Foto: mulan
. Deutsche Asset Management suma un fondo a su suite de ETFs Comprehensive Factor
Deutsche Asset Management has announced the launch of Deutsche X-trackers Russell 2000 Comprehensive Factor exchange traded fund (ETF) the fourth ETF to be added to its multifactor suite. The new fund, DESC, seeks to track the Russell 2000 Comprehensive Factor Index. The FTSE Russell family of Comprehensive Factor Indices is designed to track the equity market performance of companies that have demonstrated relatively strong exposure to targeted investment style factors: value, momentum, quality, low volatility and size.
Fiona Bassett, Head of Passive Strategy in the Americas said: “DESC, focusing on small cap US stocks, is a logical addition to our Deutsche X-trackers Comprehensive Factor ETFs suite, which is based on an intelligently designed index construction mechanism that takes into account five investment factors. Academic research has identified certain stocks’ characteristics that are important in explaining a stock’s risk and performance. Emphasizing these factors can potentially make a significant contribution to outperforming traditional market-capitalization weighted benchmark indices.”
Deutsche AM rolled out its US multifactor suite late last year with the Deutsche X-trackers Russell 1000 Comprehensive Factor ETF and the Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF .The suite was expanded with the launch of Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF earlier this year. DESC follows the same investment methodology as the three previously-launched funds applied to the small cap US stock universe.
Foto: Scott Pitocco
. Real Madrid CF y Manchester United FC lideran la tabla de valoración de clubs europeos de fútbol de KPMG
KPMG recently released ‘Football club’s valuation: The European elite’, a report providing an indication of the value of the most prominent European football clubs.
“Our analysis of Europe’s 32 leading football clubs highlights the changing economic landscape of football. While football clubs are among some of the world’s most instantly recognised brands, with truly global fan bases, their Enterprise Value when measured in a similar way to any other business, is relatively small.” Commented Andrea Sartori, KPMG’s Global Head of Sports and the report’s author.
KPMG’s research found that English clubs top the report in terms of Enterprise Value (EV) per country with a combined total value in excess of EUR 10 billion. English clubs accounted for approximately 40% of the aggregate value of the 32 clubs valued.
“Thanks to the deal signed by the English Premier League at the beginning of 2015 the difference in terms of broadcasting revenues among the leading European leagues and the Premier League has widened significantly, despite the booming price of domestic broadcasting rights across other parts of Europe.”
Spanish teams, who have won all of Europe’s major club competitions for the past three years, follow suit with approximately EUR 6.6 billion of EV, buoyed by the two giants, Real Madrid CF and FC Barcelona, which together represent 85% of the Spanish pie and 21% of the total. Spain is the only country represented by two clubs whose enterprise value exceeds EUR 2 billion each.
Germany had only 3 clubs valued amongst Europe’s top 32 with a combined value in excess of EUR 3.5 billion.
Italian teams today play a less prominent role both on and off the pitch. FC Internazionale Milano were the last Italian club to lift the UEFA Champions League back in 2010, and since then only Juventus FC last year have been able to reach the final. Although Italy has the highest number of represented clubs (7) together with England, the overall enterprise value of the Italian teams is 70% lower than the English ones (EUR 3.1 billion vs. EUR 10.2 billion). Juventus FC, with an EV almost approaching EUR 1 billion, are the only Italian club appearing in the Top 10.
Paris Saint-Germain FC from the French Ligue 1, were assessed as the 10th most valuable club in the ranking, with a value of EUR 843 million.
Only six clubs out of 32 (AFC Ajax, PSV Eindhoven, SL Benfica, FC Porto, Fenerbahçe SK and Galatasaray SK) do not play in one of Europe’s ‘big 5’ leagues, and these clubs only account for approximately 5% of the total enterprise value of the 32 clubs evaluated.
Foto cedida. Investment Placement Group realiza una contratación clave para su expansión en Miami: Rocio Harb se une a la firma
Investment Placement Group (IPG), an Independent Broker Dealer, announced today that Ms. Rocio Harb has been appointed Director and will become Branch Manager in the newly formed Miami office. This follows IPG’s recent opening of their Houston Texas office just six months ago. Ms. Harb will be based in Miami and report directly to Mr. Gilbert Addeo, Chief Operating Officer and Head of Business Development of IPG.
“As we continue to expand our business we recognize the need for talented leaders who can help our firm transform and rise to the next level” said Addeo. “Rocio is well respected in the industry and has a proven track record of building and managing U.S. domestic as well as international private banking teams. We view her appointment as Branch Manager of our newly formed Miami office as a sign of our commitment to servicing global investors as well as attracting highly talented advisors to our firm.”
Harb has more than 20 years of experience in the financial services industry. She joins IPG from Wunderlich Securities, Inc. most recently serving as a Managing Director and Branch Manager in their Miami office. Prior to this, she worked for Dominick and Dominick as a Branch Manager. Earlier in her career, she held various compliance, operations and client management positions as Donaldson, Lufkin & Jenrette.
“I am very happy to be joining the IPG team” said Harb. “IPG has outlined a very clear vision for their growth and are truly committed to international wealth management and private banking. In addition, they have the technology, lending, trading and custodial platforms that support the needs of advisors with a global client base. I look forward to applying my expertise to this new opportunity with IPG”.
Headquartered in San Diego California, IPG is comprised of a group of affiliated financial service companies specializing in providing various wealth management and private banking services.
BNY Mellon Wealth Management nombra a Esteban Colon II Wealth Director - Foto cedida. BNY Mellon Wealth Management nombra wealth director a Esteban Colon II
BNY Mellon has appointed Esteban Colon II to the new role of wealth director with BNY Mellon Wealth Management’s New York and Northern New Jersey team. He reports to Managing Director Katia Friend and serves domestic and international clients.
Colon joins BNY Mellon Wealth Management from PNC Private Bank, where he was a senior relationship manager in the firm’s Ridgewood, N.J., office. Earlier in his 16-year financial services career, he was employed by Bank of America Merrill Lynch as a global international financial advisor in New York and, before that, as business financer officer and head of financial planning and analysis for Latin America.
Colon earned a B.A. in biology with a minor in finance from Baruch College. Fluent in Spanish and conversational in Portuguese, Colon is active with the Newark, N.J., and New York chapters of After-School All-Stars. He resides in Westwood, N.J.
BNY Mellon Wealth Management is a leading wealth manager, and was named in 2016 by Family Wealth Report as the top U.S. Private Bank. It has $191.2 billion in total private client assets, as of March 31, 2016.
Foto: Marko Mikkonen
. Schroders lanza el primer UCITS long/short de renta variable asiática en la plataforma GAIA
Schroders has announced the launch of Schroder GAIA Indus PacifiChoice in partnership with Indus Capital Partners. The fund will invest in equities and equity-related securities in the Asia Pacific region within a UCITS framework.
The fund will be managed by the investment team at Indus Capital, led by Sheldon Kasowitz, CFA, Managing Partner and co-founder of Indus Capital. The fund will look across the entire Asia Pacific region including Japan, Greater China, India and Australia, combining primarily bottom-up stock picking with a macro reasearch overlay. The fund is based on an existing UCITS fund managed by Indus, which has delivered a positive annualised net return since inception in January 2011.
Established in 2000, Indus Capital is an investment firm specialising in equity strategies investing primarily in the Asia Pacific region including Japan and in emerging markets. The firm manages approximately US$ 5.3bn for foundations and university endowments, corporate and public pensions, high net worth individuals, family offices, sovereign wealth funds, and financial institutions.
The fund manager, Sheldon Kasowitz, has over 25 years of experience in the investment industry and has been involved in long/short equity strategies for more than 20 years.
Sheldon Kasowitz, Managing Partner and co-founder of Indus Capital, said:
“ Global macro concerns have taken their toll on Asian markets recently. While external pressures remain, and China’s structural issues will continue to create volatility, the policy framework within the region is broadly attractive, and valuations are at the low to moderate end of the range. Our deeply fundamental, bottom-up stock picking approach is well suited to exploit the mispricings, both long and short, being presented across Asia.”
Eric Bertrand, Director of Schroder GAIA, said:
“We continue to see very strong demand for liquid alternative investment strategies, as clients seek to diversify their portfolios. We’re delighted to partner with Indus who have an exceptional proven track record in this strategy and investing in Asia Pacific.”
Fotos cedidas
. Michael Mazzola y Julie Nemirovsky se unen a la práctica de servicios financieros de EisnerAmper
EisnerAmper has announced that Michael Mazzola and Julie Nemirovsky have joined the firm’s Financial Services practice and will serve clients from its Miami office. Michael Mazzola joins firm partnership, and Julie Nemirovsky has been named Director in Asset Management Group.
Mike Mazzola has more than 20 years of experience providing audit, tax planning and compliance services to a diverse set of alternative investment clients. He has worked closely with domestic and offshore funds, hedge funds, master-feeder structures, broker-dealers, general partnerships, and management companies. He also has experience in domestic and foreign securities, derivatives, and other exotic instruments. Prior to joining EisnerAmper, Mike was a Partner at a New York public accounting firm serving financial service clients.
Julie Nemirovsky has more than 15 years of experience providing audit and tax services to clients in the financial services industry. Her expertise is in serving domestic and offshore funds, master-feeders, funds of funds, investment advisors and general partner entities. Julie also works with domestic and foreign securities, various types of derivatives, foreign currencies, life settlement contracts and private investments. Previously, Julie was a Director at a New York public accounting firm.
In making the announcement, Peter Cogan, co-leader of the Financial Services practice, said that there were a number of market-related factors that made the additions of Mazzola and Nemirovsky particularly timely. “The South Florida region continues to attract high net worth individuals, many from overseas. This, together with an increase in the number and scope of services offered by money managers as well as by real estate-focused private equity funds, makes it clear that the marketplace is an excellent fit for our firm’s core practice groups and for the types of services Mike and Julie offer.”
“The addition of Mike and Julie is part of our strategy of expanding EisnerAmper’s services in high growth markets like South Florida, while building upon the already significant strengths of our national practices including financial services, real estate and personal wealth,” said Charly Weinstein, EisnerAmper Chief Executive Officer.
UBS Financial Services and NextShares Solutions, a wholly owned subsidiary of Eaton Vance, announced on Wednesday that UBS Financial Services plans to offer NextSharesTM exchange-traded managed funds as part of its solutions set for clients. As a result, UBS will become the first full-service wealth manager to offer NextShares through its financial advisor network. In addition, UBS Asset Management (Americas) plans to enter into an agreement with NextShares Solutions to support the development and launch of UBS-sponsored NextShares funds in 2017. The first NextShares funds began trading on the Nasdaq Stock Market earlier this year.
“At UBS our foremost commitment is to provide our clients with the advice and solutions they need to meet their investment objectives,” said Tom Naratil, President of UBS Americas and WMA. “By leading the introduction of NextShares, we enable UBS’s financial advisors to take advantage of the latest advances in fund design, with lower expenses and more tax efficiency.”
“We are pleased to support UBS in its plans to launch NextShares,” said Thomas E. Faust Jr., Chairman and Chief Executive Officer of Eaton Vance. “UBS’s commitment to doing what’s best for clients makes them an ideal partner for NextShares Solutions and Eaton Vance. Today’s announcement is a major milestone in the development of NextShares.”
According to a statement, UBS believes NextShares is an innovative way to invest in actively managed strategies, that offers the potential for benchmark-beating returns by applying their manager’s proprietary investment research. Along with UBS Asset Management, NextShares are expected to be offered by a range of well-known asset managers and across fund asset classes.
French boutique Tikehau Capital has announced the completion of two share capital increases amounting to €510 million along with the introduction of two new institutional investor shareholders to Tikehau’s holding company.
These transactions provide the group with additional resources to pursue its organic and external growth, to develop its global strategy and to accelerate its international expansion. Through a €94 million capital increase, Tikehau Capital Advisors (TCA) welcomes as new shareholders Singaporean investment company Temasek, and French investment company FFP (the listed Peugeot family office), along with long-standing partner French insurance group MACSF.
They are joining existing institutional shareholders Credit Mutuel Arkea and Amundi. These institutional shareholders now each hold over 5% of TCA. Alongside these investors, the rights issue by TCA has €17 million in subscriptions from founders, partners and senior management of Tikehau Capital in order to maintain their current ownership and remain the controlling shareholders of the group.
In parallel to the TCA rights issue, Tikehau Capital Partners successfully completed a €416 million capital increase as the result of an early conversion of the €176 million of convertible bonds issued in 2015, as well as a rights issue raising an additional €240 million in cash.
With the completion of these transactions and the establishment of new relationships, Tikehau Capital will continue to focus on its global strategy, increase its pipeline of investment opportunities and continue its international expansion.
Antoine Flamarion and Mathieu Chabran, co-founders of Tikehau Capital commented: “These two capital increases mark a major milestone in the development of Tikehau Capital, as they provide us with additional capacity to grow regardless of the current market turbulence and to compete with leading players in the asset management field.”
As of 1 July 2016, the group had assets under management of over €8 billion.
According to Mike Amey, MD & Head of Sterling Portfolios at PIMCO, now that we have had some time to digest the UK’s collective decision to leave the European Union, their expectation is that growth in the UK will fall to around 0% or slightly above over the next 12 months, based upon a material slowdown in business investment, some easing in consumer spending and little change in either fiscal policy or the contribution from net trade.
Amey, that recognizes there is a lot of uncertainty to any outlook amid this politically charged atmosphere, expects CPI to rise to 2% by mid-2017, as the impact of weaker sterling is reflected in import prices. But while there are risks around this forecast, not all of those risks are to the downside. “Certainly there is scope for a more material fall in business investment or consumer spending than we are expecting, but there is also scope for some form of fiscal stimulus.”
“Business investment had already shown some weakness ahead of the EU referendum on 23 June, and we would expect a further slowing to a -5% to -10% annual rate over the next 12 months, in line with some of the weaker periods in the decade prior to the financial crisis. At around 10% of GDP, this will take around 0.5% to 1% off growth. Arguably harder to gauge will be the hit to consumer spending, and given that it generates around two-thirds of GDP, this will be an important determinant of the magnitude of the slowdown. Our expectation is that household consumption will slow by around 1%, which would be materially weaker than the pre-crisis period; however, we would be the first to acknowledge the risks around this forecast.”
UK inflation potential Meanwhile, thinking about the path of inflation, the PIMCO strategist believes that the 11% fall in the trade-weighted sterling index should add around 0.75% to core inflation in the next 12 months. Core inflation is currently 1.2%. The headline CPI rate will converge to the core rate as the effect of the drop in energy prices falls out of the annual number, and this should mean that headline CPI rises from its current rate of 0.3% to the 2% target by mid-2017. “Again, there is substantial uncertainty about how much of the fall in sterling gets passed into the CPI, but we have used prior relationships which indicate that a 10% fall in sterling typically adds 0.5% to 0.75% to headline CPI in 12 months’ time. Crucially, this will only take CPI back to the target rate, and as such will not prove an impediment to monetary stimulus in the months ahead.”
Given the weak growth profile, we expect the Bank of England to cut official rates toward (but not below) zero, and thereafter consider quantitative easing if further stimulus is deemed necessary. This should support gilts and keep sterling on the back foot.
CC-BY-SA-2.0, FlickrFoto: Magnus Hagdorn. Anne Robinson deja Citi para liderar el departamento legal de Vanguard
Vanguard has announced that Anne E. Robinson will join the $3.5 trillion investment management firm next month as General Counsel and Managing Director of its Legal and Compliance Division. She most recently served as a Managing Director and General Counsel Global Cards and Consumer Services at Citi.
“Anne Robinson is an ideal addition to Vanguard’s senior leadership team. Her expansive and varied legal experience in the financial services and consulting fields will be of great value to Vanguard and our clients,” said Vanguard CEO Bill McNabb.
Ms. Robinson will assume leadership of Vanguard’s Legal and Compliance Division from Managing Director Heidi Stam, who announced her intentions to retire in October 2015.
As a member of the firm’s 12-person senior leadership team, Ms. Robinson will be responsible for all legal and compliance activities, including regulatory, corporate, and litigation matters.
After spending the early part of her career in private law practice and with Deloitte Consulting, Ms. Robinson joined American Express in 2003 and served in various legal positions of increasing responsibility. She joined Citi in 2014 as the General Counsel for Global Cards. She received a B.A. degree in political science with honors from Hampton University in 1991 and graduated from the Columbia Law School in 1994.
