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MUFG Investor Services Hires Mark Catalano to Strengthen the Business Development Team

MUFG Investor Services, the global asset servicing arm of Mitsubishi UFJ Financial Group, has appointed Mark Catalano as Executive Director of the Business Development team.

Mark will be responsible for driving new client engagement in the Americas with MUFG Investor Services’ asset servicing solutions. These solutions include fund administration, middle-office outsourcing, custody, depository, trustee, fund of hedge fund financing, FX and wider banking services.

Mark will report into John Sergides, managing director of Global Head of Business Development & Marketing.

Formerly Head of US Business Development at Atlas Fund Services, Mark brings a wealth of experience in understanding the needs of alternative investment managers and the solutions required to support their growth ambitions. He was previously director, product & business development, alternative fund services, at Deutsche Bank, and prior to that, held positions at Fidelity Investments and Arthur Andersen LLP.

John Sergides, managing director, global head of Business Development & Marketing commented: “Mark’s appointment is a key hire in our strategy to grow organically and continue providing best in-class asset servicing solutions for clients. His expertise and understanding of the Americas market underpin our growth plans over the coming years. Mark has a proven track record of growth and deep knowledge of the alternative investment space.

Mark Catalano, executive director, Business Development Americas said: “Joining MUFG Investor Services provides an exciting opportunity to share my experience in a team that already demonstrates deep industry knowledge and a commitment to exceptional client service. I look forward to helping MUFG Investor Services achieve its growth plans by partnering with clients throughout the investment lifecycle.”

RPM Programs Experience Significant Increase in Net Flows Since 2008

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New research from global analytics firm Cerulli Associates explores the increasing popularity of rep-as-portfolio-manager (RPM) programs.

“Since the 2008 market collapse, advisors who may have previously outsourced portfolio management to home-office consulting groups are reasserting control of client accounts, which permits them to more nimbly respond to their customers’ changing risk profiles in a volatile market,” states Tom O’Shea, associate director at Cerulli.

Advisors point to flexibility as the No. 1 reason for using RPM platforms, with more than 67% citing “flexibility and control” as the major factors. More than half of advisors plan to increase their use of managed account platforms that give them discretion of their clients’ allocation to mutual funds, exchange-traded funds (ETFs), and stocks.

“The changing landscape of investment discretion caused by the growth of RPM programs is forcing asset managers to rethink their distribution strategies,” O’Shea explains. “Most broker/dealer firms offer their advisors two levels of discretion on an RPM platform: full and partial. Discerning the type of RPM discretion an advisor exercises is critical to the wholesaler’s effectiveness in the field because it will point the salesperson toward the gatekeeper they need to influence.”

“Asset management firms should focus their attention on helping advisors understand how their products complement an advisor’s portfolio construction methodology,” O’Shea continues. “Advisors have graduated from selling products to building client solutions, and asset managers need to demonstrate what kind of building block their product is.”

U.S. Institutions Gravitating Away From Pure Beta and Rebalancing Portfolios

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According to the latest research from Cerulli Associates, institutional investors in the United States are gravitating away from pure beta and duration-focused equity and fixed-income exposures.

“Institutions are considering the implications of volatility and constrained liquidity on their long-term goals and beginning to rebalance portfolios accordingly,” states Alexi Maravel, director at Cerulli. “While some are acting based on pressures outside of those in the financial markets, most are drawing lessons from the major losses experienced in 2007-2008 and taking precautions after years of post-financial-crisis gains.”

“Equity markets are struggling with the worst start to a calendar year in a decade and interest rates are near historical lows. Beneath the headlines are numerous indications of a change in the ‘risk-on’ approach that has benefited so many investors,” Maravel explains. “Conversations with both institutions and asset managers seem to begin and end with concerns about corporate spread widening and bond market liquidity.”

Many types of institutional investors are interested in strategies in which an investor can capture returns with low or no correlation to their other investments, such as absolute return, alternative credit, or infrastructure strategies, all of which tend to be actively managed.

“Institutions are increasing their awareness of the vulnerability to risk and volatility and it’s pushing institutions to re-allocate away from the passive index investments-pure market beta exposure-they have favored in the past six or seven years,” Maravel continues.

BNY Mellon Expects 9% Returns on Emerging Markets Over the Next 10 Years

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Each year, BNY Mellon Investment Management develops capital market return assumptions for approximately 50 asset classes around the world. The assumptions are based on a 10-year investment time horizon and are intended to guide investors in developing their long term strategic asset allocations. They combine general market expectations and consensus data, adjusted to reflect research and views on potential market dislocations from across BNY Mellon Investment Management.

Some of the paper’s key points are:

Global equity market returns will likely range from 7% to 9% over the next 10 years. Emerging market equity will lead the way with returns near 9%, primarily due to stronger earnings growth compared to developed markets.
U.S. Treasury yields will likely rise until they reach a normalized level in six years, with the 10-year yield rising to 4.0% and the 30-year yield rising to 4.5%.
Overall, fixed income returns will be suppressed due to low current yields and principal losses due to rising interest rates.
Expected returns for alternative asset classes will generally be in line with public equity markets on a risk-adjusted basis.

Led by BNY Mellon Fiduciary Solutions, the capital market assumption team consists of more than 30 investment professionals including investment strategists, economists, financial advisors, manager research specialists, and portfolio managers.

You can access the full report on the following link.

Aberdeen AM Places Miami at the Centre of its Strategy for Americas Region

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Martin Gilbert, CEO of the Aberdeen AM, company he co-founded over 30 years ago, met with us in Palm Beach, after a brief “road show” in Miami with which Gilbert reaffirms one of his strongest commitments for 2016: the US offshore market. “The offshore industry in the United States is extremely important for Aberdeen. It is a sophisticated professional community which is highly geared towards the Latin American HNW client and shows a marked interest in international markets where the range of Aberdeen products stand out”

85% of Aberdeen AM’s clients are outside the United States, and 90% of the assets in which the firm invests are also outside the US market. Bev Hendry, who is co-director for the Americas region and accompanies Martin Gilbert in the interview, reiterated the international character of the management company and its commitment to clients such as “wholesale”, brokers-dealers, family offices, and private banks, which from the United States handle the wealth of international clients, especially of those from Latin America, “we are very aware of the importance of Miami as a center for the management of offshore wealth originating in Latin America, and in 2016 we would like to reinforce our team in that city, and to eventually hold a conference in Miami in which our leading experts can present their best ideas.” With this “Investors Day” Aberdeen AM would bring its renowned experts, including Andrew McCaffery, Global Head of Alternatives; Archie Struthers, Global Head of Investment Solutions; and Devan Kaloo, Head of Global Emerging Markets, to Miami.

Apart from the idea of holding a global conference for investors in Miami, Aberdeen AM’s commitment to the city as the center for the offshore industry in the Americas also includes the idea of growing its sales team in Southern Florida, diversifying its headcount from the current New York office. Both Martin Gilbert and Bev Hendry stress the importance of Miami as the main hub for the region. Currently, Menno de Vreeze, Business Development Director for the International Wealth Management business in the Americas, and his team, consisting of Andrea Ajila, Damian Zamudio, and Paula Ojeda, are based in New York, from where they serve the entire region.

Creating a Giant: From US$75mn to 430bn in 30 years
Aberdeen AM was founded as a trust in 1983, around a fund which was created in 1876 to finance railways in the UK. Martin Gilbert explains modestly: “I was the assistant at the law firm which managed this trust, we repurchased the fund, and eventually, when the senior partners retired, I was responsible for the daily life of the firm.” The first five partners to join the new management company were all from the same school in the Scottish city of Aberdeen. Bev Hendry, the business’ current co-Head in the Americas region, was part of this group, and joined the management in 1987. “We were a very small company; in 1985 we had US$75mn in assets under management “Gilbert explains.

Since its inception, Aberdeen AM has been a very active management company in acquisitions. Martin Gilbert points out some key moments in its history: “In 1988 we had the good fortune to acquire Sentinel Asset Management, where Hugh Young worked as Director of Equities and expert on Asian Equities. Possibly the most important strategic move in Aberdeen’s history was the decision in 1992 for Hugh to move to Singapore to co-found Aberdeen Asia and lay the foundation for our successful Asian franchise.” Hugh Young is currently still a key player in Aberdeen AM’s Asian business, being responsible for its day-to-day operation and member of Aberdeen AM’s Executive Management Committee. Singapore currently has more than 150 employees, with 65 investment professionals spread across the Asian region, with offices in Australia, China, Hong Kong, Japan, Malaysia, Korea, Taiwan, and Thailand. Aberdeen’s Asian equity and fixed income funds have received numerous international awards for good performance, and although they have currently undergone significant repayments due to the difficult environment experienced by some emerging markets, they are still clearly leaders in this asset class.

Emerging Markets: Pros and Cons for the Management Company
Since the first quarter of 2013, emerging markets have presented an ongoing challenge for global investors. Because of Aberdeen AM’s leadership in this asset class, the impact has been important for the management company. In its annual results published in September 2015, it reported net outflows of 33.9 billion pounds in assets, mostly linked to equities and emerging markets, an amount just over 51 billion dollars at that date’s exchange rate.

“The deterioration in emerging markets has left some assets trading at very attractive levels,” explains the asset management company’s CEO. “Brazilian bonds, for example, are yielding 6% in hard currency. The yields in local currency are even more attractive. There are many opportunities in equities; especially in China and India where our Asian equity experts see many opportunities. Brazil, on the other hand, has probably bottomed out in terms of currency,” he says. “We remain a firm believer in the Asian region, particularly for investors whose local home currency is the US dollar.”

The management company’s CEO believes that investors who had the good sense to exit emerging markets are now already planning to return to at least a neutral position. For investors who have maintained their position in these markets the advice is unequivocal: “Whatever you do, do not exit now, as it’s the time of maximum pain”.

Gilbert points out that Aberdeen AM still maintains the same investment philosophy which led it to build a successful franchise in emerging markets: invest in solid companies with strong fundamentals and good corporate governance, and do so at a reasonable price.

Martin Gilbert is convinced that with this strategy money will return to emerging markets. In fact, referring to the results published for the year 2015, Gilbert points out that gross inflows of assets “have been excellent, although obviously, due to the situation in emerging markets and to oil prices, there have been significant redemptions,” particularly from sovereign funds from countries in need of resources.

Diversify into Alternative Assets
In its recent acquisitions, Aberdeen AM has focused on completing its range of alternative assets. “Over the past few months, we bought asset management companies which allow us to fill certain gaps in our product offering.” In August 2015, Aberdeen completed the acquisition of Flag, an asset management company which offers private equity solutions and real assets based in Stamford, with offices in Boston and Hong Kong. Arden, with offices in New York and London, is a hedge fund company which will complement Aberdeen AM’s range for this asset class. “Since the 2008 crisis, asset management companies have experienced a difficult environment, which opens opportunities to acquire good firms at good prices,” says Gilbert.

For Aberdeen AM, these acquisitions are aligned with of one of its main objectives for the coming years: the development of a franchise of alternative solutions to diversify its range of assets.

Talent Retention
For an asset management firm, retaining talent is a matter of utmost importance. Aberdeen AM compensates its key employees with the payment of a variable amount prorated over the five years following the time it is awarded -four years to the next level within the company-. In addition, investment professionals must invest part of that bonus in their own strategies, or in a list of related funds. Thus achieving the alignment of the client’s and the manager’s objectives.

“One of the keys to retaining talent in Aberdeen AM is our corporate culture,” says Gilbert. “Top management is quite accessible.” In addition, Aberdeen AM offers a graduate program, in which it yearly hosts some 100 trainees who temporarily work in the various offices of the company worldwide. “Each year, about 35 or 40 of those 100 become part of the program, and are trained in Aberdeen’s corporate culture from the start, promoting themselves internally within the company throughout their career.”

FIBA´s 16th Annual Anti Money Laundering Compliance Conference Will Gather More Than 1400 Participants in Miami

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One of the main gatherings for the International Banking Industry is the Annual Anti Money Laundering Compliance Conference, organized by Florida International Bankers Association (FIBA). The event attracts more than 1400 participants from more than 48 countries around the world, and presents over 100 industry leaders to discuss on more than 100 topics related to AML.

The 16^th annual conference will be taking place on March 7-9 at the InterContinental Miami and, this year, the discussions and debates will convene the speakers to discuss the following core topics: Newest Trends in the AML Landscape; FATCA and the Common Reporting Standards; Section 311 and Unintended Consequences; Correspondent Banking; U.S. Regulators and Policy Makers Q&A; AML Technology – Is your Institution using the right model?; And Latest Developments in Trade Based Money Laundering: Geographic Targeting Orders (GTOs), and the Intersection of Fraud and Money Laundering.

New this year, the conference will include additional panels that focus on real-time issues facing the industry, including: Terrorist Financing; Fireside Chat with FinCEN Director Jennifer Shasky Calvery; FIFA Corruption – PEPs, Corruption and Money Laundering; Disruptive Forces in Payment Systems: e-Money, Virtual Currencies, Mobile Payments and Online Lending.

For information and registration, you may use this link

Pershing Appoints Industry Veteran Lori Hardwick as Chief Operating Officer

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Pershing LLC this week announced that Lori Hardwick has been named the company’s new chief operating officer, effective February 29, 2016.

Hardwick joins from Envestnet and will succeed Lisa Dolly, who was recently appointed new chief executive officer. Since joining Envestnet at its inception nearly 16-years ago, Hardwick served in a variety of roles managing its enterprise, sales, services, advisor orientation and on-boarding divisions. She most recently served as the company’s group president of advisory services, overseeing all of its enterprise relationship management, institutional and global advisory sales, strategic partnerships, and practice management programs.

“We’re fortunate to have Lori, a successful and highly qualified leader with an extensive track record of success and business growth, joining BNY Mellon’s Investment Services team,” said Lisa Dolly.

“Lori brings many years of investment, technology and advisory expertise to Pershing and will help us deliver solutions which empower clients and improve the advisor and investor experience.”

“Lisa and Lori will be a dynamic and complementary leadership combination, adding strength and depth to an industry leading team,” said Brian Shea, BNY Mellon vice chairman and CEO, Investment Services. “Their experience, client-focus and solution orientation will help propel our clients and our business to a higher level of success.”

Prior to joining Envestnet, Hardwick served as regional vice president at Nuveen Investments, cultivating relationships with independent advisors spanning ten states in the Midwest. She also was responsible for founding Nuveen Investment Advisor Services, where she developed and managed a program and team specifically targeted to RIAs. Prior to Nuveen, Hardwick worked in institutional sales with Griffin, Kubik, Stephens & Thompson.

Hardwick was named one of the ’50 Most Influential Women in Private Wealth’ by Private Asset Management magazine in 2015 and one of the ’50 Top Women in Wealth’ by AdvisorOne in 2011.

The iShares Core MSCI World UCITS ETF was the Best Selling European ETF in 2015

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According to Detlef Glow, Head of EMEA research at Lipper, assets under management in the European exchange-traded fund (ETF) industry increased from €368.9 billion to €449.3 billion over the course of 2015. This increase of €80.4 billion was driven mainly by net sales, which contributed €71.2 billion to the overall growth in assets under management in the ETF segment.

In terms of asset classes, Equity funds with €44.6 billion the highest net inflows for the year.

The best selling Lipper global classifications for 2015 where:

Equity Eurozone with €16.1 billion
Equity Europe with €9.1 billion
Equity Germany with €3.5 billion

Amongst ETF promoters in Europe during 2015, Blackrock’s iShares with €30.3 billion, db x-trackers with €10.0 billion and Lyxor ETF with €8.8 billion, were the best selling ones.

The best selling ETF for 2015 was the iShares Core MSCI World UCITS ETF, which accounted for net inflows of €2.6 billion

For further details you can follow this link.

Advisors´ Fears of Loosing Clients Upon Changes in Fees Are Unwarranted

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Despite ongoing discussion about the evolution of the advisory fee structure, advisors have been sluggish to make changes due to a persistent fear of losing clients. Based on data from the latest SEI research of financial advisors and investors, however, this fear is unwarranted. In fact, the reality is advisors were able to retain 90 percent of all clients upon switching to an AUM model, according to the study. The study also found that three-quarters of investors never or seldom discuss fees with their primary advisor, indicating that conversations about fees and pricing models can be uncomfortable for both parties. The lack of discussion uncovers a significant opportunity for advisors to embrace change, engage and educate their clients on the value of the advice they receive.

“Although advisors and clients are not talking about fees today, the media, the DOL and robo-advisors are beginning to seep into the consciousness of the public and someday the conversations may come to the forefront,” said John Anderson, Managing Director and Head of Practice Management Services for the SEI Advisor Network. “Most advisors don’t charge clients for goals-based planning and advice. For most, compensation — be it asset under management (AUM) fees, commission-based or both — is linked to the investment products their clients buy or sell, where advisors’ added value is least measurable. Now is the time for advisors to rethink the way they market their most valuable asset: advice.”

Investors Unclear of How Advisors Are Compensated

The research found that a quarter of investors still do not understand how their advisors are compensated, despite ongoing education and disclosure efforts. Among those who know how their advisors are compensated, one-third of mass-affluent and high-net-worth households pay their advisor a percentage fee based on a level of assets under their management, and more than half pay their advisor each time a transaction is made. Among penta-millionaires, 36 percent of households indicate they are not sure how their advisor is compensated, and an additional 5 percent claim they do not compensate for the services they receive.

“Avoiding the fees discussion does not benefit advisors or their clients,” said Anderson. “We believe that today’s investors want advice and guidance to manage their increasingly complex financial lives, but they also need to understand their fee structures. By keeping the fee and pressure-point dialogue open, it’ll allow advisors to clearly articulate a value proposition that clients understand and are willing to pay for. This is particularly true given the growth of cheaper online but less-personalized advice.”

The High Value of Advice

The vast majority of advisors report that their fear of losing clients when they switched fee model was unfounded. To reiterate, the reality is they were able to retain 90 percent of all clients upon switching to an AUM model. Even though more than half (61 percent) of advisor respondents have not made a change to their fee structure in more than five years, those who have made changes to their fee model have shifted from commission-based to an AUM model (34 percent), and/or added planning fees to an AUM model (30 percent); or, moved from an AUM fee to a combination AUM fee plus an ongoing retainer (12 percent). Interestingly, two-thirds have never changed their fee structure at all. Responses were similar for one- and two-person offices as well as for firms with 20-plus employees.

Furthermore, investors were asked what they would do if they felt they were paying too much for advisory fees, and the majority said they would stay with their advisor regardless. Among the mass affluent, nearly 30 percent indicate they would ask their advisor for a reduction in fees, and if granted, they would stay. Twenty-seven percent would ask their advisor for a reduction in fees and would stay even if they said no, while 22 percent would not say or do anything and would stay with their advisor. The responses from high-net-worth investors do not skew from this trend.

Among high-net-worth investors, 27 percent would ask their advisor for a reduction in fees, and if granted, would stay. More than a quarter would stay even if their advisor declined to reduce fees. Meanwhile, 16 percent said they would ask for a fee reduction and would leave if the answer was no, a clear distinction from the mass affluent who are more likely to stay even if they are denied. Penta-millionaires appear to be shrewder with their negotiations around fees, with 30 percent of respondents who would leave if the fees were not reduced. However, 28 percent of these respondents would not say or do anything and would stay with their advisor, which is in line with other investors.

Anderson commented, “The decoupling of investment advice and portfolio management is underway. And while it’s challenging the venerable AUM model, our research confirms that it is unlikely to change any time soon. The time has come for our industry to adopt a universal advice-based model built on a foundation of professional advice, trust and integrity, and pricing models that equate to the value investors understand and are willing to pay.”

BlackRock, Deutsche Bank and JPMorgan, Europe’s Best Selling Fund Groups

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According to Detlef Glow, Head of EMEA research at Lipper, assets under management in the European mutual fund industry enjoyed net inflows of €328.8 billion into long-term mutual funds during 2015.

The single fund markets with the highest net inflows for 2015 were Luxembourg (+€212.3 bn), Ireland (+€68.4 bn), and France (+€25.8 bn), while Spain (-€3.5 bn), Hungary (-€2.3 bn), and the Isle of Man (-€1.3 bn) faced the highest net outflows for 2015.

Equity Europe with €36.5 billion was once again the best selling sector for 2015 among long-term funds.

In terms of asset classes, mixed-asset funds with €95.4 billion enjoyed the highest net inflows for the year, followed by alternative UCITS products with€89.4 billion , equity funds with €79.8 billion, bond funds with €64.7 billion, real estate products €8.4 billion and commodity funds €1.9 billion. “Other” products (-€10.7 bn) were the only product category with net outflows for the year. Money market products enjoyed net inflows of €57.3 bn for the year.

BlackRock, with net sales of €51.4 bn, was the best selling fund group for 2015 overall, ahead of Deutsche Bank (+€20.1 bn) and JPMorgan (+€18.7 bn).
The ten best selling long-term funds together gathered net inflows of €45.7 bn over the course of 2015. UniGlobal Vorsorge (+€8.3 bn) was the best selling individual long-term fund in Europe for 2015.

For further details you can follow this link.