Winfried Buchbauer is a new member of the management board of Erste Asset Management GmbH as of 1 February 2016.
The management board of Erste Asset Management (EAM) now consists of Heinz Bednar (CEO), Christian Schön and Winfried Buchbauer. Winfried Buchbauer will be in charge of the areas of Risk Management and Back Office. As an executive director he will cover the market support functions of the company.
Winfried Buchbauer (51) has a proven track record as a legal counsellor in the financial service industry. In his last position as division head with EAM, he was in charge of the Legal department, Human Resources, Network & Project Management, and the Communications department. Furthermore, since January 2016 Winfried Buchbauer is a member of the management board of RINGTURM KAG, a subsidiary of Erste Asset Management GmbH.
EAM coordinates and is responsible for the asset management activities within Erste Group. In Austria, Croatia, Czech Republic, Germany, Hungary, Romania, and Slovakia EAM manages assets of 55.8 billion Euros (as of Dec 2015).
Foto: James Lumb
. Los gestores deben cuidar la distinción entre productos onshore y offshore
The growing interest in alternative Undertakings for Collective Investment in Transferable Securities (UCITS) funds among European investors is an opportunity for offshore managers, but offering the same strategy as two different products presents its own challenges, especially with regard to fees, according to the latest issue of The Cerulli Edge.
Demand for UCITS products and the introduction of the Alternative Investment Fund Managers Directive (AIFMD) has left many fund managers, that are keen to access a global investor base, unsure of whether to retain their offshore strategies, move them onshore, or do both, says Cerulli, a global analytics firm.
Seeking to resolve the offshore dilemma by adding an onshore product can create its own set of challenges, especially when launching UCITS funds designed to replicate the performance of an offshore strategy, says Barbara Wall, Europe managing director at Cerulli.
“Offering a UCITS product alongside a separate, offshore version of the same strategy can be problematic. The framework’s restrictions on strategy and liquidity (UCITS funds must trade at least twice a month) give rise to the potential for onshore/offshore pairings that could favor one set of investors over the other. This makes the dynamic of the said pairing paramount to a successful distribution strategy,” explains Wall.
A key distinction needs to be made: has the UCITS fund been designed to run pari passu to the offshore original or to complement it? Managers marketing the UCITS hedge fund as pari passu should expect fees to come under greater scrutiny, maintains Cerulli.
“Investors in the offshore fund, with less generous terms than the UCITS-compliant variant, may feel they are getting a raw deal if they are paying more or the same as investors in the onshore vehicle for less liquidity, especially if the difference in performance is minimal,” adds Tony Griffiths, a senior analyst at Cerulli.
“As such, tweaking the strategy within the offshore fund in order to change the risk-reward profile, thus distinguishing it from its UCITS counterpart, will help head off awkward questions and mitigate the chances of cannibalizing the investor base. If the manager is not marketing the funds as pari passu and has made clear that the UCITS strategy is a ‘lower strength’ version of the offshore original, a lower UCITS fee is then more applicable,” says Griffiths.
Alexandra Ruiz y Ana Contreras-Ludvigsen. Fotos cedidas. Alexandra Ruiz y Ana Contreras-Ludvigsen se unen al equipo de TotalBank
TotalBank has just announced the addition of Private BankerAlexandra Ruiz and Sales DirectorAna Contreras-Ludvigsen.
“We are pleased to be welcoming these two experienced and capable bankers to our TotalBank team. Our strategic goal is to expand Private Banking as well as our Downtown Banking Center, and we are confident their contributions will have a positive impact,” stated Jay Pelham, President of TotalBank.
Alexandra Ruiz, who joins TotalBank as a Vice President and Private Banker, will provide private client services to high-net-worth individuals, including residential, wealth management, and lending. In addition, she will develop relationships with new and potential clients. With 15 years of experience in the banking industry, she was most recently at City National Bank – Bci Financial Group, where she held the position of Assistant Vice President/Personal and Small Business Banker. Ruiz holds a bachelor’s degree from Florida International University. Her affiliations include United Way of Miami-Dade Young Leaders and the Coral Gables Chamber of Commerce.
With more than 28 years of banking experience, Ana Contreras-Ludvigsen, joins TotalBank as Vice President and Sales Director at the Downtown Banking Center. She will be responsible for the overall financial performance of the Downtown Banking Center with an emphasis on retail lending, deposit acquisition and customer ambassador. She was previously with U.S. Century as Vice President Branch Manager. Contreras-Ludvigsen holds an associate of arts degree from Miami-Dade College.
Foto: Nicola Corboy, Flickr, Creative Commons. Allianz GI compra la gestora británica especialista en renta fija Rogge Global Partners
Allianz Global Investors (AllianzGI), one of the world’s leading active investment managers, has announced that it has agreed to acquire Rogge Global Partners (RGP), the London- based global fixed income specialist.
The transaction, for an undisclosed sum, will see AllianzGI acquire 100 per cent of the issued share capital in RGP from Old Mutual and RGP management. The combination will further strengthen AllianzGI’s growing fixed income capability and client proposition, while providing RGP with a strategic partner which will offer greater distribution potential for its strategies.
AllianzGI’s commitment to building out its fixed income capability has seen it make a number of investments in this area in recent years, including the creation of an Asian Fixed Income team under the leadership of David Tan, the development of its Emerging Market Debt team led by Greg Saichin and more recently the hiring of Mike Riddell to lead the development of its UK Fixed Income capability. These investments augment AllianzGI’s already substantial Fixed Income capability.
Commenting on the transaction, Andreas Utermann, Global CIO and CEO-elect of AllianzGI, said: ”We are delighted that RGP have chosen to partner with AllianzGI as the springboard for the next stage of their development. The two businesses are a natural fit – in terms of both product mix and culture – and we really look forward to working together closely for our clients’ mutual interests. The complementary nature of the fit extends also to geographic footprint, which will substantially enhance AllianzGI’s footprint in the UK as well as making RGP’s strategies available to more clients globally.”
Franck Dixmier, AllianzGI’s Global Head of Fixed Income and a member of its Global Executive Committee, added: ”The addition of RGP is a further important step in the development of AllianzGI’s global fixed income capability. It offers us a unique opportunity to accelerate the development of our client offering in fixed income. As active managers, we share a common philosophy on generating alpha in difficult market conditions and look forward to realising the fruits of this exciting new enterprise.”
Consistent with AllianzGI’s previous acquisitions and integrations, the integrity of the RGP investment team and process will be maintained. The RGP team will become part of the global investment platform, which is set up to preserve the distinct dynamics, processes and philosophies of different investment teams.
As a result of its client-centric strategy and focus on active investing, AllianzGI has attracted positive net inflows in each of the last 11 quarters and has seen the assets it manages in fixed income grow from EUR 109bn to EUR 167bn in the last four years.
Olaf Rogge, Founder, Executive Chairman and co-CIO of RGP, said: “We initiated the search for a new strategic partner back in 2015 with the support of our current majority owner, Old Mutual. Having had discussions with a number of interested parties, we are convinced that the combination with AllianzGI will be in the best interests of clients and will ensure the continued future growth of RGP’s successful investment approach.”
As at the end of September 2015, AllianzGI’s assets under management (AuM) totalled EUR 427bn on behalf of clients, of which EUR 167bn were in fixed income strategies. RGP’s AuM, all of which is in fixed income products, totalled EUR 34bn.
The transaction, which remains subject to regulatory approvals, is expected to close by the end of the second quarter of 2016.
Foto: Elza Fiuza. Mauricio Macri ofrece 6.500 millones de dólares para salir del default
Less than two months after President Mauricio Macri took office and expressed his commitment to a deal, Argentina offered a $6.5 billion cash payment to creditors suing the country over defaulted bonds from 2001. The offer represents a 27.5% discount for creditors who filed claims of about $9 billion.
According to a U.S. court-appointed mediator, two out of six leading bondholders have already accepted the offer, Montreux Equity Partners and Dart Management were the two funds that accepted the proposal, while Elliott Management and Aurelius Capital Management are the two lead creditors.
The payment will be financed through new sovereign debt issuances. If a settlement is reached, Macri’s next challenge will be to push it through Argentina’s left-leaning Congress, where no party holds a lower house majority.
According to Reuters, the offer contained two separate proposals, with full payment on the principle value of their bonds plus 50 percent for holders of defaulted debt who never joined the U.S. lawsuit and a 30 percent reduction on a creditor’s total claim, than can be reduced to 27.5% if signed in the next two weeks for all creditors who have sued Argentina through the U.S. law courts.
Foto: Daniel Wehner
. Los alternativos crecieron hasta marcar un récord en 7,4 billones en 2015
The Preqin´s 2016 Global Alternatives Reports find that alternative assets fund managers hold a record $7.4tn in combined assets under management (AUM) in 2015, up from $6.9tn a year before. The private capital industry in particular has grown over the past year, as almost every constituent asset class saw its AUM increase. The industry as a whole added $193bn in AUM through H1 2015, more than the $149bn growth seen in the whole of 2014. The aggregate value of the portfolios of assets held by private capital fund managers is continuing to rise as GPs put more capital to work.
Hedge funds saw a challenging year in 2015, but combined assets under management grew from $3.0tn to $3.2tn despite performance concerns. Total hedge fund AUM grew by 13.3% over 2014 as funds added $355bn in total assets; this rate of growth halved in 2015 with just $178bn worth of assets added, an increase of 5.9%.
“The private capital industry has continued to show healthy growth over the past year, and is now worth over four trillion dollars. This has been fuelled by a rise in dry powder levels, following another strong year for fundraising, and an increase in the unrealized value of portfolio assets. This is not without its concerns, though; the fundraising market is more competitive than ever and dry powder levels continue to increase and put pressure on finding attractive investment opportunities.” Says Mark O´Hare, chief executive, Preqin.
“The hedge fund industry has not enjoyed the same gains made in 2013 and 2014, although it has nevertheless grown to well over three trillion dollars. While the prolonged period of weak returns has taken its toll, returns are also difficult to find in other asset classes. 2016 looks set to be a challenging year, but the industry still has the potential for significant further growth.” Concludes O´Hare.
Photo: PRO hjl. ¿Qué nacionalidad conviene más? ¿Cuántos países puedes visitar sin visa?
In today’s globalized world, individuals live and conduct business on an international scale, and the option of a second or even third residence or citizenship, and the freedom that comes with it, is enormously attractive. Countries themselves are also looking for new ways to generate growth, and have increasingly become focused on the benefits of offering investors residence or citizenship in return for some form of economic investment.
With that in mind, Henley & Partners, the global leader in residence and citizenship planning, launched on Friday the 5th edition of the Global Residence and Citizenship Handbook, an essential guide for wealthy individuals and their advisors, such as law firms, tax consultants, private banks and family offices, who are interested in international residence and citizenship.
The book presents in-depth yet practical information on all important aspects of residence rules, citizenship law, dual citizenship, passports and visa-free travel, tax and real estate planning, and many more internationally relevant topics. The new edition brings relevant updates on all featured countries, and new chapters on residence-by-investment in Australia and Guernsey, citizenship-by-investment in Grenada, an updated Henley & Partners Visa Restrictions Index, and new sections on the Global Residence Programs Index and the Global Citizenship Programs Index.
It is written by Christian H. Kälin, a Swiss lawyer and Chairman at Henley & Partners, and one of the pioneers and leading authorities in international residence and citizenship planning.
The Global Residence and Citizenship Handbook is available in print format from all major online book retailers including amazon.com and Barnes & Noble, and also in e-book format from all major online eBook retailers including amazon.com and iTunes.
Foto: Hugo A. Quintero G.
. Turquoise Partners y REYL Finance lanzan un fondo de private equity para invertir en Irán
Turquoise Partners is launching an Iran-focused private equity fund in partnership with REYL Finance, REYL & Cie’s Dubai based entity.
The new fund will be broadly focused on the rise of the Iranian consumer and will include, but will not be limited to, consumer goods, pharmaceuticals and hospitality. It aims to raise $200m in the first six months of the year.
Rouzbeh Pirouz, Chairman of Turquoise Partners, said: “Iranian companies are in great need of investment which can drive operational and financial restructuring that will allow them to realize tremendous potential”.
Pasha Bakhtiar, Partner & CEO of REYL Finance, added: “We believe this venture provides an excellent opportunity for international investors looking to gain exposure to the Iranian growth story. Together we bring a robust, thorough and diligent understanding on how to invest in Iran under the new economic environment, and we are extremely excited to be the first private equity vehicle for an international investor base.”
Turquoise has been the only Iranian group that has been active in the private equity market prior to the removal of sanctions and only one day after their removal the announced the launch of the Turquoise Variable Capital Investment Fund, together with Charlemagne Capital.
REYL Group is an independent banking group with services in Wealth Management, Asset Management, Corporate & Family Governance, Corporate Advisory & Structuring and Asset Services.
MUFG Investor Services, the global asset servicing group of Mitsubishi UFJ Financial Group, has reached an agreement with Neuberger Berman, one of the world’s leading private, employee-owned investment managers, to acquire its private equity fund administration business, Capital Analytics.
This deal brings MUFG Investor Services’ private equity and real estate assets under administration (AUA) to US$ 145 billion and total AUA to US$ 384 billion.
Junichi Okamoto, Group Head of Integrated Trust Assets Business Group, Deputy President, Mitsubishi UFJ Trust and Banking Corporation said: “This transaction represents the next step in our strategy to support MUFG Investor Services position as an industry-leading administrator. Incorporating Capital Analytics’ capabilities will enhance MUFG Investor Services’ proposition and will enable us to continue to provide a full market offering for both new and existing clients, whilst maintaining the highest quality of service. We welcome Capital Analytics to our growing business.”
John Sergides, Managing Director, Global Head, Business Development and Marketing, MUFG Investor Services, said: “This acquisition will add 150 staff with specialist private equity and real estate expertise, enhancing MUFG Investor Services’ comprehensive offering in the alternative investment space and ensuring that we are the ideal partner to support clients of all sizes and complexities, as they maximize the growth opportunities that arise for their business.”
Anthony Tutrone, Global Head of Alternatives at Neuberger Berman, commented, “We believe the new ownership will create greater opportunities for Capital Analytics given trends in the fund administration industry, while allowing them to continue providing the best-in-class services that we and our clients have come to rely upon. We are confident that MUFG Investor Services, with its commitment to investing in the franchise and people, is the right steward to take Capital Analytics through to the next stage in its evolution and we look forward to continuing our close partnership.”
MUFG Investor Services is acquiring all of Capital Analytics’ business, and intends to provide a seamless transition for its employees and clients. Neuberger Berman funds will continue to receive administrative services from Capital Analytics, however, no funds or investment professionals will transfer as part of the acquisition.
Terms of the deal are undisclosed. The transaction is expected to close in second quarter of 2016, subject to regulatory approvals and customary closing conditions.
Bennett Golub, Ph.D., Chief Risk Officer and Co-Founder of BlackRock, was bestowed the 2016 Lifetime Achievement Award by Risk magazine at Risk’s annual awards event in London. Risk forms the leading subscription service covering financial risk management, regulation and derivatives news and analysis.
“As a founding partner of BlackRock, Ben has played a critical role in the firm’s success,” said Duncan Wood, editor in chief of Risk. “He is a strong advocate of fund industry changes that have the potential to mitigate systemic liquidity risk, and a passionate supporter of risk management as a profession.”
“BlackRock was built around risk management — it’s been in our DNA from the start. Ben epitomizes our belief that understanding and managing risk is the cornerstone to responsibly investing our clients’ assets,” said Rob Kapito, President of BlackRock. “Over the years, Ben has played a critical role in developing BlackRock’s Risk and Quantitative Analysis capabilities and firm’s Aladdin platform. He has ensured that BlackRock remains true to its legacy, keeping risk management as a core piece of its fiduciary culture. It is with great pleasure that I congratulate my friend and colleague on this well-deserved recognition.”
In his capacity as Chief Risk Officer for BlackRock, Dr. Golub also serves as co-head of the Risk and Quantitative Analysis team (RQA). RQA provides independent top-down and bottom-up oversight to help identify investment, operational, technology and counterparty risks. RQA ensures portfolio risks are consistent across mandates, reflect current investment themes within particular strategies, and comply with client-specific risk guidelines. RQA also provides independent quantitative analysis as part of the groups value add. RQA leverages Aladdin, BlackRock’s centralized, industry-leading operating platform within BlackRock Solutions, integrating risk, investment and client management, to assess and process manager investment, market and liquidity risks. Dr. Golub was one of eight founders of BlackRock in 1988.
“I am honored to be recognized by Risk for my efforts to promote effective risk management techniques to meet the challenges faced by investors,” added Dr. Golub, who attended the awards program in London.
