Las últimas ventas en high yield no representan un cambio de escenario

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High Yield’s September Sell-Off Doesn’t Change the Story
CC-BY-SA-2.0, FlickrFoto: Jesus Alenda. Las últimas ventas en high yield no representan un cambio de escenario

Las recientes ventas que ha experimentado el mercado de deuda high yield han situado a los inversores en la tesitura de preguntarse si estamos ante una nueva oportunidad de compra –como ha ocurrido en recortes previos- o si nos enfrentamos a algo más amenazador.

Según nuestra visión, el descenso en la deuda high yield se ha debido en buena parte a factores técnicos: la salida de dinero de fondos retail invertidos en high yield, unida a niveles récord de emisiones. Si a esto sumamos problemas de crédito para un par de compañías específicas… el resultado es una caída de más del 2% en el mercado high yield durante el mes de septiembre. Bien es cierto que  los flujos retail pueden seguir saliendo de high yield, presionando a la baja su rentabilidad. Sin embargo, bajo nuestro punto de vista la mayor parte de las ventas han venido de broker-dealers y de hedge funds, no de inversores a largo plazo.

No hay fundamento para rotar los activos

Si los inversores a largo plazo empiezan a vender, podríamos ver una corrección más significativa. Sin embargo, se está frenando el ritmo de nuevas emisiones – un par de emisores grandes siguen interesados en salir al mercado pero el volumen de emisiones que vimos en septiembre no se repite. Por el lado de la demanda, un número importante de inversores retail e institucionales ven los rendimientos superiores al 6% como una oportunidad táctica para completar su asignación de activos e invertir marginalmente, pero no ven que necesariamente éste sea el momento de volver con toda la artillería al mercado high yield. En base a este mayor equilibrio entre la oferta y la demanda y a unos fundamentales bastante sólidos, nuestra opinión es que la debilidad en el mercado high yield no debería prolongarse.

Dicho esto, si bien podemos estar ante una oportunidad táctica para algunos, no vemos esto como una oportunidad para que los inversores se emocionen demasiado y roten sus activos hacia la deuda high yield. Sí, en su conjunto los rendimientos y los spreads –el rendimiento adicional sobre los bonos del Tesoro- son más elevados que a primeros de septiembre, pero todavía están por debajo de sus medias históricas a largo plazo (gráfico). Aunque los fundamentales sigan siendo sólidos, estamos en los últimos minutos del partido en lo que al ciclo de crédito se refiere, y ya estamos observando un cierto deterioro. No hay muchas oportunidades disponibles ni dislocaciones masivas que capitalizar. Por esta razón, creemos que un enfoque conservador y diversificado en high yield es el más sensato.

 

Tensar la cuerda en la búsqueda de yield puede ser peligroso

Nuestro principal foco de preocupación está en la deuda con menor calificación crediticia. Los bonos con rating CCC han empezado recientemente a comportarse peor que el mercado, y debemos recordar que las compañías más frágiles son las que están más apalancadas. Estas empresas no necesitan mucho en contra para suspender pagos – generalmente lo hacen incluso antes de que el resto del mercado empiece a sentir ninguna señal real de deterioro. Para invertir en los bonos con rating más bajo es necesario realizar un análisis extenso, y además tener una gran expectativa de retorno para que el riesgo merezca la pena. Puesto que los spreads de los bonos CCC históricamente no compensan a los inversores de las pérdidas de crédito, la tasa de default tendría que estar muy por debajo de su media histórica durante los próximos cinco años para que fueran rentables.

Aunque a corto plazo no vemos que los defaults sean algo inminente, la habilidad para pronosticas tasas de default más allá de los próximos 18 meses es engañosa. Apostar por un futuro que difiera mucho de la evidencia histórica no parece prudente. Además, los retornos de la deuda CCC caerán mucho antes de que los ratios actuales de default suban. Así, si bien las bajas tasas de default estimadas para 2015 eran una muy buena razón para comprar deuda CCC en 2013, ahora no nos generan mucha tranquilidad a la hora de buscar rendimientos para los próximos 12 meses.

Un enfoque equilibrado y diversificado

En resumidas cuentas, bajo nuestro punto de vista los eventos del pasado mes realmente no cambian el escenario a largo plazo para la deuda high yield. La buena noticia es que el péndulo del poder está de nuevo en manos del inversor. Ahora, el inversor tiene capacidad para negociar los yields y las condiciones de las nuevas emisiones. En muchos aspectos, la volatilidad del mercado puede ser el mejor aliado del inversor: permite extender el ciclo de crédito, forzando a que las compañías sean más cuidadosas y piensen mejor cómo utilizar sus recursos, al tiempo que aumentan los retornos esperados.

Creemos que los inversores deben seguir tomando un enfoque global y multi-sectorial a la hora de invertir en high yield – pero manteniendo un tono de cautela durante los meses venideros.

Los puntos de vista expresados en este texto no constituyen un análisis de inversión, asesoramiento para invertir ni una recomendación de compra-venta, tampoco representan necesariamente el punto de vista de todos los equipos de gestión de AB.

Ivan Rudolph-Shabinsky es portfolio manager de Crédito y Gershon Distenfeld es director de Deuda High-Yield, ambos de AllianceBernstein.

Generali Investments Europe abre el fondo Absolute Return Credit Strategies a nuevas inversiones

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Generali Investments Europe Opens the 
Absolute Return Credit Strategies Fund to New Investments
Andrea Favaloro, director de Ventas y Marketing de Generali Investments Europe. Generali Investments Europe abre el fondo Absolute Return Credit Strategies a nuevas inversiones

Generali Investments Europe, el principal gestor de activos del Grupo Generali, con aproximadamente 355.000 millones de euros en activos gestionados, ha abierto Generali Investments SICAV Absolute Return Credit Strategies a nuevas inversiones. A partir de ahora podrán acceder a este fondo aquellos inversores interesados en soluciones e instrumentos que les permitan alcanzar sus objetivos de rentabilidad en el actual entorno de bajo interés, pero sin los riesgos de volatilidad típicos de la exposición a la renta variable.

El fondo AR Credit Strategies capitaliza todas las fuentes de rentabilidad de los mercados de renta fija y crédito para intentar de obtener rendimientos por encima de la media. El objetivo del fondo es conseguir una retorno anual de un 4%.

«El relanzamiento del fondo AR Credit Strategies es otro pilar fundamental de nuestra estrategia de captación de clientes externos internacionales. AR Credit Strategies brinda una herramienta única para soslayar la situación de tipos de interés cero mediante inversiones en renta fija con gran potencial, manteniendo al mínimo los riesgos y la volatilidad”, explica Andrea Favaloro, director de Ventas y Marketing de Generali Investments Europe.

El universo de inversión de AR Credit Strategies está compuesto principalmente por activos con alto grado de solvencia, bonos de alto rendimiento, deuda emergente y bonos convertibles.

El fondo está a cargo de un equipo de gestión liderado por Filippo Casagrande, director de inversiones de Generali Investments Europe. Casagrande, que entró a formar parte de Generali Investments Europe en 2009, cuenta con más de veinte años de experiencia en gestión de activos. Es licenciado en Económicas por la Universidad Bocconi de Milán. Fabrizio Viola, con doce años de experiencia, será el Gestor adjunto de la cartera.

En su labor de gestión contarán con el apoyo de un equipo de doce analistas macroeconómicos con dieciséis años de experiencia de media, que aportarán su visión sobre las perspectivas de los mercados. Asimismo, doce expertos en crédito con once años de experiencia de media contribuirán con sus análisis pormenorizados del mercado de deuda corporativa. El equipo de gestión de riesgos interviene activamente en todo el proceso para garantizar el cumplimiento de todas las directrices sobre riesgo, incluido un VaR máximo del 6%.

Desde mayo de 2014, Generali Investments SICAV Absolute Return Credit Strategies ha duplicado con creces el volumen de sus activos, que ascienden actualmente a más de 520 millones de euros.

European Frontier Markets: Focus on Romania Prior to its Presidential Elections

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In September 2014 Global Evolution visited Romania to get better insight on whether there is any upside to the current slow growth environment in the coming quarters. With respect to the weak growth and low inflation Lars Peter Nielsen, Senior Portfolio Manager at the firm, was also interested in getting a stronger sense of the subsequent path of monetary policy. Furthermore he wanted to examine if the current IMF program is dead or if there is reason for optimism with respect to reactivating the program after it went off-track during the summer. Finally, the aim was to get a better sense of possible surprises in the presidential elections (1st round scheduled for 2 November), or if incumbent Prime Minister Victor Ponta is a certain winner.

During the trip Global Evolution met with Central Bank officials, government officials, IMF, World Bank, local banks and local asset managers. These are some comments by Lars Peter Nielsen on the key findings from this trip.

Recession in H1 2014

After a reasonably strong economic performance in 2013 growth has slowed dramatically in 2014 thereby leaving the country in technical recession in the first half of 2014 with two consecutive quarters of negative growth.

It is primarily investments that have taken a big hit in the last couple of quarters.

According to the Ministry of Finance we will see stronger public investments in the second half of 2014 as several projects co- financed with the EU will start coming online. Furthermore, the government has already announced that the «special construction» tax will be lowered again, which should help private investments as well. Finally private consumption is also expected to pick up. All that said it is unlikely that we will see a strong economic rebound and full year 2014 growth is likely to settle in the 1.5-2.0% range. For 2015 most market participants expect growth around 3%, which in our opinion would be a reasonable growth rate. However, we are also a bit skeptical since the government will have to tighten its fiscal stance further if it is to comply with the demands from EU.

Inflation running very low

Like most of Eastern Europe inflation is running very low and as for the rest of the region a lot has to do with declining food inflation, weak growth and deflationary pressure from the Euro zone. It is very difficult to see inflation in the short to medium term moving above the Central Banks target of 2.5% +/- 1%-point.

Expansionary monetary policy

The backdrop of weak growth and low inflation has seen the Central Bank pursuing a relatively expansionary stance which has resulted in a 725bps cut in the policy rate since the peak in 2008 of which 200bps have been cut since July 2014. Currently the policy rate stands at just 3%. The Central Bank will be very vigilant about the exchange rate and adjust the short term rate accordingly to secure a very stable EURRON in the 4.40 – 4.45 range. This means higher interest rates whenever there is pressure on the currency. The bank’s sensitivity towards the exchange rate is due to the high pass- through to inflation and the still relatively high level of FX denominated borrowing by households and companies. That being said we still believe the Central Bank is biased towards pushing rates lower whenever there is room for it.

IMF program off track

The current stand-by program (SBA) went off track in June when the IMF visited the country for the third review under the program. The disagreements are on some structural reforms, privatizations and not least uncertainties on the 2015 budget. The IMF is aware that it is impossible to make adjustments to the budget ahead of presidential elections in November so the fund has agreed to postpone negotiations till after the elections. From a funding perspective the program is not important but it is still a good anchor to have and it would be a negative signal if the program was cancelled. We think the program will come on track again even though the negotiations will be tough.

Politics – Victor Ponta most likely the next president

Current Premier Minister Victor Ponta remains favorite to win the presidential elections in November but it is not a given. Apparently the opposition candidate, Klaus Werner Iohannis, from the National Liberal Party is gaining ground and is now seen as a serious contender. Klaus Werner Iohannis has been the mayor of Sibiu since 2000 and is credited for turning Sibiu into one of the most popular tourist destinations in Romania. We don’t see the election as a real risk since either we will have more or less the status quo of Victor Ponta, albeit with changes to the government since Ponta can obviously no longer be prime minister, or we will have an even better outcome if Klaus Iohannis wins.

Valuations

Even though nominal yields have been on a long term downward path we still think that valuation is reasonably attractive since real rates have moved higher due to the very low inflation. That being said we are very much aware of a possible uptick in inflation later in the year and will react promptly to higher food inflation numbers.

The exchange rate also seems reasonably fairly priced if you look at long term REER trends with the current level very close to the 5 year moving average. Furthermore we believe the Central Bank will hold the currency very stable against the EUR in the 4.40 – 4.45 range for the remainder of 2014.

To conclude we are neutral on Romania FX vs. EUR but see further possible gains in the bond market during Q4, 2014. We will be very mindful for a possible uptick in food inflation that can put upward pressure on headline inflation and end the downward trend in nominal yields.

Lars Peter Nielsen, is Senior Portfolio Manager at Global Evolution.

Global Evolution, an asset management firm specialized in emerging and frontier markets debt, is represented by Capital Stragtegies in the Americas Region.

You may access the full report through the attached pdf file.

Credit Suisse anuncia cambios en su Comité Ejecutivo y en su banca de inversión

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Credit Suisse Makes Changes in the Leadership of the Investment Banking Division
Tim O’Hara. Foto de Credit Suisse. Credit Suisse anuncia cambios en su Comité Ejecutivo y en su banca de inversión

Credit Suisse ha anunciado nuevas incorporaciones a su Comité Ejecutivo, así como cambios de liderazgo en su división de Banca de Inversión y el nombramiento de un nuevo CEO para Asia Pacífico; todos estos cambios son inmediatos, tal y como informó el banco suizo en un comunicado.

Jim Amine y Tim O’Hara se incoporarán a su Comité Ejecutivo y se suman a Gaël de Boissard para liderar la Banca de Inversión, mientras que Helman Sitohang asume como CEO de Asia Pacífico. Eric Varvel ha decidido salir del Comité Ejecutivo para asumir como presidente de las regiones de Asia Pacífico y Oriente Medio.

Varvel es un veterano de 24 años en Credit Suisse, que manejaba la banca de inversión desde 2008 y la administraba junto a de Boissard desde 2013. Éste, que pasó 15 años trabajando en Asia, con algunos periodos en Yakarta y Tokio, sale de la alta gerencia para concentrarse en la presidencia de Asia Pacífico y Oriente Medio.

Esta medida, anunciada el pasado viernes, aumenta el número de banqueros de inversiones en la gerencia del segundo banco suizo. De diez altos ejecutivos que se sientan en el Comité Ejecutivo del banco, tres pertenencen a la banca de inversión, además de que el presidente ejecutivo y el coresponsable de la banca privada, Rob Shafir, cuentan con experiencia previa en este campo.

Composición del Comité Ejecutivo a 17 de octubre de 2014
− Brady W. Dougan, Chief Executive Officer
− James L. Amine, responsable de Investment Banking – Investment Banking Department
− Gaël de Boissard, responsable de Investment Banking – Renta Fija; Regional CEO de EMEA
− Romeo Cerutti, Consejo General
− David R. Mathers, Chief Financial Officer y responsable de IT y Operaciones
− Hans-Ulrich Meister, responsable de Private Banking & Wealth Management y Regional CEO de Suiza
− Joachim Oechslin, Chief Risk Officer
− Timothy P. O’Hara, responsable de Investment Banking – Renta Variable
− Robert S. Shafir, responsable de Private Banking & Wealth Management y Regional CEO de las Américas
− Pamela A. Thomas-Graham, Chief Marketing y Talent Officer y responsable de Private Banking & Wealth Management New Markets

Gane quien gane las elecciones es posible que Brasil se enfrente a años difíciles

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Regardless of Who Wins the Election, Brazil is Likely to go Through a Challenging Time in the Years to Come
Steve Drew, responsable de Crédito de Mercados Emergentes en Henderson Global Investors. Gane quien gane las elecciones es posible que Brasil se enfrente a años difíciles

Steve Drew, responsable de deuda corporativa emergente en Henderson Global Investors, nos facilita un breve análisis sobre el impacto que tendrían en los mercados los diferentes resultados posibles de la segunda vuelta de las elecciones presidenciales en Brasil, que tendrán lugar el próximo 26 de octubre.

Steve Drew ha afirmado que:

“Tal y como se esperaba, la votación del la primera vuelta no arrojó un claro ganador, por lo que se celebrará una segunda vuelta el 26 de octubre en la que se enfrentarán la actual presidenta, Dilma Rousseff, y su rival, Aécio Neves.

La campaña de la segunda vuelta está siendo toda una batalla entre posturas opuestas acerca del desarrollo de Brasil. Las opiniones sobre qué candidato alcanzará la presidencia se encuentran divididas. Los votantes deben elegir entre más de lo mismo —una presidenta en el cargo que promete invertir en programas sociales e infraestructuras— y un candidato que tiene por objetivo luchar contra la inflación y espolear el crecimiento económico acometiendo las reformas que tanto se necesitan. Es probable que el ganador que salga de las urnas el 26 de octubre sea el candidato que logre convencer a los votantes de Marina —tercera en la primera vuelta— de que su programa es el idóneo para el futuro de Brasil. Numerosos inversores esperan que Neves, proclive al sector privado, adopte políticas favorables al mercado, combata la inflación y marque el inicio de las tan necesarias reformas a fin de estimular el crecimiento del país. Existen indicios de que actualmente los inversores mantienen posiciones largas en activos de riesgo en Brasil, con un considerable volumen de inversión procedente principalmente de Rusia, pero también a manos de inversores estadounidenses que invierten en valores de todo el mundo.

Si bien una victoria de Neves activaría inicialmente una predisposición al riesgo en los mercados, una victoria de Rousseff tendría el efecto contrario, pues los inversores entienden que las reformas no entran en el orden del día. Sin embargo, incluso esta predisposición al riesgo por parte de los inversores podría ser temporal, a medida que vean la cruda realidad sobre la capacidad de Brasil para reestructurar el crecimiento en una economía vacilante.

Aunque es probable que la calificación crediticia de la deuda pública de Brasil caiga hasta la categoría de “bono basura” en un plazo de entre 12 y 18 meses en caso de que Rousseff permanezca en la presidencia, puede que una victoria de Neves únicamente retrase la rebaja de la calificación, pues las previsiones de crecimiento para Brasil de ambos candidatos no son suficientemente robustas para evitar la rebaja de la nota de un país que lucha contra la inflación.

Una revisión a la baja de la calificación de la deuda pública brasileña implicaría consecuencias negativas para las empresas del país, pues incluso el mayor activo nacional, la petrolera cuasipública Petrobras, se enfrentaría a mayores dificultades para refinanciar su deuda, que asciende, aproximadamente, a 140.000 millones de dólares. Las condiciones con las que tendrían que bregar otras empresas serían incluso más duras.

Si Neves se alzara con la victoria, la reacción inicial de predisposición al riesgo se traduciría en oportunidades de inversión; puede que las mejoras se concentraran en los instrumentos líquidos, tomando posiciones en la apreciación de la divisa, o en bonos con vencimientos cortos denominados en reales. El coste de la deuda brasileña en moneda extranjera también se incrementará a medida que se contraigan los diferenciales crediticios.

Sin embargo, cualquier depreciación de la moneda será, por lo general, positiva para el sector empresarial, pues daría margen a las empresas para reducir los precios a fin de aumentar sus volúmenes de exportación. Empresas como Fibria & Suzano —del sector de la madera y el papel— y Marfrig —dedicada a la transformación de alimentos— cotizan actualmente en niveles notablemente elevados para sus fundamentos y podrían ser de las que se beneficiaran de la caída del real.

Gane quien gane las elecciones —actualmente, lo más probable es que Dilma Rousseff sea reelegida presidenta—, es posible que Brasil se enfrente a años difíciles. Dadas las pobres perspectivas de crecimiento, con la inflación por encima del umbral objetivo y el abultado déficit de inversión en infraestructuras, las tan necesarias reformas sencillamente llegarán tarde.

Atendiendo al perfil de riesgo/remuneración, consideramos que Brasil debería seguir infraponderándose de cara al futuro próximo. Habrá momentos en que podrán adoptarse posiciones largas en el mercado, si bien de forma táctica y aprovechando las oportunidades.”

Franklin K2 Alternatives Sicav Opens to International Investors

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Franklin Templeton Investments has announced that international investors can now access its first multi-manager, multi-strategy Luxembourg-registered Sicav fund focused on alternative investment strategies.

The fund, called Franklin K2 Alternative Strategies Fund, was soft-launched a month ago and follows a similar strategy to the US-registered Franklin K2 Alternative Strategies Funds.

Based in Stamford, Connecticut, the investment team consists of the fund’s co-lead portfolio managers David Saunders, co-founding managing director of K2 Advisors, Brooks Ritchey and Rob Christian, both senior managing directors, K2 Advisors.

The fund aims to combine Franklin Templeton’s top-down market views with low volatility and capital appreciation whilst providing a low correlation to traditional asset classes.

David Saunders commented: “In today’s volatile, low interest rate environment, many investors are looking for actively-managed investment solutions from established managers employing strategies that can help reduce volatility in unpredictable markets while providing attractive risk adjusted returns.”

Old Mutual GI Launches AR Fixed Income Team

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Old Mutual Global Investors will open an office in Edinburgh as part of the formation of a Fixed Income Absolute Return Team, which will launch its activities in 2015, including supporting a new range of absolute return fixed income products.

Russ Oxley has been appointed head of Fixed Income Absolute Return Team, and be joined by Huw Davies, Joshua Heming, Adam Purzitsky, Paul Shanta and Jin Wong. The new team members have previously worked at Ignis Asset Management.

Oxley will report to Julian Ide, CEO of Old Mutual Global Investors.

OMGI currently has a nine strong Fixed Income Team, headed by Christine Johnson, who reports to Stewart Cowley, investment director, Fixed Income and Macro. That team will remain in place.

Ide said: “This is a very exciting development for Old Mutual Global Investors.  By adding the investment skills of this new team to our existing highly regarded team, we will have one of the asset management industry’s most powerful fixed income operations.  I look forward to working with all of this invigorated team next year.”

The manager has made a number of appointments over the past couple of years as it targets a top five market position in the UK, as well as expanding into other markets.

#wealthplanning #privateclientslatam #actnow

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CFC rules, Anti elusive legislation and Automatic Exchange of Information are game changers for the wealth planning industry of private clients. This is notorious in Europe already. In Latin America, we are just starting to see the tip of a huge iceberg.

Only 2 years ago, most private bankers in Latin America did not believe that the OECD was serious. The majority claimed that this whole transparency movement was just for the press and that local authorities were not prepared to handle this. All of them have now realized that “something” has changed and are now keen to listening and gathering information. Some go even further and are taking actions (incorporating new platforms, new legal structures, hiring experts, being proactive in speaking to their clients about this, etc.).

What has changed?

Local authorities from Latin America´s most sophisticated countries started to pass comprehensive CFC rules combined with Anti Elusive legislation. To date, all the most
developed countries except Brazil* have abided to these rules (Mexico, Peru, Chile, Colombia, Ecuador Argentina, Venezuela…). Even in Brazil, local lawyers are convinced
that their country will include them soon.

In addition, early this year the OECD announced that in 2017 the world would have automatic exchange of information. Since that announcement, more than 70 countries pledge to this initiative. The OECD already prepared various reports on how this exchange will take place and in October more measures are expected to be implemented. Some claim that 2020 is more realistic than 2017…this could be, but it´s irrelevant. The point here is that it is coming and will be here very soon.

Last, in order to comply with FATCA, Latin American countries have started to sign intergovernmental agreements (IGA) with the EEUU to exchange information automatically.

What do clients need?

First, to become aware, they need to stop believing that nothing has changed. Second, they need quality advice. Many family offices in Latin America are including local and international experts as key players in their business, to provide them with the most adequate tax and succession planning in order to provide the best advice to
their private clients.

Third, act in consequence. Clients need to sit with their Family Office and experts to evaluate if the current legal structure (companies, trusts, foundations, private funds, etc.) that they have in place is still good enough to obtain the objectives they want. “Why do it now if you can do it later…”

As a Latin American I am fully aware that most of us wait until the last minute to solve various issues. All of us do. The truth is that in this particular aspect, the changes have been so big and will continue to be, that the last available moment is already here. Later is now. The good news is that there is good and serious planning available, fully compliant with the new world.

Pedro Vargas Head of Wealth Planning Aiva – A member of the Old Mutual Group

Oppenheimer Operations Expand Across Multiple Sectors in New York, San Francisco and Houston With Six New Hires

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The Investment Banking division of Oppenheimer & Co. Inc., a unit of Oppenheimer Holdings, is pleased to announce six new executive hires to the healthcare, rental services and logistics, energy, technology and real estate teams.

The new hires include: Alexander Lim, Managing Director – Healthcare; Neha Motwani, Executive Director – Healthcare; Fred Larsen, Managing Director – Rental Services and Logistics; Ramzi Nassar, Managing Director – Oil Field Services; Blake Williams, Managing Director – Hardware and Emerging Technology; and Steven Cheng, Executive Director – Real Estate.

The recent hires underscore the firm’s recent growth, particularly in investment banking. Oppenheimer’s capital markets business segment, including investment banking, generated $150 million through the first six months of 2014, a 13% increase over last year, according to the company’s most recent quarterly release.

«We are very pleased that our multi-product, multi-sector focus is not only resonating with our clients, evidenced by our recent growth, but is also attracting such talented bankers to our platform,» said Bruce McCarthy, Managing Director, Co-Head Investment Banking and Head of Mergers & Acquisitions.  «We are very excited with the addition of these senior bankers,» said Marc Thompson, Managing Director, Co-Head Investment Banking and Head of Technology. «They each bolster our ability to deliver our middle-market clients a combination of tremendous domain expertise and Oppenheimer’s best-in-class service offerings.»

About the profiles…

Alex joins the firm from Lazard Freres, where he was responsible for origination as well as leading client overage and execution for companies in the biotech, diagnostics and life science tools sector. He will continue his focus on the Healthcare Life Sciences sector and is based in Oppenheimer’s San Francisco office.

Neha joins Oppenheimer from Stifel, where she covered companies in the life sciences sector. During her 15-year career, she has been involved in more than 70 equity and financial advisory transactions. She continues to focus on Healthcare Life Sciences and works out of the company’s New York office.

Fred joins Oppenheimer from Henley Associates, an independent financial advisory firm that he helped found. Before that, he was at Piper Jaffray where he was responsible for global transaction origination, execution and client coverage for middle market transportation and logistics firms. He joins Oppenheimer’s Rental Services & Logistics group and is based in New York.

Ramzi joins the company from the Global Energy Investment Banking of Citigroup Global Markets. He previously worked at an engineering firm and was General Manager and President of eLinear Solutions Middle East FZ in the United Arab Emirates. Ramzi began his investment banking career at Morgan Stanley, and then worked at CIBC World Markets’ M&A Group. He joins Oppenheimer’s Energy group and will continue to focus on the Oil Field Services sector out of Oppenheimer’s Houston branch.

Blake joins Oppenheimer’s Technology group from Cowen, where he was responsible for client relationships with mid-cap domestic and international companies in the semiconductor, capital equipment, emerging technology and optical sectors. Prior to Cowen, Blake spent nine years with Piper Jaffray as a Managing Director in the Technology, Media and Telecommunications Group and as Head of Semiconductor, Component and Communications.  He is now based in San Francisco.

Steve moves to Oppenheimer from Big Ocean, a boutique investment banking firm. He began his investment banking career at RBC Capital Markets in 2005. He will continue his focus on the Real Estate Investment Trust (REIT) sector and work out of the New York office.

Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. and its affiliates provide a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions.

Janus Capital Group Agrees to Acquire Exchange Traded Product Provider VelocityShares

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Janus Capital Group has announced it has agreed to acquire VS Holdings Inc., the parent company of VelocityShares, LLC, a provider of institutionally-focused exchange-traded products (ETPs), including exchange-traded funds. VelocityShares is focused on developing instruments that enable investors to manage risk and has been delivering innovative products for a wide range of global investors since its launch in 2009.

The transaction includes an initial upfront cash consideration of $30 million and is expected to close in the fourth quarter of 2014. Closing of the transaction is subject to certain conditions, including regulatory approval.

“This acquisition positions Janus within the rapidly growing rules-based and active ETF universe, enhancing the customized solutions we can provide to our clients and enabling us to work with the growing segment of financial advisors and institutions focused on these instruments,” said Richard M. Weil, Chief Executive Officer of Janus Capital Group. “Today’s announcement is a continuation of our strategy of intelligent diversification, adding new talent to support innovation and smart solutions for our clients. We are excited to have the VelocityShares team join our organization, and we are confident their expertise and product innovation capabilities will be beneficial to our clients and shareholders.”

VelocityShares was founded in 2009 and is managed by Nick Cherney, Richard Hoge and Steve Quinn. VelocityShares’ initial growth was driven by the development of exchange-traded notes in the volatility and commodity space. The company quickly developed a market leading position in tactical trading products serving short-term investors and traders by focusing on helping clients develop sophisticated trading strategies and volatility management solutions. These productswill continue to be distributed by the VelocityShares team through its existing distribution channels.

VelocityShares has more recently leveraged its expertise to launch a second business around innovative and intelligent ETFs for diversified long-term investment portfolios, currently focused on volatility hedged equities and equal risk weighted solutions. These ETF offerings, along with future product innovation, offer significant synergies between VelocityShares and Janus.

VelocityShares is headquartered in Darien, Connecticut and employs 11 professionals, many of whom are ETF industry veterans and have extensive product development, product structuring and sales experience. As of September 30, 2014, it has raised $2 billion in assets.

“Janus’ global distribution network and commitment to product development creates very unique opportunities to deliver institutional quality ETFs to a wide range of investors,” said Nick Cherney, Co-Founder and Chief Investment Officer of VelocityShares. “Our combined company will be well positioned to grow our ETP business and continue to be a leading provider in the market place.”

Janus Capital Group Inc. was advised by Wells Fargo Securities LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP, and VS Holdings Inc. was advised by Freeman & Co. Securities LLC and Stoel Rives LLP.