Antonio Banda es el CEO de la EAFI. Nace Feelcapital EAFI, la primera plataforma web de asesoramiento en fondos de España
La empresa Feelcapital, EAFI, ha desarrollado la primera plataforma web de asesoramiento digital en fondos de Inversión en España, “una herramienta online que permite a los inversores, independientemente de sus conocimientos, tomar el control de su dinero”. Así se presenta la firma, que pretende ayudar a los clientes a obtener un asesoramiento sobre fondos evitando la dependencia de bancos y entidades financieras.
Antonio Banda, el consejero delegado de la compañía que acumula más de 20 años de experiencia en el sector, está al frente de un proyecto que arranca el 10 de junio, una plataforma de funcionamiento sencillo que realiza un análisis previo de los fondos traspasables de inversión que existen en el mercado y elabora un perfil personalizado de cada inversor. El proyecto tiene la forma de EAFI, es decir, empresa de asesoramiento financiero española.
La herramienta analiza los datos obtenidos del cliente con cuatro algoritmos cuadráticos encadenados, desarrollados en exclusiva por Feelcapital, EAFI, S.L., y elabora una cartera de inversión óptima adecuada para cada cliente. A continuación, el sistema genera de forma automática una orden de traspaso personalizada con la que se puede acudir al banco para su ejecución. La beta del proyecto se lanzó hace unas semanas.
Para Banda, “las entidades financieras, en muchas ocasiones, no realizan un perfil adecuado de sus clientes ni les ofrecen fondos de inversión adecuados a su perfil, ya que generalmente tienen intereses particulares en algunos de los fondos recomendados”.
“Entendemos – ha añadido – que sólo la objetividad de los datos, de cifras reales y de un asesoramiento sin condiciones puede mostrar el reflejo real de una cartera óptima de inversión. Además, el precio por darse de alta en la plataforma, es de 15 euros al mes, accesible para cualquier persona”.
Bien si lo llaman fútbol, soccer, balonpié o «el deporte más hermoso», existe una gran analogía entre este juego y la inversión a largo plazo. Con todos los sentidos puestos en la Copa del Mundo que empieza esta semana en Brasil, echemos un vistazo a los puntos en común entre el proceso de invertir y el deporte más popular del mundo. Hay más de los que usted cree.
Por ejemplo, tomemos un escenario en el que un equipo marca un gol y va ganando 1 – 0 al principio del primer tiempo. Si usted fuera entrenador del equipo, ¿ordenaría a los jugadores replegarse y jugar a la defensiva para proteger la ventaja?
Probablemente, fuera un poco pronto en el primer tiempo para emplear esa estrategia, sabiendo que va a sufrir una presión constante por parte del equipo contrario.
En cambio, lo más seguro es que su equipo continuara con el mismo estilo de juego; continuaría atacando para desequilibrar al equipo contrario y así incrementar las probabilidades de ganar el partido.
Pues bien, el mismo concepto puede aplicarse a una estrategia de inversión. En un escenario como el descrito anteriormente, replegarse y jugar a la defensiva con tanto tiempo por delante en el partido equivale a asignar la mayoría de su portafolio a inversiones en renta fija.
Puede sentirse tentado de ir a por lo seguro e invertir en renta fija, pero con las tasas de interés en niveles mínimos históricos, ésta podría no ser la mejor opción. En función de su situación financiera, usted y su asesor financiero quizás deberían considerar asignar parte de sus inversiones a renta variable para crear un portafolio equilibrado que le permita manejar su riesgo y reducir la volatilidad total de sus inversiones. Así, podríamos decir que gozaría de la capacidad ofensiva necesaria para mantenerle en el partido.
Naturalmente, su estrategia como entrenador puede evolucionar a medida que avanza el juego, manteniendo el ritmo necesario en cada momento. Proteger una ventaja de 1 – 0 en la primera parte es algo muy distinto de hacerlo cuando quedan solo 5 minutos de juego. Lo mismo aplica a la inversión.
Su asesor tomará nota de sus objetivos financieros, su horizonte temporal y su tolerancia al riesgo para determinar cuál es la diversificación adecuada entre acciones, bonos y activos monetarios, con el objetivo de implementar la asignación de activos más oportuna.
Por favor, tenga en cuenta que no existe ninguna estrategia de inversión que pueda garantizar un beneficio ni proteger frente a una pérdida. También considere que todas las inversiones conllevan un cierto grado de riesgo, incluyendo la posible pérdida del principal invertido.
Columna de opinión de Victor M. Mendez, director de Marketing Global Retail en MFS
While most advisors are enjoying greater success than they did a few years ago, many are challenged with how to best communicate with their clients, according to new research released from Pershing LLC (Pershing), a BNY Mellon company. The Second Annual Study of Advisory Success: A New Age of Client Communications and Client Expectations explores the value of key client touchpoints and identifies opportunities for financial advisors to strengthen their connections and be more effective.
Study of Advisory Success is a longitudinal study that defines what success means for advisors in today’s environment and highlights the most salient issues that advisors face. Based on this year’s research, advisors who adapt to client communications preferences and expectations are more successful than those who do not.
«Lessons learned from the financial crisis, combined with the popularity of smartphones and other devices, have raised client expectations,» says Kim Dellarocca, managing director at Pershing. «With the proliferation of different touchpoints and a greater apprehension of financial risk, clients expect more frequent, tailored communications in real time, and many advisors have not yet developed a consistent communications strategy. It is essential for advisors to understand how, where and when current and potential clients prefer to communicate.»
Twenty years ago, advisors connected with clients through three primary channels: phone, mail and in-person meetings. Today, these channels have grown to include email and social media, which are ingrained in their clients’ lives, raising the bar for effective communications between advisors and their clients.
The study identifies three key areas in which advisors should focus their communication efforts and actionable steps they can take to improve in these areas:
Personal brand: Advisors who focus on their personal brands seem to enjoy greater success. More than half (53 percent) of advisors strongly agree that their personal brand is more important than their firm’s brand, but they are not always communicating their value proposition to clients. According to the study, one out of three advisors is missing a mission statement on their personal website, and a quarter of advisors do not have a mission statement on their team websites.
Advisors should see themselves the way their clients do, particularly online. Brands are most impactful in helping to attract and engage the right customers, and advisors should take the time to see themselves the way their clients and prospects do by taking the time to discover their own online presence through searches and then refining that presence to be more effective.
Social media: The study shows that advisors have mixed feelings about social media. Advisors can use it to engage many current and potential clients, and to share content quickly and easily. Two in five advisors do not use social media for business purposes, but among those who have used it for business, 73 percent reported positive experiences and an impact on their business. More than half (52 percent) of advisors feel that they have not invested enough time in social media, including 11 percent who say they do not spend enough time listening to their clients on those platforms. An advisor’s lack of presence on the web and social networks might deter younger prospects from becoming potential clients.
Advisors should capitalize on social media and become savvy content curators. While many advisors cite a lack of time as the reason for not using social media, there are a number of platforms that can serve as an efficient vehicle for listening, distribution and engagement. Advisors should have the ability to discern which information has value and is worth sharing. It is important that advisors do not overextend themselves. They need to make sure they are able to reasonably maintain any social properties they create. Advisors should value quality over quantity in this case.
Milestones: Relationships require regular contact and attention. Major lifecycle events such as retirement or divorce call for heightened personal attention, yet 20 percent of advisors do not reach out to clients in such circumstances, jeopardizing the client relationship.
Advisors should reach out about the good news, too. Clients are interested in hearing from their advisors regarding positive milestones, such as a birthday, new job or the birth of a child. Communicating with clients under a range of circumstances will make outreach in turbulent times less reactionary and forced.
«With client communication channels and protocols continuing to evolve, what advisors say and how quickly they respond counts more than ever,» says Dellarocca. «If they are not sure how their clients prefer to communicate, they should just ask.»
To obtain a copy of Pershing‘s Second Annual Study of Advisor Success: A New Age of Client Communications and Client Expectations, please visit pershing.com/advisorsuccess.
. La cadena hotelera chilena Atton sigue conquistando países
La cadena hotelera chilena Atton Hoteles anunciaba hace unos días su desembarco en territorio colombiano a través de la compra de un hotel de 64 habitaciones en la zona urbana de Bogotá, lo que supone el segundo país en donde la empresa pone el pie en lo que va de año, ya que a mediados de mayo iniciaban la construcción de su primer hotel en Miami de la mano de sus socios de Capital Advisors.
Atton, que comunicó la operación a través de un hecho esencial a la Superintendencia de Valores y Seguros de Chile, confía en poder comenzar a operar el hotel de Bogotá en el segundo semestre de este año. El inmueble está situado en la calle 100 número 2319 de la nomenclatura urbana de Bogotá y cuenta con estacionamientos, restaurante y salones para eventos. Con esta operación, la cadena chilena ya está presente en tres países además de Chile: Colombia, Estados Unidos y Perú.
Atton, que actualmente cuenta con tres hoteles operativos en Chile y uno en Perú, se dirige al viajero corporativo, en donde quiere seguir creciendo en los próximos años para duplicar su capacidad hotelera.
El hotel de Miami, que ha comenzado a construirse en la zona de Brickell, distrito financiero de la ciudad estadounidense, supone una inversión de 65 millones de dólares. El establecimiento contará con 275 habitaciones y se espera que abra sus puertas al público entre finales de 2015 y principios de 2016.
CC-BY-SA-2.0, FlickrK Twin Towers (Seul). La estadounidense KKR y LIM Advisors compran las K Twin Towers de Seul
El coloso de private equity estadounidense KKR yel grupo inversor asiático LIM Advisors anunciaron esta semana la compra conjunta de las K Twinn Towers, una propiedad comercial prime en el centro financiero de Seúl. Aunque los términos económicos de la operación no fueron revelados, KKR y LIM Advisors han puesto en marcha la operación a través de la compra del 100% del capital ordinario de un fideicomiso administrado por Vestas Invesment Management.
Las K Twin Towers, que se encuentra en el área de Gwanghwamun, fueron terminadas en 2012. Ocupan más de 900.000 pies cuadrados (unos 83.800 metros cuadrados) a través de 22 pisos de oficinas premium y espacio comercial. Cuentan con estupendas vistas al Palacio Gyeongbokgung y a la presidencial Blue House. K Twin Towers son dos torres de oficinas, en las que entre sus inquilinos se encuentran numerosas multinacionales y corporaciones surcoreanas, instituciones financieras y firmas de abogados.
Bryan Southergill, director de Real Estate de KKR Asia, se mostró satisfecho por expandir su negocio de real estate en el mercado de Corea del Sur y contar con la colaboración de LIM Advisors para la compra de uno de los mejores edificios comerciales de Seúl.
Deutsche Asset & Wealth Management, Shin & Kim, y Deloitte asesoraron a ambas partes en la transacción.
Foto: Jean11. Fibra Prologis acaba con una sequía de ocho meses en la bolsa mexicana
Prologis Property México debutaba este miércoles en la Bolsa Mexicana de Valores (BMV) en busca de 7.000 millones de pesos (más de 540 millones de dólares) para arrancar con la compra de su portafolio inicial de 177 inmuebles. El 38,67% de la oferta global se llevó a cabo en México a través de la BMV y el 61,33% en los mercados internacionales, siendo el precio de colocación de 27 pesos, que ascendió a 8.000 millones de pesos distribuidos entre 3.654 inversores, entre ellos dos afores.
FIBRA Prologis destinará los recursos netos de la oferta primaria global a financiar una parte del precio de compra del portafolio inicial, fondear el pago de crédito Prologis, potencialmente pagar una parte del IVA derivado de la aportación de las propiedades al fideicomiso y para financiar algunos gastos relacionados con la oferta. El día de su estreno en bolsa, Prologis acaparó el 12,66% del total operado en la sesión.
Fibra Prologis es el octavo Fideicomiso de Inversión en Bienes Raíces que debuta en el mercado, que espera también la salida de Fibra Sendero. En cuanto a su posición entre el resto de las fibras, Prologis es la cuarta fibra más grande del país por metros cuadrados en cartera, aunque es la segunda industrial.
Los intermediarios colocadores en México fueron Acciones y Valores Banamex, Casa de Bolsa, integrante del Grupo Financiero Banamex; Casa de Bolsa Banorte Ixe, Grupo Financiero Banorte; Actinver Casa de Bolsa, Grupo Financiero Actinver y Casa de Bolsa Credit Suisse (México), Grupo Financiero Credit Suisse (México).
El portafolio inicial de FIBRA Prologis está conformado por 177 inmuebles destinados a las industrias manufacturera y de logística en México, ubicados estratégicamente en seis mercados industriales del país con un Área Rentable Bruta Total de 29,8 millones de pies cuadrados.
A 31 de marzo de 2014, aproximadamente el 60,6% del portafolio inicial está ubicado en destinos globales representados en mercados logísticos de la Ciudad de México, Guadalajara y Monterrey; y aproximadamente el 39,4% en mercados regionales de los principales centros manufactureros de Reynosa, Tijuana y Ciudad Juárez. El objetivo de FIBRA Prologis es la adquisición, posesión y administración de inmuebles industriales ubicados en México.
Fibra Prologis fue constituido recientemente para adquirir y administrar inmuebles destinados a las actividades industriales en México. La administración de «FIBRAPL» la efectuará Prologis Property México, una filial de Prologis, compañía de inversión de bienes raíces constituida en Estados Unidos y que cotiza en la Bolsa de Valores de Nueva York.
Disclosure of financial information is obligatory for all companies listed on the main global stock exchanges. This information generally provides a good overview of a company’s financial performance, but it is not enough to make a decision about a company’s sustainability, which is linked to long-term operational and financial stability. Even companies with low levels of debt and high profits may be subject to potential risks from non financial areas such as environmental, social and governance (ESG) criteria. For instance, companies that do not embed human rights in their day-to-day activities may face less productivity and a higher chance of strikes, which can bring additional risks to investors. Similar problems may arise when a company does not apply solid environmental or governance practices.
The growing concern among investors about ESG issues has caused many companies to report information concerning their ESG-related indicators in the form of social reports, additions to their annual reports, special sections on websites and press releases. This information helps investors better evaluate companies’ risks and find possible ways to mitigate them. Yet, disclosure of such information is mostly voluntary among companies. In a report published by S&P Dow Jones Indices in cooperation with RobecoSAM, they analyzed to what extent companies from the headline indices disclose information concerning ESG activities. Companies studied include constituents of the S&P 500, S&P Europe 350, S&P/ASX 200, S&P/TSX 60, S&P/TOPIX 150, S&P Asia 50, S&P Latin America 40, S&P Korea LargeMidCap, and a number of additional companies from China and India. The disclosure records were provided by RobecoSAM.
These are the key findings (the complete report is attached)
The average level of transparency of the 1,504 companies included in the assessment in 2013 was 45, which is below the 0-100 range’s mean. The average score for disclosures related to corporate governance was 81, while the average score for the environmental component was 40 and the average score for the social component was 33.
The companies in the S&P Europe 350 had the highest average ST&D score among all the other headline indices from S&P Dow Jones Indices (average score of 63). The S&P Europe 350 was also the only index in which the average scores for all three components of assessment (environment, social and corporate governance) exceeded the 50-point average level range.
The research demonstrates significant differences in disclosure levels across regions. Companies in the U.S. index (the S&P 500),the Canadian index (the S&P/TSX 60) and the Australian index (the S&P/ASX 200) had veryhigh scores for disclosures related to corporate governance. However, their scores for disclosures of environmental and social components were much lower than those of Europe’s largest companies. European companies led in transparency on environmental and social issues. Companies in the Korean and Japanese indices, the S&P Korea LargeMidCap and the S&P/TOPIX 150, respectively, had high scores for disclosure of the environmental component, average scores for social component and the weakest of all scores for corporate governance-related disclosure.
Scores for disclosures of environmental and social components were correlated. This implied that for most companies, it was rare that a company disclosed information about the environmental aspect of its business but did not disclose information about the social aspect (and vice versa). This correlation does not apply to disclosure scores for corporate governance. In other words, a company’s decision to disclose information about corporate governance is independent of its decision to disclose information about social or environmental aspects of its business.
A company’s total ST&D score was strongly correlated with its market size, a relationship that applied across all geographies. So bigger companies tended to disclose more information: There was a significant correlation between a company’s size and its total ST&D score, which was clear on a regional level (see Exhibit 10). This correlation is likely explained by the fact that bigger companies tended to experience higher pressure from their shareholders and governments, so they disclosed more information. The correlation between a company’s size and its corporate governance disclosure score was generally less than the correlation between its size and scores for the other two components. This happened because the variance in scores for corporate governance was small, especially in jurisdictions where disclosure of significant parts of this information is required by the government.
Companies’ ST&D scores did not change significantly over time once they reached the 70- to 90-point range. However, ST&D scores tended to increase if they were lower than 70 and decrease if they were higher than 90.
Average scores for environmental and social components, when adjusted for changes in the scope of assessment, tended to grow over time. At the same time, scores for corporate governance generally stayed the same.
Average ST&D scores of developed countries exceeded the average ST&D scores of countries with emerging economies, but not significantly (46 vs. 40, respectively). This was most likely caused by bigger assessment penetration in developed countries. Companies from developed economies were more transparent than their competitors from emerging countries; however, the gap decreased from 12% to 6% in the period from 2010 to 2013. Countries with emerging economies were worse in terms of all components, but the difference in scores for the social component was insignificant. In 2012, developing countries were also worse than developed countries from the lens of all criteria, and the difference in scores for the social component was much greater.
The highest-scoring sectors were telecommunication services and utilities. These sectors’ profiles are likely attributable to the fact that in high-tech industries, the competition for investors’ capital is the greatest. Therefore, appreciation of shareholders’ interest in nonfinancial reporting is generally the highest.
Photo: Chris Talbot. Lucent Group Announces Opening of New UK Office
Lucent Group, firma que se especializa en el desarrollo de terrenos específicos en áreas de alto crecimiento en todo Reino Unido, va a abrir una oficina en la ciudad de Winchester, Hampshire. La oficina, una subsidiaria de Lucent Advisors, con sede en la Isla de Man, actuará como asesora del Lucent Strategic Land Fund y estará plenamente operativa a finales de junio, informó la compañía.
En este sentido, desde Lucent explican que la nueva oficina está estratégicamente situada para aprovechar la buena red de transporte internacional y nacional, lo que permitirá gestionar eficazmente su creciente cartera de proyectos en todo el país, además de estar próximos al mercado de inversores institucionales de la City de Londres.
La oficina de Winchester actuará como centro de gestión de los proyectos de Lucent Advisors ofreciendo asesoría de activos y gestión, en un momento en el que la firma está atravesando una interesante etapa con numerosos proyectos en marcha.
En este sentido, la empresa recordó que a través de su joint venture con Allerdale Borough Council, están a la espera de la primera planificación de un desarrollo de 250 unidades residenciales para finales de este año. Además y bajo esta joint venture están previstos otros desarrollos en el futuro en terrenos de la cartera conjunta.
Asimismo, Lucent ha identificado una cartera de proyectos de más de 50 millones de libras esterlinas y está a la espera de anunciar nuevas adquisiciones antes de final de 2014.
Por último, desde la firma explicaron que los departamentos de administración y funciones de bróker para Lucent Strategy Land Fund se mantienen sin cambios y continúan en la Isla de Man.
Foto: Christos Tsoumplekas, Flickr, Creative Commons. Modificación de la ley de sociedades de capital para mejora del gobierno corporativo
Morgan Stanley Alternative Investment Partners (AIP) has obtained $500 million in commitments for AIP Strategic Opportunities Fund I (SOF I), a closed-end investment fund that seeks to capitalize on medium-term opportunities in the hedge fund space. SOF I will focus primarily on hedge fund secondaries, hedge fund co-investments and other opportunistic hedge fund strategies. Mark van der Zwan and Jarrod Quigley, Managing Directors, are SOF I’s primary portfolio managers.
“We are pleased that we have achieved our fundraising goal for SOF I,” said Mustafa Jama, Chief Investment Officer of the Morgan Stanley Alternative Investment Partners Hedge Fund group. “We believe that the fund is well positioned to capture value by investing in opportunities with a two- to five-year duration. The withdrawal of traditional capital providers, such as banks and proprietary trading desks, from this segment of the market should, in our view, enable highly selective investors with patient capital to generate attractive returns.”
“Our AIP Hedge Fund group is world-class, and this successful fundraising effort marks the latest in a long string of achievements,” said Arthur Lev, Head of AIP. “The team is among the most experienced buyers of hedge fund secondaries and has access to a strong set of top-tier hedge fund managers pursuing niche opportunities in this area of the market.”
The AIP Hedge Fund group has over $20 billion in assets under management and advisement as of March 31, 2014.1 The group’s headquarters are located in West Conshohocken, Pa., with additional offices in New York and London.
Established in 2000, AIP has approximately $35.8 billion in assets under management and advisement.2
1As of March 31, 2014, Morgan Stanley AIP’s total fund-of-hedge fund assets of approximately $20.2 billion comprises approximately $12.5 billion of assets under management and approximately $7.7 billion of assets under advisement.
2As of March 31, 2014, Morgan Stanley AIP’s total assets of approximately $35.8 billion comprises approximately $28.0 billion of assets under management (AUM) and approximately $7.8 billion of assets under advisement. Approximately $1.5 billion of assets cross-invested across AIP product lines have been subtracted from the total so as to avoid double-counting. AUM is based on (i) total net asset value of its fund-of-hedge-funds managed investment vehicles and separate accounts; (ii) value of all partners’ capital accounts and investors’ invested capital, plus their respective unfunded commitments, of private equity funds of funds and private equity separate accounts; and (iii) value of all partners’ capital accounts and investors’ invested capital, plus their respective unfunded commitments, of real estate funds of funds and real estate separate accounts. The value of private equity and real estate assets under management in separate accounts not solely dedicated to private equity or real estate investments managed by the relevant team is defined as the carrying value of all private equity or real estate assets, plus unfunded private equity or real estate commitments.
MetaQuotes Software has announced that its MetaTrader 5 trading platform has entered the Brazilian market. The largest independent Broker in Brazil XP Investimentos has officially launched MetaTrader 5. This means that more than 80,000 customers of the company can now trade in the financial markets using the platform.
Importantly, traders can trade not only currency instruments, but also stocks and futures of Brazilian companies. To connect to the São Paulo Stock Exchange BM&FBovespa, XP Investimentos specialists have developed a special gateway to provide correct execution of trades and delivery of market quotes. Finally, customers of XP Investimentos can fully appreciate the benefits of stock trading with the MetaTrader 5 platform.
XP Investimentos rigorously tested the terminal prior to announce the launch of the new service publicly. “For more than 10 months, MetaTrader 5 was available only to 100 users selected for beta testing of the product. Only after the final debugging of all processes, trading with MetaTrader 5 became available to all our clients” says Guilherme Benchimol CEO of XP Investimentos.
«Interest in the South American market has recently increased,» says Renat Fatkhullin, CEO of MetaQuotes. «We are looking to expand our presence in the region. We have entered the Brazilian market with the help of the leading local broker with a large client base to instantly win a substantial market share. Thus, we achieve a higher exposure by providing MetaTrader 5 to the broad masses of traders, while our partner XP Investimentos have satisfied the wishes of their customers. We are happy to strengthen our position in the region and will continue to actively expand into the Latin American market.»
Established in 2000, MetaQuotes Software Corp. has been developing trading platforms for financial markets under the MetaTrader trademark, a leader in the Forex software market. MetaTrader trading platforms are currently used by more than 600 brokerage companies and banks all over the world. The new platform, MetaTrader 5, was developed by the Company with a focus on stock markets and is now actively promoted to various world exchanges.
Established in 2001, XP Investimentos is the largest independent broker in Brazil, with over 120,000 clients. The company is based in Rio de Janeiro and has offices in São Paulo, Porto Alegre, Belo Horizonte and New York, represented by XP Securities. XP is present in all of the Brazilian states through its distribution network – 500 affiliated offices and 1,800 authorized advisors.
