Foto: LinkedIn. Alvarez Arrieta & Diaz-Silveira nombra consejero y director del negocio de Venture Capital a Brian Canida
Alvarez Arrieta & Diaz-Silveira, a Miami-based corporate boutique law firm specializing in international and domestic M&A, finance, real estate, immigration and private wealth services, announced the promotion of Brian Canida to counsel and head of the firm’s Venture Capital group.
“We are thrilled to have Brian lead our growing Venture Capital practice during such an exciting time for the tech industry here in Miami,” said Albert Diaz-Silveira, one of the firm’s founders. “Brian’s broad exposure to venture capital transactions – both here in South Florida and in the key startup hubs domestically and abroad – has allowed the firm to stay current with market terms and trends.”
Brian regularly represents emerging companies and investors on both ongoing and transaction-specific matters, including those related to corporate and securities law, venture capital financing, mergers and acquisitions, and technology transactions. He is also a venture capital investor and heavily involved in supporting the technology and venture capital ecosystem in South Florida and Latin America.
“I could not imagine a better opportunity than being able to counsel clients in such a dynamic field at a firm which is itself young and emerging,” said Brian Canida. “I look forward to continuing to help clients navigate the constantly changing venture capital industry.”
Prior to joining AADS, Canida was a corporate associate in the New York office of the international law firm Schulte Roth & Zabel LLP for several years. He graduated from Georgetown University’s Edmund A. Walsh School of Foreign Service in 2007 with a B.S.F.S. in International Economics. After completing an investment banking internship with Deutsche Bank AG, Brian continued his post-graduate studies at Georgetown and graduated with a J.D. from Georgetown Law in 2010, while also receiving a Certificate in Emerging Markets and Country Risk Analysis from Fordham University’s Graduate International Political Economy & Development Program.
In addition to serving as an active member of the Cuban American Bar Association, Brian also provides services to the Dade Legal Aid Venture Law Project, a pro bono legal services clinic for local entrepreneurs. He is fluent in both Spanish and English and is admitted to practice law in the states of Florida and New York.
Foto: Nick Harris
. Jefferies WM se asocia con Envestnet para mejorar y racionalizar sus negocios de Wealth Management
Envestnet has begun working with Jefferies Wealth Management to strengthen its service and product offerings. Jefferies Wealth Management, part of global investment banking firm Jefferies Group, is utilizing the Envestnet platform to update its technology, offer a wider array of investment products and solutions, and create operational efficiencies which allow its advisors to devote more time to client engagement and portfolio management.
“By providing Jefferies Wealth Management with access to a broader suite of investment products and programs through a fully integrated platform, we can empower its team with more options to both improve client outcomes and meet clients’ evolving needs,” said John Yackel, Managing Director and Head of Global Institutional Business Development at Envestnet. “We look forward to helping place the team in a stronger position to recruit and retain top advisors—and continue to flourish as a key part of a global investment bank.”
New York based Jefferies Wealth Management, which harnesses the power of its parent firm’s global investment bank to meet its clients’ needs, will leverage the Envestnet platform to offer clients access to best-in-class separately managed accounts, unified managed accounts, and fund strategist portfolio programs—as well as to simplify multi-currency reporting for international clients.
CC-BY-SA-2.0, FlickrPhoto: Omar Burgos
. Neuberger Berman Acquires Options Investment Team From Horizon Kinetics
Neuberger Berman on Monday announced that it has acquired from Horizon Kinetics an investment team that manages collateralized index-based options portfolios that seek to capture global volatility premiums. The team’s investment track records, proprietary research and client assets have also transferred to Neuberger Berman.
Neuberger Berman’s new options investment team is overseen by Doug Kramer, who joined the firm in November 2015 as Co-Head of Quantitative & Multi-Asset Class Investments (working alongside current Multi-Asset Class Chief Investment Officer Erik Knutzen). Derek Deven salso joins Neuberger Berman from Horizon Kinetics as a Managing Director and senior portfolio manageralong with research analysts, Rory Ewing and Eric Zhou. With the addition of this team, Neuberger Berman strengthens its lineup of systematic, outcome oriented investment capabilities.
Previously, Mr. Kramer was CEO of Horizon Kinetics, an investment management firm with approximately $8 billion in assets under management, and prior to that a Managing Principal of Quadrangle Group and a Partner of Goldman, Sachs & Co., where he served as Chief Investment Officer and Head of the Global Manager Strategies Group.
Joseph Amato, President and Chief Investment Officer, Equities, at Neuberger Berman, said “This highly differentiated global options strategy has a demonstrated, long-term track record of delivering attractive risk-adjusted returns. Doug’s leadership and investment expertise is valuable as we serve global investors seeking innovative, outcome-oriented solutions.”
Mr. Kramer said of coming to Neuberger Berman, “The breadth and rigor of Neuberger Berman’s investment capabilities is well-suited to serve a wide variety of client needs. I am excited to be working with such a talented group of investment professionals as we help clients achieve their unique investment objectives.”
CC-BY-SA-2.0, FlickrFoto: Skyseeker. BNP Paribas Investment Partners and Orion Partners Announce Strategic Partnership in Asia Alternative Investments
BNP Paribas Investment Partners, the asset management arm of BNP Paribas, and Orion Partners LP, announced a strategic partnership that brings together a leading Asia-focused alternative investment firm specialising in real estate and private equity, and a global key player in asset management.
Under the terms of the transaction, BNPP IP -through its alternative and incubation specialist BNP Paribas Capital Partners- will acquire a minority stake in a new partnership based in Hong Kong. Orion Partners will continue to operate under its existing leadership and remain independent in all its businesses and investment decisions.
Going forward, BNPP CP and Orion Partners plan to develop and launch new funds to meet growing client demand for Asia-focused alternative investment funds. BNPP IP and Orion Partners believe there is tremendous opportunity to provide these various alternative investment products to retail and institutional investors throughout the world using BNPP IP’s highly-regarded platform and global distribution capabilities and Orion Partners’ local specialist expertise.
Gilles Guerin, CEO of BNPP CP, commented: “The partnership with Orion Partners provides us with an excellent opportunity to broaden our exposure to fast growing alternative investment opportunities in Asia, managed by a leading Asian-based and Asian-focused firm. Having worked closely together for more than 10 years to develop and distribute some of their products to institutional investors across the globe, we value their expertise and excellence in the creation and protection of value for their clients.”
. BBVA hires Derek White for Global Product and Design Post
BBVA has hired Derek White, former Chief Design & Digital Officer at Barclays Bank PLC, as Global Head of Customer Solutions. In this role White will drive the transformation of the customer value proposition, including global product and design, customer experience, launching new products and services and leveraging big data and customer analytics.
Derek White will report to Carlos Torres Vila, president & COO of BBVA. White will start at BBVA on March 1st and will be based in Madrid. White joined Barclays in 2004 through the acquisition of Juniper Bank (now Barclaycard US), where he was an early member of the start-up internet bank. In his latest role at Barclays, Derek White led the U.K. bank’s digital banking initiative, embracing disruptive technologies and the startup ecosystem, while overseeing the design and launch of market leading applications, platforms and services. Prior to joining Barclays, Derek was at First USA Bank (now JPMorgan Chase) in the U.S.
“BBVA is a global institution that is transforming banking and creating the future of financial services,” said Derek White. “I can’t wait to join the team.”
Born in Utah in the U.S., Derek has a B.A. in Liberal Arts and Sciences from Utah State University and holds an MBA from Wharton School at the University of Pennsylvania. He and his wife have four children.
Foto: Kreg Steppe
. Norteamérica lidera las adquisiciones respaldadas por private equity
Private equity-backed buyout deal activity saw continued growth in 2015, as 3,546 deals were recorded totalling $409bn. This represents an 18% increase on the $348bn of private equity-backed deals in 2014, and it is the sixth consecutive year in which global deal value has increased. These figures are expected to rise by a further 10-20% as more data becomes available, says Preqin.
Large cap deals in North America are the main source of this growth, with six of the 10 biggest deals in 2015 taking place in the region. Overall, North America saw $255bn of private equity-backed buyout deals take place, up 35% from the $189bn of deals recorded in 2014. Overall, deals worth $1bn or more accounted for 9% of the total number of deals globally and 70% of the aggregate deal value, up from 52% in 2014.
The number of private equity-backed deals was 3,546, down slightly from the 3,797 deals recorded in 2014. However, given that Preqin projects these figures to rise by 10-20% as new information becomes available, deal flow in 2015 looks set to be on a par with previous years.
Aggregate buyout deal value in Europe was $90bn in 2015, down slightly from $95bn the previous year. Total deal value in Asia stayed level, with $45bn of deals recorded in 2015, compared with $46bn in the previous year.
Partly fuelled by acquisitions such as EMC/Dell, add-on deals accounted for 39% of total buyout deal value in 2015, up from 19% in 2014. LBO deals also accounted for 39% of global deal value. Both deal types each also accounted for just fewer than 40% of the total number of deals recorded in 2015.
Total levels of uncommitted capital available to buyout fund managers have continued to climb through 2015, and are approaching the record levels seen in 2008-2009. As of the end of 2015, total buyout dry powder stands at $461bn.
“2015 has been a record year for global M&A, and this has been reflected within the private equity universe.The global buyout market recorded its sixth consecutive year of increases in aggregate deal value, with a surge in the number and value of large cap deals. North America drove this increase in activity as the overall buyout deal value there rose by over a third from 2014’s total, and the region saw the largest ever private equity-backed deal with the acquisition of EMC by Dell Inc. Dry powder has increased by $12bn over the course of 2015 however this represents a slow-down in the rate of dry powder growth over recent years. This is an encouraging sign as, despite concerns over valuations, managers have been able to find attractive investment opportunities and put investor capital to work.” Said Christopher Elvin, Head of Private Equity Products, Preqin
CC-BY-SA-2.0, FlickrPhoto: Skyseeker. Martin Currie Buys Japan Equity Boutique
Martin Currie has completed the acquisition of the business assets and investment management team of PK Investment Management, the London based long/short Japan Equity boutique.
Led by Paul Kirkby and including manager Claire Marwick, PK IM has overall AUM for the enlarged team are $425m (€395m).
Kirkby has also been appointed as lead manager of the Legg Mason Japan Absolute Alpha Fund the Luxembourg domiciled Ucits fund.
Andy Sowerby, head of Sales and Marketing at Martin Currie comments:- “This is an exciting milestone in the development of our Japanese long/short capability.
By capitalising on the combined strength of our collective resources we can further establish ourselves as a leading manager in this specialist area.
“Paul has over 30 years’ experience in managing Japanese equities and is backed by a proven team who together have combined experience of the Japanese market in excess of 97 years.”
CC-BY-SA-2.0, FlickrPhoto: OTA Photos. Groupama and Orange Enter Exclusive Negotiations for the Creation of “Orange Bank”
Groupama and Orange announced that they are entering exclusive negotiations with a view to working in partnership to develop a new banking model that will enable Groupama to strengthen its online banking business and Orange to successfully diversify into banking services.
The launch of “Orange Bank” is planned for the start of 2017 in France, followed by other European markets such as Spain or Belgium. The services offered will cover all standard banking services as well as savings, loans and insurance services.
These negotiations could result in the acquisition by Orange of a 65% stake in Groupama Banque, enabling it to benefit from an existing operational infrastructure for the launch of Orange Bank.
From its creation, Groupama Banque has positioned itself as a multi-channel bank. Orange will bring its digital knowledge to develop a 100% mobile offer corresponding to new uses increasingly employed by the two partners’ customers. The partnership with Orange will accelerate the deployment of such innovative banking offers and will leverage the network of local Orange stores as well as the highstreet branches of Groupama and its subsidiary Gan.
During the presentation of the “Essentiels2020” strategic plan in March 2015, Stéphane Richard, Chairman and Chief Executive Officer of Orange, announced the Group’s ambition to diversify its operations by capitalizing on its assets and in particular by concentrating its efforts on mobile banking, which offers important growth prospects. The plan’s objective is to reach 400 million euros of revenues in financial services in 2018.
Foto: Enrique Dans
. Legg Mason lanza sus primeros ETFs
Legg Mason announced that it has launched four new outcome-oriented index-based ETF fundsin partnership with its investment affiliate QS Investors. The four funds are branded under the Legg Mason name and began trading on the Nasdaq Stock Market on December 29, 2015.
Increasing concerns about macroeconomic risks, equity volatility and the continuing search for stable income are pressuring investors to look beyond traditional market cap weighted indices.
“We are excited to partner with Legg Mason to bring an investment approach we developed for institutions over a decade ago to retail investors in an ETF fund format. Many investors think of ETFs only as market cap indexed vehicles, but our macro diversification and sustainable income approaches target specific investment outcomes in a cost-effective format. This launch is part of our long-term focus on innovating to serve investor needs and create better solutions,” said James Norman, President of QS Investors.
Three of the new funds take a macro approach to building portfolios and balancing risk to deliver broad market exposure that can complement core portfolios. Based upon QS Investors’ proprietary rules-based methodology, Diversification Based Investing (DBI), the new funds are predicated on the understanding that capitalization-weighted indices are not balanced across opportunities and risks in the market place. Better diversification across macro exposures, like geography and economic sector can improve risk/return characteristics and mitigate unintended bets and therefore potentially lower drawdowns during macro-economic events. The funds are:
Legg Mason Developed Ex-US Diversified Core ETF
Legg Mason Emerging Markets Diversified Core ETF
Legg Mason US Diversified Core ETF
Legg Mason is launching a fourth fund, the Legg Mason Low Volatility High Dividend ETF, focused on income, risk mitigation and capital appreciation. It is based upon the idea that a stock’s ability to sustain a strong dividend payout is often associated with lower volatility, making these two characteristics complementary. Using a disciplined, rules-based methodology, the fund will screen for stocks with the potential for sustainable high dividends, while simultaneously screening out historically volatile stocks in the market.
“There are compelling opportunities to help investors achieve their objectives, whether capital preservation, income, or growth in an ETF format as the market grows and the ETF vehicle evolves. These innovative, outcome-oriented products have the potential to serve the needs of investors looking to better diversify across risks in their portfolios. We are excited to begin building our ETF offering and will continue to identify ways in which we can capitalize on the investment strengths of the Legg Mason investment affiliates,” said Rick Genoni, Head of the ETF business at Legg Mason.
The firm plans to launch additional ETF products in the coming months.
CC-BY-SA-2.0, FlickrFoto: John Walsh. Bill Gross Recomends Looking at Developed Countries, Long Inflation and Short Fixed Coupons
Bill Gross continues to believe that the overall situation is a very complicated one. In its latest publication the formerly known as the king of bonds warns of a demographic boom.
Gross believes that Fantasy Sports, cellphone game apps, sexting, and fast food are the new era “Cake” and “day at the Coliseum” to appease the masses. Used to distract the population of an incipient growth in the value of wages, and manipulation of monetary policies for Wealthy corporations… “It’s a wonderful life for the 1% and a Xanax existence for the 99″.
According to the investor, in the 2016 US elections nothing will change. However, the demographic situation in his country, should change the direction of financial markets in the not too distant future. “I speak specifically though to liabilities associated with the Boomer generation: healthcare, private pensions, Social Security and the unestimable costs of global warming,” Gross mentioned before emphasizing that the U.S. government has current outstanding debt of approximately $16 Trillion or close to 100% GDP, but that the present value of programs such as Medicaid, Medicare and other social totals $66 trillion or another 400% of GDP.
Looking ahead to the construction of portfolios, Gross believes that-taking into account that developing countries have a younger population, “then developed nations could and should transfer an increasing percentage of their financial assets to emerging markets to help foot the demographic bills back home. Long-term then, as opposed to currently, think about increasing your asset allocation to the developing world… It’s also commonsensical that if higher Millennial wages are the probable result of a shortage of healthcare workers relative to Boomer requirements, then an investor should go long inflation and short fixed coupons.” U.S. 10-year TIPS at 80 basis points seem like a good hedge in that regard. Looking at particular sectors, Gross is optimistic about the healthcare sector, and believes that insurance companies as well as the bonds of underfunded cities and states such as Chicago and Illinois have a bleak future.
To conclude the manager mentioned that if you think things are bad today, the coming decades will be even worse and “extra dose of Xanax” will be needed.
