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Well-known Industry Professionals Create the Women in Finance Association, Which Already Operates in Miami and New York

Conocidas profesionales de la industria crean una asociación de mujeres en finanzas, que ya opera en Miami y Nueva York — Pixabay CC0 Public DomainPhoto WIFA. Well-known Industry Professionals Create the Women in Finance Association, Which Already Operates in Miami and New York

WIFA, Women in Finance Association, was born less than a month ago, an entity which came to be thanks to the initiative of several well-known Miami professionals. Initially, it was Lauren Shapiro, a securities lawyer for the Miami-based company, Capital Legal Group, who founded the association, after realizing that there was no outlet or platform for female financial professionals in the area. “It‘s important for women to be given a voice, and to be able to meet in an intimate and attractive environment in which to discuss the difficulties of their successes in the industry,” explains Shapiro, when asked about the reasons behind this project.

WIFA was born after an extensive analysis of women’s situation in various sectors of the male dominated financial world, explains its founder. It is an instrument for raising awareness, ensuring adequate recognition of the impact of women in the world of finance, and for providing the tools which allow them to wade through a ruthless system and advance to executive level in their professional development. “We have created a forum so that women not only share the difficulties they face when working towards success, but which also allows them to share their knowledge, perceptions, and experiences with each other,” she says. “We are committed to giving every member, regardless of their level of expertise, valuable benefits to develop future executives, recognize and honor the achievement of women in the industry, and invest in the community.”

Currently, Shapiro is accompanied on the Board of Directors by her co-founders Franciele Sgarioni, Senior Sales and Marketing Executive for Trident Fund Services, and Stephanie Tetreault, Senior Audit Manager at KPMG; they are committed to the objective of creating an organization which women feel is beneficial, both from a professional perspective, and for achieving personal growth.

Presently, the association, which operates in Miami and New York, and intends to reach some Latin American cities in the near future, requires its members to pay a fee, which can vary from 25 to 250 dollars, depending on their professional rank.

In return, they are part of a platform that aims to bring professional women from the financial industry together for the purpose of networking, offering training, mentoring, leadership coaching, industry awareness, and philanthropy.

“In the future, we will have various programs and activities tailored to our members’ objectives,” explains Saphiro. They will focus on women and markets, and will offer programs and activities, in Miami and New York, for members at different levels. In order to do this, at the time of affiliation, each woman will be asked to select from a menu of objectives and, from there, they will receive information on the programs and activities geared to their specific objectives.

“We will make our events intimate, informal, and frequent, so that women feel comfortable and can truly be themselves,” adds the founder.

Even though it’s still in its early days, the association declares itself open to collaboration with other associations and corporations, as long as they are appropriate for their members and in tune with their objectives

At last, these fierce and powerful women, as Saphiro describes women in the financial world, from Miami and New York, have already achieved their own “club.”

For further information, please visit the WIFA website.

Sotheby’s Launches Global Luxury Division and Announces Leadership

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Sotheby’s announced the appointment of Maarten ten Holder as global Managing Director of the Company’s new Luxury & Lifestyle Division, uniting the categories of jewelry, watches, wine, cars and experiences, as well as the relationship with Sotheby’s International Realty, under one senior executive. A highly experienced member of the firm’s senior management team, Maarten will relocate to New York from London, where he was most recently Managing Director of the operations in Europe, the Middle East, India and Africa. Prior to his post in London, Maarten held leadership positions in New York, Milan and Amsterdam. His appointment is effective immediately.

“Our creation of a new division that unites these key areas globally under Maarten’s talented leadership is yet more progress on Sotheby’s strategy to serve clients and provide value for shareholders,” said Tad Smith Sotheby’s CEO.”

Maarten ten Holder added, “I am thrilled to step into this crucial role leading the new Luxury & Lifestyle division. Each of these businesses operates in a market even larger than the art market, and I am excited to lead our strategic effort to fashion our talented teams into a stronger foundation for Sotheby’s growth.”

Maarten ten Holder began his career at Sotheby’s in Amsterdam. Early on, Maarten played an integral role in many large-scale country house sales across Europe and helped to organize Sotheby’s first auction in France in 1999. He took on the role of Deputy Managing Director in Italy in 2002, before moving to New York in 2006 as Managing Director of North & South America. During his tenure in New York, and more recently in London, Maarten oversaw some of the most high profile auctions in recent memory, including the sale of Edvard Munch’s The Scream, the collection of Mrs. Paul Mellon, property from the personal collection of Deborah, Duchess of Devonshire, and the personal collection of David Bowie. Additionally, he was involved in numerous major sales of jewelry including the collections of Mrs. Charles Wrightsman and Mrs. Estée Lauder & Mrs. Evelyn H. Lauder, as well as the recent $175 million record-breaking sale of jewelry in Geneva.

Maarten’s involvement with car auctions began in 2005 with Sotheby’s landmark sale of cars and related memorabilia at Ferrari‘s legendary premises in Maranello, Italy. This past November, he was an auctioneer for the RM Sotheby’s sale of The Duemila Ruote sale in Milan – the largest automobile collection sale ever staged in Europe. An accomplished auctioneer, Maarten regularly conducts sales in all of Sotheby’s major international selling locations in five different languages.

American UHNWI Prefer to Own Vacation Homes in Mexico, Bahamas, UK, France, and the Caribbean

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Los UHNWI estadounidenses eligen México, las Bahamas, Reino Unido, Francia y el Caribe para adquirir propiedades — Pixabay CC0 Public DomainPhoto: Pexels. American UHNWI Prefer to Own Vacation Homes in Mexico, Bahamas, UK, France, and the Caribbean

Ultra high net worth (UHNW) clients in the U.S. tend to own multiple houses overseas, with North and South America the most popular locations for their foreign properties, according to a study of proprietary data by AIG Private Client Group, a division of the member companies of American International Group.

The study’s findings helped the company develop a new multinational property coverage that serves U.S. UHNW clients with considerable overseas assets.

The AIG Private Client Group data looked at trends with clients who pay in excess of $250,000 in annual personal insurance premiums. These clients have particularly complex coverage and service needs to go along with their extensive global and domestic assets.

This population owns nine homes overseas, on average. Mexico, the Bahamas, and the Caribbean are three of the top 5 locations for these properties, accounting for 36% of the overseas home count. Two of the top five locations are in Europe. Overall, more than 50% of the homes owned by this group are in the Americas. The breakdown of the top countries follows:

Mexico – 14%
Bahamas – 13%
England – 12%
France – 9%
The Caribbean – 9%

This study also found that this segment of UHNW clients also has on average:

19 regular-use vehicles
$1.7 million in jewelry insured
$19.6 million of fine art insured

The new AIG Private Client Group offering responds to these findings. It represents an important multinational collaboration between AIG’s Commercial and Consumer Insurance segments. It combines the policy service systems and global presence of AIG Commercial’s multinational insurance platform with the high-touch customer service and claims expertise of AIG Private Client Group.

“No other insurance provider in the high-net-worth space can provide this level of service in their global coverage,” said Gaurav Garg, President and CEO of Personal Insurance. “With AIG’s vast global footprint and capabilities, we are able to take another step forward in our commitment to being our clients’ most valued insurer. We are able to provide our high net worth customers with the AIG Private Client Group claims and underwriting experience that they are accustomed to, whether their homes are in the U.S. or overseas.”

In most cases, U.S. UHNW clients have had to rely on multiple coverages offered by different insurance providers spread across the globe to insure their overseas property, making it challenging for both clients and their insurance agents to access cohesive protection. With the AIG Private Client Group offering, however, clients can access coverage through one provider and also benefit from AIG’s risk mitigation and claims expertise.

Multinational property coverage complements other AIG Private Client Group offerings that are inherently global, including private collections, personal excess liability, and yacht insurance policies.

The coverage is also available to AIG Private Client Group clients with substantial assets but a smaller global footprint.

Philanthropic Strategies for 2017 and Beyond

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There are several strategies that can be utilized to help you implement your philanthropic mission. While you can make gifts that solely benefit charities, you can also make gifts that provide you with financial benefits. Both offer the opportunity for immediate and deferred gifting. John O. McManus, Founding Principal, McManus & Associates, identifies tax-efficient estate planning vehicles to consider for your ongoing philanthropic mission.

Set up a Family Foundation
Rather than making gifts directly to charities and surrendering any say as to the application of the gifts thereafter, a Foundation allows you to retain control over the administration and investment of the assets that you have earmarked for future grant-making, while enjoying the full benefit immediately of a charitable income tax deduction – up to 30% of your adjusted gross income for cash gifts and 20% for gifts of appreciated stock. By making gifts to charities in increments over time, you and your family can maximize your influence over their ongoing use to the selected charities. Presently, your estate would benefit from an estate tax deduction equal to the fair market value of any assets passing to the Foundation at your death. However, under President-Elect Trump’s tax proposal, contributions of appreciated assets to a private foundation established by the decedent or the decedent’s relative would be disallowed.

Create a Charitable Remainder Trust (CRT)
Charitable remainder trusts are irrevocable trusts that provide for two classes of beneficiaries: (i) the income beneficiary who receives a fixed percentage of income for the CRT term, which could be a specified number of years (up to 20) or the remainder of your lifetime, and thereafter (ii) the designated charity or family foundation, to which the remaining assets of the CRT go after the term is completed. Due to the fact that a gift of the remainder interest in the CRT is given to a tax-exempt, not-for-profit organization, you would qualify for an income tax deduction for the initial contribution to the CRT. The amount of the current income tax deduction is based on the present value of the remainder interest to the charity and is limited to 20% of your adjusted gross income. Any part of the deduction not deployed for the year of the gift to the CRT (for example, if your income is less than the deduction) may be carried forward as an income tax deduction in the succeeding four years.

Consider a Charitable Lead Trust
Charitable Lead Trusts (CLTs) are irrevocable, split-interest trusts in which income payments are made to a qualified charity, while the remaining trust corpus is given to a noncharitable beneficiary, generally the spouse or children of the donor. The assets are permanently excluded from your estate for estate tax purposes. When the trust terminates, the assets remaining are passed to the designated beneficiaries free of estate and gift tax. For those with a strong interest in making charitable donations, CLTs provide a means to make donations to charities without completely disinheriting children or a spouse. The low interest rate environment today reduces the required annual charitable donation and increases the probability of greater assets transferring to the beneficiaries. The challenge is to manage the assets so that they generate the necessary payments for the charity, while at the same time providing growth that will pass to your family.

Contribute to a Donor-Advised Fund
A donor-advised fund is a separately identified fund that is maintained and operated by a section 501(c)(3) organization, which is called a sponsoring organization. Each fund is composed of contributions made by individual donors. Once the donor makes the contribution, the organization has legal control over it. However, the donor retains advisory privileges with respect to the distribution of funds and the investment of assets in the account.

Donors receive a tax deduction when they make a charitable contribution to a donor-advised fund. Deductions can be taken up to 50% of adjusted gross income (AGI) for gifts of cash and up to 30% of AGI for gifts of appreciated securities (with a 5-year carryforward for unused amounts above this AGI limit).

La Financière de l’Echiquier Foundation Sets a Course for Europe

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La Fundación Financière de l’Echiquier pone rumbo a Europa — Pixabay CC0 Public Domain. La Financière de l’Echiquier Foundation Sets a Course for Europe

After celebrating ten years of engagement in France, La Financière de l’Echiquier Foundation has expanded its reach to promote education and professional integration in Europe, and in that way, support the company’s development beyond its borders.

The Foundation has thus broadened its mission in assisting persons in difficulty to those countries where La Financière de l’Echiquier (LFDE) is already present by supporting non-profit projects promoting access to the world of work. The first three not-for-profits supported are Apprentis d’Auteuil in Switzerland, Rock your life! in Germany and Duo for a job in Belgium, with developments in Spain and Italy next in line.

Ten years of initiatives in France have made it possible to distribute €5 million and finance more than 150 solidarity-based projects. 75% of the Foundation’s budget is derived from fee sharing arrangements for two funds, Echiquier Excelsior and Echiquier Agressor Partage – a pioneer in such sharing mechanisms, for which LFDE was recognized in 2013 and 2014, the “Financial altruist of the year”. The remaining 25% is derived from private donations.

“This expanded European scope marks a new chapter in the history of our foundation,” commented Bénédicte Gueugnier, President of La Financière de l’Echiquier Foundation, adding that “in so doing, it seeks to promote the company’s values and their sustainability in those countries where it has established a presence, beyond its core business. As in France, LFDE employees will be engaged by participating in all these local initiatives.”

“We are happy and proud to deploy with even more energy our philanthropic initiatives wherever we are present. This excellent initiative quite naturally accompanies the latest advances of our project for growth and reinforces our local engagement. I consider myself profoundly European and am determined to replicate at this level the superb work we have carried out in France for more than ten years”, added Didier Le Menestrel, Chairman & CEO of La Financière de l’Echiquier.

Pérez Art Museum Miami Receives $15 Million Gift from Philanthropist and Patron of the Arts Jorge M. Pérez

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Pérez Art Museum Miami (PAMM) has announced that business leader and long-time museum supporter Jorge M. Pérez will continue his patronage of the museum with a new $15 million donation. The contribution, which will be gifted over the next 10 years, will consist of $5 million in funds for the acquisition of works by Latin American artists, $5 million in endowed funds for procurement of additional works and an immediate bestowment of over 200 pieces from Pérez’s personal collection of Cuban artworks. The donated works will be featured in a new exhibition celebrating this momentous donation in the fall of 2017.

“This tremendous gift is another affirmation of Jorge and Darlene Pérez’s commitment to Miami’s museum,” said PAMM Director Franklin Sirmans. “This gift significantly improves upon the museum’s holdings and adds depth to a vitally important area of the collection that Pérez has always championed since coming on as a board member more than 20 years ago.”

Pérez has been one of the city’s leading advocates for contemporary art. This new gift will make PAMM home to one of the largest collections of contemporary Cuban art in any American museum. Earlier gifts by Pérez have included work by Cuban modernists Amelia Peláez, Wifredo Lam and Mario Carreño along with works of other Latin American modernists.

As Miami’s flagship contemporary art museum, collecting the work of Cuban artists and documenting the Cuban Diaspora fits with PAMM’s mission to represent its place in the world—geographically, conceptually and intellectually. Cuba, equally a part of Latin America and the Caribbean, has been an area of sustained interest at PAMM going back to its beginnings as a presenting institution. Over the years, the museum has presented solo exhibitions and projects by many Cuban artists such as Amelia Peláez, Wifredo Lam, Ana Mendieta, Glexis Novoa, Enrique Martinez Celaya, José Bedia and Quisqueya Henriquez.

In addition to the Cuban art collection, which will be supplemented by the first million dollars to augment the gift with new acquisitions of Cuban art, PAMM will spend $1 million a year in the four successive years to acquire works by Latin American artists to further buttress that aspect of the collection.

As an international museum of modern and contemporary art, which seeks to be the leader in archive for the study of art from Latin America and the Caribbean, the PAMM collection embodies much of the museum’s philosophy to lead the discussion of contemporary art outward from its home in Miami. To complement this philosophy, the first half of the gift will focus on collecting the works of regional artists, and the remainder of the gift will be used to acquire international contemporary art in perpetuity.

Fernando Manso Presents His New Collection of Photographs at Art Basel Miami Together With Andbank

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El fotógrafo Fernando Manso presenta su nueva colección en Art Basel Miami de la mano de Andbank — CC-BY-SA-2.0, FlickrFron left to rigth: Carlos Moreno de Tejada, managing director, Andbank Latinamerica; Joaquín Francés, CEO, Andbank USA; Fernando Manso, photographer; And Cándido Creis, Consul General of Spain in Miami España - Courtesy photo. Fernando Manso Presents His New Collection of Photographs at Art Basel Miami Together With Andbank

During the week of Art Basel Miami, the most important modern and contemporary art fair in the world, Andbank organized a photographic exhibition for its clients in Latin America. In an event attended by over 100 guests, the work “The Alhambra, an Unpublished Vision“, of the award-winning Spanish photographer Fernando Manso, was presented for the first time in the United States.

The event took place at the East Hotel in Brickell. The author and the General Consul of Spain in Miami attended the ceremony in which 12 representative pictures of the collection were presented. The selection of pictures arrived in the US thanks to Andbank’s support.

Joaquin Francés, CEO of Andbank in the United States, welcomed the guest and highlighted Andbank’s commitment to Private Banking, which is the only business that the bank is carrying out. He also explained that in difficult times such as the ones experienced by bank in recent years, one of the critical differential values in this entity is the specialization that avoids conflicts of interest with customers. He also highlighted Andbank’s commitment to Latin America where he has been investing in the Bank’s internationalization strategy during 8 years.

In addition, he valued the way in which Fernando Manso did his work, where the knowledge of his environment, the commitment to what he represents and the transparent and methodical execution of his work has a big connection with the Private Banking that Andbank has been doing for more than 85 years.

The 3 Things to Know Before You Hit The Art Fairs This Week

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Whether you are going to Art Basel Miami with or without your art advisor this week, the fairs are an excellent opportunity to view what’s hot in today’s contemporary art market. Tang Art Advisory´s senior art advisor Annelien Bruins shares in the firm´s blogg 3 tips to make an art fair experience as enjoyable as possible.

Prepare

If you are intent on thoroughly reviewing the art that’s on offer at the many fairs, make your life easy and do your homework in advance. View the floor plans of the fairs and mark your favorite galleries to make sure you don’t miss them once you get there (it is easy to get lost or overwhelmed). If you are interested in particular works, do some research or have your art advisor do it for you (i.e. on artnet.com) to have price points available.

Resist the pressure

With so many fellow art collectors and art enthusiasts roaming Miami Beach it is easy to feel pressured into buying a painting or sculpture on the spot. Try not to fall into this trap. If you are seriously considering a purchase, many galleries will allow you to reserve a piece for a limited amount of time. Use that opportunity for a stroll around Miami Beach to determine if you really want the work or if you could live without it.

Use your iPhone

You will have your iPhone with you so why not use it? When you see a work you like, take a photograph of it, as well as of the wall label and gallery sign. I find that keeping your photos in a certain sequence will make it easy to retrieve them and jog your memory the next day. It would be devastating if another collector scooped up the artwork of your dreams because you forgot which gallery had it on offer!

Standard Life Investments Extends Ryder Cup Deal

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Standard Life Investments extiende su patrocinio en la Ryder Cup — CC-BY-SA-2.0, Flickr. Standard Life Investments Extends Ryder Cup Deal

Following the 41st Ryder Cup at Hazeltine National Golf Club in Minnesota last Fall, where the US regained the trophy, the global asset manager, Standard Life Investments, confirmed that it has extended its ground-breaking sponsorship of The Ryder Cup to include the 2018 contest, which will be played at Le Golf National, Paris, France, from September 28-30 2018.

Commenting on the extension, Nuala Walsh, Global Head of Marketing & Client Relations at Standard Life Investments, said: “The Ryder Cup continues to reflect and complement our commitment to fostering team spirit in order to deliver performance excellence. Following the 2016 contest at Hazeltine National in Minnesota, and our close partnership with the European Tour, we are thrilled to announce an extended commercial agreement for The 2018 Ryder Cup.”

Keith Pelley, Chief Executive of The European Tour, the Managing Partner of Ryder Cup Europe, welcomed the extended partnership: “The Ryder Cup is one of the most prestigious events in sport and Standard Life Investments both share and exemplify our values of integrity and the pursuit of potential. We are delighted that they have chosen to extend their partnership with The Ryder Cup and we look forward to working together to deliver another world-class contest in Paris in 2018.”

Standard Life Investments became the first Worldwide Partner of The Ryder Cup in February 2013, sponsorship which included both Europe’s victory at Gleneagles in 2014 and the recent US triumph at Hazeltine National in 2016.

More Than 50 Debuts Confirmed for 2016 LA Auto Show’s AutoMobility

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The LA Auto Show, now open, expects more than 50 vehicles to be unveiled in front of media, analysts and industry executives during its trade show, AutoMobility LA, taking place November 14-17, 2016, at the Los Angeles Convention Center.

Among the more than 20 world debuts will be introductions by Alfa Romeo, Mazda, MINI, Subaru, Volkswagen and a compact SUV from Jeep. Other reveals confirmed are those from Infiniti, Jaguar Land Rover and smart. Audi, Mercedes-Benz and Nissan will have multiple reveals, while Porsche has confirmed five debuts.

General Motors (GM) will have multiple global and North American debuts, including two reveals from Chevrolet. Cadillac’s debut lineup will include the Escala concept car, which has only been seen on the Concept Lawn at the 2016 Pebble Beach Concours d’Elegance.

In addition to production and concept vehicles in the luxury and performance segments, this year’s unveilings will include a significant showing of SUVs and electric/hybrid options across several makes and models.

As the automotive industry continues to transform, AutoMobility LA will also serve as a platform for product unveilings and significant announcements focused on technology, including the global premier of Divergent’s Blade production vehicle. Built using Divergent 3D’s proprietary platform, the Blade supercar represents the future of automobile manufacturing and will be available to customers in 2017.

Elio Motors,the start-up vehicle company bringing a low-cost, highly fuel efficient commuter vehicle to market, is planning on revealing the E1C (its latest E-Series vehicle), its P5 prototype vehicle and its interactive ePlus display at AutoMobility LA. With fuel efficiency of up to 84 mpg, the aerodynamic, 2-seater (tandem) has a set base price of $7,300 for non-refundable reservations (up to 65,000 total reservations).

Olli, the world’s first self-driving cognitive vehicle designed by Local Motors will also be present at this year’s AutoMobility LA. Olli, an on-demand shuttle with capacity for 12, is currently being used on private roads in the Washington, D.C. area and is the first vehicle to utilize the cloud-based cognitive computing capability of IBM Watson Internet of Things to analyze and learn from high volumes of transportation data.

Following AutoMobility LA, all of this year’s debuts will be on display at the 2016 LA Auto Show (open to the public November 18-27).