State Street Global Advisors Appoints Chief Portfolio Strategist

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State Street Global Advisors (SSGA), the asset management business of State Street Corporation, has announced the appointment of Lori Heinel, CFA, as chief portfolio strategist. In this newly created position, Heinel will oversee a global team of 20 investment professionals dedicated to communicating information about investment strategies and solutions to prospects, clients and consultants.

“Lori brings a strong blend of client and investment knowledge to the position and her varied experience has given her a keen understanding of the intricacies and distinct needs of a wide range of clients,” said Rick Lacaille, global chief investment officer at SSGA. “This breadth of knowledge will help ensure that we continue to deliver solutions and services to clients that are expressly targeted to meet their specific needs and objectives.”

A 30-year industry veteran, Heinel most recently served as chief investment strategist for OppenheimerFunds, Inc., where she oversaw product management, product development and investment thought leadership. Prior to joining OpenheimerFunds, she was head of investment solutions for Citi Private Bank, where she led a team responsible for working with ultra-high net worth clients, family offices, private foundations and institutional clients to develop customized investment strategies. Before Citi, Heinel led the global investment products group at SEI Investments. She began her career as an investment banking analyst and trader for Credit Suisse First Boston.

SSGA has built a well-earned reputation for investment prowess and exceptional client service, and I’m thrilled to be at the nexus of both,” said Heinel. “I look forward to working with the firm’s talented investment and client service professionals as we continue to help clients navigate the markets and strive for successful investment outcomes.”

JP Morgan AM incorpora a Marcos Cabrera al equipo de Ventas Offshore del Cono Sur

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JP Morgan AM incorpora a Marcos Cabrera al equipo de Ventas Offshore del Cono Sur
Marcos Cabrera, vice presidente de Ventas Offshore de J.P. Morgan para el Cono Sur. JP Morgan AM incorpora a Marcos Cabrera al equipo de Ventas Offshore del Cono Sur

Marcos Cabrera se ha incorporado recientemente al equipo de Ventas Offshore para el Cono Sur de J.P. Morgan Asset Management, tal y como confirmaron a Funds Society fuentes de la gestora.

Cabrera cuenta con más de 10 años de experiencia en el sector financiero, en donde ha trabajado durante varios años en banca privada como asesor financiero. Antes de sumarse a J.P Morgan AM, Cabrera trabajaba como advisor para Puente en Montevideo, en donde daba servicio a clientes de Argentina, Brasil y Uruguay.

Previamente, Cabrera fue co-head y managing director de Banque Pasche en Montevideo y trabajó para Merrill Lynch durante siete años. Se licenció Summa Cum Laude en Business Administration con un finance major de Belmont University en Nashville, Tennessee.

Asimismo, y de acuerdo a un memo interno de la entidad, subrayar que hace unos meses Juan Pablo Soffia fue nombrado jefe de J.P. Morgan de Fondos Globales para Chile, Perú y Colombia, puesto desde el que es responsable de construir y hacer crecer el negocio de fondos, así como de reforzar las relaciones con los clientes en la región. Asentado en Chile, Soffia reporta a Giuliano de Marchi, head de Latin America Funds Management.

Éste se sumó a J.P. Morgan en 2005 como jefe de Ventas Institucionales para Chile y Perú. Dentro de la Banca Corporativa y de Inversión, Soffia era responsable de Marketing, ejecución de productos estructurados, derivados y del desarrollo de negocio. Antes de J.P. Morgan trabajó como tesorero para Banco de Chile en Nueva York, en donde gestionaba un portafolio de renta fija en Latinoamérica. 

Bessemer Trust entra al mercado de Houston

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Bessemer Trust Enters Houston Market
CC-BY-SA-2.0, FlickrHouston. Foto: Norm Lanier, Flickr, Creative Commons. Bessemer Trust entra al mercado de Houston

El family office estadounidendse Bessemer Trust ha abierto una nueva oficina en Houston, la cuarta ciudad más grande del país, que se convierte así en la oficina número 17 de la firma de wealth management en territorio estadounidense y la segunda en Texas.

“Como nuestras relaciones se han ido ampliando y nuestro trabajo fiduciario, planificación, fiscal y legal han crecido, tenía sentido establecer una presencia física aquí, por lo que estamos encantados de fortalecer nuestros lazos con esta gran ciudad”. «Bessemer ha trabajado con clientes en Houston y en las zonas de alrededor durante muchos años», explicó el CEO de Bessemer Trust, Marc Stern.

Al frente de la oficina de Houston se ha puesto a Jim Chandler como managing director para supervisar las relaciones con clientes y liderar el equipo local de Bessemer. Chandler cuenta con más de 30 años de experiencia en inversiones y wealth managing, tiempo durante el cual ha trabajado con individuos de alto patrimonio, los conocidos como ultra-high-net -worth (UHNW), e instituciones. Llega a Houston desde la oficina de Bessemer Trust en Washington D.C., en donde era managing director y asesor senior.

Además de Chandler, se une al proyecto Kevin Bourke como senior vice president y wealth advisor. Este es responsable del desarrollo de negocio y de las relaciones con los clientes en Texas y en todo el Suroeste. Bourke ha trabajado en Bessemer durante los últimos tres años, y cuenta con más de una década de experiencia trabajando para clientes de alto patrimonio.

A Chandler y Bourke se le suman también David Parker, un reconocido experto de la gestión de activos de petróleo y gas, como senior vice president y jefe de advisory para el área mencionada. Parker ha trabajado en Houston durante casi 35 años, y cuenta con más de 30 años de experiencia en la industria de la energía trabajando tanto para productores como para los propietarios de las tierras. Llega a Bessemer desde Northern Trust, en donde era senior vice president.

 

Think You Know An Expat?

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Expats in Switzerland and New Zealand may be having it best according to a new global study out today from HSBC Expat, but, as the survey points out, expatriate life in the US is far from gloomy.

“There are a great many decisions involved in making the move abroad, ranging from consideration of finances and managing money, right through to integrating into the local community and arranging childcare”, according to Andrew Ireland, EVP and Head of Premier Banking, HSBC Bank USA, N.A.

The Expat Explorer survey is one of the largest global expat studies. This year, nearly 9,300 expats from around the world, including over 500 based in the US, shared their views on quality of life, financial wellbeing and the ease of raising a family abroad. The results show that while Switzerland emerges as the world’s favourite overall expat destination and New Zealand is viewed as the best place to raise a family, the United States continues to prove its worth as an expat hotspot in several important areas.

Educational advantages – majority opt for a state education

  • For those expats with a family, the US education system adds to the country’s appeal. Over three quarters (78%) of expat parents are opting to state educate their children compared with the global average of 37%
  • Half of expat parents additionally rank the US in their top three best countries for schooling

Economic benefits – saving for retirement locally

  • For older expats, a mature economy appears to be one reason for the ongoing popularity of the US, with a large proportion opting to keep the majority of their retirement provisions inside the country (65% compared with the global average of 41%)

Integration made easy – three quarters find US assimilation ‘easy’

  • The US rates highly among expats for ease of integration, ranking among the top 10 countries in the study. 73% of respondents said that they found it easy to assimilate in to the local community (compared with the global average of 65%)
  • Close to two-thirds (65%) also commented on the ease with which they were able to find accommodation (compared with the global average of 54%)

Once settled, most expats are here to stay

  • Once in the US most expats put down roots, with seven in ten (71%) expressing an intention to remain in the country (compared with the global average of 61%)

Ireland continued: “This year’s Expat Explorer league table shows that there are many countries that offer a good balance, providing expats with a rewarding and exciting experience, including the United States. Expats can view the full results by visiting the Expat Explorer interactive tool, where they can discover more about where they live now as well as find inspiration for the future.”

To view the complete report, visit: http://www.expatexplorer.hsbc.com

Asia-Pacific Leads World in Wealth Growth

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With Japan and China leading the way, the Asia-Pacific region registered world-leading levels of High Net Worth Individual (HNWI) population and wealth growth in 2013, with no signs of slowing down, according to the Asia-Pacific Wealth Report 2014 (APWR), published by Capgemini and RBC Wealth Management. The region’s population of HNWIs grew 17 percent to 4.3 million, while their wealth grew 18 percent to reach US$14.2 trillion, compared to growth rates of 13 percent and 12 percent respectively in the rest of the world.

«While equity market performance across Asia-Pacific was mixed in 2013, strong economic growth and real estate prices in key markets drove healthy overall wealth growth,» said M. George Lewis, Group Head, RBC Wealth Management & RBC Insurance. «Asia-Pacific is expected to continue to lead global growth and pass North America as the region with the highest HNWI population by the end of 2014 and the greatest HNWI wealth by 2015.»

Japanand China, which hold over two thirds of Asia-Pacific’s HNWI population, drove 85 percent of the HNWI population growth in 2013, increasing their number of HNWIs by 22 percent and 18 percent respectively to reach 2.3 million and 758,000. They also saw HNWI wealth increase at the region’s highest rates of 24 percent to US$ 5.5 trillion (for Japan), and 20 percent to US$ 3.8 trillion (for China). The report notes that Asia-Pacific’s ultra-HNWIs grew their wealth at about twice the rate of their peers in the rest of the world, both in 2013 (20 percent vs. 10 percent) and in the five-year period from 2008-2013 (average annual growth rate of 17 percent vs. eight percent).

High trust levels and focus on wealth growth drive international investments

According to the report’s Global HNW Insights Survey, HNWIs in Asia-Pacific (excl. Japan) have the highest trust and confidence levels globally in all aspects of the wealth management industry: 85 percent expressed high trust in wealth managers, 87 percent in wealth management firms, 78 percent in financial markets, and 80 percent in regulatory institutions. Looking ahead, 88 percent of Asia-Pacific (excl. Japan) HNWIs are confident in their ability to generate wealth in the near future.

High trust and confidence levels may have contributed to a greater focus on wealth growth (41 percent) rather than preservation (31 percent) among Asia-Pacific (excl. Japan) HNWIs. In seeking growth, they significantly increased foreign investment allocations to 43 percent in early 2014, up from 30 percent a year prior, with Europe attracting the largest share at 15 percent, followed closely by North America at 14 percent.  Looking at the make-up of their portfolios overall, real estate remains the preferred asset class of Asia-Pacific (excl. Japan) HNWIs (23 percent of portfolios), which differs from a preference for equity investments (27 percent) in the rest of the world.

Region’s HNWIs have distinct demands and expectations of firms

Asia-Pacific (excl. Japan) HNWIs have distinct preferences in how they are served by firms, as they are more inclined to seek professional advice (45 percent, the highest globally) and pay for customized services (37 percent) than HNWIs in the rest of the world (36 percent and 30 percent). While HNWIs globally share a preference to work with a single wealth management firm, those in Asia-Pacific (excl. Japan) differ in their preference to work with multiple experts (39 percent) versus a single point of contact (26 percent). They also have the highest demand globally for digital interactions, with 82 percent (versus 61 percent for those in the rest of the world) expecting most or all of their wealth management relationship to be run digitally in five years.

Wealth manager performance scores flat, creating opportunities for firms

Despite rising wealth and trust levels and a desire for advice, Asia-Pacific (excl. Japan) HNWIs increased their performance scores of wealth managers by only half a percentage point to 68 percent in early 2014, although this compares to a drop by five percentage points to 66 percent in the rest of the world.

«Asia-Pacific offers a ripe environment for firms to establish deeper client relationships and improve performance scores, given the high confidence levels, complex needs, focus on wealth growth, and openness to advice of HNWIs in the region,» said Jean Lassignardie, Chief Sales and Marketing Officer, Capgemini Global Financial Services. «Wealth managers and firms will need to evolve their offerings to meet the changing preferences of Asia-Pacific HNWIs in how they interact with their firms and advisors, including through the development of digital channels.»

Asia-Pacific HNWIs most driven globally to create positive social impact

The report reveals that 97 percent of Asia-Pacific (excl. Japan) HNWIs feel it is important to invest their time, money or expertise to make a positive social impact, with 81 percent describing it as very or extremely important (compared to 59 percent of their peers in the rest of the world).

Asia-Pacific (excl. Japan) HNWIs are driven primarily by a feeling of responsibility to give back and are uniquely focused on food security, which ranked as the top priority cause (vs. 12th for those in the rest of the world), with 40 percent currently giving back in this area. Following food security, health (39 percent), education (37 percent), the welfare of children (33 percent), and the welfare of older people (31 percent) rounded out their top five causes. Climate change and the environment is also a high priority, with 30 percent of Asia-Pacific (excl. Japan) HNWIs contributing time or wealth in this area versus 20 percent of HNWIs in other regions.

View the report at www.asiapacificwealthreport.com.

BNY Mellon WM lleva su negocio de gestión de patrimonios a Hong Kong y refuerza su presencia en Asia – Pacífico

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BNY Mellon Launches Comprehensive Discretionary Investment and Wealth Management Services in Hong Kong
Hong Kong. Foto: TreyRatclif, Flickr, Creative Commons.. BNY Mellon WM lleva su negocio de gestión de patrimonios a Hong Kong y refuerza su presencia en Asia – Pacífico

BNY Mellon Wealth Management acaba de recibir la aprobación legal en Hong Kong para iniciar su negocio de gestión de patrimonios en la zona. Para BNY Mellon esto supone la posibilidad de ofrecer a inversores con alta capacidad adquisitiva servicios de gestión estratégica de activos y acceso a servicios de gestión de inversión; todo ello proporcionado por una entidad con una estructura multiboutique consolidada y activa. Además, facilita a sus clientes asiáticos un servicio de gestión personalizada de carteras.

Con este lanzamiento BNY Mellon consolida su expansión en Asia Pacífico y fortalece su capacidad de atender las necesidades de familias asiáticas al igual que americanas. En lugar de ofrecer unos servicios de gestión internacional clásicos, BNY Mellon se diferencia por mantener relaciones a largo plazo durante las que ofrece servicio a sus clientes para satisfacer sus necesidades de gestión de patrimonio e inversión.

“Nuestra expansión facilita el acceso a los servicios de gestión de patrimonio y planificación de inversiones a un mercado clave”, explica Larry Hughes, CEO de BNY Mellon Wealth Management. “BNY Mellon cuenta con la capacidad de una de las principales entidades a nivel mundial que ofrece servicios basados en la búsqueda de soluciones para optimizar la gestión de patrimonios. Nos diferenciamos en el mercado gracias a nuestro foco en la gestión discrecional de las inversiones”.

“En Asia – Pacífico continuamos realizando inversiones significativas en las dos áreas centrales del negocio: Investment Management e Investment Services», comenta Alan Harden, CEO de BNY Mellon Investment Management en Asia Pacífico. “La expansión del negocio de gestión de patrimonios en esta zona es el primer ejemplo de nuestro compromiso con la región. Con esta acción BNY Mellon está sacando provecho del crecimiento de la riqueza en la región y se ha beneficiado de su experiencia a nivel global para poder ofrecer soluciones en la planificación de inversiones a nivel local”.

BNY Mellon tiene más de 147.000 millones de euros en activos privados de clientes a 30 de septiembre de 2014.

Grupo SURA, “Mejor Multilatina Financiera” de 2014

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Grupo SURA, “Mejor Multilatina Financiera” de 2014
Foto: King of Heads. Grupo SURA, “Mejor Multilatina Financiera” de 2014

En el marco del IV Foro Multilatinas – Mirando al Pacífico que se lleva a cabo entre el 21 y el 22 de octubre de 2014 en la Ciudad de México, AméricaEconomía anunció el reconocimiento a Grupo SURA como la “Mejor Multilatina Financiera” en los Premios Multilatinas 2014, entregados por primera vez con el propósito de distinguir a ejecutivos y empresas latinoamericanas que están expandiendo e internacionalizando sus operaciones en diversos países de la región y el mundo.

Los ganadores, fueron elegidos por la dirección editorial de AméricaEconomía, por medio de consultas con sus editores en los distintos países de la región y del análisis de las variables que componen el ranking de empresas multilatinas que AméricaEconomía Intelligence realiza cada año.

El premio a la “Mejor Multilatina Financiera” fue otorgado a Grupo SURA, un grupo empresarial comprometido con el crecimiento de América Latina, que cuenta con filiales presentes en ocho países y actividades en banca, seguros, fondos de pensiones y fondos de inversión, entre otros. La compañía ocupa además el lugar 54 en el ranking de las 100 Multilatinas de AméricaEconomía, y es una marca reconocida en la región.

 

 

 

Hong Kong y Shanghai: Oportunidades a la vista

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Hong Kong and Shanghai: A Window of Opportunities
Foto: Bolsa de Shanghái, por Heurik en de.wikipedia. Hong Kong y Shanghai: Oportunidades a la vista

El programa de acceso común a los mercados que se lanzará este mes entre las plazas bursátiles de Hong Kong y Shanghái es otro paso más hacia la liberalización de los mercados de capitales. Esto permitirá un acceso mucho más sencillo por parte de los inversores extranjeros a las denominadas A-shares del mercado de Shanghái —exclusivamente para China—, así como la inversión recíproca entre China continental y el mercado de Hong Kong.

Dado que se espera que el programa empiece este mes, los inversores extranjeros están ocupados haciendo los deberes sobre las A-shares de Shanghái e intentando adivinar qué valores escogerán los inversores de China continental dentro del mercado de valores de Hong Kong.

Muchos inversores extranjeros intentarán comprar valores cotizados en ambos mercados que sean más baratos en el mercado de A-shares chino que en Hong Kong. No obstante, creemos que esta estrategia de arbitraje no capta la principal ventaja para los inversores extranjeros: adoptar posiciones en valores exclusivos, como la empresa ferroviaria de transporte de carbón para centrales térmicas Daqin Railway, en fabricantes de productos de medicina china tradicional, como Tasly Pharmaceutical, y en valores de grande capitalización poco populares entre los inversores continentales que, por lo tanto, resultan muy baratos, como SAIC Motor, una joint venture entre VW y GM.

En cuanto al mercado de Hong Kong, si bien es posible que los inversores de China continental compren títulos de empresas a las que antes no podían acceder —tales como Tencent, que gestiona las omnipresentes QQ y Weixen, plataformas de comunicación de Internet y smartphones (y la posición más importante del Henderson China Opportunities Fund)—, creemos que el escenario más probable es un drástico aumento de la volatilidad en los valores de pequeña capitalización hongkoneses. El mercado de Shanghái está dominado por inversores particulares que prefieren negociar activamente con títulos de pequeña capitalización. Si trasladan esta estrategia al mercado de Hong Kong, las ya volátiles empresas de pequeña capitalización podrían experimentar variaciones más marcadas en su rentabilidad y valoración, a medida que la popularidad de las acciones suba o baje entre los inversores chinos.

La cartera del fondo Henderson China Opportunities se ha beneficiado de las acciones que mantenemos y que creemos que  se verán beneficiadas por el programa: por ejemplo la cotización de Hong Kong Exchanges & Clearing aumentó drásticamente tras el anuncio del programa y, desde entonces, hemos liquidado nuestra posición aprovechando la fluctuación en el precio. CITIC Securities, posición que hemos mantenido en la cartera, también se beneficia del programa. Se trata de una destacada casa de intermediación china que, el año pasado, adquirió CLSA, otra importante firma de corretaje hongkonesa. Por tanto, está bien posicionada en ambos mercados.

Columna de opinión de Charlie Awdry, portfolio manager de la estrategia China Opportunities, en Henderson Global Investors

Loomis Sayles Appoints Director for Institutional Services in Asia

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Loomis Sayles Investments Asia has announced that Michael Chang has joined the company as Director, Institutional Services, Asia. Michael will report to Paul Ong, managing director of Loomis Sayles Investments Asia Pte. Ltd. and head of the Loomis Sayles Singapore office. Michael will also report to John Gallagher, executive vice president and director of institutional services for the company’s US, Canadian, UK, and Singapore offices.

Michael joins from Natixis Global Asset Management, the parent company of Loomis Sayles. In this new role, he will provide critical support and guidance on Loomis Sayles investment strategies and products to the Natixis business development offices throughout Asia. In particular, Michael will play a key role in further developing and building strategic relationships for Loomis Sayles in the North Asian region.

“We are very pleased to welcome Michael to our team,” said Paul Ong. “We have had a great working relationship since the Loomis Sayles Singapore office opened its doors in 2012 and while at Natixis, Michael did a fantastic job raising assets on behalf of Loomis Sayles in Taiwan. With his wealth of experience and deep knowledge of the North Asian markets, I’m confident Michael will be a key contributor to the continued success of Loomis Sayles Singapore as we seek to further bolster our investment capabilities and drive the growth of our Asian client base to the next level.”

Michael worked for Natixis for 11 years and was most recently the managing director of Natixis Taiwan. Michael earned his Bachelor of Business Administration from Tam Kang University in Taiwan and a Master of Commerce (Accountancy) from the University of Wollongong, NSW, Australia.

BBVA Compass Appoints Florida Business Leader to Its National Advisory Board

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Civic leader and business executive Marielena Villamil has been named the 22nd member of BBVA Compass‘ National Advisory Board, which is made up of executives from across the bank’s Sunbelt footprint.

Villamil is the co-founder and president of The Washington Economics Group Inc., an economics consulting firm based in Coral Gables, Fla. Villamil, who serves on several community boards, earned her master’s degree from Vermont’s Middlebury College and her bachelor’s degree from St. Mary’s Dominican College in New Orleans. She will continue to serve on the bank’s South Florida board, which she joined last year.

«Marielena has done an amazing job promoting the bank in South Florida during the past year, and she’s even attended a BBVA shareholder’s meeting in Spain to learn more about the bank,» said BBVA Compass South Florida Market President Roberto R. Munoz. «We’re so proud to have someone from Miami sit on our national board.»

National board members help generate business for the bank and provide BBVA Compass leaders with insight about financial needs in specific markets and industries.