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Emerging Affluent Have the Potential to Exceed the Wealth of Today’s Millionaires

New Fidelity research finds 55% of financial advisors plan to target emerging and mass affluent investors in the next five years. According to the results of the Fidelity Investments^® 7^th Millionaire Outlook, emerging affluent investors are well positioned to attain – or even exceed – millionaire status. Most importantly, while these investors look very different than today’s millionaires, with more than two-thirds female and one-quarter non-white, they demonstrate many similar attitudes and behaviors.

For the first time, this year’s Millionaire Outlook study surveyed investors across the full wealth spectrum—emerging affluent, mass affluent, millionaires and deca-millionaires—to assess their ability to accumulate wealth. The study identified the emerging affluent as having the greatest wealth potential based on six wealth-building factors: time horizon, career, income, self-made status, long-term focus and investing style.

Referring to the next-generation of investors is, Bob Oros, head of the registered investment advisor segment, Fidelity Clearing and Custody, says: ”They exhibit many similarities to today’s millionaires—even the deca-millionaires. These should motivate advisors to broaden their client base beyond the traditional millionaire and give all investors confidence in their ability to move up the wealth spectrum.”

According to this research, the emerging affluent –media assets of $250,000- have six wealth-building factors on their side, many of which they share with today’s millionaires and deca-millionaires.

On average, emerging affluent investors are just 40 years of age with 27 years left before they reach the normal retirement age of 67; Many of the emerging affluent have pursued similar professions to today’s millionaires, including information technology, finance and accounting; At $125,000 the median annual household income for the emerging affluent is 2.5X the median U.S. household income and is nearing the income of today’s millionaires; Approximately 80% of emerging affluent investors have earned or increased their assets on their own, what we could call “self-made status”; They share millionaires’ long-term focus, with 75% of both groups focused on the long-term growth of their assets, and 30% focused on supporting the lifestyle they want in retirement; and the Investing Styleis also similar, since the emerging affluent display a willingness to invest aggressively to help maximize returns, as well as a willingness to set aside a significant portion of their portfolio for riskier investments that promise a bigger payoff.

The Pension Protection Fund Appoints Northern Trust for GB£20 Billion Mandate

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The Pension Protection Fund (PPF) ‘the UK’s pension lifeboat fund’, has appointed Northern Trust to provide global custody, securities lending, collateral management and performance measurement services for its GB£20 billion (approximately US$31 billion) in pension assets.

The PPF offers compensation to eligible members of defined benefit schemes if their employer does not have sufficient assets to payout. It now has over 200,000 members and gives comfort to around 11 million people in the UK who belong to over 6,000 defined benefits schemes. It is a highly sophisticated asset owner, deploying multiple asset managers and investing across the full spectrum of asset classes.

This latest appointment reinforces Northern Trust’s leadership position in the UK pension fund market, where it now provides services to five of the top 10 pension funds in the UK, together representing more than GB£240 billion in assets and approximately one fifth of the entire UK pensions market.

“We are proud to have been appointed by PPF as they evolve in terms of scale and sophistication,” said Penelope Biggs, head of Northern Trust’s Institutional Investor Group in Europe, Middle East and Africa. “The retirement market in the UK faces dramatic change, particularly around defined benefit schemes, and our expertise and proven track record positions us to support the PPF with flexible and creative solutions tailored to their specific needs.”

Northern Trust currently provides solutions to 31 percent of the top 100 UK pension schemes, and 37 percent of the total local government pension scheme market in the UK.

UBS Launches a New Philanthropy Offering for U.S. Wealth Management Clients

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UBS Financial Services wealth management clients in the U.S. are now able to make philanthropic donations to the UBS Optimus Foundation, dedicated to the health, education and protection of children around the world. Investors with an interest in improving the lives and potential of children will now have the opportunity to join UBS clients in other parts of the world in accessing the Foundation’s verified and focused network of community-based partner organizations as part of their own philanthropic giving and wealth management planning, via the recently-established Friends of UBS Optimus Foundation Fund.

Established in 1999, the Foundation is a charitable grant-making vehicle dedicated to ensuring children are healthy, safe and ready for their future. To date, it has received over 20,000 donations, totaling more than USD 250 million. The Foundation currently funds projects in 40 countries reaching 1.8 million children, and offers UBS clients a range of options to support causes and charities that are important to them without the burden of doing their own research, vetting and monitoring. The Foundation works with experienced partner organizations around the world to identify, track, and supervise the programs, and provides regular updates to clients to ensure that they remain properly informed of the impact of their support. Because UBS bears all administrative costs of the Foundation, 100% of client donations go directly to the intended service organizations.

“Clients are increasingly looking for advice regarding their philanthropic giving — both in directing and executing their social investments, as well as ensuring they are achieving their desired impact,” said Bob McCann, CEO of UBS Group Americas.

“By choosing to work with only the best-in-class partners — including the World Health Organization, Médecins Sans Frontières/Doctors Without Borders (MSF) and the Abdul Latif Jameel Poverty Action Lab (J-PAL) in South Asia, a regional office of J-PAL Global based at the Economics Department at MIT— we are providing clients with a turnkey offering that will deploy their resources in ways that create meaningful and lasting impact,” said Phyllis Costanza, CEO of the UBS Optimus Foundation.

UBS was voted the Best Private Bank for Philanthropic Services by Euromoney 2014 based on the strength of its Client Philanthropy Services, which covers the complete value chain in philanthropy, providing giving, investing and networking resources to align clients’ wealth with their values.

This new philanthropy offering is being made available in the U.S. as the Friends of UBS Optimus Foundation Fund, through a collaboration with National Philanthropic Trust, which manages one of the largest donor-advised funds in the world.

Nearly 30% of U.S. HNW Investors Define Themselves As Self-Directed Investors

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Global analytics firm Cerulli Associates finds that nearly 30% of high-net-worth investors in the United States define themselves as self-directed investors, according to their High-Net-Worth and Ultra-High-Net-Worth Markets 2014: Addressing the Unique Needs of Wealthy Families report.

In the report, Cerulli analyzes the U.S. high-net-worth (HNW) (investable assets greater than $5 million) and ultra-high-net-worth (UHNW) (investable assets greater than $20 million) marketplaces. The report focuses on the three constituencies of investors, providers, and asset managers.

“This helps explain the dispersion of assets among providers, and although the direct channel’s surge in the high-net-worth marketshare gains have stemmed in more recent years, providers continue to boost their high-net-worth capabilities and presence among younger, tech-savvy wealth creators,” states Donnie Ethier, associate director at Cerulli. “For wealth managers, they represent increasingly worthy competitors that will likely test traditional managers’ willingness, and aptitude, to adapt to next-generation investors.”

The immense balances that many of these investors have within their self-directed accounts are further proof. This also helps explain where assets have flowed as investors have expanded their provider relationships. According to Cerulli’s research, more than half of high-net-worth investors have direct or online trading account balances between $500,000 and $1 million.

“The self-directed model becomes less favorable relative to other advice models as assets increase,” Ethier explains. “Logically, as assets increase, so does the complexity of portfolios, lending more credence to taking on an external advice sources and provider relationships. In addition to dealing with complex portfolios, advisors are an added expenditure, which can explain their lower use among retail clients.”

“High-net-worth and ultra-high-net-worth clients that are using a self-directed model represent a significant opportunity for asset managers that pass due diligence screenings. In the end, direct providers are yet another avenue for external managers to reach the pool of high-net-worth assets,” Ethier continues.

Opportunities to capture additional walletshare of these investors certainly exists for wealth managers and their advisorforces, although they should know going in that many high-net-worth investors use direct accounts to test their own investment ideas, provide liquidity, and even to shelter assets from their primary advisors.

U.S. Investors Call U.S. Equities Best Opportunity for 2015, Maintaining or Increasing Equity Allocation

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According to the 2015 Legg Mason Global Investor Survey, 85% of 458 affluent U.S. investors surveyed said U.S. equities “offer the best opportunities over the next 12 months” among all domestic and global asset classes. This is an increase over the 74% who said the same going into 2014.

In addition, 63% said they are maintaining their equity allocation in 2015, while more investors (32%) expect to increase their allocation to equities over any other asset class. Only 6% said they intend to decrease their allocation to equities in 2015. The majority (89%) said they are optimistic about their investments for 2015.

The U.S. portion of the Legg Mason Global Investor Survey was conducted among 458 affluent investors with a minimum of $200,000 in investable assets. The online survey was conducted by Northstar Research Partners from December 2014 to January 2015.

“Investors are looking for the U.S. equity market’s strong run to continue,” said Matthew Schiffman, Global Head of Marketing for Legg Mason. “Last year, investors told us they had great confidence in U.S. equities for 2014 and they were right: The S&P 500 was up over 11 percent. This year, we’re seeing even more investors expressing confidence in the U.S. equity markets, and this is concerning.”

Mr. Schiffman continued: “Overconfidence can lead to a degree of complacency that could prevent investors from paying close attention to their overall financial plan and how they have allocated their assets as their own needs change. Investors have not changed their asset allocation since we started measuring investor sentiment three years ago, which could be another sign of complacency creep.”

U.S. Investor Asset Allocation

U.S. investors entered 2015 with an average asset allocation almost identical to their allocation going into 2014 and slightly more aggressive than in 2013.The average asset allocation among investors who considered themselves “aggressive” included 52% in equities going into 2015; 40% of aggressive investors said they intend to increase their allocation to equities in 2015.

The top three issues that investors worry could “derail the progress” of their investments in 2015 are:global economic instability; economic instability in the U.S.; and increasing market volatility.Only 11% are concerned about inflation and just 5% are concerned about rising interest rates/yields.

Going Global

Investors surveyed have an average of 13% of their assets invested internationally; 41% of investors said they “will be more focused on international investments in the next year compared to last year.”

“Investors may be more willing to travel abroad than invest there,” Mr. Schiffman said. “This goes back to the potential for complacency creep as investors continue to show a preference for investing at home. Opportunities abound globally and should be a consideration in any strategic asset allocation.”

The top three benefits respondents hope to gain by investing internationally are: Diversifying risk across different markets; potential for higher returns than in the U.S.; greater range of investment choices.

Investors see China and Japan as the countries representing the best non-U.S. market investment opportunities over the next 12 months. According to the respondents, the top ten countries (excluding the U.S.) are: China, Japan, Australia, Brazil, India, Europe excluding the UK, UK, Hong Kong, Singapore and Mexico.

Good News for Income-Oriented Investors: Investment “Income Gap” Shrinks Again

Since 2012, Legg Mason has been measuring the investment “income gap” – the difference between what investors seek from their income-producing investments and what they actually receive. This year’s survey reveals that the income gap has been cut in half since inception.

Having income-generating investments is considered a priority to 82% of investors surveyed. Investors also said that on average, 51% of their portfolios are invested in income-producing assets. The top three asset classes they invest in to meet their income needs are:Equity income funds; investment grade bonds and high yield bonds.

Mr. Schiffman stated: “Clearly, only time will tell if investor confidence in the U.S. equity markets will be rewarded again. Regardless of the market’s performance, we encourage investors to be mindful of overconfidence and complacency creep. We also encourage investors to work with financial advisors who will help them take a realistic, active approach to managing their assets recognizing that markets, and their needs, change over time.”

The Urban Megatrend: Long Term Investment Opportunity?

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Accelerating urban expansion offers rich investment opportunities that coincide with the need for institutional investors to look beyond short-term gains as they seek new ways to build long-term strategies. The urban megatrend holds promise particularly in the areas of urban infrastructure, real estate, an evolving agricultural supply chain, and consumer goods and services, according to a white paper released today by Prudential Investment Management

The white paper, entitled The Wealth of Cities, offers a new view of opportunities provided by urban expansion, with specific investment ideas in emerging and developed markets across a range of public and private vehicles that offer attractive avenues for investors.

“Understanding how megatrends affect asset classes is crucial as CIOs move toward a long-term strategic portfolio management approach that takes them beyond simply beating short-term benchmarks,” said David Hunt, CEO of Prudential Investment Management. “As we considered urbanization, we drew from expertise in our global investment businesses specializing in public and private fixed income, public equity, and real estate, to examine its impact across asset classes and share our best thinking on new investment ideas for capitalizing on the long-term opportunities created by expanding cities around the world.”

About 60 to 70 million people will be added to the urban population annually for the next 30 years, showcasing the unparalleled pace at which cities are growing. With this in mind, Prudential Investment Management published The Wealth of Cities, which outlines 10 investment ideas arising from the urbanization boom that are easily accessible to institutional investors.

The paper highlights several trends that offer attractive opportunities, including:

Creating technologically advanced wired cities: By 2020, the number of global Internet users is projected to double to four billion people, resulting in a global opportunity for public and direct private investments in IT infrastructure, broadband, data centers and cell towers.
Expanding transportation capacity: As new cities in emerging markets reach populations in excess of five million, the expansion of primary airports, major seaports and high-speed inter-city railways will present investable opportunities.
Launching anti-pollution initiatives: About half of the world’s urban population is exposed to unhealthy levels of air pollution. Companies providing solutions like clean energy, waste management and water treatment serve as attractive investment candidates.
Capitalizing on interest in the urban lifestyle: New mixed-use developments, both residential and commercial, are highly attractive investments as people and companies alike become increasingly attracted to urban lifestyle.
Growing retail outlets and logistics support: One billion new urban middle class consumers in emerging markets now have money to spend on retail purchases, allowing for direct and diversified investment opportunities.
Industrializing agriculture: The United Nations Food and Agriculture Organization estimates the world will need to produce 70% more food by 2050. Creating an efficient agriculture supply chain will require, among other things, improved transportation infrastructure, along with innovative and sustainable production methods over the long term.

Financial Services Industry Falls Short in Serving Women Investors Pershing Study Says

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Pershing today released a new report entitled, Women: Investing with a Purpose, exploring what drives women to invest and how advisors can best serve them based on those influences. While financial services firms have been ramping up their efforts to reach women investors, the report provides insight into critical gaps that still exist when it comes to what women want, what they need and what they are receiving from their financial advisors and firms with which they work.

Of the women who work with a financial advisor, 72% said they are very satisfied with their primary financial advisors. This finding points to room for improvement in advisors’ interactions with their women clients. Compared to men, women investors were more likely to want improvements related to their advisors’ soft skills. Women tended to highlight more than men “understanding my goals,” “listening to my needs,” and “patiently answering my questions.” Women were less likely than men to suggest their advisors could improve in “picking investments that perform better” (27% of women compared to 36% of men). Interestingly, nearly half of women (47%) said there was nothing that their advisors should change when asked what areas their financial advisor can improve.

“While there are common threads among all investors in terms of their expectations of their financial advisors, these findings suggest that an important factor is being overlooked by advisors working with women investors, and that is the purpose behind the reasons they invest,” said Kim Dellarocca, managing director at Pershing. “This missing factor may contribute to why 35% of women respondents who do not use a financial advisor say they don’t trust financial advisors are working in their interests. The reality is that a woman’s desired level of understanding can be different, which requires advisors to explore concerns, goals and trade-offs with greater directness and rigor.”

Underlying many of the survey findings are unique challenges that women face later in life that stem from realities including their having longer life expectancies, lower incomes during their working years, potentially higher medical costs and a greater motivation for the beneficiaries of their investments to extend beyond themselves. Given these challenges, increased clarity of clients’ goals can influence the ideal blend of solutions that may create more confidence and better experiences for women investors.

According to the study, retirement, education, flexibility and legacy are four common goals that drive women to invest.

Invesco and Robeco: among The Lipper Fund Award Winners

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Thomson Reuters has announced the winners of the Lipper Fund Awards 2015, UK. The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence, a global family of awards that celebrate exceptional performance throughout the professional investment community.

Invesco collected the top Group Award; Robeco also got an Award. The full list of Group Award winners include:

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“This year as in years past, the Lipper Fund Awards winners have exhibited a high level of skill and talent in navigating the ever complex and interconnected markets of today. We at Lipper congratulate the 2015 Award winners for their demonstrated expertise and for delivering outperformance to their collective fund shareholders,” said Robert Jenkins, global head of Lipper Research at Thomson Reuters.

“As active fund houses come under greater competitive pressures in the UK, these Lipper Award winners are beacons among their peers in delivering consistent risk-adjusted returns in difficult markets. They fully deserve this accolade,” said Jake Moeller, head of Lipper UKI research.

Lipper data covers more than 285,000 share classes and over 129,000 funds in 62 markets. It provides the free Lipper Leader ratings for mutual funds registered for sale in over 40 countries.

Differences In Private And Public Company Profitability Indicate Potential Investment Opportunities In Brazil

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In a report released yesterday entitled Brazilian Public Versus Private Companies: Current State of Affairs, S&P Capital IQ concludes that while Brazil’s publicly traded companies provide a better return on their assets in a majority of industries, privately owned companies generally do better at generating sales off their asset base. “Most privately owned companies use assets to drive sales more efficiently, but are not as good at managing costs” said Jay Bhankharia, Senior Manager, S&P Capital IQ, and author of the report. “We believe this implies that strategic guidance and increased oversight can potentially increase margins and profitability substantially for some of these companies.”

“Brazil and Latin America continue to offer attractive investment opportunities, as reflected in record breaking regional private equity fund raising and increased merger volumes in Brazil” said Cynthia Rojas Sejas, Vice President, Market Development-Latin America, S&P Capital IQ.

S&P Capital IQ looks at the performance of companies in various sectors of the Brazilian economy, while providing insight into the differences between the profiles of Privately Owned and Publicly Traded companies. This report compares public and private companies’ ratios of profitability, efficiency, solvency, and liquidity, leveraging the recent addition of Brazilian Private Company Financials to its comprehensive database of standardized and comparable data for public and private companies globally.

Brazilian Public Versus Private Companies: Current State of Affairslooks at a statistical sample consisting of 93 companies with more than $1 billion in revenue, 637 with $100 million to $1 billion in revenue, and 1,862 companies with less than $100 million in revenue. In addition to key valuation and credit metrics, the report takes a look at specific ratios within the banking and energy sectors to better understand key metrics in those industries.

S&P Capital IQ‘s Brazil research is the topic of an upcoming investment seminar entitled “Brazil: Uncovering Potential Opportunities” that will feature Macroeconomist Bernardo Wjuniski from Medley Global Advisors, and Jay Bhankharia and Richard Peterson from S&P Capital IQ.

Santander Appoints Scott Powell CEO of Santander Holdings USA

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The Board of Directors of Santander Holdings USA (SHUSA) announced yesterday that Scott Powell has been named Chief Executive Officer, effective immediately.

Mr. Powell brings extensive experience in retail banking, risk management and consumer and auto lending to Santander. He has held a variety of roles at J.P. Morgan Chase & Co., including Head of Banking and Consumer Lending Operations, CEO of Consumer Banking and Retail Investments, Head of Consumer Lending, as well as Chief Risk Officer, Consumer. He also spent 14 years at Citi in a variety of risk management roles. Most recently, Mr. Powell was Executive Chairman of National Flood Services Inc.

Santander Group Executive Chairman Ana Botín said: “We are delighted to have Scott join our team. His expertise and experience in retail banking, consumer finance and risk management will be a great contribution as we work to improve customer service, enhance our U.S.-wide oversight and embed our banking culture across the U.S.”

SHUSA Non-Executive Chairman T. Timothy Ryan, Jr., said: “Scott’s appointment is an important step toward our goal of strengthening Santander Holdings USA to manage our U.S. businesses. This will include bringing all the U.S. units together within SHUSA by the middle of this year.”

Santander Holdings USA, a fully-owned subsidiary of Banco Santander of Spain, owns 100% of Santander Bank, N.A. and 60.5% of Santander Consumer USA Holdings Inc. of Dallas. Besides these units, Santander activities in the U.S. include a private bank in Miami, Banco Santander International, and businesses in Puerto Rico, including Santander Bancorp. These units’ operations will be consolidated within SHUSA by the middle of 2015.

Román Blanco will continue as CEO of Santander Bank.

Ana Botín said: “I would like to thank Roman for his very able leadership of Santander US. I am delighted he will continue to lead Santander Bank, where his focus will be on strengthening the Bank in its U.S. northeast footprint by improving customer service, attracting new customers and deepening customer relationships.”