Guggenheim Partners has announced the hiring of Gerald A. Donini as a Senior Managing Director. Mr. Donini will work closely with senior management to identify and develop business opportunities for the firm.
«We are pleased to welcome Jerry to our team,» said Alan Schwartz, Executive Chairman of Guggenheim Partners and CEO of Guggenheim Securities. «Jerry’s reputation as a leader and his expertise in building markets platforms will enhance our ability to scale our businesses. Moreover, Jerry is a perfect fit with our team-oriented culture.»
«I am excited about the business that Alan and the team at Guggenheim are building,» Mr. Donini said. «In a short time, Guggenheim has emerged as a highly respected partner known for its client service and differentiated approach within the securities industry. That recognition and trust from the clients provide us with a great foundation to move forward.»
Mr. Donini was most recently the Chief Operating Officer of Barclays Global Corporate and Investment Banking. Prior to that, he served as the Global Head of Equities at both Lehman Brothers and Barclays. Mr. Donini served on both firms’ Executive Committees.
He graduated with a B.A. in Economics from Brown University.
Foto: Daniel Schwen. BlackRock emite dos nuevos TRACs en la Bolsa Mexicana
BlackRock México emitió este miércoles dos nuevas ofertas públicas de certificados bursátiles fiduciarios indizados en la Bolsa de Valores de México, tal y como informó esta última a través de un comunicado.
La primera Oferta de Certificados Bursátiles Fiduciarios corresponde al iShares MSCI Mexico Momentum TRAC, clave de cotización «MEXMTUM», por un monto total de 3.913 millones de pesos. El fiduciario del fideicomiso emisor fue Nacional Financiera, S.N.C., Institución de Banca de Desarrollo.
Este TRAC, como se les conoce a los ETFs en México, replicará al MSCI Mexico Select Mometum Capped Index, integrado por acciones de empresas mexicanas de gran y mediana capitalización, y que está diseñado para reflejar el rendimiento con énfasis en acciones con un alto impulso en su precio, manteniendo una liquidez comercial relativamente alta, capacidad de inversión y una rotación moderada.
El rendimiento de los Certificados Bursátiles buscará replicar el rendimiento total (antes de gastos) del MSCI Mexico Select Mometum Capped Index.
Oferta TRAC MSCI Mexico Select Risk Weighted Index
Por su parte, la segunda Oferta de Certificados Bursátiles Fiduciarios se refiere al iShares MSCI Mexico Risk TRAC, con clave de cotización “MEXRISK”, por un monto total que ascendió a 1.950 millones de pesos. En esta ocasión, Nacional Financiera, S.N.C., Institución de Banca de Desarrollo, también fungió como fiduciario del fideicomiso emisor.
El TRAC listado replicará al MSCI Mexico Select Risk Weighted Index, que está conformado por acciones de empresas mexicanas de gran y mediana capitalización, y diseñado para reflejar el rendimiento de acciones, excluyendo REITs (Real Estate Investment Trust), que puedan lograr que las acciones con menor riesgo tengan un peso más alto en el mismo índice, con el objetivo de enfatizar las acciones con menor variación histórica de retornos y tendientes a tener un sesgo hacia acciones de menor tamaño y menor riesgo.
De igual forma, el rendimiento de los Certificados Bursátiles buscará replicar el rendimiento total (antes de gastos) del MSCI Mexico Select Risk Weighted Index. En los dos listados de TRACs, el Intermediario Colocador fue Merrill Lynch, S.A. de C.V., Casa de Bolsa.
Foto: Phil Whitehouse. Los flujos de fondos podrían apoyar la deuda de mercados emergentes
Los flujos de salida en deuda de mercados emergentes durante la corrección de 2013-2014 ascendieron a la importante cifra de 31.000 millones de dólares. En los meses posteriores Investec AM ha observado flujos de entrada sostenidos en este activo provocados por su atractivo rendimiento, que ha generado un compromiso renovado por parte de los inversionistas. Investec ha visto como su propia base de clientes iba aumentado su participación en deuda emergente, en especial entre los institucionales.
Agosto puso fin al período ininterrumpido de flujos de entrada, con algunas salidas en deuda en denominada en monedas fuertes. Según el administrador de activos, esto es un síntoma saludable puesto que la clase de activos había funcionado bien y una toma de ganancias era inevitable, y de hecho es probable que haya más movimientos de ida y vuelta de flujos durante los próximos meses.
Aunque Investec AM no espera que los flujos netos en deuda emergente para el año 2015 lleguen a los niveles vertiginosos de 40.000 a 80.000 millones de dólares que se registraron en el pasado, sí esperan una mejora gradual. Dada la magnitud de las ventas durante el periodo 2013-2014, el administrador de activos considera que la posición global es aún relativamente baja por lo que se esperan flujos favorables por parte de los inversores institucionales, sobre todo en EE.UU., en la medida en que vayan corrigiendo su infraponderación a esta clase de activos. Los programas de reformas más amplios que se esperan en varios mercados emergentes también ayudarán a mantener la confianza de los inversores y a estimular los flujos hacia los activos de mercados emergentes.
Puede acceder al informe completo de Investec AM a través de este link.
Marathon Asset Management, a New York-based global investment advisor overseeing approximately $12.5 billion in assets, has announced that Diego Gradowczyk, former Head of Emerging Markets Trading at Barclays Plc, has joined the firm as a Senior Managing Director and co-Head of Emerging Markets. In his new role, Gradowczyk will co-run the firm’s emerging markets group with Partner and group co-Lead, Gabriel Szpigiel and be a member of the firm’s executive committee. Marathon also announced that it has added Andrew Szmulewicz, a former Executive Director at J.P. Morgan Chase in the Global Index Research Group, to its emerging markets team.
A focus of the firm since its inception in 1998, Marathon’s Emerging Markets Group is comprised of a highly experienced global team of professionals in the firm’s New York, London and Singapore offices. The group takes an opportunistic, flexible approach to capitalize on the wide array of opportunities available across the different emerging market geographies, including Latin America, Eastern Europe and Asia.
«Emerging markets is one of our core competences and main strategic areas of focus,» said Louis Hanover, co-Managing Partner and Chief Investment Officer for Marathon Asset Management. «We are highly committed to continually looking for ways to strengthen this team to provide our clients with best-in-class investment opportunities. Adding these two extremely accomplished individuals is a testament to this promise and will help us ensure we continue to deliver cutting-edge investment ideas in this space.»
«We are very excited to announce the addition of Diego and Andrew, two very high-caliber investment professionals, to our emerging markets team,» said Gabriel Szpigiel, Partner and Co-Head of Emerging Markets for Marathon Asset Management. «Together, they will help us increase our franchise and investing capabilities in these geographical regions. We look forward to integrating Diego and Andrew into our team and working with them to grow our business.»
Gradowczyk added: «This is an amazing opportunity and I am extremely honored to join a world class firm like Marathon Asset Management. Right now is an exciting time in emerging markets and I am greatly looking forward to working together with Gabriel and the rest of the team to help grow the firm’s emerging markets business.»
With more than two decades of experience working in the space, Gradowczyk brings a tremendous amount of emerging markets investing experience to Marathon. After joining Barclays in 2001, he ran the firm’s Emerging Markets Trading desk for nearly ten years. Prior to Barclays, Gradowczyk was a partner and portfolio manager at Compass Group, a New York-based investment management firm focused on emerging markets.
Szmulewicz previously worked in J.P. Morgan Chase’s Global Index Research group, where he contributed to many of the firm’s emerging market indices, including being a key contributor to the CEMBI index.
Barclays has today announced that Akshaya Bhargava has been appointed as Chief Executive of Wealth and Investment Management. He will join Barclays on 13 October 2014.
With over 35 years’ experience in the financial services industry, Akshaya joins from InfraHedge which he founded in 2010 and was acquired by State Street Corporation at the end of 2013. Prior to this he was CEO of Butterfield Fulcrum Group and founding CEO of Infosys BPO. He spent 22 years at Citibank, leading teams in London, India and the Czech Republic.
Announcing the appointment, Ashok Vaswani, Chief Executive of Barclays Personal and Corporate Banking, said:
“I’m delighted that Akshaya is joining to lead our Wealth and Investment Management business. Akshaya brings with him deep management experience and a strong track record of business development and growth. Appointing Akshaya, with his breadth of global financial services knowledge and experience in creating bespoke investment platforms, is a significant coup for the business.
“The wealth management industry is evolving and clients’ needs are changing. A leader who can drive success through transformational times and harness new technologies to enhance the client experience will help to position Barclays at the forefront of this industry revolution.”
Akshaya Bhargava, Chief Executive, Barclays Wealth and Investment Management, said:
“Barclays Wealth and Investment Management is well placed to deliver a market leading set of global banking and investment solutions to high net worth clients. This is an exciting time to be joining Barclays and I feel privileged to be taking charge of the next chapter in the growth and evolution of the business.”
Akshaya began his career at Citibank in India in Operations and Relationship Management roles before moving into Transaction Services, based out of London. He was Chairman and Country Manager of Citibank in the Czech Republic for four years, before heading back to London as Global Product Management Head for Small Business Banking.
After 22 years with Citibank, he was approached by Infosys to set up a Business Process Outsourcing offering in India. He led the business from a start up to No 7 rank in the industry in four years by focusing on the more complex and high value segment of the market. After Infosys absorbed the business in 2006, he took on the CEO role for the hedge fund administrator Butterfield Fulcrum. He saw the business through the financial crisis, restructuring it into a profitable business. In 2010 he set up InfraHedge, a hedge fund managed account platform, which was acquired by State Street Corporation at the end of 2013.
Akshaya graduated in India with a BA in Economics and MBA in Finance and Marketing. At State Street Bank he holds the following 3 active authorisations from the FCA – CF1 (Director), CF3 (Chief Executive) and CF30 (Customer).
. CONSAR Approves the Funding of the Mandate Awarded by Afore Banamex to Pioneer Investments
La Consar, el regulador mexicano del sistema de fondos de pensiones, ha dado luz verde al fondeo de 400 millones de dólares del mandato de renta variable europea que Afore Banamex otorgó a Pioneer Investments en octubre de 2013. El monto total del mandato, que también fue otorgado a BlackRock, BNP Paribas, Franklin Templeton y Schroders, es de 1.000 millones de dólares. Según confirmaba Gustavo Lozano, director de Pioneer Investments en México, a Fund Pro, durante esta semana se firmará el contrato entre la administradora de fondos y la Afore.
Pioneer Investments es la segunda firma en obtener el fondeo de un mandato, tras los dos mandatos de Afore Banamex otorgados a Schroders, en renta variable global y renta variable internacional, y que han sido fondeados, a través del proceso que explicó el director de Inversiones de Afore Banamex, Javier Orvañanos, en entrevista a Funds Society
Por su parte Gustavo Lozano declaraba en conversación telefónica con Funds Society, su gran satisfacción por haber recibido la autorización para este mandato por parte del regulador ya que “significa que una afore mexicana cuenta ya con dos managers”, añadiendo que “una vez se haya firmado el contrato, en dos o tres semanas se producirá el traspaso de los fondos”.
Carlos Ramírez Fuentes, presidente de Consar, ha reiterado una opinión que ya ha expuesto en otras ocasiones: los mandatos son un vehículo importante para diversificar el manejo de activos de las Afores, pero el proceso debe ser más ágil. En este caso, el mandato fue otorgado hace un año pero al no haberse podido fondear hasta ahora se ha perdido una parte muy relevante del rally vivido por la renta variable europea. En este sentido, Gustavo Lozano comentaba a Funds Society que todas las partes implicadas “han aprendido mucho de este proceso y están trabajando junto a la autoridad, los distintos fondos y los managers de forma que estos proyectos de inversión sean más ágiles y se puedan fondear en un periodo máximo de seis meses desde su adjudicación”.
En este caso, algunos impedimentos y problemas planteados por el custodio y liquidador del mandato, State Street, han sido la principal causa de este retraso, según ha podido saber Funds Society. Pioneer Investments también resultó adjudicatario de un mandato de renta variable internacional otorgado por Afore Sura por un total de 700 millones de dólares, para el que a su vez fueron seleccionados BlackRock, Investec Asset Management y Morgan Stanley Investment Management.
Julius Baer is the exclusive Global Partner of the new FIA Formula E Championship, the world’s first fully-electric racing series. The inaugural championship, which starts in Beijing on 13 September 2014, includes 10 races in major cities around the globe. For Julius Baer, Formula E with its visionary approach and global reach is an ideal sponsorship platform as it stands for many values Julius Baer shares, such as innovation, sustainability and forward-looking pioneering spirit. The Bank will leverage the sponsorship for high-class client events and a wide range of marketing activities.
The FIA Formula E Championship is the world’s first fully-electric racing series, created by the International Automobile Federation FIA. It represents a vision for the future of the motor industry over the coming decades, serving as a framework for research and development around the electric vehicle, accelerating general interest in these cars and promoting sustainable and innovative technologies.
From September 2014 to June 2015, the championship will compete in the centre of 10 of the world’s leading cities – including Beijing, London, Berlin, Monte Carlo and Buenos Aires – racing around their iconic landmarks. For the inaugural season, 10 teams, each with two drivers, will go head-to-head, including among others former Formula 1 drivers Lucas di Grassi, Nick Heidfeld, Jarno Trulli, Sébastien Buemi, Nelson Piquet Jr and Bruno Senna as well as two female drivers, Michela Cerruti and Katherine Legge. There will be both a drivers’ and a teams’ championship.
All Formula E races will be one-day events on city-centre circuits with practice, qualifying and the race taking place on a single day in order to minimise disruption to the host city. The races will begin by standing start and last for approximately one hour with drivers making one mandatory pit stop in order to change cars. The cars have a maximum speed of 225 km/h and are at top speed slightly louder than an ordinary car.
Starting with the first race in Beijing on 13 September 2014, Julius Baer will be the exclusive Global Partner of Formula E. Its logo will be prominently shown both on the cars and on the race tracks. For the Bank, Formula E with its visionary approach and global reach is an ideal sponsorship platform as the new race series stands for many values Julius Baer shares, such as innovation, sustainability and forward-looking pioneering spirit.
“We are excited to support the FIA Formula E Championship as its exclusive Global Partner. This gives us the unique opportunity to get involved in the world’s first fully-electric racing series which fosters innovation towards more sustainable means of transport. Formula E provides us with a first-rate global platform to share this bold vision with our clients,” said Boris F.J. Collardi, Chief Executive Officer of Julius Baer.
Alejandro Agag, CEO of Formula E, said: “We’re delighted to be welcoming Julius Baer to the Formula E family and to see their commitment and support to clean energy and sustainability. To be able to announce a major global partner of this stature on the eve of the first race is very exciting, and shows the continued strength and momentum of the series.”
Foto: Luisalvaz. La Bolsa mexicana, de gira por el país en busca de sinergias con pymes y casas de bolsa
La Bolsa Mexicana de Valores (BMV) y la Asociación Mexicana de Intermediarios Bursátiles (AMIB) dan inicio a su gira de promoción en el interior de la República Mexicana para dar a conocer las ventajas y facilidades que tienen las medianas empresas al emitir deuda en el mercado de valores como una fuente real de financiamiento, informó la bolsa mexicana.
Esta gira tiene como objetivo crear una sinergia efectiva y proactiva hacia la mediana empresa en el país en la que la bolsa, firmas de asesoría empresarial y casas de bolsa ofrezcan un crecimiento compartido, comunicando y brindando la mejor calidad, servicio y compromiso a las empresas para lograr su crecimiento e incursión en el mercado de valores.
“Hoy contamos con la asistencia de más de 50 empresarios dando inicio a la gira “Un Encuentro para Crecer” la cual, estamos seguros, ayudará a las empresas del país a conocer las ventajas del financiamiento bursátil”, dijo Luis Téllez Kuenzler, presidente del Grupo BMV.
La gira incluye 9 estados de la República donde se invitará a dueños y directores generales de empresas que tengan por lo menos 200 millones de pesos en ventas anuales a quienes se les dará a conocer la bolsa como fuente de financiamiento, al despacho, en su proceso para institucionalizar empresas e implementar IFRS (International Financial Reporting Standards) y a la casa de bolsa, en su proceso como asesor y colocador de deuda.
Will Miami bankers have to worry soon about their foreign clients’ tax bills abroad?
That certainly seemed to be the shared opinion of a panel of banking regulation experts, including two officials from the U.S. Securities and Exchange Commission, who spoke about tax compliance and money laundering at a conference Tuesday.
Speaking at a wealth management forum sponsored by the Florida International Bankers Association, banker John Ryan suggested attorneys and investment advisers involved in managing money for overseas clients should pay close attention to international guidelines adding criminal sanctions for institutions facilitating foreign tax evasion, according to an article published in the Daily Business Review.
In particular, Ryan said the banking world should take note of the Financial Action Task Force of the nongovernmental Organisation for Economic Cooperation and Development, which in February 2012 recommended «countries apply the crime of money laundering to all serious offenses, with a view to including the widest range of predicate offenses.»
In layman’s terms, the recommendations treat international tax evasion as money laundering, which financial institutions have a responsibility to prevent and report, says the Daily Business Review.
«The question really today is what this new OECD standard could be,» said Ryan, president of Geneva-based CISA Trust Co.
Lourdes Gonzalez, associate chief counsel in the SEC’s division of market regulation, agreed with Ryan, saying that while the OECD recommendations have not been formally adopted, they «influence how U.S. law develops in the anti-money laundering area.»
Ryan reiterated the adoption of the recommendations would be a sea change for the way money managers deal with their foreign clients.
«Not so long ago when a client came to New York or Miami and created an account, very little was taken into account as to what their tax situation was back home,» he said. «If the OECD regulations are adopted here in the U.S., many of these assets will be visible to authorities back home.»
Enforcement of cross-border tax evasion has evolved rapidly in recent years. In the U.S., the Obama administration has pressed for disclosure of offshore tax havens and implementation of the Foreign Account Tax Compliance Law.
The 2010 law forces foreign banks to dig deeper into their records to report any U.S. beneficiaries who might be using foreign banks to shelter themselves from U.S. taxes. The law took effect earlier this year and has prompted other countries to demand «some reciprocity but certainly not symmetry,» Ryan said.
Also on the panel was Eric Bustillo, director of the SEC‘s regional office in Miami. He said his agency is increasingly focused on stemming possible fraud in the EB-5 visas-for-bucks investment program.
Miami recently became a regional investment center that allows city government to facilitate investment initiatives under the program.
«The message that we want to get out there is that investors have to be very careful before investing in one of these,» Bustillo said.
Deutsche Bank today announced that Lilian Camera has joined as Head of Client Development for Multinational Corporates, Latin America.
In this new role, Camera reports to Kika Ricciardi, Head of Global Transaction Banking Latin America and Head of Trade Finance and Cash Management Corporates for Latin America. She is based in Sao Paulo.
“Delivering innovative solutions that anticipate and exceed the complex needs of our clients remains the cornerstone of our Global Transaction Banking strategy and value proposition in Latin America,” said Ricciardi. “Lilian’s decades of experience as a senior relationship manager across a broad range of corporate clients operating in Latin America position her well to further develop our trade finance and cash management offering to multinational corporates in the region.”
Camera joins Deutsche Bank after 14 years at Citigroup where she was most recently the Director and Team Leader of their Global Subsidiaries Group covering corporate clients in the Consumer & Healthcare; Tech, Media & Telecom; and Agrochemicals industries.
