Foto: Property in Europe. PIMCO lanza en Europa una estrategia de deuda estadounidense con gestión activa
PIMCO ha lanzado el PIMCO GIS US Investment Grade Corporate Bond Fund, un fondo que invierte en bonos corporativos de empresas estadounidenses y denominados en dólares.
Está diseñado para inversores que buscan una alternativa de renta fija de alta calidad con el potencial de mayores rendimientos que los ofrecidos por los bonos gubernamentales. El fondo es gestionado por el director de inversiones de crédito global de PIMCO, Mark Kiesel, y su equipo, compuesto por más de 50 gestores de renta fija y más de 50 analistas.
Kiesel comentó: “Con los rendimientos de los bonos europeos, gubernamentales y corporativos, en mínimos históricos, e inclusive negativos en algunos casos, el mercado de bonos corporativos de Estados Unidos continúa como una de las principales áreas que ofrecen rentabilidad».
El fondo ha sido incluído en la oferta de PIMCO de fondos UCITS, que incluye 55 subfondos con más de 98.000 millones de dólares en activos bajo administración.
Desde el 19 de septiembre el fondo está disponible en Austria, Dinamarca, Francia, Alemania, Holanda, Irlanda, Italia, Luxemburgo, Noruega, España, Suecia y el Reino Unido.
Sotheby´s nombra directora de Trusts & Estates and Valuations a Mari-Claudia Jiménez - Foto cedida. Sotheby´s nombra directora de Trusts & Estates and Valuations a Mari-Claudia Jiménez
Sotheby´s ha anunciado la incorporación de Mari-Claudia Jiménez este mes de septiembre al negocio de Nueva York para liderar los esfuerzos de Trust & Estates and Valuations como managing director.
Como socia de Herrick Feinstein –firma a la que se incorporó en 2004 y que cuenta con una de las prácticas de arte y propiedad intelectual más importantes del mundo-, Jiménez ha estado implicada en un significativo número de grandes adquisiciones, y ha trabajado con una amplia gama de clientes, incluyendo importantes museos, galerías, los mejores coleccionistas y casas de subastas.
Alguno de las operaciones en las que ha participado y que alcanzaron gran notoriedad fueron: la representación en 2006, con Herrick Feinstein, de Neue Galerie de Nueva York en la adquisición de la obra de Gustav Klimt “Adele Block-Bauer I”, uno de las obras maestras del artista y ahora joya de la corona para la colección del museo; los herederos de Kazimir Malevich han sido sus clientes durante años y han trabajando juntos en la restitución y la posterior venta de cinco pinturas del artista que incluía “Composición suprematista”, que estableció el récord actual para el artista en una subasta en Sotheby´s Nueva York en 2008 con un precio final de 60 millones de dólares; Jiménez también fue pieza clave en la venta del patrimonio de la señora Sidney F. Brody en Christie´s Nueva York en 2010. En la colección, que incluía cientos de artículos de diferentes categorías, sobresalía “Desnudo, hojas verdes y busto” de Pablo Picasso, que entonces marcó el récord absoluto de una obra de arte en una subasta.
Foto: Debs (ò‿ó)♪
. ¿Es el retainer el próximo método de compensación?
A medida que la profesión de planificación financiera ha evolucionado desde una industria centrada en la venta de productos a una que provee e implementa planes financieros para los clientes, los modelos de compensación también lo han hecho, dejando atrás el modelo de compensación basado en transacciones. Los autores Ken Robinson y Jacob Kuebler, a través de la Alliance of Comprehensive Planners, exploran en su White Paper “The Financial Planners’ Retainer: A Reflection of Real Value” -publicado este mes- cómo los servicios de planificiación financiera y la compensación continúan evolucionando.
El principal método de compensación que ha surgido ha sido el modelo de activos bajo gestión (AuM), dice el documento. Si bien este modelo tiene muchas ventajas, no hay ninguna razón para creer que es el desarrollo evolutivo definitivo en lo que a compensaciones basadas sólo en fees se refiere. Los limitados mercados, el aumento de la competencia, y las preocupaciones regulatorias han contribuido al interés de algunos asesores por otros modelos de compensación basados únicamente en honorarios.
Es muy importante tener en cuenta que, a menudo, existen desconexiones entre el valor añadido para los clientes y el esfuerzo requerido por el asesor para prestar los servicios. Los modelos de servicio han continuado evolucionando para incluir los nuevos valores añadidos que surgen más allá de la maximización del valor económico. Estos incluyen atención a los valores del cliente, el comportamiento, y cómo estas características afectan a su bienestar financiero.
Por lo tanto, la profesión necesita un modelo de compensación que tenga en cuenta estos nuevos servicios de valor añadido. Los autores presentan los honorarios fijos mensuales fijados de antemano -«retainer»- como la potencial solución.
Este sistema de retainer está basado en el valor, que incrementa la compatibilidad con los nuevos modelos de servicio y alinea la relación asesor-cliente, específicamente con las nuevas normas fiduciarias. Otras ventajas del modelo son su resistencia frente a la comoditización, su capacidad de proporcionar un servicio rentable a un mercado mucho más amplio, y su adaptabilidad a una amplia variedad de servicios que el asesor podría ofrecer. Al no basarse exclusivamente en el valor de los activos gestionados, elimina la percepción implícita (y errónea) de que la gestión de las inversiones es el único servicio de valor que se recibe en una relación de planificación.
El trabajo explica que también hay potenciales desventajas en este modelo de retainer, como la importancia del pago de la cuota, y la limitación de la capacidad del cliente para hacer comparar entre los diferentes retainers de asesores y los beneficios que ofrecen. Además, hay un cierto riesgo de que el asesor trabaje menos de lo que debería, o de que dedique más tiempo del que haría el cliente rentable, cuando la cantidad se fija en el arranque. Cada uno de estos riesgos pueden ser mitigados para que el modelo de retainer de las compensaciones fee-only puedan proporcionar al asesor una práctica profesional competitiva y de éxito financiero.
Certified Financial Planner Board of Standards recently announced that there are more than 75,000 active Certified Financial Planner professionals – a historic milestone that marks the highest number of CFP professionals ever serving the public’s need for competent and ethical financial planning.
«Over the years, more and more financial professionals have recognized the tremendous value that the certification holds in advancing their careers and giving them the credibility and expertise needed to help consumers plan for the future,» said CFP Board Chief Executive Officer Kevin R. Keller, CAE. «We are especially proud that our relatively young profession has surpassed 75,000 active CFP professionals. Our efforts to increase access to CFP professionals will only continue as we carry out our mission to benefit the public through certifying individuals who deliver the highest standard of financial planning.»
The first group of financial planning professionals attained CFP certification in 1973 following completion of a Certified Financial Planners (CFP) course at the College for Financial Planning. In 1985, the College entered an agreement to establish an independent, non-profit certifying and standards-setting organization, and transferred ownership of the CFP® marks and responsibility for continuing the CFP® certification program to the new organization, which eventually became known as CFP Board. The total number of CFP® professionals has grown steadily since then. Since 2007, the number of CFP professionals has grown more than 35 percent. As of August 31st, there are 75,467 CFP professionals in the United States.
Gigi Guerra, recent CFP of Miami says: «Helping our profession by being part of a class that moved us past the 75,000th CFP professional is a true honor. This achievement has boosted my confidence as a young Millennial woman who is just entering the workforce,» said Guerra. «It’s an exciting time for CFP Board, and I’m thrilled to be a part of it and our profession, helping people achieve their dreams through financial planning.»
The need for recruiting CFP professionals to the profession has never been stronger as it continues to experience growth trends in hiring, retirement and succession planning.
«As we celebrate this significant milestone, we look forward to the next generation of CFP professionals with the hope that it will be even better positioned to serve the American public by being more representative of the population it serves,» said CFP Board Center for Financial Planning Executive Director Marilyn Mohrman-Gillis. «With the recent launch of the CFP Board Center for Financial Planning – which is working to advance a more diverse and sustainable profession.»
To learn more about CFP Board or becoming a CFP professional follow this link.
Foto: WerbeFabrik. Aberdeen fusiona 10 fondos dentro de su gama de renta fija global
Aberdeen Asset Management fusionará 10 fondos offshore dentro de su gama de renta fija internacional.
Un portavoz de Aberdeen confirmó a la publicación International Investment que la firma va a fusionar diez de sus fondos, ocho domiciliados en Luxemburgo y dos en Dublín y que también procederá a recortar el rango de renta fija global a cinco fondos.
Como resultado de las fusiones, la gestora contará ahora con todos los fondos afectados domiciliados en su sede central de Luxemburgo.
Los fondos que se fusionan son:
El Emerging Europe Bond, con 14 millones de dólares de AUM se fusiona con el Emerging Markets Local Currency Bond, que acumula 168 millones de dólares de AUM
El fondo Select High Yield Bond, con 40 millones de libras de AUM se fusiona con el Select Euro High Yield Bond, de 1.000 millones de euros de AUM
Y el Euro High Yield Bond, con 38 millones de euros de AUM, también pasará a formar parte del Select Euro High Yield Bond.
El Select International Bond, de 116 millones de libras de AUM y domiciliado en Dublín, también se incluirá en el Select Euro High Yield Bond, domiciliado en Luxemburgo.
La estrategia Select Global Sovereign Bond, con 35 millones de libras de AUM y domiciliada en Dublín, se fusiona con el Aberdeen Global Select Emerging Markets Bond, que acumula 1.600 millones de dólares de AUM.
Confirmando la decisión, el portavoz de Aberdeen Asset Management, explicó que estas fusiones forman parte de un proyecto “para racionalizar la gama de fondos de renta fija de Aberdeen». Los inversores de los fondos afectados han sido notificados con los cambios.
CC-BY-SA-2.0, FlickrFoto: XOques. Cambio en las variables de predicción
Net New Assets (NNA) during this month amounted to EUR 4.7 billion, still 21% above the one-year monthly average level. Total assets under management are up 7% vs. the end of 2015, reaching EUR 481 billion, including a slight rise in the market (+3.9%). Emerging Market and investment grade corporate bond ETFs gathered most in this environment of heightened uncertainty.
Equity ETF inflowswere significant at EUR 2.1 billion, continuing the trend of the last two months. On developed markets, flows were limited at EUR 339 million. Positive news in the US economic data helped sustain strong inflows of EUR 1.2 billion. However, in Europe the less positive economic data prompted outflows of EUR 1.1 billion from European ETFs. Emerging Market equity ETFs continued their rebound with inflows of EUR 1.5 billion. Flows were focused on broad index exposures, which would suggest that investors were taking a tactical position ahead of the FED’s decision on rates. Smart Beta ETF flows lost momentum, gaining just EUR 435 million in new assets after hitting a one-year record high in July. This month, Smart Beta investors favoured dividend and factor allocation products over minimum variance ETFs in their search for yield and alternative sources of return.
Fixed income ETF inflowsalmost halved in August to EUR 2.7 billion compared to July, close to their one-year monthly average. On developed countries, flows were mainly focused towards investment grade corporate bond ETFs, which saw EUR 1.4 billion of new assets following sustained ECB action. Emerging Market Debt continued to see some inflows of EUR 833 million although at a slower pace than the one-year record high reached in July of EUR 2 billion, which was fueled by the very low/zero interest rate environment and investors’ hunt for yield. The rebound in High yield Bond ETFs of July was short lived with EUR 62 million of outflows in August. Interestingly, flows on inflation-linked ETFs reached a one-year record high with inflows of EUR 546 million. Flows here were mainly on US exposures as economic growth seems to accelerate.
Commodity ETF flowshalted with EUR 76 million of outflows, which compares to the one-year record high of EUR 1.1 billion reached in July.
Italian group Banca Finnat Euramerica has launched a new Luxembourg-based asset management branch called Natam Management Company.
The subsidiary has received a “dual permission” from Luxembourg market authorities.
Banca Finnat said the Natam project was aimed at serving internal as well as external clients such as third-party intermediaries and institutional investors.
The company runs the New Millenium Sicav launched in the 90’s that comprises 14 sub-funds
Banca Finnat’s deputy general manager and president of the group’s Sicavs Alberto Alfiero has been appointed president of Natam.
Sante Jannoni, a lawyer specialising in Italian and Luxembourg financial law and senior management member of a number of professional and financial entities in Luxembourg, will serve as the company’s CEO.
Invesco PowerShares, a leading global provider of exchange-traded funds (ETFs), part of Invesco, has listed the PowerShares US High Yield Fallen Angels UCITS ETF on London Stock Exchange, and on additional European stock exchanges.
The PowerShares US High Yield Fallen Angels UCITS ETF tracks the Citi Time-Weighted US Fallen Angel Bond Select Index, which is based on the Citi US High-Yield Market Index, with the same composition requirements around credit quality, maturity, and issue size. Bonds must have a minimum rating of C by S&P and Ca by Moody’s, and a maximum rating of BB+ by S&P and Ba1 by Moody’s to be eligible.
“Fallen angels” bonds which were previously rated investment-grade but were subsequently downgraded to high-yield are eligible for inclusion in the index and will be held in the index for a period of 60 months from inclusion provided they continue to meet the inclusion criteria. If a bond exits and then re-enters the index, the inclusion period would reset.
Bryon Lake, Head of Invesco PowerShares – EMEA, says: “With the ‘fallen angel’ phenomenon there are two things going on that are pushing the bond price down. First leading up to the downgrade you tend to see prices begin to drop as investors position themselves for the downgrade. Secondly, after the downgrade there are large asset owners, usually institutional in nature, that are forced to sell what were investment grade bonds but are now high yield due to their strict mandated rules. This forced selling creates a phenomenon where the bond can become oversold, which creates an opportunity to buy the bonds at their existing market value. This overselling – more often than not – is followed by a rebound in the bonds prices, potentially creating a unique opportunity and in a number of instances the bond even returns to investment grade.”
Lake continues: “In addition, because Invesco PowerShares is focused on being a leader in the smart beta space, there is a design element to the index that differentiates this ETF from other such investments. By using a time-weighted methodology the index emphasises the bonds that were most recently downgraded, which is logical in the context of a ‘fallen angel’ strategy vs say market cap weighting, and also could enhance the return of the ETF by more acutely capturing the ‘fallen angel’ phenomenon.”
Unlike traditional indices, where constituent weights are based on market value, the Citi Time-Weighted US Fallen Angel Bond Select Index aims to capture the price dynamics over the potential rebound period by using a time-weighting function that allocates higher weights to bonds that have more recently become ”fallen angels.” Issuers’ weights are capped at 5% and constituents’ time-based weights are capped at five times their respective market value-based weights to help manage concentration risk.
Arom Pathammavong, Global Head of Citi Fixed Income Indices, commented: “Leveraging insights from Citi’s research teams, we continue to expand our family of indices in order to offer market participants unique opportunities to meet diversification needs and further enhance their portfolios. For the Citi Time-Weighted US Fallen Angel Bond Select Index, we examined the price movements of fallen angel bonds which showed that prices of these bonds tend to recover from the dip of the downgrade over a 30-60 month period. The index will hold these fallen angel bonds for up to 60 months while applying an innovative time-based weighting methodology that aims to capture the price rebound effect of these bonds.”
The ETF has also been listed on the Irish Stock Exchange, the Borsa Italiana, the Deutsche Börse, the Euronext Paris, and the SIX Swiss Exchange.
The members of the European Parliament, with a 602 votes to 4, and 12 abstentions, have rejected draft regulatory technical standards aiming to provide a framework to packaged retail investment and insurance-based products (Priips). According to them, the draft regulation, is so “flawed and misleading” it could make retail investors losing money instead of protecting them.
The European Fund and Asset Management Association (EFAMA) stated in a press release that they welcome today’s adoption of the European Parliament Motion for a Resolution on the Commission Delegated Regulation (EU) No 1286/2014 on key information documents for PRIIPs, which:
objects to the Commission delegated regulation
calls for a postponement of the application date of the PRIIPs Regulation
EFAMA firmly believes that the PRIIPs KID is a powerful instrument to ensure that consumers receive the right information before making their investment choices. Asset managers know how important it is that investors and their advisers are given meaningful, comprehensible and comparable information to make sound investment decisions. It is therefore crucial to get the PRIIP KID right the first time around to ensure consumers find it helpful before making their investment choices.
Asset managers have long argued that the draft RTSs, as endorsed by the European Commission, will not achieve the intended objective to make the KID helpful to consumers. They will at best confuse investors, at worst mislead them.
The European asset management industry is absolutely convinced that the RTSs must be amended in a satisfactory way to serve their purpose for consumers. They need to be amended to solve flaws – and the key ones are allowing past performance so the investor can see if the asset manager has met its objectives in the past, and fixing the inaccurate calculation methodology of transaction costs. Investors must have the basic facts of what their investment will bring in terms of risks and costs. This is fundamental in terms of trust and confidence from consumers.
«We trust today’s adoption will result in amended RTSs that will help and inform consumers. The current draft RTSs do not.» EFAMA said.
Peter De Proft, EFAMA Director General, commented: «We want to be crystal clear. EFAMA would not like to reopen discussions on the PRIIPs Level 1 Regulation, save for a postponement of the Regulation’s application date. What is crucial now is to get the Level 2 right – and this means appropriately amending the draft RTSs, while leaving untouched the letter and spirit of the Level 1 Regulation.»
But timing is of essence, and EFAMA has also welcomed the EP’s call to the EC to consider a delay in the applicate date of the PRIIPs Regulation.
Alexander Schindler, EFAMA President, commented: «Market operators will apply the rules and want to do so appropriately. This is our wish and our intention. However, legal unclarities and flaws in the rules do not make this objective feasible. The premise to do this is to know the final rules, and to have sufficient time to implement them. There is only one reason why we find a delay absolutely essential, and this is because it is materially impossible and simply unrealistic for product manufacturers and distributors to meet the 31 December 2016 deadline. We would suggest a delay of 12 months. We urge the Commission and the European Supervisory Authorities to follow suit to today’s call from the European Parliament and begin the process of amending the RTSs, and we trust they will consider the concerns of investors and asset managers”.
Foto: Cory M. Grenier
. UBS y Rent The Runway Foundation lanzan una iniciativa para incrementar el número de mujeres emprendedoras de alto impacto y crecimiento
Rent the Runway Foundation y UBS han anunciado esta semana la apertura de la segunda edición de Project Entrepreneur, una competición y programa educativo diseñado para dotar a mujeres emprendedoras de todo el país de las herramientas necesarias para construir negocios de alto crecimiento y alto impacto.
«Estamos encantados de mantener nuestra colaboración con UBS para facilitar a mujeres con grandes sueños las herramientas que necesitan para crear empresas de alto crecimiento», declaraba Jennifer Hyman, CEO y co fundadora de Rent the Runway. «Los participantes de Project Entrepreneur del año pasado y el increíble impulso que las tres empresas ganadoras han experimentado desde que completaron el programa de aceleración nos ha motivado enormemente. Estamos impacientes por dar a más empresas fundadas por mujeres increíbles los recursos que necesitan para escalar y alcanzar un alto impacto».
La competición está abierta a mujeres empresarias que tengan la intención de poner en marcha negocios de alto crecimiento y que están en la etapa de prototipo o beta, o que puedan tener ahora sus primeros clientes reales. Los mejores 200 candidatos serán invitados a asistir a un fin de semana intensivo en Nueva York -7 y 8 de abril-, en el que recibirán apoyo específico para sus empresas. El fin de semana culminará con una competición en vivo, donde 12 finalistas presentarán ante un panel de jueces, formado por empresarios de éxito e inversores. Tres equipos ganadores recibirán un premio de 10.000 dólares en efectivo cada uno y un programa de aceleración de cinco semanas en la oficina de Rent the Runway en Nueva York.
«Los empresarios son la fuerza responsable de la creación de empleo y el crecimiento económico en este país», declara Lori Feinsilver, Jefe de Community Affairs, de UBS Americas. «Y sin embargo, las mujeres siguen estando insuficientemente representadas en el panorama emprendedor. Nuestra meta este año es seguir igualando las condiciones para todos los innovadores de forma que todos ellos tengan la oportunidad de darse cuenta del impacto de su trabajo.»
