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Montevideo Will Host FIAP’s Traditional International Seminar to be Held in September

La FIAP celebrará en septiembre su tradicional Seminario Internacional, con Montevideo como sede — Radisson Victoria Plaza Hotel, Montevideo. Montevideo Will Host FIAP’s Traditional International Seminar to be Held in September

The International Federation of Pension Funds, FIAP, changes the traditional date for the celebration of its International Seminar to September. As reported by the organization, the venue for the 13^th FIAP International Seminar, to be held on the 24^th and 25^th of September 2015, is the Radisson Victoria Plaza Hotel in Montevideo, Uruguay.

As in previous occasions, the event will feature international experts who will discuss their experience and knowledge in different areas of interest, and participants from different global latitudes (FIAP members and others), including government officials, parliamentarians, officials from international organizations, representatives from pension fund management, mutual funds, and insurance companies, and other personalities related to the financial sector and social security.

The current pension system in Uruguay is a “mixed retirement system” where there are two subsystems, one called intergenerational solidarity and another based on individual savings. The covered employee makes contributions to both systems according to their income level. Contributions to the first are administered by the Social Security Bank, while the contributions to individual accounts make up the “Fondo de Ahorro Previsional” an independent Pension Savings Fund, which is the property of members and indefeasible, and which is under the administration of the Pension Savings Fund Administrators (AFAP).

For more information about the event, please contact FIAP through the following email: fiap@fiap.

Praxis and IFM Announce Merger Creating an Independent Giant in The Channel Islands

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Guernsey-based Praxis Group and Jersey-based IFM Group have announced plans to merge and create one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands.

With combined revenues of over £23 million, assets under administration of more than $30bn, nine offices around the world and over 200 people, PraxisIFM will offer private and corporate clients an increased range of services and a global footprint. Subject to regulatory approval, the new group will be known as PraxisIFM to reflect the merger of two existing businesses of a similar size with strong performance, proud histories and solid reputations.

‘As long-standing, independently-owned and managed businesses, Praxis and IFM share similar values and culture. Both businesses strive to offer excellent client service, added value and continuity of teams. These will remain at the heart of the PraxisIFM Group,’ said Brian Morris, who will become the merged group’s executive chairman.

PraxisIFM will continue to focus on delivering outstanding private client services, fund administration, corporate and trade services including cross-border trade facilitation, asset finance, pensions and treasury operations. PraxisIFM’s offices will be located in Guernsey, Jersey, Switzerland, Malta, Luxembourg, South Africa, New Zealand, Mauritius and Dubai, with representation in the UK.

Wyvern Partners have assisted with the transaction.

Colombia’s ASOFONDOS Celebrates the Eight Edition of its Annual Congress

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ASOFONDOS celebra su Octavo Congreso en asociación con FIAP en Cartagena de Indias — Photo: Ted McGrath. Colombia's ASOFONDOS Celebrates the Eight Edition of its Annual Congress

The eighth version of the FIAP-ASOFONDOS Congress is to be held at the Hilton Hotel in Cartagena de Indias, Colombia, on the 16^th and 17^thof April 2015.

Last year’s event, attended by 489 participants from 16 countries, presentations by 14 international and 15 national speakers, allowed experts and attendees to debate on issues such as pension systems and their influence on the economic environment, the recovery of the world economy, with special reference to financial markets in Latin America, and successful international experiences in those sectors currently posing Colombia’s greatest challenges, such as education, infrastructure, and agriculture.

The FIAP ASOFONDOS Congress has established itself as an event of academic excellence in which knowledge on the most relevant topics for the region and the country is promoted through the opinions of a select group of international and national speakers, and the perspective of key government agents.

To register for this event or to obtain further information, please follow this link.

Irish Domiciled Mutual Funds Continue to be Repositioned in Chilean AFPs’ Portfolios

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Los fondos domiciliados en Irlanda continúan reposicionándose en las carteras de las AFPs chilenas — Photo: Giuseppe Milo. Irish Domiciled Mutual Funds Continue to be Repositioned in Chilean AFPs’ Portfolios

2014 ended with about US$52.5 billion invested in international funds (excluding ETFs) by the Chilean AFPs. The year was marked by the return of funds registered in Ireland to pension funds’ investment portfolios, since Chile’s Risk Classification Committee Risk (CCR), decided in September 2011 to remove all mutual funds domiciled in Ireland from its list of approved funds, due to Ireland’s perceived risk at that time in the context of the euro crisis.

This situation was reverted during 2014, normalizing steadily as the CCR gradually re-approved funds domiciled in Ireland. In total, at the end of December there were US$2.2 billion invested by Chilean pension funds in funds registered in Ireland. We continue to see new additions to this list monthly. In December, one of the three funds which premiered among Chilean AFPs was domiciled in Ireland; this was the Muzinich Short Duration High Yield Fund, which becomes part of the list of international funds in the hands of Chilean AFPs with US$40 million in assets. Nicolás Lasarte, head for Latin America at Capital Strategies, a company which is the exclusive distributor of Muzinich funds in Latin America, expressed his “great satisfaction” to Funds Society with this change which provides the opportunity to increase the availability of niche products for Chilean pension funds. “Although since 2011 we have been increasing Muzinich assets very steadily in the Chilean market, we could not be completely satisfied without access to pension funds and other institutions in the scope of influence of the CCR” added Lasarte. This is the first Muzinich fund which has obtained assets from Chilean pension fund management companies.

During the month of December, there have been only two other international funds, excluding ETFs, that have become part of this select group of funds. These are the Luxembourg domiciled Aberdeen Global Japanese Equity Fund, which has obtained assets of US$30 million from pension funds, and the Henderson UK Equity Income and Growth Fund, a fund domiciled in the UK which has obtained inflows of US$3.5 million.

For the time being, Luxembourg continues to be the quintessential home of international funds in which Chilean AFPs invest, with US$40.6 billion in assets at the end of December. Following is a list of the 10 international funds with most assets invested by the AFPs:

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Fitch Ratings: Large Private Equity Managers Flex Remediation Muscles

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Large private equity firms are increasingly flexing their scale, balance sheets, restructuring experience and connections with creditors and limited partners to tighten control and enhance return potential on investments, says Fitch Ratings. Recent examples include Apollo’s and TPG’s decision on Jan. 15 to voluntarily place the largest operating subsidiary of Caesars Entertainment Corp. into a Chapter 11 bankruptcy and KKR’s follow-on private placement investment in First Data Corporation last June.

While such activities can bring creditors’ competing interests to the forefront, they also underscore the fiduciary responsibility of alternative investment managers to maximize returns for their limited partners through all available means. To the extent that managers are able to translate these activities into enhanced returns (or minimized losses) it can serve to support future fundraising and the overall franchise, both of which are important rating considerations when assessing investment managers.

In the Caesars case, Apollo has deployed aggressive tactics in an effort to retain control despite minimal recovery prospects for the most junior creditors. Maneuvers have included the sale of assets to affiliates at attractive multiples, repaying junior intercompany debt at par and the release of parent company guarantees of the debt at the weakest subsidiary. Apollo’s reputation and long track record of achieving outsized returns on distressed-for-control situations has helped drive the managers’ efforts and built some consensus among creditors. However, others among Caesars’ creditors have aggressively pushed back, so further legal and court action is possible.

Fitch believes that the largest private equity firms have also become more willing to use their balance sheets as a strategic advantage. This was demonstrated with First Data last year, when KKR itself committed part of the funding for a follow-on $3.5 billion investment in the portfolio company it originally bought in a 2007 LBO. KKR made its investment through a combination of $500 million from its 2006 Fund, $700 million from its own balance sheet, and $2 billion in co-investments from third-party investors. Such maneuvers, while demonstrating flexibility, create the type of balance sheet concentration that can constrain a private equity firm’s rating, or, in a scenario where the investment becomes degraded, potentially pressure the rating.

The Caesars and First Data examples show that as large private equity firms have grown their balance sheets and connections with large limited partners that are increasingly interested in co-investment opportunities, there is greater access to investment capital to weather downturns and improve capital structure positioning for IPOs.

In both the Caesars and First Data examples, private equity’s long investment cycle is providing the time to work through challenges, wait out market declines and achieve the debt reductions necessary to improve the prospect of achieving targeted returns on invested capital.

Wunderlich Completes Acquisition of Dominick & Dominick Wealth Management

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Wunderlich Securities has completed its acquisition of the wealth management assets of Dominick & Dominick, a privately-held investment firm based in New York. Wunderlich, a leading full-service investment firm headquartered in Memphis, Tennessee, now has more than $10 billion in client assets under administration and 600 associates in 33 offices across 18 states. Approximately 150 Wunderlich associates are based in the New York area, the largest concentration in the firm’s footprint.

“We are pleased to have successfully completed our largest acquisition to date, both in terms of client assets and associates,” said Gary Wunderlich, Wunderlich CEO. “Through this combination, our firm has grown by approximately 20%, adding 43 financial advisors and more than $2 billion in client assets. Looking forward, we are excited about the opportunity to further expand our presence in New York, Miami and Atlanta.”

“After working together to prepare for this acquisition, we are even more confident that our similar cultures and shared focus on client relationships will ensure a smooth transition for Dominick & Dominick clients,” added Wunderlich. “Dominick & Dominick financial advisors are now able to offer their clients additional resources and expertise available through Wunderlich.”

Dominick & Dominick (D &D) will operate as a division of Wunderlich Wealth Management, the firm’s private client group. Robert X. Reilly, who was chief operating officer of D &D, joins Wunderlich as a Senior Managing Director. Reilly will serve as regional manager over D &D offices in New York, Atlanta and Miami, as well as two existing Wunderlich Wealth Management offices in the New York area.

Kevin McKay, previously D &D CEO, has been named General Counsel of Wunderlich Securities. Michael J. Campbell, former D &D chairman, will join the Wunderlich Securities board of directors. Both will continue to be located in the D &D New York office at 150 East 52nd Street.

Terms of the transaction were not disclosed. Keefe, Bruyette & Woods, Inc. served as Wunderlich’s exclusive financial advisor in the transaction. Baker Donelson served as counsel.

The 9th ALFI Real Estate Investment Fund Survey: Growth Continues for Luxembourg Domiciled REIFs

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The Association of the Luxembourg Fund Industry (ALFI) has released the 2014 version of its annual real estate investment fund (REIF) survey, showing the development of the Luxembourg-domiciled REIF market as at the end of 2013.

According to the survey, 2013 was a good year for Luxembourg domiciled REIFs. 15 new Direct REIFs were launched, slightly down compared with 25 launches in 2012. Early signs for 2014 are very positive, with an additional 15 Direct REIFs launched in the first six months, bringing the total of Direct REIFs surveyed to 237, with an additional 40 Funds of Real Estate Funds completing the total survey population of 277 funds.

Marc Saluzzi, Chairman of ALFI, observes: “The sector has grown 276% since 2006, a compound annual growth rate of 21%. The continued growth in the number of REIFs in Luxembourg demonstrates that Luxembourg remains a favoured location to establish and maintain multi-national and multi-sectoral regulated real estate investment funds which continue to appeal to institutional investors and fund managers around the world.”

He continued: “The introduction of the AIFMD has impacted REIFs and the slight slowdown followed by an acceleration were expected. We believe Luxembourg continues to appeal to the global REIF industry as a domicile, as it combines investor protection with well-established industry practices at a reasonable cost.”

Key findings of the survey include:

Almost all of the new REIF launches were initiated by initiators in Europe with Benelux, German, and Swiss initiators again being the most active;
The most common target sector is still‘multi-sector’, with, 57% of the surveyed REIFs investing in a variety of sectors, with a preference for ‘office’ at 27% and for ‘residential’ at 21% in 2013. 30% of early 2014 launches, meanwhile, were in the more traditionally preferred ‘retail’ sector.
A single country investment focus still represents only 41% of the geographic investment strategies. This is a rise compared with 27% and 35% in the 2012 and 2013 ALFI REIF Surveys and supports a move toward simplification, but nevertheless underlines the suitability of Luxembourg investment vehicles for multi-national investments. The vast majority of the Direct REIFs surveyed invest in Europe, whereas eight funds invest in the Americas only and eleven in the Asia/Pacific region;
Although umbrella fund structures remain popular due to practical and cost considerations, the trend over the last few years has been towards a simplification of structures and strategies; as indicated by 64% of the funds surveyed having a single compartment structure.
In total 70% of Direct REIFs are closed-ended, reflecting the inherent illiquidity of real estate as an asset class and the difficulties of achieving investor liquidity on demand;
Similar to the findings of the previous two ALFI REIF surveys, average fund sizes continue to decrease, with the most common net asset value range between EUR 100 and 200 million and with the most common gross asset value range between EUR 400 and 800 million. Funds are becoming smaller, which reflects the more cautious capital raising forecasts of 2014 and preceding years.While target gearing is down in most of the ranges, the results are mixed, indicating some optimism in relation to the ability to borrow.
Investors are predominantly European, but a significant number also come from the Americas, Asia and the Middle East. Direct REIFs are widely distributed (but with a focus on specific geographical areas), with only 27% limited to a single country, and 24% being sold in more than six countries. The growing trend toward wider distribution confirms the global appeal of the Luxembourg real estate investment vehicles, especially those set up under the Specialised Investment Fund (SIF) regime, which has accounted for all new launches over the last 30 months;
Luxembourg domiciled Direct REIFs and funds of REIFs are mainly used for small groups of institutional investors, with 84% having less than 25 investors. Only 2% reported having more than 100 investors.

Luxemburg Real Estate Investment Fund (REIF) Survey can be downloaded here.

Managers from Boston Partners, Western Asset or JP Morgan, among the Morningstar Fund Managers of the Year for 2014

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Morningstar announced last week the Morningstar Fund Managers of the Year for 2014., for the U.S domestic market. Morningstar gives awards in five categories: domestic-stock funds, international-stock funds, fixed-income funds, allocation funds, and alternatives funds.

The awards recognize managers who have not only just completed outstanding years but have tacked on a winning year to their already stellar long-term track records.

Beyond their 2014 outperformance and topnotch long-term records, this year’s winners share several important traits. “Two are repeat winners from a decade or more ago, truly an indication of the long-term excellence we like to reward. Several are closed to new investors, which we routinely view as a positive move to ensure the best outcomes for existing shareholders. Given their excellent records, all of these closed strategies could easily garner more assets by remaining open, but at the risk of lowering investor returns. Our winning managers also tend to invest alongside shareholders, another element that we see as helping ensure successful outcomes for investors. Finally, not a single winner this year is a solo manager, and several winners are rather large teams of managers, reflecting the fact that more and more funds today are team-managed. In reality, even single-manager funds are generally the work of many”.

Domestic-Stock Fund Manager of the Year: Theo Kolokotrones, Joel Fried, Al Mordecai, Mohsin Ansari, and James Marchetti

Funds: Primecap Odyssey Aggressive Growth, Primecap Odyssey Growth, Primecap Odyssey Stock, Vanguard Capital Opportunity, Vanguard Primecap Core, and Vanguard Primecap. The team from Primecap has gained fame and fortune for itself and shareholders by subadvising Vanguard Primecap for the past 30 years and Vanguard Capital Opportunity for the past 20, and advising three direct-sold Primecap funds for the past decade. The funds are all variants of the same patient contrarian growth strategy, which is based on finding stocks with great long-term growth prospects at discount prices and being willing to hang on to them until the market recognizes their worth. This publicity-shy team quietly goes about its business, with each manager handling his own sleeve of the portfolio, and some senior analysts also getting smaller sleeves to run. Because they all hew to the same investment philosophy, the overall portfolio often has significant sector or industry overweightings, but those result from independent decisions made by different managers rather than a single decision to place a big bet in one area of the market.

International-Stock Fund Manager of the Year: Dodge & Cox International Investment Policy Committee

Funds: Dodge & Cox International Stock (DODFX). Dodge & Cox has rolled out only six strategies since it opened its doors during the Great Depression. Each fund is run collaboratively by an investment-policy committee, including this one, and some members of this nine-person team also serve on the committees that direct other Dodge & Cox funds. Those funds, like this one, have put together impressive long-term records. The managers on the International Investment Policy Committee are highly experienced, to say the least. Every member of the team has been at the firm for more than a decade, and the average tenure is 24 years. Most have also spent their entire careers at the firm. The team won this award back in 2004 with five of the current nine members.

Fixed-Income Fund Manager of the Year: Ken Leech, Carl Eichstaedt, and Mark Lindbloom

Funds: Western Asset Core Bond and Western Asset Core Plus Bond. This year’s fixed-income award winner is a comeback story. The team underperformed during the financial crisis, revealing some flaws in its credit research, ineffective risk oversight, and poor communication between the firm’s macro and fundamental research teams. Since then, a number of improvements have been made to the investment process and risk management, and resources have been strengthened across the board. From 2009 through 2014, the team has guided both funds to topnotch records. Western Asset Core Bond and Western Asset Core Plus Bond land in the top quartile of the intermediate-term bond category for the trailing five- and 10-year periods ended Dec. 31. This is a great example of managers who learned something from a crisis, addressed the problems, and moved forward successfully.

Allocation Fund Manager of the Year: Anne Lester and Team

Funds: JPMorgan SmartRetirement Target-Date Series. This is the first time they’ve recognized a manager of a target-date series. As the investment vehicle of choice (or by default) for retirement-plan savers, target dates are now the largest type of allocation funds, with more than $700 billion in assets and around $50 billion of inflows last year.

Anne Lester has led the JPMorgan SmartRetirement team since the series inception in 2006, and most of the fund’s managers have spent their investment careers at J.P. Morgan. That stability has helped the series successfully blend all the key elements of target-date management: the glide path, strategic allocation, manager selection, and tactical positioning. The series’ glide path is more conservative (lighter in equities) than its peers’, but that decision is based on extensive research on J.P. Morgan’s plan-participant base. Lester and team also emphasize greater diversification than many of their peers, with the allocation including stakes in REITs, high-yield bonds, and commodities. For manager selection, Lester and team screen potential underlying funds for factors such as expected alpha, correlation between strategies, and fees. J.P. Morgan’s fund universe is of varying quality, but the team has done a commendable job selecting consistent performers from that lineup, mixing fundamental and quantitative strategies and otherwise seeking to combine funds that don’t correlate strongly. The team makes tactical moves at the margins that have, in general, added value.

Alternatives Fund Manager of the Year: Robert Jones and Ali Motamed

Funds: Boston Partners Long/Short Equity. It probably comes as no surprise that we don’t have a very big universe of alternatives managers that have Morningstar Analyst Ratings of Gold, Silver, or Bronze. That’s because most mutual funds that pursue alternative strategies have relatively short records. This year’s winner, however, is one of the longest-tenured managers in the alternative mutual funds space. Robert Jones took over Boston Partners Long/Short Equity fund in 2004, when the strategy was overhauled to its current approach. Ali Motamed, a longtime analyst on the fund who has worked with Jones for more than a decade, was promoted to the named management team in 2013.

NewAlpha AM Raises $250 Million in Seed Capital for Long-Only Strategy

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In the wake of the convergence between mainstream and alternative asset management, NewAlpha AM expands the scope of its activities beyond Hedge funds to Long Only Equity funds. The success of this new orientation is marked by 250 million dollars in capital fund raising from 12 institutional investors, several among the largest and most influential in France, for the closing of the Long Only Equity sub-fund of “Emergence”, the major French seeding platform.

For its Long-Only Equity strategy (sub-fund of French SICAV “Emergence”, created at the initiative of Finance Innovation and with the support of the French Asset Management Association (AFG) and Paris Europlace, and currently closed to new subscriptions), NewAlpha AM selected two innovative and promising asset managers for their potential to deliver higher returns, and injected 90 million dollars in acceleration capital. In doing so, NewAlpha AM lowers entry barriers for institutional investors.

Focus AM

Founded by Frédéric Motte and Jérôme Archambeaud in 2011, Focus Asset Managers (AM) is specialized in value investing and concentrates specifically on the consumer goods, manufacturing and services sectors (all caps). Focus AM’s flagship fund manages 150 million dollars in AuM and has one of the best 10-year track-records in its category.

Financière Arbevel

Jean Baptiste Delabare and Sébastien Lalevée, specialized in European and French equities respectively, took over Financière Arbevel in 2009. In just five years, the asset management firm has grown exponentially, going from 30 to 300 million euros in AuM. Its all-caps equity fund was awarded a Lipper Fund Award 2014 – French equities category, in recognition of its management over the last five-year period.

The remaining 160 million dollars in dry powder will be invested over the course of 2015.

Philippe Paquet, Managing Partner at NewAlpha AM, says “For a number of years now, NewAlpha AM has been among the leading platforms in the hedge fund arena. We absorbed Next AM in 2013 and focused our efforts in 2014 on consolidating our business model. In 2015, we intend to build on our skill set and develop business globally. We are witnessing a clear demand for investment solutions at the crossroads of private equity, absolute return and long only investing. Going forward and to leverage our new capabilities, we are going to diversify into pure Private Equity and launch at least one fund in 2015.”

Neuberger Berman Opens Office in Bogotá, Firm’s Second in Latin America

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Neuberger Berman has announced the opening of a new office in Bogota, Colombia.

Bogota is Neuberger Berman’s second location in Latin America, following the opening of an office in Buenos Aires, Argentina in 2011. Mauricio Barreto will head the office and continue to lead the firm’s client efforts in Colombia, working closely together with Maximiliano Rohm, who oversees the firm’s efforts in Latin America. Mr. Barreto will be supported by Ana Maria Roa Sarmiento and together they will service the local investment community.

“We have been working closely with Colombia’s sophisticated institutions for a number of years and want to further express our commitment to the region by establishing this local presence,” Dik van Lomwel, Head of EMEA and Latin America, said of the new office.

With the new office in Bogota, Neuberger Berman is now based in 18 countries globally. Demonstrating a growing international presence, 25% of the firm’s clients are outside the U.S. and its range of UCITS funds available to non-U.S. investors total $17.3 billion invested in equities, fixed income and alternatives strategies.