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Asset Managers are Turning to Index Derivatives to Mitigate Risk

Asset managers have told TABB Group that they are focusing more attention on index derivatives as market structure changes in both OTC and cash markets are impacting their portfolio decisions. As they change the way they manage cash flows and risk exposures, index derivatives are seeing greater growth as part of the evolution of existing strategies, already generating record level volumes on multiple days in October 2014.

According to Matt Simon, a TABB principal, head of futures research and author “US. Equity Index Derivatives: The Next Phase of Institutional Discovery,” traditional drivers of equity-index based derivatives usage will persist, evolving over time with asset managers using index products to equitize cash, hedge risk, gain exposure to underlying reference markets and search for new ways to gain alpha when provided with the right opportunities. “If recent volumes during October are any signal of what to expect in 2015, the changes for increased adoption are already taking hold.”

This growth potential has not gone unnoticed. “The recent announcement by the London Stock Exchange (LSE) concerning its acquisition of Frank Russell and its lucrative index operations for $2.7 billion highlights the current appeal of owning an index business,” says Simon.

For this study, which covers market validation, the most active products, electronic order routing, brokerage routing decisions, executing brokers’ market share, trading product selection, and regulatory impact, TABB interviewed 26 firms, including long-only asset managers, hedge funds, commodity trading advisers (CTAs) and pension managers with $6 trillion in total Assets under Management (AuM), It also includes interviews with sell-side trading desks, market makers, proprietary trading firms, technology providers and exchanges, conducted during the second quarter 2014.

Top findings include:

92% of long-only funds, hedge funds and CTAs say their equity index derivatives volumes will increase over the next year.
E-mini S&P 500 remains the most active futures contract by a wide margin with SPY the leading options index product, January-September 2014 vs. January-September 2013.
Nearly 60% of buy side trade through clearing broker(s).
For brokers, cost of execution and service levels are most important selection criteria.
Hedge funds and CTAs say they are interested in sophisticated trading functionality to support their derivatives activity; leading OMSs and EMSs received mixed results.

Rather than being used as a pure alpha generating tool, says Simon, hedge funds are using index products to manage the growing number of market risks. “Facing a more difficult operating environment, they’re not only being forced to improve their balance sheets and lower risk exposures, they’re being driven by pressure from their prime brokers to improve the management of their risk exposure.”

The 30-page 22-exhibit study is available for download by TABB Group Research Alliance Futures clients at this link.

New Asset Inflows into US listed ETF/ETPs were US$42.4 billion in November, Setting a New Record

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ETFGI’s research finds 2014 is proving to be a very good year for the ETF/ETP industry in the United States. The ETF/ETP industry in the United States reached a new record of US$1.98 trillion in assets at the end of November. They expect to see assets break through the US$2 trillion milestone any day.

At the end of November 2014 the US ETF/ETP industry had 1,659 ETFs/ETPs, from 68 providers listed on 3 exchanges. Net new asset inflows into US listed ETF/ETPs were US$42.4 billion in November, which is a record month, beating the previous high of US$41.2 billion set in July 2013.

The global ETF/ETP industry has reached a new record of US$2.76 trillion in assets. They expect the assets to break through the US$3 trillion milestone in the first half of 2015.

“Economic news in Europe during November was not positive with the OECD warning that Europe was the «locus of weakness» in the global economy – criticising the ECB’s efforts to combat economic stagnation. Many found the EC’s investment plan as lacking new money and new ideas with even the Pope criticising the plan. During November the US market continued its positive trend with both the S&P 500 and the Dow closing up 3% for the month. Developed markets ended the month up 1% while emerging markets declined 1%.” according to Deborah Fuhr, Managing Partner at ETFGI.

In November 2014 ETFs/ETPs listed in the United States saw net inflows of US$42.4 billion. Equity net inflows of US$41.2 Bn in November were a record month, beating the previous high of US$37.2 Bn in July 2013, followed by fixed income ETFs/ETPs with US$1.7 Bn, whilst commodity ETFs/ETPs saw net outflows of US$321 Mn.

iShares gathered the largest net ETF/ETP inflows in November with US$11.9 Bn, followed by SPDR ETFs with US$10.8 Bn and Vanguard with US$8.7 Bn net inflows. iShares is the largest ETF/ETP provider in terms of assets with US$757 Bn, reflecting 38.2% market share; SPDR ETFs is second with US$433 Bn and 21.8% market share, followed by Vanguard with US$421 Bn and 21.3% market share. The top three ETF/ETP providers, out of 68, account for 81.3% of US ETF/ETP assets, while the remaining 65 providers each have less than 5% market share.

Morgan Stanley lanza un nuevo instituto de gestión patrimonial familiar

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Morgan Stanley Wealth Management ha anunciado el lanzamiento de su Institute of Family Wealth Management (IFWM) para centrarse en la riqueza familiar, una estrategia de alcance diseñada para ayudar a sus asesores financieros a servir mejor a los clientes y las crecientes necesidades multi generacionales.

“Al construir relaciones más sólidas con los clientes y sus familias enteras, vamos a liderar la industria con un enfoque de familia distinto. El asesoramiento online está proliferando, pero nada puede sustituir el valor de la consulta personal con un profesional altamente capacitado que pueda hacer las preguntas correctas”, dijo Jim Tracy, director del grupo consultor de Morgan Stanley de soluciones para asesores de riqueza.

El IFWM es el primer programa de su tipo de e-learning interactivo que dará a los asesores financieros los recursos, procesos y conocimientos para transformar las relaciones individuales en relaciones familiares. El curriculum, que es totalmente digital y al que se puede acceder online, trata las necesidades de planificación de los clientes y sus familias enteras, incluidos los cónyuges, hijos, padres ancianos, y las habilidades para involucrar a estos miembros de la familia en el proceso de planificación, explica Morgan Stanley en una nota.

Asimismo, Andy Saperstein, jefe de Inversión de Productos y Servicios de Morgan Stanley, manifestó que “estamos en la cúspide de la mayor transferencia de riqueza en la historia, y reconocemos la necesidad de soluciones enfocadas a las familias para los líderes de la industria”.

Morningstar lanza 60 nuevos índices de renta variable

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Morningstar ha lanzado más de 60 nuevos índices de renta variable. La nueva familia de índices – Morningstar cuenta con más de 280- ofrece herramientas de evaluación comparativa que reflejan el desempeño de los mercados de valores en todo el mundo y sirven de base para la próxima generación de índices «beta estratégica», informó la entidad en un comunicado.

Los nuevos 60 índices ofrecen a los inversionistas herramientas de evaluación comparativa que reflejan el desempeño de los mercados de valores en todo el mundo y servirán de base para la próxima generación de índices «beta estratégica».

«Los inversionistas individuales, asesores, e instituciones tendrán una perspectiva global de la inversión. Nuestra familia de nuevos índices les proporcionará visitas internacionales significativas entre capitalizaciones de mercado y regiones para proporcionar una comprensión más profunda del comportamiento del mercado en todo el mundo», dijo Sanjay Arya, director de índices de Morningstar.

Esta nueva familia de índices Morningstar comprende índices globales, regionales y por países, utilizando una metodología transparente y basada en normas con un enfoque en la inversión de los valores subyacentes. Estos ayudarán a los inversionistas de la siguiente manera:

Mercado de monitoreo integral. Los índices permiten a los inversionistas analizar las tendencias de rendimiento y los movimientos del mercado en todo el mundo.
Asignación de activos. Los índices mundiales de renta variable reflejan los perfiles de riesgo y retorno de cada país de los mercados desarrollados y emergentes, y pueden ayudar a los inversionistas a construir mejores carteras modelo.
Reconocimiento de análisis. Los inversionistas pueden utilizar los índices para realizar análisis de atribución de entender lo que impulsa el rendimiento de una cartera.

En la actualidad, los índices están disponibles con retornos de fin de día y datos constitutivos de Morningstar DirectSM, plataforma de investigación de la empresa para las instituciones. En los próximos meses, la compañía sumará los índices en Morningstar Asesor WorkstationSM y Morningstar.com, plataformas de inversión para los asesores y personas, respectivamente.

Compass Group anuncia el listado de un nuevo ETF en la Bolsa Mexicana de Valores

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WisdomTree Investments y Compass Group han anuncian el listado de WisdomTree Japan Hedged Equity Fund, un nuevo ETF en el Sistema Internacional de Cotizaciones (SIC) de la Bolsa Mexicana de Valores (BMV), informa el diario El Economista.

Con clave de pizarra DXJ, el ETF que está diseñado para proporcionar la exposición a valores de renta variable de Japón, se convierte en el número 26 del mercado bursátil nacional. Además, cubre la exposición a las fluctuaciones entre el valor del dólar estadounidense y el yen japonés.

“El ETF busca el seguimiento del rendimiento de valores de renta variable de Japón que es atribuible exclusivamente a precios de las acciones sin el efecto de las fluctuaciones monetarias”, afirma WisdomTree en su página web.

En la bolsa mexicana hay actualmente 26 ETFs listados.

Defusing the Fiscal Timebomb

| Por Alicia Miguel | 0 Comentarios

Standard Life Investments warns that the public finances of developed countries are still vulnerable to an economic shock unless more is done to boost growth and reduce debt.

In the latest edition of Global Perspective, research by Standard Life Investments shows that sovereign debt in the developed economies of the OECD has ballooned since the financial crisis and that a renewed recession would push debt to even more worrying levels. Governments and central banks should act now to reduce their fiscal imbalances.

Countries can help improve their debt outlooks by pursuing growth friendly policies alongside prudent, long-term credible fiscal planning. The best policy response should include a combination of monetary stimulus, investment in infrastructure and deep structural reform. Without these measures, countries may resort to more painful and damaging economic policies to deal with high public debt burdens.

Jeremy Lawson, Chief Economist, Standard Life Investments, said: “The financial crisis has left a deep scar on public sector balance sheets across the developed world. Increases in debt, lower nominal growth rates and weakened budget positions have made governments vulnerable to another economic shock. What can be done to make public finances more robust and reduce debt positions?

“Our simple debt equation helps to provide some answers and shows that improving the nominal growth outlook provides the best policy option. Some economies, particularly those in the Eurozone, require further monetary stimulus alongside a temporary, targeted loosening of fiscal policy.

“More generally, countries should look to boost long-term growth rates by accelerating structural reforms aimed at boosting productivity. Public infrastructure investment is another avenue to promote growth, with the added attraction of being fiscally neutral if done effectively. Longer-term consolidation plans must also be enhanced.”

Reinaldo Le Grazie asume como nuevo CEO de Bradesco Asset Management

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Banco Bradesco ha designado a Reinaldo Le Grazie para dirigir su unidad de gestión de activos. El segundo banco privado de Brasil ha puesto a Levy al frente para sustituir a Joaquim Levy, quien el pasado mes fue nombrado ministro de Hacieda.

Le Grazie, que asume el puesto de CEO de Bradesco Asset Management, fue el jefe de la unidad de fondos de Renta Fija y Hedge Funds en BRAM, como se le conoce a la unidad, informan varios medios locales.

El nuevo CEO de la gestora se unió a Bradesco a principios de 2011. Con más de 30 años de experiencia en los mercados financieros, fue anteriormente socio fundador de Nitor Asset Management y tesorero de Lloyds Bank Brasil. Licenciado en Administración Pública por la FGV-SP, una extensión del INSEAD, cuenta con un certificado de gestión de Macroeconomía del Banco Mundial.

Wells Fargo Survey: Affluent Women ‘Enjoy’ Making Money

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A strong majority (93%) of affluent women “enjoy making and accumulating money” and more than half (53%) believe that money helps buy happiness, according to a new Wells Fargo survey of affluent women. Women have a strong sense of pride in earning money with 85% of them saying they feel proud about their earning power. Versta Research conducted the survey of 1,872 women, ages 40-79 with at least $250,000 in household investable assets, to examine their perspectives on wealth, investing, work and retirement.

Affluent women are taking the lead in managing the daily finances with 82% percent managing the household budget and purchase decisions, 79% managing the household cash flow and 75% paying the bills. But only 46% of these women are taking primary responsibility for choosing and managing investment accounts, and this rate falls to 34% among married women. Affluent women in their 40s buck this trend, with more than half (56%) choosing and managing investment accounts.

As their wealth has increased, 43% of affluent women say they have become more competent at handling investments, while 53% stayed the same and 4% became less competent. Along similar lines, a minority of these women (36%) say they have become more involved in financial decision making, while a majority (58%) say their involvement in financial decision making has stayed the same and 6% became less involved.

“I don’t think I’ve seen a study where women so overwhelming express joy at earning money and pride in their capacity to do so. And, they credit the stock market for increasing their wealth. However, we see fewer women managing their investments, although that is changing. The good news is more younger women in the workplace are taking on the role of investing for their households. If you are making money and you think the market is helping your money to grow, then it makes sense to be more directly involved in investment decisions,” said Karen Wimbish, director of Retail Retirement at Wells Fargo.

Wealth and the Stock Market

While a majority of affluent women (94%) feel they’ve worked hard to create their wealth, 68% acknowledge that most of their wealth has been generated by investments and growth in the stock market. More than three-quarters (78%) feel the stock market is the best way to grow savings over the long term. In fact, nearly two-thirds (64%) of affluent women say it’s more exciting to watch assets grow through good investments in the stock market versus watching it grow by earning and saving them (36%).

Given the stock market’s growth over the last five years, 37% of affluent women say they are “more eager to put money into the market right now,” while 23% are “more reluctant to put money in the stock market now” and 40% admit they “don’t pay much attention to the stock market.” Interestingly, almost three-quarters (73%) disagree that the stock market is too risky for them while 27% agree. But this is tempered with the more than half of women (54%) worried about losing money in the stock market.

The Role of Work

Work is an instrumental part of life for affluent women. In fact, three-quarters of affluent working women say having a job or career is important to them even if they don’t need the money. Two-thirds feel they are fairly compensated at work today. Yet, 59% of affluent working women don’t think women will achieve pay equality in the workplace in the next 10 years.

Sixty-two percent believe that women can “have it all” when it comes to balancing their career and family. However, only 38% say “having it all” is their goal (of whom 81% feel they are succeeding at it). Two-thirds (65%) of affluent women believe fathers should be more proactive about staying home to help raise children. Even if “having it all” is not the goal of many affluent working women, 58% say they are struggling with work-life balance. If given the opportunity for a big promotion at work that offered a significant step up from their current role and level of responsibilities, two-thirds (66%) of affluent women would accept it (of which 31% would be “excited, eager, and ready for it” and 35% would “accept it, but with reservations”) and 34% would decline it. Of those who would “accept it, but with reservations,” 53% worry about managing work-life balance, 30% worry about whether they are ready and have the skills to succeed, 16% are not sure if their current career path is what they really want and 23% cite other reasons.

Bequeathing the Financial Knowledge

While generally most affluent women would agree their parents did a good job teaching them about managing and saving money when they were growing up, more than two-thirds say no one ever taught them how to invest in the stock market. Nearly all affluent women (98%) say it’s important for women to feel confident about investing, but fewer (71%) actually do. One in five (21%) say one of their biggest financial regrets is not learning more about money and finance. While nearly one-third (30%) think that men are more interested in finances and investing, a majority (89%) don’t think men are better at it and half of affluent women think that men are overconfident when it comes to investing.

“It is interesting to see that affluent women credit their wealth to the stock market even though most say that no one taught them how to invest in the market,” said Wimbish. “These are successful women that should have the confidence and interest in making investment decisions for their future.”

Saving for Retirement

Affluent women are well-positioned for retirement. While the financial crisis did not affect the financial well-being for a majority of affluent women (57%), it did impact their savings behavior. More than half (54%) say it made them “more aggressive about saving money.” Only 48% of non-retired affluent women have an annual savings goal, and the median annual goal is $20,000. Non-retirees have saved a median of $600,000 and have a median goal of $1 million. They plan to retire at the average age of 64. While three out of four affluent women agree that they need at least $1 million to “feel wealthy,” 42% feel they would need $2 million or more.

“It’s crucial to have a savings goal so you know if you are on track. These women have the means and are disciplined savers, but having a financial plan with an investment strategy can put them on an even better path,” said Wimbish.

The affluent women surveyed exude confidence about having enough money. Four out of five (82%) non-retirees feel confident they will have enough money to live the kind of retirement they want. Nearly all (95%) of retired affluent women feel they will have enough money in retirement.

Seventy-two percent of non-retirees value their assets and wealth more for the lifestyle and security it will afford them in retirement versus the lifestyle and security it gives them right now (28%). The top three things that scare affluent women about retirement are: losing their health (55%), losing their mental abilities (52%) and running out of money (29%).

Defining a Successful Retirement

In defining a successful retirement, more than half of affluent women feel it is having enough money for their preferred lifestyle (55%), with other top choices including being healthy (23%) or spending time with family and friends (13%). When non-retirees think about their future in retirement, they look forward to spending more time with family (64%), focusing on physical fitness (63%) and becoming more charitable with their time (58%).

While it is hard to imagine what life will be in retirement, half of non-retirees (52%) anticipate their expectations and goals will change once they retire. Fifty-eight percent of retired affluent women say they did not have a realistic picture of what life in retirement would be like until they were in their 60s and beyond. And 43% of retired women say their retirement years are different from what they imagined.

“Life in retirement is hard to imagine until you are actually living in it. Having the fortitude to have a financial plan with realistic goals for saving and investing will allow you to recalibrate your retirement dreams when the time comes,” said Wimbish.

Allianz GI: crece la demanda de activos alternativos líquidos

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Allianz GI: Alternatives Are Growing Up — Wikimedia CommonsFoto: Spencer Rhodes, portfolio manager de Inversiones Alternativas globales de Allianz GI. Allianz GI: crece la demanda de activos alternativos líquidos

A raíz del colapso del mercado de 2008, los activos alternativos han experimentado una importante transformación, explica Spencer Rodas, de Allianz Global Investors. Esta clase de activos, históricamente populares entre los High Net Worth Individuals (HNWI) y los distribuidores a través boutiques de pequeña escala, están cada vez más respaldados por las grandes firmas gestión de activos y han comenzado a llamar la atención de los inversores institucionales.

Un ejemplo es Allianz Global Investors. Sus activos alternativos bajo gestión han crecido desde los 2.100 millones de euros a los 5.400 millones en un año, hasta octubre de 2014. De estos, 3.400 millones de euros están invertidos en activos alternativos líquidos como opciones y futuros, mientras que el resto permanece en activos no líquidos como las infraestructuras, cuenta Spencer Rhodes, porfolio manager de Inversiones Alternativas globales en Allianz GI.

La gama de productos alternativos líquidos varían del mercado de renta variable con posiciones largas/cortas a estrategias de opciones estructuradas generadoras de alfa, a través de las primas de riesgo sistemáticas de las estrategias de retorno absoluto global.

Según el experto, el incentivo para invertir en activos alternativos ha cambiado desde la crisis de 2008, pasando de una generación de alfa hacia una protección a la baja, mientras los inversores lidian con el problema intangible del actual contexto macroeconómico.

«Los clientes necesitan sustituir su inversión en deuda porque los tipos de interés son muy bajos, pero con las bolsas en máximos históricos, muchos están nerviosos para aumentar la exposición a la renta variable. Esto conduce a una exploración de las inversiones alternativas», dice Rhodes.

Sin embargo, desde la crisis, la evolución de los hedge funds ha sido objeto de críticas, dado que índices como el Bloomberg Hedge Fund han ido de forma constante por detrás del S&P 500.

Con el cambio de objetivos, la rentabilidad de los activos alternativos también debe evaluarse de forma diferente, argumenta Rodas. «Criticar a un hedge fund porque ofrece un retorno menor que un índice de la bolsa es una equivocación. El éxito depende de lo que se espera que el hedge fund haga”, apunta Rhodes.

«Por ejemplo, nuestra estrategia Allianz Discovery Europe se caracteriza por tener posiciones largas/cortas en renta variable con un objetivo de rentabilidad anual entre el 5 y el 8% y un 9,5% de volatilidad. Si consigue esos objetivos, la estrategia es exitosa a los ojos de nuestros clientes, independientemente de cómo evolucione el FTSE 100 o el Euro Stoxx 50″.

«De cara al futuro, la protección bajista, la gestión de la volatilidad y la diversificación seguirán siendo los temas clave que contribuyan a la integración de los activos alternativos», explica el experto de Allianz Global Investors. «Como en cualquier industria, se puede contar con la innovación de las pequeñas boutiques en los primeros años, pero ahora es más grande, y los investment managers más consolidados están institucionalizando e incorporando los activos alternativos para ayudar a conseguir sus objetivos de rentabilidad», concluye.

The Boston Company AM Launches MLP and Event-Driven Alternative Strategies for Institutional Investors

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The Boston Company Asset Management, LLC (TBCAM), a Boston-based BNY Mellon boutique that invests in active equity, has launched two new strategies for institutional investors – an energy infrastructure strategy that utilizes master limited partnerships (MLPs) and an event-driven absolute return strategy. To manage these offerings, TBCAM has brought on an experienced team that founded and managed Pine Cobble Capital, LLC, along with their existing strategies and assets.

The energy infrastructure strategy invests primarily in companies that own and operate midstream assets, such as pipelines, terminals and processing facilities, which have long useful lives and offer attractive rates of return. The strategy focuses on generating total returns through a combination of current yield, distribution growth, and the identification of catalysts that could affect cash flow and market perception. This strategy invests in MLPs, corporations that control MLPs or midstream assets, and other companies influenced by developments in U.S. energy infrastructure.

The event-driven strategy invests in a concentrated number of long and short positions with potential value drivers such as financial or corporate structure changes, operational restructurings, mergers and acquisitions or special situations. This strategy is focused primarily on U.S. small and mid-capitalization equities and also opportunistically invests across the capital structure in corporate credit securities.

Bart Grenier, chief executive officer and chief investment officer for TBCAM, said, «The launch of these two strategies significantly strengthens our alternative investment capabilities at a time when institutional investors are increasingly looking for new investment options. We believe the energy infrastructure sector presents a compelling opportunity for a catalyst-driven, total return approach due to the combination of attractive current yield, strong distribution growth potential, and a dynamic industry environment. Moreover, the bottom-up, value-oriented process employed by the event-driven strategy is a good fit with The Boston Company’s fundamental approach.»

The two strategies are managed by Robert A. Nicholson and Zev D. Nijensohn, who joined TBCAM in November, 2014, as senior managing directors and senior portfolio managers from Pine Cobble Capital LLC, which they co-founded in 2007. The team will continue to take the same approach it utilized at Pine Cobble and has transitioned the strategies and assets it managed to TBCAM.

Prior to co-founding Pine Cobble, Nicholson served as a managing director and general partner at Spectrum Equity Investors, a private equity firm focused on media, communications, business and consumer services, and technology. Previously, he was a consultant at Bain & Company. Nicholson received his bachelor’s degree with honors in economics from Williams College and an MBA with high distinction from Harvard Business School.

Nijensohn was previously a senior analyst at Empyrean Capital LP, a multi-strategy event-driven hedge fund, where he covered telecom, media, financial services and business services. He also was a research analyst at Shumway Capital, a principal at Spectrum Equity Investors, and a mergers and acquisitions analyst at Robertson Stephens. Nijensohn holds an AB in history from Dartmouth College.

«Fundamental analysis is core to what we do, and it’s also at the core of The Boston Company,» said Nicholson. «We look forward to contributing our knowledge and experience and believe TBCAM’s platform enhances our ability to deliver attractive returns to a broader client base,» Nijensohn added.