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Capital Strategies Seeking Talent in Frontier Fixed Income, Micro-Finance, Absolute Return

Back in 2000 in Madrid, Credit Suisse’s Daniel Rubio and Gregory Ratliff had an idea. At the peak of the financial services industry fortune, they decided to found a company that would act as a deal breaker on behalf of asset management companies who wanted to increase or build from scratch their presence in a new market.

The company was called Capital Strategies Partners and set two main objectives to itself: to represent asset management companies in new markets and to take care of fund distribution through private banks and intermediaries. In 2008, the company registered as an asset management company on the Comision Nacional del Mercado de Valores (CNMV) and was regulated according to the Mifid legislation.

At first, the aim of the company was to give exposure to the Iberian market to some small but valuable boutiques that didn’t have a presence there. Today, it has some €4bn AUM mainly in Southern Europe and Latin America and has spread its presence globally from Spain to Portugal, Italy, Germany, Switzerland, Peru’, Colombia, Brazil and Chile.

Riccardo Milan (pictured), one of the member of the management committee, who is currently in charge of the Lugano’s office, in an interview to InvestmentEurope describes the business as similar to that of a capital introducer in the UK. “However, I’d say what we do is not entirely the same. Our business model is a ‘warmer’ type compared to a ‘cooler’ approach in the UK, which suits southern countries better”.

“For this reason, we continue to work closely with investors once we have introduced them in the new market, therefore I’d say that we are more similar to a third party marketer,” he says.

To explain his job better, Milan says that he sees no substantial difference between what he does and what a salesman from any other asset management companies does internally, if not that he remains with the managers and that he is paid on the basis of business success. “It’s also worth highlighting that, unlike for a salesman from any other big fund house, asset turnover is detrimental to my job,” he adds.

As Milan also explains, Capital Strategies has several boutique each of them specialized in single asset classes, which get selected on the back of a screening analysis that tries to identify the ones that are most likely to deliver best returns in the following three to five years with lowest risk in terms of volatility and maximum drawdown.

Frontier fixed income on the radar

In the search for valuable asset classes, Capital Strategies aims at covering those niche ones that have not filled competitors’ portfolios yet. While the whole fixed income space, mainly meant as credit, is covered, Milan says that the next growth for CSP will be in frontier fixed income, asset class they actually cover through the Danish boutique Global Evolution.

Milan also explains that Capital Strategies Partners does not take any retain fees from the companies they are working with and they work exclusively on a success fee basis avoiding any conflict of interest.

Looking at the client basis, Capital Strategies has so far exclusively worked with institutional clients (both wholesale and pure institutional) and only in the last 12 to 18 months they have been looking to enter the retail distribution business predominantly in Iberia and Italy.

Of the whole institutional side, in Europe 25% of the clients are pure institutional and 75% in wholesale space. While Southern Europe is the most profitable area to date for the business, LatAm (headed by Nicolas Lasarte who joined as third partner in 2005) is an increasingly important region for the company, especially within the pension fund business. With an office in Lima, Capital Strategies focus in pure institutional markets in Peru, Chile, Colombia and Brazil.

Looking ahead to the future, Milan says that, apart from frontier fixed income, micro-finance and absolute return are on Capital Strategies’ top list. “Micro-finance is currently quite attractive to us, as in general we are on the hunt for very low correlation and stable interesting return,” he explains.

Besides that, Milan says that Capital Strategies is always open to evaluate new fund managers as long as they add value to its current offer. “We don’t want to be a fund supermarket,” he concludes.

This interview was published originally by InvestmentEurope, on September 2, 2014.

MFS Promotes Michael Roberge to Co-Chief Executive Officer

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MFS Investment Management announced that Michael Roberge, MFS President and Chief Investment Officer, has been promoted to Co-CEO, effective January 1, 2015. Roberge will share management responsibilities with Robert Manning, MFS Chairman and Chief Executive Officer since 2004. Roberge will also continue to serve as Chief Investment Officer for MFS.

Appointing Co-Chief Executive Officers will allow MFS to build out its leadership team and give Manning the opportunity to focus on the firm’s overall strategic direction, working closely with MFS’ clients and intermediaries around the world.

“In his 18 years with the firm, Mike has proven himself to be an exceptional leader and a talented investor. As Co-Chief Executive Officer, Mike will play a critical role in both guiding our investment team and managing our ongoing global expansion,” said Manning.

MFS has experienced global growth in recent years. Assets domiciled outside of the US today account for more than one-third of MFS’ assets under management.

“At MFS, we take a long-term approach, in both our investment and business strategies,” said Roberge. “Our clients will always come first. We have to ensure that we can continue to meet their needs and expectations in every place we do business.”

Roberge joined MFS in 1996 in the fixed income department. During his career at MFS, he has served as a credit analyst, portfolio manager, research director, Chief of Fixed Income, and Chief US Investment Officer, before being promoted to President and CIO in January 2010.

In order to allow Roberge to focus on his new leadership role, MFS will transition some of his investment oversight responsibilities to two new group CIOs. Kevin Beatty, Director of Equity, North America, will be promoted to Chief Investment Officer, Global Equity, and William (Bill) Adams, MFS Director of Fixed Income will be promoted to Chief Investment Officer, Global Fixed Income. Both Beatty and Adams will report to Roberge.

“Kevin and Bill have played an integral role in our long-term investment success,” said Roberge. “They are highly respected by their peers on the investment team and I have every confidence that they will be tremendously successful in their new roles.”

Adams joined MFS in 1997 as a corporate credit analyst. He took on portfolio management responsibilities in 2000. In 2009, Adams was appointed Director of Corporate Credit Research before being promoted to Director of Fixed Income in 2011.

Beatty joined MFS in 2002 as an equity research analyst and was named portfolio manager in 2004. Prior to assuming the role of Director of Equity, North America, in 2011, he served as Director of US Research beginning in 2007.

Lazard Asset Management Launches Two Open-End Mutual Funds

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Foto: Nguyen, Flickr, Creative Commons. El espejismo del “flash crash” de agosto

Lazard Asset Management (LAM) has announced the launch of two open-end equity funds domiciled in the U.S., expanding LAM’s international and global fund offerings. Both funds seek capital appreciation through distinct investment approaches.

The Lazard International Equity Concentrated Portfolio is a multi-capitalization, concentrated international equity portfolio. It invests in non-US companies judged by the investment team to have sustainably high or improving returns at attractive valuations.

“This portfolio seeks to leverage the richest insights of LAM’s International Equity analysts,” commented John Reinsberg, Deputy Chairman, International and Global Strategies. “It distills the intellectual capital of a $30 billion international equity platform into a twenty-to-thirty-stock portfolio.”

The investment team comprises portfolio manager/analysts Kevin Matthews, Michael Bennett, Michael Fry, and Michael Powers, as well as Mr. Reinsberg. On average, each team member has 26 years of industry experience, more than half of which has been with LAM.

LAM’s second new fund, Lazard Global Strategic Equity Portfolio, invests around the world and across the market capitalization spectrum. This portfolio is designed to participate in rising markets and its focus on valuations and financial productivity is intended to protect capital in declining markets. Like the Lazard International Equity Concentrated Portfolio, it focuses on stocks with attractive valuations and sustainably high or improving financial returns.

“This global unconstrained equity offering is an extension of our successful International Strategic Equity offering,” Mr. Reinsberg added.

The investment team consists of portfolio manager/analysts Robin Jones, Mark Little, and Barnaby Wilson, as well as Mr. Reinsberg. On average, each team member has 21 years of industry experience, with 15 of those years spent with LAM.

Deutsche Bank Appoints Andrés de Goyeneche as Chief Country Officer of Chile

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Andrés de Goyeneche es nombrado Chief Country Officer de Deutsche Bank en Chile — Santiago de Chile. Photo: aloboslife, Flickr, Creative Commons. Deutsche Bank Appoints Andrés de Goyeneche as Chief Country Officer of Chile

Deutsche Bank has announced that Andrés de Goyeneche has been appointed Chief Country Officer (CCO) of Deutsche Bank in Chile, effective immediately. De Goyeneche joined the Bank in 2000 and will continue to serve in his current roles as Chief Executive Officer, Deutsche Bank Chile S.A. and Head of Capital Markets and Treasury Solutions for Chile.

As CCO of Chile, De Goyeneche will lead Deutsche Bank in the country across all business divisions, and join the Latin America Regional Executive Committee. He will continue to be based in Santiago and report to Bernardo Parnes, Chief Executive Officer of Deutsche Bank Latin America, and Alberto Ardura, Head of Capital Markets and Treasury Solutions, Latin America.

“Chile is an important component of our Latin America strategy and we will continue to expand our client offerings in the country,” said Parnes. “Andrés has been instrumental in the growth of our business in Chile and we believe his tenure at the bank and deep knowledge of the local market will continue to serve us well.”

“Andrés’ deep experience and insight into the Chilean market have always been highly valued by our clients,” said Ardura. “We are confident that he will thrive in his expanded role.”

Deutsche Bank has had a presence in Chile since 1954.

Consumers in Emerging Markets: Identifying the Consumer Staples Companies Poised to Benefit

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Morningstar has published its latest Consumer Observer research report, this time exploring the growth potential of consumer staples companies with exposure to emerging markets. In its report, “Investing in the Emerging Market Consumer—Why Companies with Moats are Poised for Outsized Returns,” Morningstar equity analysts found that companies with economic moats, or sustainable competitive advantages—more specifically, companies with brand portfolios across multiple pricing tiers and expansive distribution networks—are best positioned to monetize consumer demand in emerging markets.

Morningstar analysts identified the following consumer staples companies as poised to benefit from positive growth trends in emerging markets: Ambev, Coca-Cola, Diageo, ITC, Philip Morris International, Unilever, United Breweries, Wuliangye Yibin, and Yum Brands.

“Population growth, private investment, and urbanization are all conducive to creating wealth in emerging markets. Disposable income gradually increases over time as consumers shift from rural to urban settings and trade agricultural jobs for positions in the manufacturing, service, and technology industries. Companies with recognizable brands available at multiple price points will have the most success reaching a larger pool of customers,” R.J. Hottovy, Morningstar’s consumer equity strategist, said.

“Expanding the consumer base will also require significant infrastructure upgrades in emerging markets. Regulatory and geopolitical considerations will play a large role in foreign direct investment as each country looks to strike a balance between protecting local companies and encouraging foreign investment. We think larger multinational corporations have the balance sheets and access to capital to absorb the effect of new legislation.”

In the report, Morningstar equity analysts evaluated five emerging-markets regions: China, India, Latin America, Central and Eastern Europe, and Africa. Analysts reviewed demographic trends, including population growth; driving factors of wealth creation, such as urbanization and private investment; the structure of local consumer industries; and regulatory and geopolitical concerns. Morningstar also analyzed the infrastructure needs of each emerging-markets region, as well as the strategies that consumer staples companies deploy when looking to enter or expand in a given region.

Key takeaways of the report include:

Favorable demographic and urbanization trends will be fundamental longer-term consumption drivers in China. Additional catalysts include the growth of China’s middle class, expanded Internet and broadband adoption, and government policy changes.
India is poised to see continued population growth of approximately 1 percent annually as the working-age populace also grows as a percentage of the total population, while regulatory issues and foreign direct investment restrictions remain headwinds to the success of some global consumer staples companies.
The Latin American market is attractive for consumer staples companies, as population, per capita incomes, and urbanization rates are all expected to grow. Meanwhile, inflationary pressures and relatively poor infrastructure continue to present disadvantages to consumer staples companies looking to enter the market.
Some countries in Central and Eastern Europe are the most mature of the emerging-market regions evaluated in the report, because of the region’s transition to free markets, highly educated workforce, and relative economic stability. However, an aging population and lacking infrastructure will hamper opportunities for consumer staples companies.
Africa will become an increasingly strategic region for consumer staples companies over the next several years, driven by its large, young, and rapidly growing population; increasingly favorable regulatory reform; and urbanization and the resulting wealth creation among consumers in Africa. Angola, Ethiopia, Kenya, and Nigeria are key burgeoning Africa markets, in addition to South Africa.

Top-Down and Bottom-Up Forces are Driving Dramatic Changes Within the Wealth Management Industry

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The convergence of top-down forces (increased regulation) and bottom-up forces (changes in consumer behavior) is driving dramatic and rapid changes within the wealth management industry.

According to Sergio Alvarez Mena III, member of the Florida International Bankers Association (FIBA)’s Wealth Management Forum Advisory Committee and Director at Credit Suisse Securities (USA): “The speed and depth of transformation has created unique challenges for the industry. In order to navigate these developments, we must remain cognizant of the impacts in order to manage the changes for our clients.”

Alvarez-Mena points to the regulatory environment as having the most significant “top-down” impact on wealth management. “Largely as a result of the financial crisis of 2007/2008, we are experiencing not just increased enforcement of existing regulations, but new regulations,” he says.

Some industry reshaping has already occurred as a result of the escalating costs of complying with new laws such as FATCA and BASEL III. “The general notion of de-risking, inherent in these new regulations, is causing segmentation of the marketplace,” states Mena. “There are significant implications that the industry has to clarify.”

“Miami is a classic example, with a lot of consolidating and shifting of core business models by the players here. The industry we see today is changing so radically that in five to ten years, it will look very different.” Alvarez-Mena will be a speaker at the upcoming FIBA Wealth Management Forum 2014 of which he said“This is a rare opportunity to hear what industry leaders are doing and thinking in a non-promotional setting.”

In addition to increased regulation, today’s wealth managers are also confronted with “bottom-up” changes, most importantly the proliferation of huge amounts of data, and variations in how clients deal with their money.

The upcoming FIBA Wealth Management Forum 2014, presents an important platform for gaining industry –expert knowledge and sharing industry best practices. Alvarez-Mena, who also serves on FIBA’s Board of Directors, views FIBA as the premier Latin American cross- border financial services industry organization, “nowhere is there the amount of talent conducting global business on the highest level than the broader FIBA constituency.”

“Our clients are aware of the new trends, but rely on us as wealth management professionals to advise on the changes. Platforms such as the FIBA conferences ensure we stay updated on what is most dynamic about our industry,” says Alvarez-Mena.

The Florida International Bankers Association (FIBA) Wealth Management Forum 2014 at Miami’s JW Marriott Marquis Hotel on September 15-16 will give industry professionals the competitive edge needed to navigate transition and fundamental change.

For more information, or to register, visit http://www.fibawealthmanagement.com .

deVere Group Launches in San Francisco as Part of U.S. Expansion

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One of the world’s largest independent financial advisory organizations is opening its first office on the U.S. west coast. deVere Group’s base in San Francisco is an integral part of the company’s ambitious expansion plans for the North American market. The San Francisco operation, which is located in the city’s prestigious Market Street, will be headed by Adrian Flambard.

The organization, which has 70 offices globally, more than 80,000 clients and $10bn under advice, launched its U.S. hub office in New York in June 2012. It also has a presence in Miami’s Brickell financial district.

Nigel Green, the deVere Group founder and CEO, comments: “We’re delighted to announce the opening of the San Francisco office, which is an integral part of deVere Group’s strategic push further into the North American market.

“We are committed to developing our already established presence in the U.S. and expanding into Canada over the next two years in order to meet the ongoing demand for our financial services from U.S. and Canadian citizens, international investors and expatriates.

“This soaring demand is being fuelled by a growing financial awareness and savviness in America since 2008 – people know more than ever that they need professional advice to maximise and safeguard their wealth – and because an ‘advice gap’ has been created in recent years due to many advisory firms exiting the market. We believe that our American offices have the potential to be the organisation’s most successful. He adds: “What happens in the U.S. marketplace is often a good indicator of where the wider financial services industry is headed in terms of trends, regulation and business practices. As such, we will continue to carefully analyse our expansion process here to see how our business models in other markets in which we operate might evolve.”

Senior Area Manager of deVere USA Inc, Benjamin Alderson, says: “deVere USA, which is regulated by the Securities and Exchange Commission, already has a significant number of San Francisco-based clients, and due to its major financial hub status, and its high population of high net worth U.S citizens, globally-minded investors and expatriates, San Francisco was a natural choice for the next stage of our North American growth strategy.

The team

The San Francisco operation, which is located in the city’s prestigious Market Street, will be headed by Adrian Flambard, who has relocated from deVere Group’s New York City office.

Mr Flambard, who started his career as a chartered tax advisor with PriceWaterhouseCoopers and is a well-known, experienced advisor in the international advisory sector, says: “This is a fantastic opportunity to be further involved with a robust global expansion within a dynamic, sophisticated market in which there is an obvious need for our services. These are exciting times for deVere Group.

“We are looking to extend the enviable reputation that deVere has in other regions of the world for delivering a world-class, results-driven service to its clients. We’re looking forward to becoming the San Francisco area’s most trusted advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.”

There is currently a team of five in the San Francisco office with the number of advisors expected to reach 15 within six months.

COMO Hotels and Resorts Expands to The U.S. with The Opening of Its First Urban Hotel Property in South Florida

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COMO Hotels and Resorts, a five star hotel group based in Singapore has opened the company’s first hotel in North America. COMO is renowned for iconic properties including Metropolitan by COMO and The Halkin by COMO hotels in London, as well as the a private island resort of Parrot Cay by COMO in Turks and Caicos.

Metropolitan by COMO, Miami Beach is the inaugural hotel property for COMO Hotels and Resorts in the continental United States, adding to its existing eleven international destinations, and among three new luxury properties to open in the last six months under the company’s growing hospitality portfolio. Metropolitan by COMO, Miami Beach debuts as the first oceanfront beachside property by COMO Hotels and Resorts under its Urban Hotels brand of accommodations.

Located at 2445 Collins Avenue, in the heart of the historic Art Deco District, Metropolitan by COMO, Miami Beach occupies an authentic pre-war Art Deco building, originally designed in 1939 by the celebrated American-born architect, Albert Anis. The distinguished nine-floor property consists of a total of 74 guestrooms with breathtaking views of both the ocean and the bay, an exclusive COMO Shambhala Urban Escape with a total of four treatment rooms, a rooftop Hydrotherapy Pool, outdoor yoga terrace, steam room and gym. Metropolitan by COMO, Miami Beach features Traymore Restaurant and Bar – an exquisite seafood restaurant and Gin Bar, complete with private dining area. An outdoor terrace leads to a private pool, exclusively for hotel guests, with poolside cabanas and bar, offering an outdoor à la cartemenu. The hotel offers direct beach access and comfortable loungers for hotel guests on the sumptuous sands of South Beach, while boasting to be the only hotel in its zip code to have a private dock on the waterway, opposite the hotel and adjacent to Collins Avenue.

The property was originally named The Traymore hotel, and became listed as an historic landmark by The Miami Design Preservation League, after serving as a hospital during the Second World War. The building’s original façade, ground floor tiling and Art Deco architectural accents surrounding the exterior of the building are therefore required to remain in their original form. This becomes a distinguishable feature and unique selling point for Metropolitan by COMO, during the hotel’s 12-month design and renovation, as every experience and property developed by the company is inspired by the history and inherent culture of the destination, paired with individually curated aesthetics that are handpicked by the founder of COMO Hotels and Resorts, Christina Ong.

Overseeing the interior design of the hotel is the award-winning Italian visionary, Paola Navone. Driven by her deep interest in a broad spectrum of cultures – particularly oriental ones – Navone travels extensively and her belief in cultivating the manual skills of Eastern cultures is inspired by her experience of working for years with craftsmen in the Philippines. Navone has also created the interiors for COMO’s latest island resort, Point Yamu by COMO, Phuket, in Thailand, which recently opened over the winter period.

At the heart of Metropolitan by COMO, Miami Beach is the award-winning wellness concept, COMO Shambhala– the sister brand to COMO Hotels and Resorts, that runs through all COMO properties worldwide as a hallmark of holistic and healthy living, cuisine, lifestyle and activity. The hotel’s COMO Shambhala Urban Escape offers a combination of Asian-based therapies, nutrition and exercise based on a results driven agenda managed by experts in holistic health.
Guests at Metropolitan by COMO, Miami Beach can also benefit from COMO Shambhala Cuisine.

Guestroom accommodations at Metropolitan by COMO, Miami Beach bring the signature COMO experience to the business traveler, couples and the extended family. Eight floors encompass a total of 74 guestrooms overlooking the city, the intracoastal waterway or the ocean. The different types of accommodations include City Rooms, Metropolitan Rooms, Lake View Suites and Ocean View Suites, whereby the hotel’s signature Metropolitan Room – accounting for over three quarters of the total guestrooms – is available with either a balcony, ocean view or a combination of both. Approximately one third of all guestroom accommodations at the Metropolitan by COMO, Miami Beach offer a balcony, so guests may enjoy the year-round subtropical climate Miami Beach is known for.

Metropolitan by COMO, Miami Beach is walking distance to the famed nightlife and shopping districts of South Beach, including Ocean Drive and Lincoln Road Mall, that form the city’s world-renowned reputation as one of today’s leading travel destinations for subtropical sun seekers and a playground for the world’s rich and famous.

Metropolitan by COMO, Miami Beach is owned and fully operated by COMO Hotels and Resorts, as the newest addition and fourth Urban Hotel property, joining Metropolitan by COMO and The Halkin by COMO hotels in central London and Metropolitan by COMO, Bangkok. The South Florida property is among a total of three newly opened properties by COMO Hotels and Resorts, including Maalifushi by COMO, Maldives and Point Yamu by COMO, Thailand.

William De Vijlder Appointed Group Chief Economist of BNP Paribas

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BNP Paribas announces the appointment of William De Vijlder as Group Chief Economist. He will report to Philippe Bordenave, Chief Operating Officer of BNP Paribas Group.

William De Vijlder was born in 1960. He began his career in the Economic Research department of Belgium’s Generale Bank (Générale de Banque) in 1987 and became Chief Investment Strategist in the Asset Management division in 1989. He was subsequently appointed Managing Director and Global Chief Investment Officer at Fortis Investments. Since 2009 he has been a member of the Executive Committee of BNP Paribas Investment Partners, first as Chief Investment Officer of Strategy and Partners, and for the past year, as Vice-Chairman.

William holds a PhD in Economics and has been a Senior Lecturer in Finance and Economics at the University of Ghent in Belgium since 1991.

Managed from Paris by William De Vijlder, BNP Paribas Economic Research is a global group function. It provides economic analysis to the group as a whole and its clients, from financial markets to retail banking entities businesses. The team is very international with experienced economists.

Economic Research media coverage is very large, and economists are often quoted particularly in the economic and financial press. The coverage is also made available through the Economic Research website where all publications, including web TVs, are publicly available.

William will take up his new role on September 1st, 2014.

Prudential Capital Group Names Michael Berry to Lead London Office

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Prudential Capital Group has named Michael Berry a managing director and head of its London office, the company has announced. Prudential Capital Group, provider of private capital, is an asset management business of Prudential Financial, Inc.

Berry’s appointment is effective immediately. He reports to Marie Fioramonti, managing director and head of Pricoa Capital Group, the non-U.S. business of Prudential Capital Group, which has provided private placements and mezzanine financing in the U.K. and Europe for more than 30 years.

“Michael is a welcome addition whose relationship-oriented approach is key as Prudential Capital Group continues to provide tailored financing for middle-market companies looking for alternative sources of capital to fund growth over the long term,” Fioramonti said. “Michael’s deep experience in leveraged finance will help Prudential Capital Group as it continues to expand its risk investment platform.”

Berry, who has more than 30 years of experience in finance, has a wide international background, having set up and led leveraged teams at three major banks. He was managing director and head of specialized finance at Nomura International plc. Prior to that, he was head of leveraged finance at WestLB AG and filled various roles at Deutsche Bank/Morgan Grenfell. In addition, he founded Versatus Advisers LLP, which was bought by Oriel Securities, to provide financing advice.

Berry has a master’s degree in mathematics from Oxford University. He is also holds the chartered accountant ACA designation from The Institute of Chartered Accountants in England and Wales.

Prudential Capital Group has been a provider of private debt, mezzanine and equity securities to companies worldwide for more than 70 years. Managing a portfolio of $68.1 billion as of June 30, 2014, Prudential Capital offers senior debt and mezzanine capital, leveraged leases, credit tenant leases, and equipment finance to companies, worldwide. The global regional office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Minneapolis, Newark, N.J., New York, Paris and San Francisco.