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Going Local Down in Acapulco

Few global asset classes have experienced the same level of risk re-pricing as emerging market (EM) local currency bonds over the last three years. The yield on the asset class relative to a basket of developed market government bonds now stands at a six-year high, representing a pickup of 5.4%. Meanwhile, EM currencies have weakened to such an extent that many of them now appear very cheap on a range of valuation measures. However, we believe –says Standard Life Investment in their document- investors should refrain from viewing the asset class as a potential beta allocation opportunity. Rather, they should seek to understand the varied dynamics of the small number of large countries in the opportunity set.

When assessing investment opportunities within emerging markets, the company focusses on understanding the direction of travel of fundamentals for each country. This allows them to understand which are improving and which are deteriorating. The company´s relative value models for local market instruments determine whether these fundamental changes, or expected changes, are reflected in asset prices.

Its investment case in Turkey, for example, is less favourable. The country is heading toward fresh parliamentary elections, as the process of coalition building following the June elections appears to be failing. Meanwhile, they believe the country’s financing mix is extremely risky. “There are internal policy challenges that need to be resolved before we could become more bullish on local market assets. In Brazil, even though we believe that the government’s revisions to primary surplus targets for 2015 may present risks to debt sustainability, the market understands these risks better than those present in Turkey. Therefore, we would still consider holding Brazilian debt.”

Meanwhile –says the company-, the renewed slump in commodity prices continues to present challenges to those countries which rely on these products as a source of exports, government revenues or GDP growth. Any rebound in commodity prices – especially oil – would result in a more constructive view of fundamentals in Malaysia and Nigeria. Among oil exporters, Standard Life Investments believes Colombia should perform well in the months to come. “Its currency has undergone a drastic adjustment and we believe fiscal and monetary tightening is likely in the short to medium term.”

Emerging markets have been subjected to extreme stresses in recent years: the ‘taper tantrum’, China weakness and the precipitous decline in commodity prices having created something of a perfect storm. In such a scenario, investors can be guilty of exhibiting insufficient discretion, choosing instead to view all EM countries as equal. For those willing to take a more nuanced approach, however, this creates opportunities. Sound fundamentals and coherent, responsible policy making are still on display among many EMs, and their local currency bonds offer an attractive level of income in today’s low-yield world.

Mutually Inclusive

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A quiet revolution is happening in hedge funds. Investors continue to allocate to the asset class, but the way they are allocating is changing, while its investor base is growing broader and becoming more inclusive.

With both bond and equity markets facing major challenges, investors are increasingly seeking out strategies that are not tied so tightly to the performance of the broader equity and fixed income markets. This trend has been picked up over several years by the Morningstar and Barron’s Alternative Investment Survey of U.S. Institutions and Financials Advisors, the 2014-15 edition of which was recently released.

Reporting the views of nearly 400 investors, it found that 63% of advisors believe they will allocate more than one-tenth of client portfolios to alternatives over the next five years, compared with just 39% in the same survey for 2013.

But more interestingly, over several years the same survey has been showing continued growth in alternatives wrapped in more accessible registered fund structures that offer daily liquidity, as opposed to the more traditional, and exclusive, private funds. Assets in U.S. registered alternative funds have risen from less than $50 billion under management in 2008 to well over $300 billion as of mid-2015. While growth has slowed from what Morningstar and Barron’s described as the “eye-popping” rates of 2013, money is still flooding into “multi-alternative” and managed futures retail products, in particular, with many new funds having been launched to meet demand. Moreover, the trend is spreading outside the U.S.: Strategic Insight’s SIMFUND database reveals a similar trajectory, showing the number of liquid alternative European UCITS and U.S. ’40 Act mutual fund products tripling to well over 1,500 since 2008.

Structures, Not Just Strategies

Clearly, the latest developments in alternative investing are as much about investment structures as investment strategies. The survey report notes, for instance, that strong positive flows into multi-alternative regulated funds coincide with dwindling traditional fund-of-hedge-fund assets.

Indeed, while U.S. advisors, who tend to be heavier users of mutual funds for liquid hedge fund strategies, have been increasing their allocations, U.S. institutional investors more used to traditional hedge fund structures have been cutting back from the latter: The Morningstar and Barron’s survey found that those expecting to allocate more than 25% to alternatives declined from 31% a year ago to 22% today. The survey report suggested they “may be tempering their enthusiasm as a result of fees, lockups and poor transparency in traditional hedge funds, as was the case with CalPERS’ announced decision to withdraw from hedge funds,” and these concerns came up when investors were asked what makes them hesitate before making alternatives allocations.

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We believe that investors who are moving their exposure to hedge fund strategies into the regulated fund world are addressing these issues without throwing the baby out with the bathwater. Let’s take them one by one:

Fees. The typical fee for a hedge fund used to be a 2% asset-based management fee, with a 20% performance fee on top. Investing through a fund of funds at peak pricing could have added an additional 1% and 10%, respectively. Competition has brought costs down, but they remain high—and the addition of hurdle rates and high watermarks on performance fees adds complexity and variability.

While many UCITS still charge management and performance fees at higher, “hedge fund” levels, some providers are consciously bucking that trend and bringing fund expenses in line with typical U.S. practices. Although generally higher than those charged on most long-only mutual funds, management fees on alternative ’40 Act funds are generally set to compete with those on other specialist mutual funds, and are lower than fees charged by traditional hedge funds because they do not have performance fees, which are prohibited for funds offered to retail investors.

Redemption terms. Many hedge funds allow only monthly or quarterly redemption and often include longer-term lockups after initial commitments. During the stressed markets of 2008, some hedge funds “gated” redemptions, only allowing a certain amount of cash to be withdrawn at any one time.

Mutual funds are required to offer daily redemption at a fund’s next NAV. (Again, while this is required for U.S. mutual funds, it is not always the case for regulated funds in other jurisdictions.) While some of the less liquid parts of credit markets may be out of bounds for funds offering daily redemptions, a multi-strategy, multi-manager liquid alternatives product offering daily redemptions at NAV should have access to a substantial portion of the hedge fund strategies available, minimizing selection bias.

Transparency. Hedge funds often only report to investors once a month, with a delay, and position-level transparency is not the norm. Multi-manager alternative funds often utilize a separate account structure, as opposed to the traditional fund-of-funds model, and this ensures position-level transparency for the portfolio managers on a daily, or even real time, basis. It allows for greater risk oversight and improves the ability of the portfolio manager to react to changing market conditions. Additionally, certain regulatory requirements applicable to registered funds require that all securities be maintained at a custodian bank and, therefore, the fund maintains total control over its assets.

Corporate governance.I t is not always clear that hedge fund directors are sufficiently engaged in governance, and in traditional funds of funds investors have little oversight of the selection of prime brokers, administrators and auditors. As part of the comprehensive regulation provided by ’40 Act and UCITS, regulated funds’ boards, which include members that are independent of the manager, provide a much-improved governance framework. For multi-manager funds, they can help improve the process of monitoring the underlying managers and often allow the fund, and not the underlying managers, to select and directly oversee other fund service providers.

Encouraging Trend

The fact that more and more products are being rolled out to fit this investor-friendly profile is encouraging. Morningstar and Barron’s have tracked 475 launches since 2009, and the 118 new products for 2014 represented a significant jump from the 89 that appeared in 2013.

This reflects an increasingly competitive hedge fund industry: Managers are both more willing to adapt their hedge fund terms to match those of regulated funds and more willing to launch regulated funds to access a bigger pool of investors. This is happening largely without injurious hedge fund-style terms being smuggled into regulated fund structures, or the watering down of hedge fund strategies. That is why we believe this growing phenomenon has earned its distinguishing descriptor: “liquid alternatives.”

Opinion by Fred Ingham, Head of International Hedge Fund Investments, and Ian Haas, Head of Quantitative and Directional Strategy Research, NB Alternative Investment Management.

AllianzGI Expands Fixed Income Expertise with Ex M&G Mike Riddell

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Allianz Global Investors has announced that it is further expanding its European fixed income expertise. As part of this expansion, AllianzGI has appointed Mike Riddell as UK fixed income portfolio manager.

With a track-record of European fixed income experience dating back to the 1950s, Allianz Global Investors is already one of the leading fixed income managers in Europe, with EUR 147 billion of European fixed income assets under management. Expanding its Eurozone fixed income capability to include a regional fixed income focus in the UK, fully integrated into AllianzGI’s established global fixed income platform, will help ensure AllianzGI continues to offer the blend of expert, active investment solutions that clients want.

Mike, who starts his new role on October 1, joins AllianzGI from M&G Investments, with a strong track-record across a range of fixed income funds. At M&G, Mike was an active contributor to the Bond Vigilantes blog, writing regularly on global fixed income topics, and was particularly well-known for his bearish view of China. Based in London, Mike, who has worked in international fixed income markets for nearly fifteen years, will report to Mauro Vittorangeli, CIO for Conviction Fixed Income at Allianz Global Investors.

Franck Dixmier, Global Head of Fixed Income at Allianz Global Investors, said: “Allianz Global Investors has a fixed income heritage stretching back many decades. Creating a dedicated footprint in the UK, one of the world’s most important and outward-looking financial markets, will perfectly complement our existing Eurozone expertise, giving our clients access to a one-stop shop for European fixed income.

“Mike joins us at an exciting time for our fixed income business, and I am sure that his deep experience of both UK and global fixed income markets will play a central role in building this new pillar in our international fixed income capability. Hiring such a senior, experienced fixed income practitioner as Mike underlines our ambition for our bond business in the UK.”

Mike, and a number of AllianzGI’s other fixed income experts, will be blogging at www.allianzglobalinvestors.co.uk/fixedincome from October 1st.

Putting Market Volatility Into Perspective

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With recent equity volatility, news headlines are once again screaming about the collapse of capital markets worldwide and are claiming that conditions globally have not only weakened but have suddenly and drastically deteriorated. “We have many things to say, but will only say a few, with hopes that by focusing on our most important facts, principles, and insights, our message might be heard through the din of the mainstream media”, says Daniel Chung, CEO of Fred Alger Management.

This is an extract from the US based asset management firm:

Volatility Creates Buying Opportunities

First, markets are markets, and thus volatility is to be expected and, indeed, welcomed by smart investors. An important fact: U.S. equity corrections of 5% or more are common — very common. There have been over 200 such declines since 1927.Since that year, the average decline among corrections exceeding 5% has been 12.1% and the median has been 8.3%. The recent correction, with the S&P 500 index declining 12.4%, has therefore been simply average or perhaps just slightly worse. It’s not, however, “unusual,” “extreme,” or “catastrophic” as newspapers and TV commentators suggest. Rather, it’s normal. In particular, we note –he says- that the correction occurred when the S&P 500 and the NASDAQ Composite Index were at post-Great Recession highs. From that perspective, this correction should be viewed as highly normal, rational, and even, may we dare say, pleasing to long-term, fundamental investors. This philosophy of investing is something that Alger has embraced for over 50 years. Simply put, we maintain that the correction is a buying opportunity. We are not alone in this belief, he adds. Warren Buffett, for example, recently said volatility has created even greater discounts on the stocks that he is buying. Investors, he added, should take a long-term perspective rather than focus on volatility. Warren agrees with our view that stocks are likely to be substantially higher in 10 years.

A Look at Economies Across the Globe

Second on our list is the state of global economies, the CEO adds. There is no single fact that we, nor anyone, can cite to reassure readers that all is economically well globally. Yet, our view, based on the research of our investment team and resources provided by our excellent economic and strategic partners across the world, is that not much has changed. Again, the situation is simply not as dramatic as headlines suggest. And, we are at least very certain that nothing has fundamentally happened to imply that the world has gone from “recovering” to “ruination” in such a short time as markets suggest. The U.S. economy is running, or perhaps jogging would be a more apt image. The jogging may not be occurring in every sector or every area, but overall the economy is fine and, unquestionably, better than it was two, three, or five years ago.

For example, consumer confidence is at post-2008 highs and the housing market recovery is continuing, with housing starts reaching 1.2 million units in both June and July of this year (See Figures 1 and 2). This is steady progress in the housing market, but it remains below, roughly, the 1.5 million unit long-term average that we continue to view as needed to reflect growth in the U.S. population. In comparison, monthly housing starts hit a Great Recession low of only 478,000 units in April of 2009. Shifting lifestyle preferences may be altering the kind of housing preferred by U.S. consumers, but residential as well as commercial real estate continues to be a positive driver for the U.S. economy. Unemployment, meanwhile, has significantly declined and continues to drop. In past commentaries, we expressed our belief that as the labor market improves, there would be variations in unemployment rates among different divisions of workers. That belief was correct. In particular, college educated Americans have had strong employment prospects for several years now and today, with unemployment within this subgroup at only a bit over 2%, they are in short supply from the perspective of employers. Significant improvements have been seen across the less educated subgroups of Americans as well.

Corporate Earnings Have Been Resilient

Similarly, on the corporate side of our economy, revenues and profits have been quite resilient despite weakness in foreign markets. Europe is very mixed, with some countries such as Ireland, Iceland, Germany, and the United Kingdom doing much better than various other countries, including Greece and Russia. But Europe overall is not worse than it was one, two, or three years ago. Looking elsewhere, certain commodity- reliant exporting countries such as Brazil are truly in difficult shape. And –he adds- the Chinese economy is certainly slowing (as it has been for years) as it realigns from being driven by growing exports and by statist policies, including government investment in capital and construction intensive projects, to being driven by consumer services and the private sector. Dislocations in such a massive and shifting economy as China should be expected, but that doesn’t necessarily mean a broader collapse is occurring.

Rethinking the Role of the Federal Reserve

Finally, we provide our strong opinion on a subject that dominates too many headlines and discussions: what will the Federal Reserve do in the near future? Our opinion: the Fed no longer matters. Central bank interest rate management as a “tool” for managing the U.S. economy and economic growth is fundamentally and largely irrelevant. Many professional investors have expressed concerns over potential Federal Reserve interest rate increases. While interest rates certainly matter, we believe that the Fed long ago lost control of that aspect of the economy and that is a good thing. As we have said before in our Market Commentaries, we are not concerned about the Fed raising rates because the main rates that consumers and corporations borrow at will be determined ultimately by lenders and by debt and bond investors, not the Fed. We think that since the adoption of quantitative easing and the long, unprecedented maintenance of an essentially zero Fed Funds rate, the result has been to show that the once thought “emperor” has no clothes. Do not misunderstand us; market interest rates matter very much. But barring Fed rate mismanagement of an exceptional absolute scale (i.e., the Fed raises rates by 400 basis points, not 50 or 100 basis points), it’s simply that the Fed currently has no real control over rates. We think the U.S. market is indeed reacting to fears of higher rates — but we think the global situation makes it very clear that significant rate increases will not happen in any absolute sense. Rates are declining across the globe, making U.S. nominal rates more attractive (even as they do nothing or, as shown in August, decline slightly) to global investors. Much to the dismay of those who wish the Fed to be truly the emperor of our economy, corporations (driven by the dynamic individuals who work at them) are innovating, competing, growing, and realigning their businesses for the future, regardless of what the Fed does or doesn’t do. We see the real markets offering U.S. companies many advantages in the recent rout: lower commodity and energy prices (costs), increased buying power for international expansion, and increased workplace attractiveness for an increasingly global labor force. U.S. workers — despite persistently flat nominal wages — are also benefiting tremendously from lower costs for many basic necessities as well as from the productivity or “enjoyment” enhancing values delivered by technology and Internet industries. As an example, 20 years ago, many well-off U.S. citizens owned a camera, a video camera, a CD player, a stereo, a video game console, a cellphone, a watch, an alarm clock, a set of encyclopedias, a world atlas, a Thomas Guide, and other assets that had a combined cost of more than $10,000. All of those items are now either standard on smartphones, or they can be purchased at an app store for less than the cost of a cup of coffee.

Drivers of Equity Market Performance

What does matter? Corporate and consumer fundamentals are driven by opportunities, changes, and challenges that are abundant in the real economy, the real world. And we see a lot of opportunity for growth, profit, and recovery. With that in mind, we believe stock markets will oscillate on uncertainty, but we believe the most likely outcome will be a sharp recovery for the markets into year-end and in 2016, the expert says. As an active equity manager with a research-driven, fundamental investment strategy, we think the potential for generating substantial returns by investing in leading companies that are innovating, growing, and taking advantage of incredible opportunities within the U.S. and global economy is highly attractive.

EFAMA Reiterates Support to a Capital Markets Union which Will Deepen The Single Market and Investor Protection

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Following the European Commission’s publication of its Action Plan for a Capital Markets Union, EFAMA voices again its continued backing to the Commission’s plan to promote further the financing of the European economy through a well-functioning CMU.

EFAMA has always been a strong supporter of the EU Single Market and supports the Commission’s Action Plan. It is consistent with its aspirations for more single market, more capital market union, and less cross-border barriers, and includes a sensible step-by-step approach that travels in the right direction.

The recent European regulatory momentum has led to considerable improvements within the regulatory environment. The new rules take time and effort to be put in place, and it is crucial to first properly implement them, and then carefully evaluate their impact.

Alexander Schindler, President of EFAMA, commented: “We applaud the Commission’s plans to assess the impact of previous regulatory reforms. This should also serve the purpose of addressing, sooner rather than later, we hope, the current overlapping requirements that are either not fully consistent with each other, or which inadvertently create an unlevel playing field among financial sectors.”

Legal and other barriers still remain. Goldplating practices are one of them. Peter De Proft, Director General of EFAMA, said: “These practices go against the idea of developing further the European single market, and we welcome the Commission’s objective to tackle this issue with Member States”.

In line with developing the single market, EFAMA equally welcomes the Commission’s suggestion to improve the functioning and effectiveness of existing European fund passports. The European asset management industry supports this as an appropriate way to address remaining cross-border barriers, lower the regulatory costs of setting up funds and facilitate the cross-border distribution of investment funds.

EFAMA also supports the creation of a truly single market for personal pensions in the EU. The current market fragmentation makes economies of scale impossible to achieve and limits the choice of pension products and pension providers. A shift in focus is needed towards, yet again, more single market and long-term saving. The creation of a Pan-European Personal Pension Product (PEPP) would have the potential to boost the flow of retail savings into capital markets and therefore to provide long-term funding to the EU economy.

Inherent to more single and capital market is also more investor trust and protection. EFAMA wholeheartedly agrees with the Commission that regulatory consistency is a key element to enable investors to compare between different types of products and make informed investment decisions. The quest for a coherent and workable EU regulatory framework should seek to create a level playing field for investment products in the EU, more transparency, and consequently, increase investor confidence. EFAMA sees no reason for the coexistence of different levels of consumer protection in the current EU regulatory landscape (MiFID II, IDD, PRIIPs). Retail investors should be offered similar disclosure requirements that will allow them a fair and meaningful comparison of similar investment options. Alexander Schindler, President of EFAMA, commented: “We regret this is not the case at the moment, and believe the Commission’s planned assessment of European markets for retail investment products will shed light on how to re-evaluate and improve the current unlevelled situation”.

Equally, EFAMA reiterates its view that consistency is yet to be achieved between the broader objectives of building a CMU and pending EU legislation, most notably the proposed Financial Transaction Tax, whose approach is in full contradiction to that of the CMU. EFAMA urgently advises that the Commission address this issue.

EFAMA welcomes the priority given to ELTIFs as a key vehicle to support infrastructure investment. The EU label of ELTIFs as new products has the potential to unlock and shift important capital towards investments in longer term projects. However if ELTIFs are to become a market success, it will be necessary to align the interests and needs of those investors that ELTIFs seek to attract. The flexibility of the ELTIFs structure and the incentives offered to potential investors will be important factors of their take-up and market success.

For that reason, EFAMA welcomes the Commission’s steps in encouraging fiscal incentives at national level, and in proposing to re-calibrate the capital requirements for insurance companies in Solvency II with regards to the ELTIFs units and shares. Lower risk factor attributed to them can become an important incentive for insurers, which are natural providers of such funds.

eRIAs Will Need To Grow Aggressively To Compensate Their Investors After Six Years

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According to The Cerulli Edge – U.S. Edition released in September 2015 electronic registered investment advisors (eRIAs) in the United States will need to grow aggressively to compensate their investors after six years.

“eRIAs have gathered significant assets during the past several years,” states Frederick Pickering, research analyst at Cerulli. “Although the technology of the eRIA space has allowed them to scale at a much faster rate than existing traditional financial advisors, they will still need to reach end clients. Cerulli has constructed several scenarios that approximate the annual growth rate necessary for eRIAs to realize the multiples required for their venture capital and remain standalone direct-to-consumer businesses.”

Through their research, the company believes that eRIAs’ ability to remain a standalone enterprise will be threatened due to commoditization of the eRIA model from traditional firms entering the space and massive fee compression.

“We project eRIAs will need to grow approximately 50%-60% per year for the next six years and gather approximately $35 billion in AUM to remain a standalone direct channel for consumer business,” Pickering explains. “Given the threat of commoditization within the software-only eRIA business-to-consumers marketplace and the lack of an economic moat to charge a price premium, eRIAs should consider pivoting to a business-to-business model.”

“The eRIA channel has created a business model that undercuts traditional advisory firms, but may lack the financial resources to compete if the business model becomes commoditized,” Pickering continues. “New entrants from traditional advisory firms and start-ups threaten to commoditize the space, drive down fees, and eliminate any remaining premium in eRIA fee structures.”

Four out of Five Institutional Investors Globally Invest in at Least One Alternative Asset Class

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Research for Preqin’s latest “Investor Outlook” has found that four out of five institutional investors invest in at least one alternative asset class. Private equity, hedge funds and real estate are the most targeted alternative asset classes, with over half of investors having an allocation to each of them in their portfolios. Although the benefits vary significantly between asset classes, common reasons cited by investors for holding allocations to alternative assets include diversification, high returns, reliable income streams and inflation hedging characteristics.

Investment in almost all asset classes is likely to increase over the coming year. In particular, 42% of private equity investors, 38% of private debt investors, and 36% of infrastructure investors plan to invest more capital in the next 12 months than they have in the previous year. A third of hedge fund investors are looking to invest less capital over the coming year compared to the last 12 months, compared to 19% that are looking to invest more.

The vast majority of investors have a positive or neutral view of each asset class. For investors in private equity and real estate, this stands at 95% and 94% respectively. Twenty percent of investors in hedge funds have a negative perception of the asset class.

Growth in investment also looks set to continue in the longer term, as the largest proportion of investors plan to increase their allocations to each asset class. In particular, 51% of private equity investors, and 44% of infrastructure investors are aiming to allocate more capital to these asset classes.

Over 60% of investors in real estate, infrastructure and private debt target returns of at least 8% annually. Just under 60% of private equity investors seek returns of at least 14%. A significant 15% of private equity investors target annualized returns of 20% or more.

The majority of investors in all asset classes believe that their interests align with those of fund managers. Private debt and real estate have the highest level of investor satisfaction, with 83% and 80% of investors respectively stating that their interests are representedby fund managers.

The largest proportion of investors in all asset classes believes that fund terms are changing in their favour. Forty seven percent of hedge fund investors, and 44% of private equity investors, feel that terms are becoming more favourable for investors

“Institutional investors allocate to alternative assets to diversify their portfolios and to achieve a broad range of other objectives. The high absolute returns generated by private equity, hedge funds’ ability to reduce volatility, the reliable income generated by private debt and the inflation-hedging characteristics of real assets are just some of the attractions for sophisticated investors.

It is clear that the institutional community remains confident in the ability of alternative assets to help them meet their return objectives. The majority feel returns are meeting or exceeding expectations and, as a result, a much larger proportion of investors plan to increase their exposure to alternatives than plan to reduce it. There remains huge scope for the alternative assets industry to grow in future years, both as investors build up existing allocations, and as they also further diversify their portfolios to include a wider range of asset classes.” Mark O’Hare–CEO, Preqin- comments on the subject.

Private Banks and Trust Companies’ Wealth Management Assets Projected to Reach More Than $5.3 Trillion by 2019

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Private banks and trust companies’ assets are projected to reach $5.3 trillion by year-end 2019, according to the latest research from Cerulli Associates “Asset Management Opportunities in Banks 2015: Capitalizing on a Resurgent Focus on Wealth Management”.

“With growing competition, most banks can no longer consider asset allocation their core differentiator,” states Donnie Ethier, associate director at Cerulli. “Delivering comprehensive goals-based planning that includes the softer nonfinancial elements of wealth is more important than ever.”

The research focuses on investors, asset managers, and banks. Particular attention is given to best-practice banks that have centralized the investment decision-making process across all of their wealth management platforms, including broker/dealer, trust department, RIA, and family office.

“Banks have unique characteristics that most other channels cannot fully replicate,” Ethier continues. “Such as the ability to be an all-in-one provider for any household. Banks that are not promoting their full offering are doing their firm and their clients a disservice.”

“The channel’s most promising trends include: client-centric advisory models, integrating wealth management platforms, consolidating research teams and portfolio construction processes, and centralizing fee discounting decisions,” Ethier explains.

The work finds that asset allocation is no longer a main distinguisher, which is only being validated more by the increase in direct-to-consumer providers and the electronic registered advisors (eRIAs)/robo-advisors. Delivering holistic goals-based planning that can incorporate the softer nonfinancial aspects of wealth is more important than ever for banks to differentiate themselves from the low-cost investments provided by the eRIAs.

Asoka Wöhrmann and Stefan Bender to Become the New Heads of Private and Commercial Banking at Deutsche Bank

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As part of the realignment of retail and commercial banking operations in Germany, Asoka Wöhrmann (50) and Stefan Bender (46) will be the new heads of Deutsche Bank’s Private and Commercial Banking in Germany. They have been appointed to succeed Peter Schedl and Wilhelm von Haller, who resigned from their offices effective September 30, 2015. Stefan Bender will assume his new role over the course of October, and Asoka Wöhrmann as of December 1, 2015.

In their new functions, Wöhrmann and Bender will take on responsibility for Deutsche Bank’s more than eight million private, commercial and corporate clients in Germany.

Within the Private and Commercial Banking management team, Asoka Wöhrmann will be head of retail banking and Stefan Bender will be head of commercial banking. They will both report to Christian Sewing, member of the Management Board of Deutsche Bank and Head of its Private & Business Clients (PBC) Corporate Division.

Regarding the new appointments, Christian Sewing said: “In Asoka Wöhrmann and Stefan Bender, we have gained two renowned and successful managers from within our own Bank for the realignment of our domestic Private and Commercial Banking business. This realignment will involve significantly strengthening our advisory banking business with private clients, further expanding our business with small and medium-sized enterprises, Germany’s ‘Mittelstand’, and closely networking our branches with our rapidly growing digital banking service.”

Both of them have worked for Deutsche Bank for many years: Wöhrmann joined Deutsche Bank in 1998 and has most recently been Chief Investment Officer in Deutsche Asset & Wealth Management.

Stefan Bender has been with Deutsche Bank since 1997. Until he takes up his new functions, Bender is Head of Global Transaction Banking in Germany (GTB, Trade Finance and Payments) and Co- Head of Corporate Finance in Germany. In his new role, Bender will remain head of Global Transaction Banking in Germany and will continue building on GTB’s strong ties with commercial banking.

Maria Elena Lagomasino Elected to the Walt Disney Company Board of Directors

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The Walt Disney Company Board of Directors has elected Maria Elena Lagomasino, the CEO and Managing Partner of financial advisory firm WE Family Offices, as an independent director, effective Dec. 1.

“Ms. Lagomasino is a respected leader in the finance and investment field and also has a wealth of experience with, and keen understanding of, global consumer brands,” said Robert A. Iger, Disney’s chairman and chief executive officer. “I know the Company and its shareholders will benefit greatly from her Board service.”

“Disney is a brand that embodies the values I believe in, with its unwavering commitment to creating high-quality entertainment, exceeding consumer expectations, and delivering outstanding financial performance for its shareholders,” Ms. Lagomasino said. “I am honored to have the opportunity to serve on the Board of such an iconic and beloved company.”

Ms. Lagomasino will stand for election along with the company’s other directors at Disney’s annual meeting next March.

Before founding WE Family Offices, Ms. Lagomasino served as CEO of GenSpring Family Offices, a leading wealth management firm. Prior to that she served as chairman and chief executive officer of JP Morgan Private Bank. Her career began in 1977 at Citibank. She joined Chase Manhattan Private Bank in 1983 and was named head of Chase’s worldwide private banking business in 1997. Following the Chase-JP Morgan merger, she became chairman and CEO of JP Morgan Private Bank.

Ms. Lagomasino is a founder of the Institute for the Fiduciary Standard, and serves on the boards of The Coca-Cola Company, Avon Products, Inc., and the Americas Society. She is also a member of the Council on Foreign Relations.

In August 2015, Private Asset Management named Ms. Lagomasino one of the 50 most influential women in Wealth Management. American Banker named her one of 2012’s Top 25 Women in Finance. Hispanic Business Magazine namedher “Woman of the Year” in 2007.

Ms. Lagomasino earned her B.A. at Manhattanville College, an M.S. at Columbia University and an M.B.A. at Fordham University.