood Medicare coverage better, and 73 percent of those who discussed their retirement plans with a financial advisor say it is important or very important their financial advisor discusses health care costs during retirement with them when planning for retirement. Nearly two-thirds of affluent pre-retirees enrolled in Medicare did not know that Medicare does not cover long-term care costs.
Solutions available
However, 77 percent say they have not discussed their health care costs during retirement with a professional financial advisor. Of those who have talked with an advisor, three-quarters (75 percent) discussed health care costs in retirement not covered by Medicare.
To help simplify this complicated issue and encourage these discussions, Nationwide’s Personalized Health Care Assessment uses proprietary health risk analysis and up-to-date actuarial cost data such as personal health and lifestyle information, health care costs, and medical coverage to provide a meaningful, personalized cost estimate that will help clients plan for medical expenses. For those under 65, it bases its calculations on the average cost of a Silver Plan in the Affordable Care Act exchanges in their state.
“It’s much easier for advisors to have these difficult conversations when they can use a tool to provide a fact-based cost estimate based on their clients’ health risk and lifestyle,” said Kevin McGarry, director of the Nationwide Retirement Institute. “They now can break down and simplify a complex topic to take clients from terrified to confident.”
Foto: Ian Lamont. MIT Sloan prepara en Chile un foro sobre el aprendizaje activo y la iniciativa empresarial
La Escuela de Administración Sloan del MIT se ha asociado con la Universidad Adolfo Ibañez (UAI) y la Pontificia Universidad Católica de Chile (PUC) para organizar un foro de debate sobre ‟Nuevas dimensiones en el aprendizaje activo: aplicación de la teoría en la práctica empresarial», que tendrá lugar el 7 de enero de 2015 en Santiago, Chile.
‟El aprendizaje activo es un proceso único e iterativo en el que los estudiantes perfeccionan sus conocimientos a través de teoría, práctica y reflexión», afirma Yasheng Huang, profesor y decano asociado de MIT Sloan para los programas internacionales y el aprendizaje activo. ‟Es fundamental que los empresarios del futuro tengan este tipo de oportunidades de aprendizaje que les permitan aplicar habilidades y conocimientos de liderazgo en retos del mundo real. Me entusiasma mucho poder discutir las mejores prácticas del aprendizaje activo con otras escuelas de negocios durante el Foro en Chile«.
Asimismo, agregó que ‟el aprendizaje activo puede ayudar a satisfacer la necesidad de reformas en la educación en zonas como América Latina, al fomentar el pensamiento innovador y facilitar relaciones con el sector privado. Aún más, al aplicar el aprendizaje en operaciones y ecosistemas empresariales podemos mejorar en gran medida las oportunidades educativas de los estudiantes, y avanzar hacia la igualdad educativa».
El foro es parte del compromiso de MIT Sloan de respaldar el progreso de la educación y de la práctica administrativa en América Latina. A través de la Oficina de MIT Sloan en América Latina, la escuela desarrolla y promueve actividades de gran importancia en toda la región, tales como visitas del profesorado y de los estudiantes, eventos de reclutamiento para conocer los procesos de admisión, y eventos como el Foro de debate en Chile.
Con sede en la UAI, el Foro en Chile reunirá a académicos, profesionales y líderes empresariales para discutir percepciones del modelo de aprendizaje activo, así como el efecto que éste tiene en los estudiantes, en los mercados emergentes y en la región; también se tocará el tema de su contribución a la iniciativa empresarial y a la innovación, y se profundizará en la manera en que los negocios crean oportunidades y beneficios a partir del Modelo de aprendizaje activo.
Además del Profesor Huang, entre los oradores que participarán en el evento se encuentran:
José Miguel Benavente, jefe de la División de Innovación y Competitividad del Banco Interamericano de Desarrollo;
Manola Sánchez, decana de la Escuela de Negocios de la UAI;
Alan Farcas, director de la Maestría en Ciencias de Innovación e Iniciativa empresarial en la Escuela de Negocios de la UAI;
Alfonso Gómez, presidente del Centro de Innovaciones de la PUC;
Juan Carlos de la Llera, decano de la Escuela de Ingeniería de la PUC;
Carlos Osorio, jefe de Innovación e Iniciativa Empresarial, Director Fundador, Maestría en Innovaciones, Escuela de Negocios de la UAI;
Shari Loessberg, profesora principal de Innovación Tecnológica, Iniciativa Empresarial y Administración Estratégica, en MIT Sloan;
Anjali Sastry, profesora principal de Dinámica de Sistemas, en MIT Sloan;
Miguel Nussbaum, profesor de Informática, en la PUC; y
Mar Pérez- Sanagustin, profesora de Informática, en la PUC.
Opportunity International, the premier global financial services organization for the poor, announced Credit Suisse will help support a new education initiative to improve the quality, availability and affordability of education in impoverished areas of Latin America, Africa and Asia.
“Investing in education is one of the most decisive ways to help people work their way out of poverty,” said Vicki Escarra, Global CEO of Opportunity International. “Research has shown that education raises a student’s future economic status and can even extend life expectancy. We look forward to continuing our important partnership with Credit Suisse to expand educational opportunities for thousands of youth through access to financial services.”
Building on a successful six-year partnership with Credit Suisse, this new three-year program will launch education finance initiatives in Colombia and Tanzania and expand existing programs in the Dominican Republic, Ghana, Kenya, Malawi, Rwanda, Uganda, India and the Philippines to help more than 530,000 children and youth through a combination of innovative savings, lending, insurance and financial education products and services. Specifically, the initiative will provide school improvement loans to help build and expand schools, hire and train teachers, provide lunches and help pay for other activities to increase the number of students in school and improve the quality of education they receive. The initiative will also provide school fee loans to help parents pay tuition and buy books and other school supplies to ensure their children stay in school regardless of family income fluctuations.
“More than 67 million children worldwide are not enrolled in schools, often because their family simply cannot afford the costs of school fees, tuition or supplies, or because quality education isn’t available where they live,” said Manuel Rybach, Global Head Corporate Citizenship and Foundations for Credit Suisse. “Credit Suisse and Opportunity International understand that investing in education is an investment in the future. That’s why we’ve partnered— to ensure that children around the world have opportunities to learn and grow.”
An estimated 7.1 million people have already benefited from the partnership between Opportunity International and Credit Suisse’s Microfinance Capacity Building Initiative through support of electronic-banking transactions, training for microfinance staff and financial services for people in impoverished areas. The new “Empowering Generational Change through Education” initiative aims to achieve the following goals:
Provide 2,200 school improvement loans to private school proprietors, impacting the access and quality of education for approximately 484,000 students.
Provide 52,000 school-fee loans to parents and students to help parents to pay tuition and fees, impacting the education of approximately 161,000 students.
Pilot and expand additional educational services to provide young people with a formal education and the skills they need to get a job. Services provided will include child savings accounts and youth financial education in Africa; and the EduSave program—an innovative, free insurance program to cover a child’s school costs in the event of a parent or guardian’s death or permanent disability.
Provide education finance bank staff with training and development opportunities to help them service Opportunity’s growing educational programs.
Increased investor exposure to alternative assets is being led by private equity, with two in five Limited Partners (LPs) planning an increased target allocation to the asset class in the next twelve months, according to CollerCapital’s latest Global Private Equity Barometer. However, although one third of investors say they will also increase their allocation to real estate, the same proportion will reduce their allocation to hedge funds. (Separately, almost two thirds of LPs say they expect large private equity investors to review their hedge fund exposure in the wake of CalPERS’ decision to stop investing in the asset class.)
Still-strengthening return expectations explain private equity’s popularity with investors. Almost all (93% of) LPs are now forecasting annual net returns greater than 11% from their private equity portfolios over a 3-5 year horizon (up from 81% of LPs two years ago). A quarter of LPs are forecasting net returns of over 16%.
“In today’s low-yield world it’s hugely impressive to see such a high proportion of private equity investors expecting annual net returns of more than 11%,” said Jeremy Coller, CIO of Coller Capital, “and Limited Partners are telling us there is more to play for. They believe private equity returns could get even stronger with further enhancements to General Partners’ operational skills and more specialised funds.”
Areas of LP interest
Investors give several indications where they see attractive opportunities in this edition of the Barometer.
Emerging economies remain a strategic imperative – with 15-20% of LPs planning to begin or increase PE commitments to China, Hong Kong, Taiwan and South East Asia.Another popular region is Latin America, where one in seven LPs expect to begin or increase commitments. India is the area over which investors betray most uncertainty: the same proportion of LPs (8%) plan to increase and to reduce their commitments in the subcontinent.
LP backing for funds taking minority positions in private companies looks to remain strong. Half of investors are already committed to such funds, and an additional 13% of LPs said they are likely to seek this kind of exposure in the future. Investors will also be interested in GPs with strong buy-and-build credentials – two thirds of LPs believe buy-and-build investments will outperform other buyout investments in the next 3-5 years.
Private equity investment in ‘real assets’ is another increasingly popular area. Two thirds of LPs already have private equity exposure to energy-focused funds; half have private equity exposure to real estate; and between a quarter and a third of LPs have investments in funds focused on mining, shipping, timber and farmland. The Barometer shows that all these areas will attract new investors over the next three years.
Credit investment is another focus for investors – one third of LPs say they plan to scale up their exposure to credit over the next 12 months. Banks’ relatively weaker position in credit markets is illustrated by LPs’ views on future sources of debt funding for buyouts: just over a third of investors expect banks to take a bigger share of buyout debt in the next three years, compared with almost two thirds expecting a higher share for CLOs and high-yield bonds.
The Barometer confirms that the trend toward more direct investing by LPs (i.e., proprietary investments into private companies and co-investments alongside GPs) will continue. Approaching half (45%) of today’s LPs do no direct private equity investing or have less than a tenth of their exposure to ‘directs’, but only one in five LPs expects to be in the same position in five years’ time.
Gender diversity in private equity firms
The majority (88%) of private equity investors (most of whom are male) believe that a higher proportion of women in senior positions at GPs would have little direct impact on private equity returns. However, three in five LPs also believe that PE firms benefit more broadly from gender diversity. Around 70% of these investors say that greater gender diversity at senior levels results in better team quality and team dynamics in private equity firms; and around 40% see benefits to GPs’ governance, investor relations, and risk management.
DC pension funds
Attempts are currently being made to solve the problems associated with defined contribution (DC) pension plans investing in private equity. The Barometer shows that a large majority (88%) of Limited Partners expect these initiatives to succeed, and that DC plans will make private equity commitments over the next five years. However, most (70% of) investors believe DC pension schemes will remain a minor source of capital for the industry.
Additional Barometer findings
The Winter 2014-15 edition of the Barometer also charts investors’ views and opinions on:
The economic cycle and the risk of deflation in the eurozone
Backed by its longstanding experience developed around its four core business activities, La Française has finalized its new visual identity after more than three years of intensive development. The Group is thereby donning a new image symbolising its new strategy which is resolutely international and firmly grounded in its four core businesses.
It also represents the relationship of trust which it fosters with its affiliates.
More modern, unifying, dynamic and visible, this new identity expresses the Group’s values, namely cohesion and responsibility, audacity and creativity, elegance and finesse, all combined with experience and expertise.
On this occasion, the Group is redesigning its fourth core business, which is to become La Française Global Direct Financing, and its Asset Management business is renamed La Française Global Asset Management. Within this business activity, La Française des Placements is taking the name La Française Asset Management.
This approach reflects the highly cohesive organization between the Group’s different areas of expertise, focused on four core businesses:
La Française Global AM (Asset Management);
La Française Global IS (Investment Solutions);
La Française Global REIM (Real Estate Investment Management);
La Française Global Direct Financing.
Xavier Lépine, Chairman of the Board of La Française, said: «It was essential to symbolise the Group’s new profile through our visual identity, to be perfectly aligned with our positioning, our values and our ambitions. The Group’s strength is based on these four core businesses and our capacity to connect and share our areas of expertise to provide our clients with even more innovation: these four loops are the perfect symbol of this, representing the links we have been forging with our clients for many years.»
. México anuncia la apertura de las primeras 14 licitaciones petroleras a capital privado
México ha anunciado por primera vez una licitación pública abierta a las empresas nacionales e internacionales para explorar y extraer los recursos fósiles en aguas someras, bajo la modalidad de contratos de producción compartida, y que contemplan la licitación de 14 bloques en el Golfo de México, frente a las costas de sur de Veracruz, Tabasco y Campeche, informaba a finales de la semana pasada el secretario de Energía mexicano, Pedro Joaquín Coldwell.
Esta primera licitación puesta en marcha para los campos de petróleo y gas en 76 años busca atraer capital privado y la tecnología de las grandes compañías petroleras, a pesar de los bajos precios actuales y la incertidumbre del futuro del crudo.
Al encabezar el anuncio de la primera licitación de la Ronda Uno y la presentación de las bases y modelos de contrato para exploración y extracción de hidrocarburos, el titular de la Secretaría de Energía (SENER) destacó que el compromiso del estado mexicano es con la transparencia; por ello, ninguna autoridad decidirá de manera discrecional el resultado de las licitaciones.
Agregó que en el procedimiento de licitación y de administración de los contratos, participarán al menos cuatro entidades del Estado Mexicano, Secretaría de Hacienda, Secretaría de Economía, la Comisión Nacional de Hidrocarburos y la Agencia Nacional de Seguridad Industrial y Protección al Medio Ambiente del Sector Hidrocarburos, estas últimas dos autónomas.
El secretario de Energía explicó que esta ronda licitatoria se realiza en un entorno de volatilidad de los precios del crudo en el mercado internacional; esta circunstancia permitirá ver las fortalezas competitivas de la Ronda Uno mexicana, que ofrece un portafolio diversificado de campos y áreas para la exploración y extracción de hidrocarburos, reglas claras y estables para la inversión de las empresas.
Por su parte, la subsecretaria de Hidrocarburos de la SENER, Lourdes Melgar Palacios, explicó que los modelos de contrato de esta primera licitación en aguas someras serán de producción compartida, a fin de proteger el beneficio del Estado sin restarles interés a los inversionistas. Esta primera etapa incluye 14 áreas que conforman una superficie de entre 116 y 500 kilómetros cuadrados. Se trata de un total de 4.522 kilómetros cuadrados de bloques de exploración en aguas someras.
El contrato tiene reglas de transparencia sin precedentes a nivel internacional, con una vigencia de 25 años que podrá ampliarse por dos periodos adicionales de cinco años cada uno. Primero habrá una fase de exploración con una duración máxima de cinco años y posteriormente se llevará a cabo la etapa de desarrollo, precisó la subsecretaria.
El Comisionado Presidente de la Comisión Nacional de Hidrocarburos (CNH), maestro Juan Carlos Zepeda Molina, puntualizó que las bases de licitación de la Ronda Uno que hoy se anuncian son las reglas que las empresas petroleras deberán seguir.
Dijo que podrán concursar empresas nacionales, extranjeras y Petróleos Mexicanos, de forma individual o en consorcio. La empresa operadora que desee participar deberá acreditar su experiencia, conocimiento y capacidad para explorar y desarrollar campos en aguas someras; demostrar que tiene experiencia en exploración y extracción de hidrocarburos en al menos tres proyectos, o bien en uno o dos de gran escala que en conjunto sumen una inversión de capital de un millón de dólares.
El segundo requisito es que haya participado en dos proyectos específicos en aguas someras o ser socio en dos proyectos de este tipo; además deberá contar con personal y expertos con 10 años de experiencia como mínimo en el desempeño de esta área. El tercer punto es que las empresas cuenten con experiencia en la gestión de sistemas de seguridad industrial y protección al ambiente, conforme a estándares y prácticas internacionales.
En cuanto las capacidades financieras: las empresas deben tener un capital contable de 1.000 millones de dólares; y si se trata de una asociación o consorcio cada empresa deberá contar por lo menos con 600 millones de dólares. El titular de la CNH señaló que también para acreditar la capacidad financiera, puede presentar una calificación crediticia de grado de inversión.
El subsecretario de Hacienda, Miguel Messmacher Linartas, afirmó que en el régimen económico y fiscal de los contratos, la prioridad es establecer un marco que garantice la rentabilidad extraordinaria, asociada a la renta petrolera, que seguirá siendo de la nación. Agregó que las empresas en el sector estarán sujetas al Impuesto a la Renta, con una tasa exactamente igual a la del resto de la economía.
El subsecretario de Industria y Comercio de la Secretaría de Economía, José Rogelio Garza Garza, destacó que esta dependencia va a definir y medir la metodología del contenido nacional que se haga en cada contrato y verificará su cumplimiento. En este sentido, tanto las secretarías de Economía como de Energía trabajarán en conjunto.
“Lo que queremos nosotros estar midiendo es el porcentaje de contenido nacional en cada uno de los contratos, para el tema específico de exploración, explotación de hidrocarburos, lo que la ley nos mandata es ese 25% al 35% que tenemos que ir en 10 años” precisó el subsecretario Garza Garza.
Finalmente, Carlos de Régules Ruiz-Funes, titular de la Agencia Nacional de Seguridad Industrial y Protección al Medio Ambiente del Sector Hidrocarburos (ASEA), explicó el modelo de seguridad industrial, de cuidado del medio ambiente que está realizando la agencia como parte de la actividad petrolera y de lo que será la Ronda Uno.
