Maria Holmes trabajará desde Houston. Foto cedida. BBVA Compass ficha a María Holmes como responsable de Asset Management y Trust
BBVA Compass has announced that it has tapped Maria Holmes as its new head of asset management and trust. Holmes will also lead the registered investment adviser program for BBVA Securities Inc.
A native of Chicago, Holmes has more than 14 years’ experience leading investment, insurance and advisory services activities. She joins the bank from Santander, where she served as national sales director for its U.S. securities business. Before Santander, Holmes held leadership positions at Citi and Fifth Third Bank, where she directed high-performing wealth management teams and programs.
“We were attracted to Maria’s successful track record of developing and executing programs focused on client needs,” said Eddie Castaneda, head of Global Wealth for BBVA Compass. “She will make an immediate contribution as a member of the bank’s leadership team.”
Holmes joins BBVA Compass’ Global Wealth unit and will lead the teams responsible for trading activities and investment operations, risk management and product development. She will be based in Houston.
Holmes inherits an investment platform that helps clients build, protect and share wealth via dedicated portfolio management, tax efficient trading, and an in-house fixed income team and trust system.
BBVA Securities Inc. head Bruce Hagemann said Holmes is expected to help push the bank’s registered investment adviser program forward.
“Our eye is on innovation for every aspect of our business,” said Hagemann. “That’s why Maria’s here — she has a proven ability to transform and lead.”
Holmes earned a bachelor’s degree from National Louis University, and earned a master’s degree in business administration with a concentration in finance from the University of Chicago Booth Graduate School of Business.
The Swiss Financial Market Supervisory Authority FINMA initiated enforcement proceedings against Banque Privée Espírito Santo SA at the end of August 2014. The focus of the investigation is the distribution of securities and financial products of the Espirito Santo Group.
FINMA’s enforcement proceedings will examine the role played by the Swiss company Banque Privée Espírito Santo SA, which is undergoing voluntary liquidation, in the distribution of securities and financial products of the Espirito Santo Group and whether breaches of supervisory law occurred. The influence of the owners of the bank on procedures in Switzerland will also be examined.
FINMA has appointed an independent third party to clarify the circumstances surrounding these issues.
FINMA will give no further details on the ongoing enforcement proceedings at this time.
. Deutsche Asset & Wealth Management Opens Private Bank in Dallas
Deutsche Asset & Wealth Management (DeAWM) has announced the opening of its Private Bank in Dallas and the hire of Mark LaRoe as a Managing Director and Head of the U.S. Private Bank in the Texas region. LaRoe reports to Chip Packard, Co-Head of Wealth Management and Head of the Private Bank in the Americas.
DeAWM’s Private Bank offers comprehensive and customized financial solutions to ultra-high-net-worth individuals, families, and institutions.
“We are thrilled for Mark to lead our office in Dallas, as he has a proven track record as a leader in both the private banking industry and within the local community,” said Packard. “Mark will be critical in building upon our well established Private Client Services business and growing our new private banking business in Texas.”
With more than 30 years of industry experience, LaRoe joins from J.P. Morgan Private Bank, where he was a Managing Director for over 16 years. While at J.P. Morgan, Mark held a variety of positions including head of their Florida market and, most recently, as a Senior Managing Director of the Dallas team and member of the Market Leadership Teams for the DFW Metroplex and Oklahoma. Before J.P. Morgan, LaRoe spent most of his career as a banker for Comerica Bank in Dallas. He currently serves as a Trustee for the Dallas Museum of Art and Dallas Symphony Orchestra, and is on the Board of Arlington Hall/Lee Park Conservancy. LaRoe is a graduate of Texas Tech University.
Anthony Scotti has also joined the firm as a Vice President and Private Banker. Prior to DeAWM, Scotti was a Vice President at J.P. Morgan Private Bank in Dallas, where he managed existing clients and developed new relationships throughout Texas. Prior to J.P. Morgan, Scotti was a relationship manager for Credit Suisse’s Private Bank in Los Angeles. Scotti received a B.A., B.B.A., and M.B.A. from Southern Methodist University.
“We believe our private bank offers a unique value proposition to its clients, as our platform seeks to deliver a boutique wealth management experience, while leveraging the vast resources of a global bank,” said Jerry Miller, Head of DeAWM Americas. “We are committed to delivering just this in regions where we see a growing need for innovative and comprehensive wealth management capabilities.”
LaRoe and Scotti are two of DeAWM’s latest hires in its push to expand its presence in the Americas. In July, DeAWM announced its expansion in Los Angeles, and late last year announced its growth in Latin America. The firm’s focus on private banking is in line with the firm’s 2015+ strategy, which includes significantly increasing relationships with ultra-high-net-worth clients and increasing relationship managers in key wealth markets over the next three years.
According to research conducted by Schwab Advisor Services on merger and acquisition (M&A) transactions in the independent registered investment advisor (RIA) industry, the first half of 2014 experienced a continued healthy pace of activity, with 29 completed deals totaling $32.6 billion in assets under management (AUM).
Transaction activity picked up in the second quarter of 2014, with deal flow increasing from the first quarter. Sixteen deals were inked in Q2 totaling approximately $19 billion in AUM, compared to 13 deals totaling $14 billion in AUM completed in Q1. Second quarter activity nearly reached the record high levels of Q3 and Q4 of 2013, each of which saw 18 completed transactions. The average deal size also increased during the first half of 2014, reaching $1.13 billion, compared with $808 million in the first half of 2013.
“While we see consistency in M&A activity in the RIA industry, with strategic acquiring firms continuing to show their buying power, we are not seeing the spike in industry consolidation that many analysts and observers have been predicting,” said Jonathan Beatty, senior vice president, sales and relationship management, Schwab Advisor Services. “Based on the data in our research, it appears RIAs are indeed in a good position to monetize their firm’s value, but they are more often looking to preserve the owner-operator model and retain their independence through internal succession.”
Data from Schwab’s 2014 RIA Benchmarking Study released in July, indicated that 9 in 10 RIA firms are looking to develop internal successors, suggesting that founders and principals are seeking continuity of their firm’s people, culture and values. Although M&A data for the first half of the year indicates a seller’s market in the RIA industry, many advisors are actually choosing not to sell. Instead they are continuing to grow organically and create value in their firms by building enduring enterprises.
With more than one-third (36%) of all firms participating in Schwab’s Benchmarking Study having doubled their AUM and revenues since 2009, the steady M&A activity this year also reflects the healthy ecosystem of the RIA industry. The RIA model continues to attract not just investors and advisors, but also more types of acquirers – in the U.S. as well as internationally.
M&A data for first half of 2014 showed activity among Strategic Acquiring Firms (SAF) moving upward from the levels of 2013, representing 38 percent of the total deals closed, versus 31 percent of deals completed by RIAs. Additionally, the data shows an increase in acquisitions by offshore-based entities, which represent seven percent of the total deals recorded for the first half of the year.
“As RIA firms grow and continue to evolve into efficiently managed businesses built for enduring success, they will increasingly appeal to a broader range of buyers,” said Beatty. “Internal succession is one of the best ways to strengthen, scale and grow a firm to potentially make it more attractive to a buyer. I expect we will continue to see consistent M&A activity in the coming months as acquirers seek opportunities and advisors consider more choices to monetize their firm’s value as part of a succession strategy.”
Schwab Advisor Services reports M&A industry data twice yearly as part of a continued commitment to advancing the interests of RIAs, including a consultative approach that helps firms determine their transition options and plan strategically toward them.
You may access additional data in the pdf file attached-
Threadneedle Investments announces that Simon Brazier, Head of UK Equities, and co-manager Blake Hutchins have resigned. Leigh Harrison, Head of Equities at Threadneedle has resumed responsibility for the UK Equities team. Leigh has overseen Threadneedle’s highly successful Equities franchise since 2010, and was previously Head of UK Equities from 2006 to May 2011.
Mark Burgess, Chief Investment Officer at Threadneedle said: “Threadneedle has one of the largest and best performing UK Equities teams in the industry, and I am confident that under the resumed leadership of Leigh Harrison the team will continue to deliver for our clients. We place great emphasis on teamwork and integrated research to ensure that our process is robust. This approach has produced a strong, consistent track record of results for our clients and this will not change. We will continue to invest to build additional resource in the team.
“Threadneedle’s UK Equities team of nine manages approximately £18 billion across a variety of strategies including core, alpha, high alpha, income, mid 250, smaller companies and long-short portfolios. There is a wealth of talent within the team and the breadth of experience and range of strategies managed enhances research ideas and maximises our ability to identify investment opportunities across the range,” he said.
Chris Kinder will become lead manager of the Threadneedle UK Fund, effective immediately. Mr Kinder, who is A-rated by Citywire, also manages the Threadneedle UK Extended Alpha Fund which has achieved top quartile performance over one year and since Chris took over management of the fund in 2010.
“Chris is a senior fund manager and a core member of the UK team. He has an excellent track record and we are very confident that he will continue the strong performance of the Threadneedle UK Fund,” Mr Burgess said.
Simon and Blake will leave with immediate effect. Three junior members of the team, with roles primarily supporting Simon, will also leave Threadneedle. According to information published by Citywire, Simon, Blake and the three junior members of the team who are leaving Threadneedle will formally join Investec Asset Management in November.
De izquierda a derecha, Satya Patel, Teresa Kong y Gerald Hwang. Matthews Asia lanza la versión UCITS de su fondo de renta fija asiática Strategic Income Fund
Matthews Asia has launched a new strategic income fund, as an expansion of its Luxembourg-domiciled UCITS fund range.
The Matthews Asia Strategic Income Fund is managed by the same managers and will be run on the same philosophy as the firm’s US-based Asia Strategic Income strategy that was launched three years ago.
The fund is managed by Teresa Kong and co-managed by Gerald Hwang and Satya Patel, and will invest primarily in both local and external currency Asian corporate and sovereign bonds, in a bid to provide a total return over the long term with an emphasis on income, Matthews Asia said.
The fund takes a bottom-up approach to securities selection in order to construct a portfolio based on creditworthiness, exposure to the interest rate cycle and the potential for currency appreciation.
According to Matthews Asia, the significant structural reforms undergone by Asia’s bond markets and their subsequent growth has been “one of the region’s most important economic developments during the last decade”.
Kong added: “Investors’ fixed income portfolios tend to be underinvested in Asia since widely used global debt benchmarks generally allocate to the most indebted countries as opposed to the most creditworthy. Dedicated Asian fixed income allocations enable investors to potentially create a more diversified exposure across interest rate, credit and currency while enhancing the overall risk-return profile of a fixed income portfolio.”
Seúl. Foto: Esteban Mendieta, Flickr, Creative Commons. Threadneedle crece en Asia con una oficina de representación en Corea del Sur
Threadneedle Investments will open a representative office in Seoul, South Korea as part of the company’s expansion in Asia. Chris Lee joins Threadneedle as the Korea Chief Representative from Samsung Asset Management.
Mr Lee and his team in Korea can better understand and appreciate the ongoing interests and requirements of the Korean investors, which means we are in a stronger position to offer better service and attractive global investment products to the Korean community.
“In recent years, the Korean market has become increasingly integrated with global financial markets and, as a result, Korean institutional investors are increasingly seeking to access overseas markets in order to achieve better risk diversification and improved returns,” said Raymundo Yu, Chairman, Asia Pacific, Threadneedle Investments. “We believe that Korea presents great opportunities for us to serve institutional investors in Asia by offering our suite of outstanding investment strategies across asset classes. The opening of our Korean representative office marks yet another key milestone for Threadneedle’s growing presence in Asia.”
Part of Ameriprise Financial, Threadneedle established its presence in Asia in 2008 and has offices in Singapore, Hong Kong, Taiwan and Malaysia. The company’s growth in Asia builds on its established presence and considerable investment capabilities as well as those of Columbia Management, the group’s US-based investment manager.
“The establishment of a representative office in Korea is only the first step in our long-term commitment to the market. Mr Lee is an invaluable addition to Threadneedle’s Asia team. He brings a wealth of local market intelligence and fund industry expertise that will greatly benefit our clients in Korea as we build closer relationships with them,” said June Wong, Threadneedle’s Vice Chairman, Asia Pacific and Chief Executive Officer, Hong Kong.
Mr Lee has over 20 years of experience in managing and advising on institutional investments as both an internal and external investment manager. Before joining Threadneedle, he has led the global business as head of overseas investment team in the Global Business Division at Samsung Asset Management, Korea, where he was responsible for global asset allocation funds and managing key relationships with Korean institutional investors. In addition he established and led Samsung Asset Management operations in Singapore as Managing Director and CEO. Mr Lee also worked at various investment units of Samsung Life Insurance in Seoul and Samsung Life Investment in the UK.
“Threadneedle’s presence in Korea is essential for our global business strategy and will enable us to capture opportunities in a highly relationship-driven environment. I look forward to working closely with Threadneedle’s Asia team to deliver client-focused solutions to institutional investors in Korea,” said Mr Lee.
Threadneedle Investments has appointed Maya Bhandari as Investment Strategist in its Multi-Asset Allocation team. Maya, who started on 18 August, is based in London and reports to Toby Nangle, Head of Multi-Asset Allocation. Her appointment follows the recent appointment of Craig Nowrie as Client Portfolio Manager to the Multi-Asset Allocation team.
Maya joins Threadneedle from Citigroup, where she was a Director of Global Macro Strategy & Asset Allocation. Prior to that, she was a Director and Head of Emerging Market Analysis at Lombard Street.
Toby Nangle, Head of Multi-Asset Allocation, said: “I am thrilled that Maya has joined the team. She has a strong track record in calling markets and economic developments ahead of the pack and her appointment will strengthen further Threadneedle’s excellence in active asset allocation. Maya’s insights will help us tackle the challenges facing today’s investors and deliver solutions in an area of increasing demand. With approx. 40% of Threadneedle’s assets in some form of asset allocation mandate, we have an established and successful offering in this space.”
Foto: "Beldorf - Grünentaler Hochbrücke 08 ies" de Frank Vincentz. La economía de EE.UU. conseguirá crecer por encima de su potencial en 2015
Pioneer Investments has published a forecast update for the US economy, revising growth and inflation upwards. Tapering would be definitely over by October and interest rates should start to rise in 2015. The report is signed by Monica Defend Head of Global Asset Allocation Research, and Annalisa Usardi, Economist, US & LATAM Global Asset Allocation Research. The main highlights of the revised forecast are:
Growth: Pioneer Investments has revised its 2014 growth forecast to 2.0% based on the Bureau of Economic Analysis July 30th data release, which encompasses the advance estimate of 2Q GDP14, together with a revision of the GDP and underlying expenditure components. They also revised upward their growth expectations for 2015, to 2.7%. While 2014 will again be a sub-par growth year for the US, Pioneer Investments expects growth for 2015 to be above par, helping to close the output gap that opened with the “Great Recession”.
Inflation: Pioneer Investments believe the turning point in inflation has been reached and they now see CPI moving above 2% YoY in the coming quarters. The asset manager has revised upward both their forecasts for 2014 (CPI now at 2% YoY) and 2015 (CPI now at 2.3% YoY). Given the revisions in Wages and Unit Labor Costs, it expects CPI inflation to move modestly above the 2% level, but is not expecting dramatic upward pressure to build. Inflation expectations remain well behaved and Personal Consumption Expenditures (PCE) inflation is still below the 2% level.
Federal Reserve: The next scheduled Fed meeting is on September 17. Quantitative easing (QE) is likely to continue to be “tapered” going forward as announced and completely wound down by October 2014. Interest rates could then start to slowly rise during 2015. Pioneer Investments currently assumes that the Fed will start increasing rates during 2015 (fed fund futures currently expect rates to start to rise above 0.25% in the summer of 2015).
Triggers
Stronger-than-expected global growth and trade, resulting in higher demand for U.S. exports, could lift confidence and add to internal demand drivers to lift growth.
Improvements in consumer balance sheets, coupled with stable income growth and anchored inflation expectations, could trigger higher confidence and support more sustained patterns of consumption than we currently envisage.
Improving business sentiment underpinned by accelerating and external sales and coupled with capacity utilization levels higher than we currently estimate could support further acceleration in capital expenditures.
Risks
A significantly stronger dollar might adversely impact the export sector by making U.S.-produced goods and services more expensive in foreign markets.
After the multi-year forced deleveraging, the U.S. consumer might be more reluctant to re-leverage notwithstanding a better balance sheet, and this change in attitude might subtract steam from growth.
A faltering real estate recovery could lead to lower growth prospects.
Renewed geopolitical tensions, involving directly or indirectly the U.S., could be highly disruptive for the flow of oil and for financial markets in general.
Mid-term elections results this fall could disrupt the smooth progress of political activity and represent a risk for business stability and consumer confidence.
. Gabino Tuero, director de desarrollo de negocio de Dagong Europe
Dagong Europe Credit Rating -Dagong Europe- has announced the appointment of Gabino Tuero as Business Development Director, effective from 18 August 2014 based in the Milan office. Mr Tuero will be in charge of all business development activities both in the financial institutions and the corporates sectors of the major Southern European economies Italy, Spain and Portugal. He will also cover Eastern Europe and Corporates in the United Kingdom, reporting directly to Ulrich Bierbaum, the General Manager.
Ulrich Bierbaum, GM said ‘Dagong Europe is expanding our business development department to meet the enquiries and demands of our tailor-made rating services. Gabino’s arrival will certainly reinforce our commitment to the market. With his all-round, cross-industry background in sales, marketing, research and product development from leading financial services providers and his long standing relationships with clients and stakeholders, I am certain that we can foresee progress at a rapid pace shortly. We look forward to working closely with him.’
‘I am delighted to take on this role. I strongly believe in the potential and the unique positioning of Dagong Europe. The combination of Western methodology and the Chinese philosophy intrigues me very much. I am eager to bring my experience to the multicultural environment and am excited to be part of the team that will help to quickly strengthen Dagong Europe’s presence in this area.’ Mr Tuero added.
Mr Tuero, a Spaniard, joins Dagong Europe from Credit Suisse where he was Vice President of the External Asset Manager department since 2012, being the main point of contact with Iberian and LATAM clients from the Luxembourg office. Prior to that, he was Senior Relationship Manager at Nordea Asset Management, covering Iberia and LATAM markets. Before relocating to Luxembourg, he was Business Development Director, Financial institutions at Aviva Investors in Spain, responsible for developing relationships mainly with institutions in the Spanish, Portuguese and Andorran markets. He also spent 8 years in the Marketing department of Fidelity Investments, primarily involved in On-line and Product & Market Research functions, supporting the generation of key sales opportunities. He holds a degree in Marketing Research (ITM) and Business Administration (E-2) from Universidad Pontificia de Comillas (ICADE).
Dagong Europe
Dagong Europe Credit Rating srl (Dagong Europe) was established in March 2012 with headquarters in Milan, Italy. In June 2013, Dagong Europe received authorization and registration by the European Securities Market Authority (‘ESMA’) under the Article 16 of the CRA regulation.
Dagong Europe, a joint venture between Dagong Global Credit Rating (60% ownership) and Mandarin Capital Partners (40% ownership), is led by Mr. Ulrich Bierbaum as General Manager. Mr. Guan Jianzhong, President of Dagong Global, is the Chairman of Dagong Europe’s Board of Directors, while Mr. Lorenzo Stanca, Managing Partner of Mandarin Capital Partners, is the Deputy Chairman.
Dagong Europe provides credit opinions on financial institutions including insurance companies and non-financial corporates, producing autonomously Procedures, Criteria and models that are the foundations of the credit rating process. Dagong Europe is dedicated to bringing the financial markets with an independent, objective, fair, transparent, timely and prospective credit opinion.
