News archivos - Page 437 of 567

The Carlyle Group Acquires Postcard Inn Beach Resort at Holiday Isle and La Siesta Resort on Islamorada

Global alternative asset manager The Carlyle Group has announced the acquisition of two Florida Keys hotels in Islamorada – the Postcard Inn Beach Resort at Holiday Isle and La Siesta Resort. The two hotels join the Islamorada Resort and Pelican Cove Resort & Marina in Carlyle’s Islamorada hotel portfolio. The four properties will form the newly created Islamorada Hotel Company and be managed by Trust Hospitality. Equity for the transactions comes from Carlyle Realty Partners VII, a $2.34 billion U.S. real estate fund.

Postcard Inn is a 151-room resort at Mile Marker 84 in Islamorada. The oceanfront resort is an iconic property featuring eclectic guestrooms, the largest private beach in Islamorada, watersports, two pools, ocean-side marina and a variety of food and beverage options, including the World Famous Tiki Bar. La Siesta is an all-suite beach hotel on six tropical acres on the Oceanside of Islamorada at Mile Marker 80.2. The hotel features cottages with full kitchens and complimentary use of kayaks and bicycles.

The Postcard Inn will undergo renovations beginning with upgrades to guest bathrooms, which are scheduled to begin by the end of the year. Improvements to common areas, the marina, and food and beverage options will begin in 2015. La Siesta’s renovations will start in late 2015 and will also include a refresh of the guestrooms and common areas. In total, Carlyle plans approximately $18 million in renovations to the Postcard Inn and La Siesta.

“As a Miami-based hotel management company, we are thrilled to further expand our portfolio into the Florida Keys,” said Patrick Goddard, president & COO of Trust Hospitality. “We’re eager to bring a new level of service and style to the Postcard Inn and La Siesta Resort while providing guests and locals a new and vibrant way to experience Islamorada. No significant changes to staffing levels are anticipated.”

“These Islamorada properties are in high quality locations and have significant upside potential following renovations and management enhancements,” said Thad Paul, Managing Director at The Carlyle Group. “With the planned changes, we’re confident that guests and the residents of Islamorada will continue to embrace the properties and support tourism efforts on Islamorada.”

Over the last year, The Carlyle Group‘s U.S. realty funds also purchased the Pelican Cove Resort and Islamorada Resort and both properties are currently undergoing major renovations. Pelican Cove Resort & Marina was acquired in September 2013 and began renovations on the 63-room property earlier this year. Major guestroom and common area renovations are scheduled to be completed in November 2014.

Islamorada Resort, previously a Hampton Inn, was acquired by Carlyle in February 2014 and is currently undergoing interior and exterior renovations. The resort will re-launch as a boutique upscale hotel at the end of 2014 under the new name of Amara Cay Resort.

“Scary Stories About China’s Bursting Bubbles and Ghost Cities Should be Told Around Campfires, Not Investment Committee Meetings”

| For Fórmate a Fondo | 0 Comentarios

China’s housing market is one of the most important parts of its economy—and also one of the most misunderstood. This is important because residential real estate, together with construction, last year accounted directly for about 10% of GDP, 18% of fixed-asset investment, 10% of urban employment and more than 15% of bank loans.

It is also misunderstood because few observers appear to understand the structure of China’s residential market. The last issue of Sinology, a publication designed to provide investors with a framework for understanding the Chinese authored by Andy Rothman, Investment Strategist at Matthews Asia, explores:

The recent development of China’s property market is one of the world’s greatest and least-recognized privatization success stories, taking the home ownership rate to 89%, compared to 66% in the U.S.
New home sales are driven by owner-occupiers, not speculators.
There are more than 150 Chinese cities with a population of at least 1 million (only nine U.S. cities are comparable in size), and these account for the vast majority of home sales.
New home prices rose at an average annual pace of 9% over the last eight years, but nominal urban income rose 13% per year.
There is very low leverage among homeowners: about 15% have paid all cash and for those using a mortgage, the minimum down payment is 30%.
Chinese banks have not been permitted to offer subprime mortgages. There are few asset-backed securities and almost no secondary securitization (such as collateralized debt obligations and collateralized loan obligations).
There are some failed projects, but the “ghost city” story is greatly exaggerated. For residential projects three years post completion, the vacancy rate is 15%, similar to the 14% vacancy rate for U.S. housing units.
Today the market is soft, but it is far from the collapse that many are writing about. Full-year sales volume is likely to be down 7% to 9% year-over-year, compared to a rise of 18% last year, but listed developers are gaining market share and many are having a healthy year.
Median new home prices are softening, but are still up year-over-year and are up strongly over the last eight years.

Enlarge

Andy Rothman points out that the Communist Party leadership does not seem too worried about property; they’ve taken only modest steps to support the market, and have yet to make the policy move that would really boost sales: eliminating the rules that require those seeking a home upgrade to put down 60% cash (vs. 30% for a first-time buyer) and pay a higher interest rate.

The full report, which you may access through this link, concludes that the boom days for the property market are over, but fundamental demand remains healthy. It is sensible to look closely at sales volumes, average selling prices and competitive pressures, but “scary stories about bursting bubbles and ghost cities should be told around campfires, not investment committee meetings”.

Why is CalPERS Eliminating its US$4bn Hedge Fund Program?

| For Alicia Miguel | 0 Comentarios

The California Public Employees’ Retirement System (CalPERS) has announced that it will eliminate its hedge fund program, known internally as the Absolute Return Strategies (ARS) program, as part of an ongoing effort to reduce complexity and costs in its investment program.

The staff recommendation, supported by the Investment Committee, will exit 24 hedge funds and six hedge fund-of-funds valued at approximately $4 billion.

“We are always examining the portfolio to ensure that we are efficiently and cost-effectively achieving our risk-adjusted return goals,” said Ted Eliopoulos, CalPERS Interim Chief Investment Officer. “Hedge funds are certainly a viable strategy for some, but at the end of the day, when judged against their complexity, cost, and the lack of ability to scale at CalPERS’ size, the ARS program is no longer warranted.”

Following the 2008 global financial crisis, CalPERS began examining ways to ensure it was less susceptible to future large drawdowns. The System restructured its investment operations, improved its internal oversight and control functions, and refocused some of its investment programs. In February 2014, the CalPERS Board adopted a new asset allocation mix that reduces risk to the portfolio, while still being able to achieve its return goal of 7.5 percent. CalPERS earned 18.4 percent during the 2013-14 Fiscal Year and has averaged a 12.5 percent return for the past five years and an 8.4 percent return for the past 20 years.

In September 2013, the CalPERS Board adopted a set of Investment Beliefs to inform the strategic decision making of the System. Investment Belief 7 states that “CalPERS will take risk only where we have a strong belief we will be rewarded for it.” Investment Belief 8 notes that “Costs matter and need to be effectively managed.”

“The Investment Beliefs exist to provide a compass for the System’s work to achieve its strategic goals,” said Henry Jones, CalPERS Board Member and Chair of the Investment Committee. “While the ARS analysis was no simple matter for CalPERS, the Investment Beliefs provide guidance for a straightforward and principled conclusion that fits our needs.”

CalPERS will spend approximately the next year strategically exiting current investments in a manner that best serves the interests of the portfolio. Existing ARS staff will be reassigned within the Investment Office.

“The staff dedicated to our program have worked diligently and we will ensure that their talent can continue to help CalPERS meet its investment objectives,” said Eliopoulos.

CalPERS is the largest public pension fund in the U.S., with approximately $300 billion in assets. CalPERS administers health and retirement benefits on behalf of 3,090 public school, local agency, and state employers. There are more than 1.6 million members in the CalPERS retirement system and more than 1.3 million in its health plans.

Ana Patricia Botín: “My Ambition Is to Continue This Success Story, to Which I Will Dedicate My Greatest Efforts”

| For Fórmate a Fondo | 0 Comentarios

Ana Patricia Botín reconoce que "no será fácil" continuar con la trayectoria de éxito de las últimas décadas — Ana Botín, executive chairman of Banco Santander, had “a very special tribute to the memory of Emilio Botín" at the Extraordinary Shareholders' General Meeting last Monday. Courtesy photo.. Ana Patricia Botín: “My Ambition Is to Continue This Success Story, to Which I Will Dedicate My Greatest Efforts”

The extraordinary shareholders’ general meeting of Banco Santander approved on Monday the proposal from the board of directors to increase share capital for the acquisition of all Banco Santander Brazil shares not held by Grupo Santander, representing 24.75% of its share capital. The transaction, announced on April 29, will be paid for in Banco Santander shares, with those of Banco Santander Brazil valued at the market price on the day prior to the announcement of the offer plus a 20% premium.

The offer is voluntary and is not subject to a minimum level of acceptance. In the event that all Santander Brazil shares held by minority shareholders respond to the offer, Banco Santander shares equivalent to 5.62% of the bank’s share capital would be issued. Santander Brazil shares will continue to be listed on the Sao Paulo stock market, and a request will be made to list the shares of Banco Santander as well.

The executive chairman of Banco Santander, Ana Botín, began her speech to shareholders with a tribute to the former chairman, Emilio Botín, after his death. “In almost thirty years as the chairman of the bank, he made Santander the number one bank in the eurozone, and one of the top ten banks worldwide in market capitalization. His achievements came from a clear vision: prudent risk-taking, focus on the client and on commercial banking, and agility so as to move forward and take advantage of opportunities for growth. Today, thanks to his vision, Santander is not only larger, but more diversified and more solid, as shown by its resilience throughout the financial crisis, being one of only three large international financial institutions to go through the crisis without incurring losses during even a single quarter.”

She also underlined that “his support for initiatives in education and culture has also been outstanding, with Santander’s commitment to academia and to society making it a benchmark institution both in Spain and in all the markets in which Santander operates. Looking to the future, we will follow the same strategy and work to further strengthen the Santander culture, which is the basis for sustainable growth. It is a culture focused on commercial banking, on being close to our clients and offering them the best service, and on seeking to contribute to social and economic progress. My ambition is to continue this success story, to which I will dedicate my greatest efforts.”

The executive chairman of Banco Santander went on to review the details of the acquisition offer for shares in the Santander Brazil subsidiary that are held by minority shareholders. “This transaction demonstrates the group’s confidence in Brazil and in Banco Santander Brasil. Brazil is a tremendous country, with strong potential for growth. It also has solid institutions, a quality business sector, and a well-managed and supervised financial system. All of this gives us confidence in the attractiveness of the Brazilian economy, and that the country will overcome the economic slowdown it is experiencing at this time.” She also highlighted the group’s confidence in “the capacity of Banco Santander Brazil to bolster its results – which today represent 20% of the group’s attributable profit – providing an appropriate return on our investment.”

Ana Botín gave a reminder that “this transaction is financially beneficial both for the shareholders of Santander Brazil and for those of Banco Santander.” For the former, because they will receive a 20% premium, but also because the offer is made up of Santander shares. “This will allow those accepting the offer to continue to benefit from the advantages of the group’s investment in Brazil as well as sharing in the strength and diversification of Banco Santander.”

It is also positive for Banco Santander shareholders, “as it will entail a 1.3% increase in earnings per share of the bank. This assumes both the market consensus regarding the 2015 earnings for Santander Brasil and an acceptance of the offer for all shares held by the minority shareholders.”

The executive chairman of Banco Santander indicated: “This step also strengthens the geographic diversification of Banco Santander, which will be key to consolidating this new phase of our growth in profits.” For that reason, she pointed to the bank’s results in the first half of the year, with a profit of EUR 2,756 million, 22% higher than the first half of the previous year. “We are particularly satisfied with the positive developments in revenues, cost control and the falling cost of credit, and with the decrease in non-performing loans across the whole group, and specifically their stabilization in Spain. At this time, the positive trends in group results are continuing.”

“I feel particularly committed to this challenge, and I also have an excellent team and the support of a board of directors with great experience. Maintaining the success story of recent decades will not be easy: the new competitive and regulatory environments are ever more demanding. However, we have a great opportunity and I approach this task with great confidence. I believe that we succeed because I know our teams well: their commitment to Santander, their highly qualified members, and their dedication to our clients. I have complete confidence that together we will make Santander the leading institution for employees, clients, shareholders and society.”

Banksville Partners Expands in Latin America Opening Buenos Aires Representative Office

| For Alicia Miguel | 0 Comentarios

Banksville Partners LLC expands presence in Latin America with the opening of a representative office in Buenos Aires and the addition of experienced international banker Hugo Pezzoni.

“Pezzoni’s experience in structured transactions augments our capabilities to assist clients with strong revenue track-records who operate even in the more volatile of our regional markets,” said Daniel Casal, Banksville’s Senior Managing Director in charge of client origination.

In this new role, Hugo Pezzoni will be a Director and Representative of Banksville Partners, based in Buenos Aires, Argentina. He will assist both Argentine clients and work on important assignments throughout the firm’s Latin American network. Previously, Pezzoni was a senior banker at Rabobank International and JP Morgan Chase & Co. focused on Loan Syndications, Trade Finance, Capital Markets, Restructurings, Credit and Equity Investments.

“We are very pleased to add the breadth of Pezzoni’s financing experience to our team and fill the growing needs of our clients throughout Latin America“, said Banksville’s Hernan Narea, Senior Managing Director and head of structured finance in New York.

Clarien Bank Targets LatAm Market With Board Appointment

| For Alicia Miguel | 0 Comentarios

Clarien Bank Limited has announced the appointment of Ronaldo Veirano as an independent director to its Board of Directors. Mr. Veirano will be responsible for advising on the Bank’s growth and strategic expansion into Latin America.

Mr. Veirano’s appointment constitutes an important Board addition for Clarien Bank as it develops towards its objective of becoming a preeminent, international financial institution offering an expanded range of products and solutions in corporate and investment banking, wealth and asset management to clients globally.

In his role as the founding partner of Veirano Advogados, in Brazil, Mr. Veirano brings a unique perspective on private wealth and institutional banking opportunities currently present in Latin America.

Mr. Veirano is also a key leader in the promotion of Brazil’s global business development and currently a member of the executive committee of both the Brazil-China Business Council and the United States Business Council.

Mr. Veirano joins three presiding board members, Buford Alexander, Michael Quinn and Gregory Slayton. They add to the long standing management team of local Board Directors, James Macdonald, James Gibbons, Hal Masters and Andrew Parsons. Keith Stock also remains Chairman of the Board representing Clarien Group Limited.

Keith Stock, Chairman of Clarien Bank Limited, said: “With Edmund Gibbons Limited as one of Clarien’s shareholders, the reappointment of James Gibbons to Co-CEO demonstrates the continued commitment to Bermuda by the Gibbons family and indeed to Clarien Bank. I look forward to James’s stewardship as Co-CEO, as he and Ian drive progress and further strengthen the Bank’s relationship with our local, and global community. Mr. Veirano’s highly regarded legal and business expertise will be a huge asset to Clarien and its Board of Directors. Specifically, his specialist knowledge of the Latin American market and his long standing relationships with organizations present in the region will be essential in driving forward strategic growth in the Bank’s private wealth and institutional banking divisions.”

Mr. Veirano commented: “Clarien Bank is clearly at a very exciting stage in its international growth. With years of experience working with institutional banking and private wealth professionals, I look forward to the opportunities that my position with the Bank’s Board of Directors will help develop, most notably in Latin America. “Over the last two decades there has been a positive change in the LatAm market. The rapid rise of entrepreneurs and ultra-high net worth individuals has resulted in a greater demand for sophisticated wealth management, corporate banking and investment services. Brazil alone presents a particularly strong opportunity. Not only will it be the world’s fourth largest economy by 2030, but at present there are more than 200 high net worth individual’s worth over $500 million dollars residing there.”

In 2008 Mr. Veirano was recognized by the government of Brazil and awarded the prestigious Order of Rio Branco, in acknowledgement of his significant contribution to the promotion of Brazil’s relations with the world.

Which Are The Trends which Chart The Path for Family Offices?

| For Fórmate a Fondo | 0 Comentarios

¿Cuáles son las principales tendencias que dibujan el camino de los family offices? — FIBA WM Forum. Courtesy Photo . Which Are The Trends which Chart The Path for Family Offices?

One of the primary tasks of a family or multifamily office is to ensure good planning, largely through the coordination of external professionals serving the family, but perhaps the most important thing is to resolve any problems of governance in order to lay the foundations for a successful future in the preservation of capital and a smoother path in family wealth management.

Here are some of the issues brought to the table as part of the presentation “Family Office as a Client”, which was held last Tuesday as part of the FIBA Wealth Management Forum in Miami. The conference, chaired by Allison P. Shipley, principal of Tax- Personal Financial Services Practice at PwC, included the participation of Santiago Ulloa, managing partner of WE Family Office, Annette V.Franqui, managing director of ForrestalCapital and Drake Jackman, managing director and head of LatAm for Northern Trust.

For Ulloa, when the time comes to get to work with a family, what that family wants to do, and where they want to go, outweighs the size of their wealth, which means that their purpose of organization takes precedence. Hence, he stressed that the first thing to do is to solve any problems of governance and legal structure. Often, members of the same family live in different jurisdictions, and on many other occasions face a serious lack of organization which leads the family aimlessly. Also, but not less important, is the task of coordinating and managing the various external suppliers who serve the family. “The trend in this regard is to hire the top of the class. We have internal resources and we coordinate with outside professionals.”

In this respect, Franqui pointed out that a family office must work together with family office service providers and also ensure that the established plan is followed.

With regard as to which trends currently move the industry, attendees agreed that many of the families they work with have members of the same family in different jurisdictions; hence the need for structuring, and for working towards complying with the various tax jurisdictions. Another trend which is found among family offices is the increase in joint ventures with other families, as well as that, increasingly, the family is seeking control and further training.

Franqui underlined that those cases of families wanting to do things together are becoming more and more common; and explained that in Southern Florida’s case, anetwork is emerging, and that this networking will eventually give significant results between now and 10-15 years. This is due to families who have been settling in the area in recent years, who already know, or are getting to know each other, and are laying business opportunities on the table.

For Ulloa, families are looking for direct investments because not everyone is willing to take the risk of investing in private equity. In this regard, Franqui agreed that closeness and knowledge take precedence over risk. “Thetendency to invest close, in those things that are familiar, still prevails,” hesaid.

Another important task of the family office is to “sit in on it” in order to gain a complete picture of the problems and needs of the family. “We manage any investments, from real assets such as the property management of real estate, to the most sophisticated, such as structuring a private equity,” Franqui said.

Meanwhile, Jackman, from Northern Trust, noted the importance of establishing regular meetings between family members, in order to, amongst other things, educate them on the risks they take, and to take the opportunity to also start educating the next generation, “which must be encouraged to work and to find out which is the area in which they can add the most value.”

The second edition of FIBA Wealth Management Forum 2014 was held last week in Miami with the participation of over 200 professionals, who during the sessions were able to hear, first hand, the issues and problems concerning industry.

Over 200 Professionals Engaged in FIBA Wealth Management Forum in Miami

| For Fórmate a Fondo | 0 Comentarios

Más de 200 profesionales participan en FIBA Wealth Management Forum en Miami — Photo of the Gathering. Photos by Funds Society and FIBA. Over 200 Professionals Engaged in FIBA Wealth Management Forum in Miami

On Monday and Tuesday, FIBA (Florida International Bankers Association) held its second Wealth Management Forum in Miami; the gathering was attended by over 200 industry professionals, who had the opportunity to listen first hand to the trends of the different players which comprise the field of asset management; as well as discussing the challenges and opportunities facing the industry today.

The event which was spread over two days, and which was held at the JW Marquis Miami Hotel, included almost twenty panels with the participation of outstanding professionals, solutions providers, and other wealth management industry players in a setting designed for sharing, listening, and presenting best practices.

This is the second time that FIBA organizes this forum, aware of the increasingly leading role played by Miami as a major asset management center globally. Likewise, the association has taken advantage of the opportunity to transmit the importance of understanding how to thrive in an era of a highly competitive market driven by rapid technological advances and social networks, as well as understanding the fine line between client confidentiality and fiscal transparency, amongst others.

Latin America Sees the Most Significant Growth in the Size of its Billionaire Population

| For Alicia Miguel | 0 Comentarios

The Wealth-X and UBS Billionaire Census 2014, shows that 155 new billionaires were minted this year, pushing the global population to a record 2,325 – a 7% rise from 2013.

The combined wealth of the world’s billionaires increased by 12% to US$7.3 trillion, which is higher than the combined market capitalisation of all the companies that make up the Dow Jones Industrial Average.

The Wealth-X and UBS Billionaire Census 2014 – the only comprehensive, global study on the composition and dynamics of this top tier of the global ultra high net worth (UHNW) population – shows that Europe, with 775 billionaires, is the region with the most billionaires and billionaire wealth (US$2.37 trillion). North America – the region with the most billionaire wealth in 2013 – was overtaken by Europe in terms of billionaire wealth in this year’s census.

Asia, however, boasted the largest billionaire wealth increase, with the region’s billionaires’ fortunes growing by 18.7% over the past year. The region is responsible for 30% of the net increase in global billionaire wealth in 2014. Asia’s billionaire population grew by 10% in 2014, with 52 new entrants into the billionaire club – 33 are from China.

The United States maintains its position as the world’s top billionaire country with a population of 571 billionaires in 2014, followed by China (190) and the United Kingdom (130), which took the third spot from Germany (123) on the Top 40 Billionaire Countries/Territories list.

Below are other key findings from the Wealth-X and UBS Billionaire Census 2014:

Europe is home to more than a third of the world’s billionaire population.
Latin America and the Caribbean is the region that saw the most significant growth in terms of the size of its billionaire population (37.8%) in 2014, but Asia saw the fastest growth in billionaire wealth (18.7%).
The billionaire population in the Middle East shrank by 1.9%, but total billionaire wealth in the region rose by 16.7%.
The size of Africa’s billionaire population decreased by 4.8%, but the region’s billionaire wealth increased by 12.9%.
There was no change in the billionaire population in the Pacific (34 billionaires), but the region’s total billionaire wealth dropped by 2%.
Nearly 35% of the world’s billionaires are concentrated in 20 cities. Billionaires are transnational. They move from city to city, rather than from country to country.
Only 5% of the world’s billionaires are worth more than US$10 billion.
The average billionaire‘s wealth rose by 4.4% this year to just over US$3.1 billion.
The average age of the typical billionaire is 63, one year older than it was in 2013.
There are 2,039 male billionaires in 2014, accounting for 87.7% of the world’s total billionaire wealth of US$7.3 trillion.
There are 286 female billionaires in 2014, accounting for a 12.3% share of global billionaire wealth.

The census – which looks at the global billionaire population from July 2013 to June 2014 – examines this top-tier wealth segment by geographical location, gender, sources of wealth and personal traits.

“Wealth-X is pleased to partner with UBS for a second consecutive year to produce the Wealth-X and UBS Billionaire Census,” Wealth-X CEO Mykolas Rambus said. “Expert commentary from UBS complements Wealth-X’s global intelligence on the world’s billionaire population, producing a report that demonstrates a true collaboration between the global leader in wealth management and the world’s leading UHNW intelligence provider.”

Download the report at www.billionairecensus.com

Lucelly Dueñas Joins Bessemer Trust’s Miami Office as SVP, Associate Fiduciary Counsel

| For Alicia Miguel | 0 Comentarios

Bessemer Trust has announced that Lucelly Dueñas has joined the firm’s Miami office Legacy Planning team as Senior Vice President, Associate Fiduciary Counsel, reporting to Mark R. Parthemer, Managing Director, Senior Fiduciary Counsel for the Southeast region.

Ms. Dueñas is responsible for advising domestic and international ultra-high-net-worth families as they navigate the complexities of wealth. She will specifically focus on cross border and international matters related to legacy planning, family governance, tax minimization strategies, and the implementation of estate plans.

Ms. Dueñas earned an LL.M. in Estate Planning from the University of Miami School of Law in Florida, a J.D. from Indiana University School of Law, and a B.S. in Psychology and a B.A. in Criminology from the University of Florida. She is fluent in Spanish.

Before joining Bessemer, Ms. Dueñas was a wealth advisor at J.P. Morgan Private Bank, where she worked with high- and ultra-high-net-worth Latin American families on the strategic planning of their wealth. Previously, she was an associate at the law firms, Guttenmacher & Bohatch, P.A., and Stephen A. Taylor, P.L.

“Lucelly’s depth and breadth of experience in providing exceptional advice and unparalleled client service will help to strengthen Bessemer’s ties to ultra-high-net-worth families and individuals in South Florida and across Latin America,” said Michael Marquez, Managing Director and Florida Region Head for Bessemer.

Founded in 1907, Bessemer Trust is a privately owned wealth and investment management firm that focuses exclusively on ultra-high-net-worth families and their foundations and endowments. The firm oversees $97.5 billion for approximately 2,200 clients and provides an integrated approach to the investment, trust, estate, tax, and philanthropic needs of its clients.