Private banks and trust companies’ assets are projected to reach $5.3 trillion by year-end 2019, according to the latest research from Cerulli Associates “Asset Management Opportunities in Banks 2015: Capitalizing on a Resurgent Focus on Wealth Management”.
«With growing competition, most banks can no longer consider asset allocation their core differentiator,» states Donnie Ethier, associate director at Cerulli. «Delivering comprehensive goals-based planning that includes the softer nonfinancial elements of wealth is more important than ever.»
The research focuses on investors, asset managers, and banks. Particular attention is given to best-practice banks that have centralized the investment decision-making process across all of their wealth management platforms, including broker/dealer, trust department, RIA, and family office.
«Banks have unique characteristics that most other channels cannot fully replicate,» Ethier continues. «Such as the ability to be an all-in-one provider for any household. Banks that are not promoting their full offering are doing their firm and their clients a disservice.»
«The channel’s most promising trends include: client-centric advisory models, integrating wealth management platforms, consolidating research teams and portfolio construction processes, and centralizing fee discounting decisions,» Ethier explains.
The work finds that asset allocation is no longer a main distinguisher, which is only being validated more by the increase in direct-to-consumer providers and the electronic registered advisors (eRIAs)/robo-advisors. Delivering holistic goals-based planning that can incorporate the softer nonfinancial aspects of wealth is more important than ever for banks to differentiate themselves from the low-cost investments provided by the eRIAs.
Asoka Wöhrmann es el Chief Investment Officer de Deutsche Asset & Wealth Management hasta que asuma sus nuevos roles el próximo 1 de diciembre.. El CIO de Deutsche AWM Asoka Wöhrmann y Stefan Bender, nuevos responsables de Banca Comercial y Privada en Deutsche Bank
Novedades en la organización de Deutsche Bank. Como parte del escenario de cambios de las operaciones de banca comercial y retail que afronta la entidad en Alemania, Deutsche Bank ha anunciado en un comunicado que Asoka Wöhrmann, CIO hasta ahora de la división de gestión (Deutsche Asset and Wealth Management), y Stefan Bender serán los nuevos responsables de la banca comercial y privada del banco en Alemania.
Han sido nombrados para suceder a Peter Schedl y Wilhelm von Haller, que renuncian a partir de mañana. Bender asumirá su nuevo rol a lo largo del mes de octubre y Wöhrmann lo hará el próximo 1 de diciembre.
Según el comunicado, Wöhrmann y Bender se responsabilizarán de los más de ocho millones de clientes privados, comerciales y corporativos del banco en Alemania.
Dentro del equipo de gestión de Banca Privada y Comercial de Deutsche Bank, Asoka Wöhrmann liderará el área de banca retail y Stefan Bender el de banca comercial. Ambos reportarán a Christian Sewing, miembro del Consejo del banco y responsable de su Private & Business Clients (PBC) Corporate Division.
“Estos cambios implicarán un refuerzo significativo de nuestro negocio de asesoramiento con clientes privados, expandiendo nuestro negocio hacia empresas pequeñas y medianas”, comenta Sewing.
Ambos han trabajado en la entidad durante años: Wöhrmann se unió en 1998 y su puesto más reciente ha sido el de CIO de Deutsche Asset & Wealth Management. Bender lleva en el banco desde 1997 y hasta que tome sus nuevas funciones, es responsable de Global Transaction Banking en Alemania y co responsable de Finanzas Corporativas en el país. En su nuevo rol, seguirá siendo responsable de Global Transaction Banking en Alemania y seguirá trabajando en los lazos de esa estructura con la banca comercial.
Foto: Germen Crew . Color para pacificar el barrio Las Palmitas
En un esfuerzo sin precedentes, la organización Germen Crew y el gobierno de México unieron fuerzas para rehabilitar el barrio Las Palmitas, en la ciudad mexicana de Pachuca, situada en la zona central de México. El barrio se ha transformado en un espectacular arco iris de vibrantes colores que se ha convertido en una atracción turística para la cuidad.
El proyecto ha sido llevado a cabo por un colectivo artístico local, Germen Crew, un grupo de jóvenes mexicanos con experiencia en formas alternativas de comunicación como el grafiti, el muralismo, y la investigación social, que durante 14 meses trabajó junto con los habitantes del barrio para pintar las más de 200 casas que conforman el vecindario.
Además de embellecer el barrio, el proyecto ha servido como herramienta de transformación social, ya que durante el proceso de creación, la violencia entre la población más joven del barrio ha sido erradicada y se han creado varios puestos de trabajo.
El impacto de la obra ha sido extremadamente positivo, las más de 1.800 personas que habitan en el barrio han visto la transformación de paredes y calles, acompañada con eventos de música y circo callejero. El proyecto “Pachuca se pinta” está pensando en transformar también el barrio vecino Cubitos.
Maria Elena Lagomasino, CEO y MP de WE Family Offices, es ahora consejera independiente de The Walt Disney Company. Foto: We Family Offices. Maria Elena Lagomasino: elegida consejera independiente de The Walt Disney Company
El consejo de administración de The Walt Disney Company ha elegido a Maria Elena Lagomasino, CEO y managing partner de la firma de asesoramiento financiero WE Family Offices, como consejera independiente. El nombramiento se hará efectivo el 1 de diciembre y deberá ser ratificado por la junta general de accionistas -junto con los de los demás consejeros- en marzo.
“Lagomasino es un líder respetado en el mundo de las finanzas e inversión y posee una gran experiencia en marcas de consumo globales, a las que entiende muy bien -declara Robert A. Iger, presidente y CEO de Disney.- Sé que la compañía y sus accionistas se beneficiarán enormemente de sus aportaciones”.
“Disney es una marca que abraza valores en los que creo, con un inquebrantable compromiso por crear entretenimiento de alta calidad, excediendo las expectativas de los consumidores y proporcionando a sus accionistas unos resultados financieros sobresalientes -dice Lagomasino-. Es para mí un honor tener la oportunidad de unirme al consejo de una compañía tan icónica y amada”.
Antes de fundar WE Family Offices, Lagomasino fue CEO de GenSpring Family Offices, una importante firma de asesoramiento patrimonial, y con anterioridad había sido presidente y CEO de JP Morgan Private Bank. Su carrera comenzó en 1977 en Citibank, en 1983 se unió a Chase Manhattan Private Bank y fue nombrada responsable de negocio global de banca privada de la firma en 1997.
Lagomasino es la fundadora del Institute for the Fiduciary Standard y es consejera de The Coca-Cola Company, Avon Products y the Americas Society. Además, es miembro del Council on Foreign Relations.
En agosto de 2015, Private AssetManagement la nombró una de las 50 mujeres más influyentes en la gestión de patrimonios y en 2012 American Banker la incluyó entre las Top 25 Women in Finance. Hispanic Business Magazine la colocó como “Woman of the Year” en 2007.
Obtuvo un B.A. en Manhattanville College, un M.S. en Columbia University y un M.B.A. en Fordham University.
Foto: De izquierda a derecha: Andrés Castro, presidente ejecutivo de SURA AM, Guillermo Arthur, presidente de la FIAP, Gonzalo Falcone, presidente SURA Uruguay / Foto cedida . SURA AM refuerza su compromiso por el fortalecimiento de los sistemas de pensiones de América Latina
SURA Asset Management participó del XIII Seminario Internacional FIAP, titulado «Los sistemas de pensiones multipilares: invirtiendo en el futuro”, que tuvo lugar en Montevideo, Uruguay, los días 24 y 25 de septiembre.
El encuentro, organizado por la Federación Internacional de Administradoras de Fondos de Pensiones (FIAP) y las Administradoras de Fondos de Ahorro Previsional (AFAP) de Uruguay, contó con la presencia de Andrés Castro, presidente ejecutivo de SURA Asset Management.
En el encuentro se analizaron las lecciones y recomendaciones que surgen de las experiencias con sistemas multipilares de pensiones en distintos países, incluyendo el denominado cuarto pilar, y la discusión de propuestas para aumentar la rentabilidad y seguridad esperada de las inversiones en el largo plazo y los montos de pensión que los afiliados pueden obtener.
Al mismo tiempo, se abordaron las propuestas del estudio de pensiones de la compañía “Cómo fortalecer los sistemas de pensiones latinoamericanos”, investigación que recoge la experiencia de Uruguay, Chile, Colombia, México, Perú y El Salvador, el cual fue presentado por el economista Rodrigo Acuña, coordinador del estudio y autor de la investigación de Chile, El Salvador y Uruguay.
Andrés Castro, quien moderó el panel “Integración financiera en la Alianza del Pacífico: el caso de los fondos de pensiones”, en el cual participaron los reguladores y los responsables de la industria de los cuatro países de la Alianza del Pacífico, explicó que hacia fines del año pasado, la FIAP y el MILA, con el apoyo de SURA, iniciaron un esfuerzo para instalar en la agenda de trabajo de la Alianza del Pacífico los temas de integración de los fondos de pensiones en los mercados de capitales de la Alianza y de movilidad de cuentas.
“En un corto período de tiempo se ha logrado avances muy importantes. De hecho, durante la reciente reunión de Paracas del 3 de julio, los presidentes y ministros de finanzas de los países de la región acordaron que uno de los objetivos del programa de trabajo de la Alianza durante los próximos dos años debía ser el diseñar políticas para alcanzar mayor movilidad de fondos y de cuentas”, mencionó.
Agregó que lo concluido en la X Cumbre de la Alianza del Pacífico de Paracas es de suma relevancia, y es que “avanzar en la construcción de un área de integración profunda que se materialice en una mayor libre circulación de bienes, servicios, capitales y personas, permitiría el fortalecimiento del capital humano, la innovación y el emprendimiento y la infraestructura, entre otros”.
In order to gain from a major technological and social shift that is still under-exploited by investors despite its strong value creation credentials, Edmond de Rothschild Asset Management, a pioneer in investment themes like healthcare – EdR Fund Global Healthcare has just celebrated its 30th birthday- is launching Edmond de Rothschild Fund Global Data.
The fund takes a stock-picking approach across all capitalization sizes and geographical zones, investing in growth stocks which have only limited exposure to global economic conditions.
Jacques-Aurélien Marcireau, the fund manager, has isolated several different but complementary stock profiles. Some companies (infrastructure) collect data and sell them to clients; others (analytics) develop software which analyses data while the third category concerns data users, or non-tech companies which have already integrated big data into their main business so as to achieve competitive edge.
The fund is a balanced blend of core holdings (51% minimum) in established big data players and companies which are capable of using big data to transform their business model. To mark the launch of EdR Fund Global Data, the international equity team has just been reinforced with the arrival of Nan Zhang, a junior fund manager and analyst.
A New Value-Creating Investment Opportunity
The arrival of big data is ushering in major social changes and forcing companies to adapt their strategy. The concept emerged at the beginning of the decade and covers two key areas: technological innovation to facilitate data storage but also, and perhaps more importantly, new developments tied to the rapid increase in connected objects which are bringing billions of people together.Huge sections of the economy are concerned by a development which seeks to turn data into a key decision-making tool, thereby creating value for companies.
Harnessing exponential flows of data (Volume) from different sources (Variety) which are most often cross-referenced in real time (Velocity) allows companies to better understand their markets, boost organisational efficiency and generate robust revenues. The financial gains from such large-scale analysis based on the 3V concept could run into billions of US dollars in coming years.Economic players will benefit from as yet largely untapped growth from digital data reckoned to hit 35,000 exabytes in 2020, or twenty times more than in 2010. According to the International Data Corporation (IDC), only 0.5 % of global data is currently being analysed.
Giants like IBM, Cisco and Microsoft as well as start-ups have big ambitions in data analysis which they see as a value-creating tool.A good number of sectors like insurance or autos are making huge efforts to collect as much data on customer behaviour as possible to optimise risk analysis and identify new markets. Growing use of big data should also radically transform the healthcare sector with the emergence of personalised medicine. Companies, governments and entire cities will see real benefits from this development. Estimates suggest that the smart city market, for example, will be worth USD 100 bn by 2030.
Catalonia is voting to renew its parliament this Sunday. Contrary to other regions, attention was not focused on emerging parties like Podemos and Ciudadanos but completely monopolized by the independence question. Debates have mostly opposed the pro-independence list “Together for Yes”, led by current President Artur Mas, to the rest of parties that defend the unity of Spain. «We expect the current uncertainty to ease in the medium term, in particular after the general elections of December, since the next central government should take note of the Catalan elections and start negotiations for additional political and fiscal autonomy», explains Jean-Alexandre Vaglio, member of the Research team at AXA IM.
The Catalan political landscape is facing an almost unprecedented situation. The ruling Convergence and Union (CiU), that federated the Democratic Convergence of Catalonia (CDC) and the Democratic Union of Catalonia (UDC) since the first post-Franco elections, was dissolved due to diverging opinions regarding the Catalan independence process. Artur Mas, President of Catalonia and leader of the CDC, is now running the pro-independence joint list “Junts pel Si” (JS, Together for Yes) that gathers the centrist CDC and the Republican Left of Catalonia (ERC). In addition to this move, Mas directly called for a plebiscitary vote to turn this regional election into the referendum he wanted last year and that he had rebranded in a “participation process”, to abide by the Spanish Constitution.
As yet, polls suggest that JS will not be able to get the absolute majority, even though it is leading polls and that the Catalan system favours more than proportionally the party that ends up with the most votes. The Popular Unity Candidacy (CUP), an emerging extreme-left party, chose not to ally with JS but might support it just for the sake of the unilateral independence declaration, such that latest polls found JS-CUP might get a short absolute majority (set at 68 seats). Parties opposed to independence, Popular’s Party (PP), Spanish Socialist Workers’ Party (PSOE) and Ciudadanos gather roughly the same votes than three years ago, though the breakdown is different, to the advantage of Ciudadanos and mostly at the expense of PSOE. Lastly, Podemos joined ecologists to form Catalunya Si que es Pot (“Catalonia Yes we can”), with a moderate stance as regards independence, not supporting it but letting voters decide through a referendum. However, to the contrary of what happened in Barcelona, Podemos does not seem to get much traction, since this joint list currently polls at 13-14%, while its allies already got 10% in the 2012 elections.
«Overall, such reshuffle of parties casts some shadow on the final output of these elections which look like a very close call, in a very fragmented context.
As for last year’s “participation process”, debates have experienced a significant escalation, with strong stances adopted by opposing parties in the run-up to elections. Hence, if the situation is to remain volatile in the short term, it may ease and stabilize in the medium term once negotiations are engaged with the central government, probably about additional political and fiscal autonomy. The stability of the forthcoming government will also be questioned as electoral themes outside independence were neglected while they can differ very significantly between the parties that have similar positions on independence, in particular for JS and CUP, which would find very difficult to coordinate and rule Catalonia together».
Old Mutual Global Investors announced that the Old Mutual Absolute Return Government Bond Fund, which is a UCITs fund, and the Old Mutual Liquid Macro Fund, which is a Qualifying Investor Alternative Investment Fund (QIAIF), will be launched on 7 October 2015, with US$ 150 million of seed capital from Old Mutual plc.
The funds will be managed by Russ Oxley and his team, who joined Old Mutual Global Investors from Ignis Asset Management earlier this year. Russ Oxley, the lead manager, and co-managers Adam Purzitsky and Paul Shanta, will be supported in their portfolio management and trading by Huw Davies and Jin Wong, and in systems development by Josh Heming.
“This is a very exciting development for our company as a lot of work has been undertaken to prepare for the launch of this range. We have had a lot of interest from investors as Russ and his team are highly respected, having one of the best track records of managing absolute return government bond funds in our industry. We are therefore confident that demand will be strong from our global client base”, said Warren Tonkinson, managing director of Old Mutual Global Inverstors.
The objective of the funds is to seek to deliver positive total returns on a rolling 12-month basis with stable levels of volatility uncorrelated to bond and equity market conditions. The Old Mutual Absolute Return Government Bond Fund will be managed to a volatility target of 4%-6%, with expected annualized returns of cash plus 5%. The Old Mutual Liquid Macro Fund, which will also offer investors daily liquidity, will be managed to a volatility target of 7%-9%, with expected annualized returns of cash plus 8%. The funds aim to be diversified from global fixed income markets by employing a highly distinctive investment strategy focused on expressing views on macro themes through exposure to forward interest rates, inflation expectations and foreign exchange.
The low correlation with global bond markets is likely to be appealing at a time when the traditional safe-haven role of government bond markets is increasingly questionable. Due to the distinctive process and avoidance of credit and credit-like assets, and of emerging market debt the Fund is also expected to exhibit low correlation with other absolute return investment strategies (including global macro hedge funds, fixed income, equity and multi-asset based strategies), making it a potentially attractive addition to a portfolio. The portfolio managers will place a strong emphasis on investing in highly liquid assets, in which the market has historically remained liquid, even in the most extreme periods, including for example the global financial crisis.
“We are delighted that Old Mutual will be supporting the strategy with US$ 150 million of seed capital at launch. This demonstrates the belief we have in the strategy and our commitment, to both these Funds, and to the development of the Alternatives business within Old Mutual Global Investors. We have successfully delivered uncorrelated returns in our highly liquid Global Equity Market Neutral strategy, which now has over US$ 4.5 billion in client assets under management, and we hope for similar investor support for this highly liquid, uncorrelated, strategy”, commented Donald Pepper, managing director of Alternatives.
“Our investment philosophy hinges on the belief that, through a detailed understanding of forward interest rates, it is possible to express views on global macro trends in a very precise way. Through our approach to investing, we are able to target specific risks and opportunities, without “inadvertently” taking economic exposures to those risks we would rather avoid. At the core of our approach is the understanding that forward rates are influenced by very different factors depending on their location on the curve. We believe we have the potential to deliver positive returns for investors within clearly defined volatility parameters irrespective of the direction of interest rates. Our investment track record of successfully managing these strategies is clear evidence that our process if very effective”, commented Adam Purzitsky, co-manager of the fund.
Paul Shanta, co-manager of the fund, also added: “We have developed a unique investment strategy over a period of many years and a product that we think plays a valuable role in our clients’ wider portfolio. Joining Old Mutual Global Investors has given us the opportunity to further enhance our processes and technology and to prepare a bespoke platform for the launch of our new funds. We are excited about being part of an organization that shares our ambition and now look forward to working with investors.”
Foto: Giuseppe Milo
. Morningstar 2015 ETF Conference: soluciones estratégicas, tácticas o de gestor, a discusión
Morningstar has announced the speakers and agenda for its sixth annual ETF Conference, Sept. 29-Oct. 1 at the Sheraton Chicago Hotel and Towers. The conference features experts from across the exchange-traded fund (ETF) industry including Morningstar analysts, who will provide in-depth knowledge and perspective for financial advisors.
«With more than $2 trillion in assets under management in the growing U.S. ETF industry, investors and their advisors face myriad options when it comes to ETF investing,» Ben Johnson, CFA, Morningstar’s director of global ETF research, said. «Our sixth annual ETF Conference will gather industry experts to discuss and debate three key areas of ETF investing—strategy, tactics, and managed-portfolio solutions—to help investors achieve better outcomes.»
Joe Davis, Vanguard principal and chief economist, will deliver the keynote opening address on Tuesday, Sept. 29. Charles Ellis, founder of Greenwich Associates and author of Winning the Loser’s Game and Falling Short: The Coming Retirement Crisis and What to Do about It, will give the keynote luncheon address on Wednesday, Sept. 30.
General session speakers on Wednesday, Sept. 30, are Andrea Frazzini, Ph.D., AQR; Jason Hsu, Research Affiliates; and Mark Kiesel, PIMCO. Jim Crowley, Pershing; and Jon Stein, Betterment, will address attendees on Thursday, Oct. 1.
The popular «Meet the Pundits» panel will close the conference on Oct. 1. Morningstar’s Johnson, ETF.com’s Matt Hougan, and ETF Trends’ Tom Lydon will engage in a no-holds-barred discussion of the latest trends in the ETF industry, moderated by author and journalist John Wasik.
The conference offers 15 breakout sessions focusing on strategic, tactical, and managed-portfolio solutions. Speakers from BlackRock/iShares, Eaton Vance, Envestnet, Fidelity, Invesco PowerShares, J.P. Morgan, MSCI, Windham, and WisdomTree, among other firms, will cover an array of timely topics, including:
Strategic beta abroad;
Currency-hedged ETFs;
The active/passive debate and the future of active ETFs;
Tactical asset allocation;
Accessing alternative strategies and niche markets through ETFs; and
Managing interest-rate risk and the role of fixed income.
Morningstar will offer two preconference workshops from 1-4 p.m. on Sept. 29. Attendees will be able to choose one of two workshop tracks. The first workshop, «The ABCs of ETFs,» will cover the evolution of ETFs as an investment vehicle and provide a practical review of ETFs by asset class, along with their benefits and limitations. The other workshop, «An Overview of the Trends Shaping the ETF Market,» will offer Morningstar analysts’ insights on key topics including strategic beta, active ETFs, and the opening up of onshore Chinese stock markets.
To register for the conference, please follow this link
JP Morgan Asset Management has appointed Alex Stanic as a Portfolio Manager. Alex is based in London and joins the Global Equities Team, led by Howard Williams.
Alex has 20 years experience in the asset management industry, specialising in global equities. He spent over a decade at Newton, leading the global team, and the last six years at River & Mercantile as Head of Global Equities. Alex’s experience and track record in managing global portfolios will further strengthen an already strong team. He will work closely alongside the team managing JP Morgan Asset Management’s range of Growth equity strategies.
Commenting on the appointment, Alex Stanic said “I am thrilled to be joining JP Morgan Asset Management and to be working alongside a well-established, experienced team of portfolio managers as we look to expand the suite of global equity strategies.”
